继淘宝加速出海，在全球20个站点同步启动"双11"，阿里旗下东南亚电商平台Lazada也赶在"双11"之 前，与天猫进行系统打通，为天猫品牌零门槛增加马来西亚、新加坡、泰国、越南、菲律宾五个海外市 场。 日前，Lazada 总裁千城接受《中国经营报》等媒体记者采访时确认了上述消息。该项目被命名为"一键 轻出海"，天猫商家只需要在后台报名，天猫小二会进行筛选，对符合条件的商家开放系统对接。随后 Lazada的品牌商城LazMall里将生成一个一模一样的店铺，商品、库存、营销、优惠等都会同步更新。 "'一键轻出海'所谓轻，是系统级打通，商家的体感是店零成本开在Lazada。"据千城介绍，商家仅需供 货至国内中转仓，后续的多语言客服、广告投入、国际运费均由Lazada负责，商品出境后的跨境退货成 本，也将由平台全额兜底。 记者注意到，Lazada与天猫打通，"一键轻出海"背后，是阿里系电商多个业务加速推动出海，先是淘宝 出海将"双11"推向全球，今年以来速卖通亦加速推动中国品牌出海，日前更宣布对标亚马逊竞争。 "品牌化"应对竞争 东南亚一直被认为是国内品牌出海第一站。根据墨腾创投《2025东南亚电商报告》显示，过去 ...

每经记者｜陈婷 每经编辑｜董兴生 9月25日，《每日经济新闻》记者从Lazada获悉，作为品牌战略的升级，在今年"双11"前，Lazada已与 天猫进行系统打通，为天猫品牌"0门槛"增加马来西亚、新加坡、泰国、越南、菲律宾5个海外市场。该 项目被命名为"一键轻出海"。 作为阿里旗下东南亚电商平台，Lazada成立于2012年，主要在印度尼西亚、马来西亚、菲律宾、新加 坡、泰国和越南等市场发展。自2016年投资控股Lazada以来，阿里曾多次向Lazada注资。2024年8月， Lazada传出开始盈利的消息，就在这一年，Lazada的业务重点是"用户的价格体验和服务体验"。 9月25日，在接受包括《每日经济新闻》记者在内的媒体采访时，Lazada总裁千城表示，当前Lazada进 行的是"DNA级别"的升级。 近几年，Lazada在东南亚市场承担着不小的竞争压力。与天猫进行系统打通后，Lazada能撬开东南亚市 场新局面吗？ "商家感知到的成本将是，今天有一个海外订单产生了，只要把这个商品发到国内的一个指定仓，这个 过程和商家直接把商品发给国内的任何一个消费者没有任何区别。"千城说。 Lazada方面表示，La ...

据介绍，Lazada从成立起就定位为品牌商城，而近年来，东南亚消费者对于品牌消费的需求也在持续增 长。这次打通天猫，是品牌化战略的延续和升级，把更多优质品牌直接送到东南亚。本地化能力也是 Lazada的独特优势。Lazada培养了一支深耕本地、对东南亚市场熟悉的本地化团队。 据介绍，该项目被命名为"一键轻出海"，即商家无需进行任何投入，就可轻松出海。目前，天猫商家的 后台已上线报名通道，天猫小二会进行筛选，对符合条件的商家开放系统对接，随后Lazada的品牌商城 LazMall里将生成店铺，商品、库存、营销、优惠等同步更新。当订单产生的时候，天猫商家只要发货 到国内中转仓，Lazada将负责后续的跨境运输和售后，全程无需注册、无需组建海外团队。 值得一提的是，东南亚一直被认为是国内品牌出海第一站。墨腾创投《2025东南亚电商报告》显示， 2024年，东南亚电商市场规模达1284亿美元，其中Shopee、Lazada与TikTokShop已在东南亚合计超过 80%市场份额，形成三足鼎立格局。 记者从阿里旗下东南亚电商Lazada获悉，作为品牌战略的升级，Lazada在今年"双11"之前，已与天猫进 行系统打通， ...

9月25日，《证券日报》记者从阿里巴巴集团控股有限公司(以下简称"阿里巴巴")旗下东南亚电商平台 Lazada了解到，在今年"双11"之前，Lazada已与天猫进行系统打通，推出"一键轻出海"。 目前，该项目在Lazada内部的优先级很高，旨在帮助天猫品牌以零门槛方式，拓展马来西亚、新加坡、 泰国、越南、菲律宾5个东南亚市场。 在业内人士看来，在当前电商流量增长放缓、低价竞争日趋激烈的背景下，Lazada此举有意调整竞争策 略，从单纯低价导向转向更注重品牌价值的业务模式。此次系统打通后，参与项目的天猫品牌可在"双 11"期间实现国内与东南亚市场同步销售，为平台与商家探索新增量提供可能。 "可以说，我们把'出海'的门槛打到了最低。'一键轻出海'是一个起点，不是终点。很多品牌不是不愿 意'出海'，而是第一步的门槛太高了，我们来把第一步的成本降低。如果品牌发现东南亚市场确实适合 他们，那么可以启动更深入的运营，我们也会全程支持。" 坚持品牌战略 品牌是Lazada坚持的重要战略，Lazada从成立起就定位为品牌商城；近年来，东南亚消费者对于品牌消 费的需求也在持续增长。这次打通天猫，是品牌化战略的延续和升级，把更多 ...

