导语："二代"接班5年，海澜之家还是"爸爸装"？ 摘要： 1、男装"龙头"：亚洲男装市占率第一、国内唯一营收破百亿的男装品牌。 2、主品牌营收下降：主品牌海澜之家系列营收连续下滑、加盟体系关店数百家，库存突破百亿元、营收 规模五年徘徊不前， 海外业务占比不足2%， 增长"瓶颈"待解。 3、管理层变动：高管在递表前夕离任、家族持股高度集中、累计分红214亿元引发关注。 "海澜之家"系列连续两年营收下滑 截至 2025年 前三季度 ， 海澜之家 全球门店 （直营、加盟及其他）达到 7178 家， 在海外 覆盖东南 亚、中东、非洲、大洋洲等地区。 但这些规模背后，是 持续增长 的乏力。 从 2020年开始，海澜之家的营收结束了之前长达7年的连续增 长，而是陷入了从增长到下滑的重复性"怪圈"，而且至今也没有突破过2019年219.7亿元的营收峰值。 巧合的是， 2020年也是"二代" 周立宸 接任父亲 周建平 董事长职务的时刻。从 2020年至今， 周立宸 接班已 5年有余，但营收规模始终徘徊在200亿元的规模。 在营收 "瓶颈"的背后，是海澜之家给消费者的品牌印象仍停留在"中年男性服装"，以"男人的衣柜"为标 签的 ...

2025年11月21日，有着"男人的衣柜"之称的海澜之家正式向港交所递交上市申请，独家保荐人为华泰国际。此次并非这家男装巨头首次叩击资 本市场——2014年，它通过借壳凯诺科技成功登陆A股，市值一度突破800亿元，成为"A股男装第一股"。如今时隔11年冲刺H股，褪去"全球化 战略升级"的包装，更像是在行业下行、业绩承压、转型乏力背景下的一场"输血续命"式资本运作。本文将从行业环境、财务现状、核心挑战 与转型举措四方面，浅析海澜之家此次赴港上市的动因与前景。 上市动因：行业下行与业绩承压的双重倒逼 海澜之家选择此时递表，本质是被内外双重压力推着向前。从外部行业环境看，2025年国内服装行业正经历"量利双降"的艰难期：根据国家统 计局数据，2025年1—9月，我国服装行业规模以上企业13673家，实现营业收入8685.18亿元，同比下降4.63%；利润总额319.23亿元，同比下 降16.19%，降幅较2024年同期扩大13.57个百分点。消费方式变革更让传统服装企业雪上加霜——线上购物的便捷性、直播电商的爆发式增 长，让线下门店逐渐沦为"免费试衣间"，大量服装门店被餐饮、茶饮等体验式业态取代，线下渠道生存空间持 ...

来源：中国经营报 中经记者 阎娜 孙吉正 成都报道 近日，达利食品集团（以下简称"达利"）宣布，创始人许世辉之女许阳阳正式接任集团总裁。这一人事 变动，标志着旗下拥有达利园、可比克、好吃点等知名品牌的达利，正式迈入"二代掌舵"时代。 对于上述人事变动，《中国经营报》记者联系了达利工作人员，对方向记者确认了这一消息，并表 示"一切以官宣信息为准"。 许阳阳的接任正处达利应对消费市场新时代转型的关键节点。当前，达利已面临多年营收下滑、港股退 市落幕等局面，核心产品亦遭遇年轻化挑战，这位"80后"新掌门能否带领企业突破增长瓶颈、重塑市场 竞争力，将成为行业关注的焦点。 17年接班路铺垫 近年来，国内第一代民营企业逐步进入代际传承的关键阶段，创立至今已有36年的达利也不例外。 在接班人培养方面，许世辉展现出前瞻性的布局意识，许阳阳已在公司内部积累了长达17年的工作经 验。公开资料显示，其女许阳阳出生于1983年，本科毕业于厦门大学国际经济与贸易专业，后赴英国留 学深造。留学归国后，她于2008年从基层岗位起步，先后在多个领域轮岗锻炼。2014年，许阳阳出任集 团执行董事及副总裁，深度参与企业战略决策。 在达利的上市进 ...