Core Viewpoint - The company Chao Hong Ji is seeking to expand its market presence by applying for an IPO on the Hong Kong Stock Exchange amid rising international gold prices, aiming to leverage its dual capital platform for further growth [1][5][47]. Company Overview - Chao Hong Ji, a jewelry enterprise with over 15 years of listing on A-shares and a market capitalization exceeding 13.5 billion yuan, is attempting to expand through an "A+H" dual capital platform [1][4][5]. - Founded nearly 30 years ago, the company has evolved from a family-run gold processing business to a leading fashion jewelry brand in China [6][36]. Financial Performance - The company reported revenues of 4.36 billion yuan in 2022, 5.84 billion yuan in 2023, and 6.45 billion yuan in 2024, with a 19.6% year-on-year growth in the first half of 2025 [38][39]. - Despite revenue growth, the company has faced declining profit margins, with net profits fluctuating significantly, dropping from 330 million yuan in 2023 to 169 million yuan in 2024 [40][42]. Market Position - Chao Hong Ji holds a 1.4% market share in the Chinese fashion jewelry market, ranking first among competitors [37][38]. - The company has a total of 1,542 stores as of mid-2025, with a significant portion being franchise stores, indicating a need for further expansion compared to competitors like Zhou Dazheng [44]. Product Segmentation - The company's core revenue sources are jewelry, with fashion jewelry accounting for 45.6% and classic gold jewelry for 45.2% of total revenue in 2024 [40][41]. - The company has seen a decline in the contribution of its FION business, which reported a 27.4% drop in revenue in 2024 [42]. Strategic Initiatives - The IPO proceeds are intended for expanding the overseas sales network, establishing a Hong Kong office, and building new production facilities, reflecting the company's commitment to internationalization and core business enhancement [47].

Core Insights - The overall revenue of the company decreased by 32.46% year-on-year to 291 million yuan, with a net profit of -9.90 million yuan, down 153.15% due to client business changes and international policy impacts [2] - Despite the overall decline, the company's proprietary brand business, "Juese," achieved a revenue of 74.03 million yuan, growing by 27.08% year-on-year, and its contribution to total revenue increased from 13.52% to 25.45% [2] - The gross margin of the proprietary brand business improved significantly, increasing by 12.74 percentage points to 64.03%, which positively impacted the overall gross margin of the company [2] Business Strategy - The company is focusing on long-term, high-quality development by enhancing its ODM/OEM business through a major client strategy and expanding into new markets and clients [3] - The core strategy for the proprietary brand business includes enhancing brand influence and optimizing sales margins, aiming for a dual integration of domestic experience and overseas localization [3] - The company plans to continue focusing on mobile smart terminal protective accessories, leveraging its industry experience and core advantages in supply chain management and market responsiveness to ensure steady business growth [3]

核心观点 机构：中信建投证券 公司作为老牌港资品牌，在港澳及内陆地区具有良好的品牌声誉，公司品牌化战略推进积极，旗下冰钻 系列产品取得极佳的销售表现，公司经营数据也连续两个季度展现出积极的回暖。近年来黄金珠宝销售 逐渐从黄金投资的选择转变为时尚潮流的定义，伴随定价黄金产品销售的占比提升，公司品牌价值的提 升也将得到逐步认可，公司具有业绩回暖及估值提升的双重潜力。 事件 研究员：刘乐文/陈如练/叶乐 制定海外拓展策略，积极稳固内陆门店布局 26Q1 公司门店总数为3162 家，内陆地区共有3051 家门店，公司本季度继续调整门店布局，六福品牌在 国内加盟净减少117 家，预计下半财年能够稳固中高线城市布局，恢复门店拓展。公司持续深化多品牌 布局，于2023 年底收购的金至尊品牌则持续拓展直营门店，定位高端的六福精品廊和古法黄金的福满 传家品牌门店数稳步提升。公司在港澳以外的东南亚及欧美地区已有30 余家门店，并计划加大海外布 局，2026 财年拓展20 家海外品牌加盟店。 投资建议:从公司2025 财年财报看，目前在手现金与有息负债大致相抵，在手存货107 亿港元基本为高 流动性的黄金珠宝产品，公司现有市值12 ...

Core Viewpoint - The recent reduction of tariffs between China and the United States has alleviated pressure on foreign trade enterprises, leading to a turnaround in production and operations [1] Company Strategies - The company in Luoyang, Henan, has seen a backlog of over 20,000 products due to previous order cancellations from U.S. clients, prompting a shift in focus to other overseas markets and retail consumers [1] - The company plans to deepen its diversified market strategy, targeting emerging markets in Japan, Europe, and Central Asia, while also enhancing its "semi-managed model" to reduce logistics and compliance costs [1] - The company aims to promote brand strategy and improve risk resistance through market diversification, technological independence, and supply chain optimization [1] Market Diversification Efforts - The hair products company in Henan has experienced a significant impact on orders, with a total of $4 million affected due to U.S. retailers halting orders since March [2] - The company is actively exploring new markets in Europe, Africa, Asia, and South America to reduce reliance on the U.S. market while also focusing on domestic market growth [2] - The automotive parts company in Nanyang has successfully entered the European high-end market by leveraging its offices in Germany, France, and Sweden, thus increasing revenue from regions outside the U.S. [2] Trade Data and Growth - In the first four months of 2025, Henan Province's foreign trade reached 275.77 billion yuan, a year-on-year increase of 29.5%, with exports growing by 44.1% and imports by 6.5% [3] - Trade with ASEAN and EU has seen rapid growth, with imports and exports to ASEAN increasing by 11% and to the EU by 19.2% [3] - The province is also enhancing support for foreign trade enterprises through initiatives like "Foreign Trade Quality Products China Tour" and "Double Product Online Shopping Festival," resulting in a 42% domestic sales conversion rate [3] Financial Support Initiatives - Henan Province has implemented ten financial measures to provide comprehensive services to foreign trade enterprises, ensuring each company has at least one bank for tracking services [4] - Customized financial service plans are being developed based on the operational characteristics of each foreign trade enterprise [4] - The province aims to expand the coverage of export credit insurance to over 45% and explore "cross-border e-commerce insurance" through a co-insurance model [4]

Group 1: Company Performance and Financials - The company achieved a revenue growth of 89.67% in 2024, primarily due to successful inventory reduction by customers and strong market demand for new products [15] - In Q1 2025, both revenue and net profit saw significant increases, attributed to heightened market demand and the acquisition of AL-KO, which further boosted overall revenue [12] - The company's R&D investment for 2024 reached 78.9955 million CNY, marking a 16.39% increase from the previous year [4] Group 2: Strategic Initiatives - The company is focusing on four strategic pillars for future growth: innovative products, global manufacturing, brand operation, and talent acquisition, with key product lines including riding, smart, and lithium battery-powered equipment [9] - A strategic integration plan with AL-KO has been initiated, enhancing collaboration in R&D, procurement, production, and sales to improve efficiency and market competitiveness [7] - The company has established a global production footprint with five manufacturing bases, including new facilities in Mexico and Austria, to mitigate risks from international trade tensions [6] Group 3: Market Outlook and Industry Trends - The global market demand for lawn and garden equipment is projected to reach 30.9 billion USD by 2030, with a compound annual growth rate (CAGR) of 2.11%, driven by increasing consumer living standards and gardening culture [11] - The lithium-powered garden machinery segment is expected to grow at a CAGR of 6.65%, representing a significant growth driver within the industry [11] - The company is well-positioned to navigate the impacts of the US-China trade war, with a strategic focus on diversifying its production and sales channels [12] Group 4: Shareholder Engagement and Corporate Governance - The company has completed its share repurchase plan for 2024 and will consider further buyback measures based on market conditions [3] - The board emphasizes a balanced approach to dividend distribution, taking into account industry characteristics, profitability, and investor returns [3] - The company maintains compliance with relevant securities laws and regulations, ensuring transparent communication with investors [1]

Financial Performance - In 2024, the company achieved a revenue growth while experiencing a profit decline due to increased sales and management expenses related to expanding overseas operations [1] - The gross profit margin for 2024 was 25.33%, an increase of 1.01% year-on-year, while Q1 2025 saw a gross profit margin of 28.07%, up 2.12% year-on-year [7] - Q1 2025 revenue reached 507 million CNY, a 41.69% increase, with net profit of 40.55 million CNY, up 90.86% [10] Business Development - The company is transitioning from OEM to ODM and is currently advancing towards OBM, focusing on brand development [5] - Cross-border e-commerce accounts for approximately 20% of total revenue, with strong sales on platforms like Amazon and Wayfair [2] - The "Mirador" brand is positioned in the mid-to-high-end market, focusing on metal outdoor furniture and products [6] Product Highlights - The "Starry Canopy" product line generated approximately 700 million CNY in sales for 2024, with a year-on-year growth of about 50% and a gross margin of 30%-35% [2] - The company has received multiple design awards, including the Red Dot Award, showcasing its innovative product design [4][11] - New product categories include storage solutions, outdoor furniture, and camping gear, which are expected to enhance market presence [6] Market Strategy - The company plans to expand its product categories and strengthen its presence in key accounts (KA) in 2025 [10] - An Indonesian production base is set to commence operations in May 2025 to enhance global supply chain capabilities [10] - The company aims to mitigate the impact of U.S. tariffs by improving operational efficiency and expanding into non-U.S. markets [10] Competitive Advantages - The company has established a strong intellectual property barrier, ensuring its leading position in the outdoor market [4] - The product offerings are designed to cater to various consumer segments, from budget-conscious to high-end customers [4] - The company’s focus on innovation and quality has resulted in a competitive edge in the market [11]