Core Insights - The traditional yellow wine industry is at a transformative crossroads, with leading brands exploring cross-industry collaborations to expand their consumer market [1][3] - The industry faces multiple challenges, including limited consumption regions and scenarios, prompting companies to seek new growth opportunities through innovative partnerships [1][6] Group 1: Industry Trends - Major yellow wine brands like Guyue Longshan and Kuaijishan are actively engaging in cross-industry collaborations, such as the launch of "Yue Xiao Pi" in partnership with China Resources Beer [3][4] - Guyue Longshan has introduced various innovative products, including coffee-infused yellow wine and a whiskey variant, indicating a shift towards younger consumer preferences [4][10] - The yellow wine market is experiencing a trend towards diversification, with brands exploring new consumption scenarios beyond traditional settings [4][9] Group 2: Market Dynamics - The yellow wine market is highly concentrated, with the Jiangsu, Zhejiang, and Shanghai regions accounting for over 70% of sales, leading to intense competition [6][7] - Financial reports reveal that Guyue Longshan and Kuaijishan derive a significant portion of their revenue from these regions, highlighting the geographical limitations of the market [6][7] - Despite the challenges, the yellow wine industry is projected to grow, with sales expected to exceed 300 billion yuan by 2025, driven by a shift in consumer preferences towards lower-alcohol beverages [9][10] Group 3: Consumer Engagement - Marketing experts suggest that yellow wine brands should enhance their appeal to younger consumers through innovative marketing strategies, including social media and influencer collaborations [5][11] - The emergence of "slow bars" and other experiential venues is seen as a way to engage consumers and gather valuable data on preferences and behaviors [10][11] - The industry must address the perception issues surrounding yellow wine, which has been labeled as "cooking wine," to improve brand recognition and value [7][8]

2025年11月，达利食品集团官宣，创始人许世辉之女许阳阳正式接任集团总裁，全面执掌这家"食品帝国"。 "接班"这条路，许阳阳已经走了17年。自2008年英国留学归国后，许阳阳便进入达利食品历练，从车间主任做起，历经生产统筹、产品开发、品牌运营等 基层岗位，直至担任集团执行董事及副总裁。 她接手的是一个巅峰时期年营收超200亿元、终端网点达280万的食品帝国，也是一个正面临业绩连续下滑、渠道变革冲击的行业巨头。 "跟随战略"创造商业奇迹 许世辉的创业故事堪称一代闽商传奇。 1989年，许世辉投入全部身家买下一条二手饼干生产线，在惠安老家租下一间石头房，成立了达利食品的前身"惠安美利食品厂"。在零食并不丰富的年 代，许世辉敏锐地抓住市场痛点，为饼干设计了独立包装，使"美利"牌饼干迅速打开了市场。 1992年，许世辉成立福建惠安达利食品有限公司，投建第一个自有产权基地，"达利"品牌正式面世。但随着旺旺、乐事、好丽友等品牌相继进入中国，达 利面临巨大冲击。 面对外资品牌，许世辉形成了独特的"达利模式"：爆款跟随+明星代言+平价覆盖+渠道下沉。 2002年，面对当时相对高价的韩国好丽友派，达利食品开发出达利园巧克力派 ...

伴随着万亿级休闲零食赛道同质化竞争加剧，年轻一代已成为品牌增长的核心变量。在年轻消费群体对"情感连 接"与"体验价值"远超功能性需求的深层变迁下，雅客四度携手学院奖，以系统化的校园生态共建将品牌年轻化提 升至战略层级。 作为战略落地的关键一环，雅客校园行先后走进中央美术学院、中国美术学院、郑州大学、山西大学、安徽大 学、东北师范大学、天津师范大学和青岛工学院八所高校，通过线上线下与10000+名学子进行深度对话，构建 从"单向传播"到"生态共建"的年轻化转型范式。 课堂不再是灌输，而是品牌与青年群体零距离的"交流广场"。在轻松幽默的互动中，同学们踊跃发言，思维激 荡，其反馈与创意也成为雅客洞察年轻消费趋势的宝贵资产，实现了从"创意征集"到"心智锚定"的跨越。 圈粉青春现场：沉浸式体验场焕新品牌印象 品牌理念不止于课堂，更延伸至场外的互动体验之中。精心设计的雅客品牌互动专区一经亮相便成为校园焦点， 通过沉浸式场景互动与真实品鉴种草，将品牌态度生动转化为可感知的年轻化体验场。 融合古典韵味与潮流趣味的投壶挑战与定制漆扇趣味游戏，不仅吸引了大量学子驻足参与，更在欢声笑语中传递 了雅客与年轻人共创快乐、玩在一起的品牌 ...

Core Insights - The event "Star Selection Good Goods Festival" was launched by Red Star Macalline in Jiangsu, featuring brand ambassador Dilireba, highlighting the company's commitment to brand rejuvenation and engagement with younger consumers [1][3]. Group 1: Brand Strategy - Red Star Macalline's Chairman Li Yupeng emphasized the importance of appealing to younger generations, stating "whoever wins the youth wins the world," and outlined the company's strategy for brand youthfulness [3]. - The company is focusing on a transformation that integrates emotional expression in home decoration, moving away from mere style replication to a deeper connection with materials and spatial emotions [5]. Group 2: Product Innovation - Dilireba participated in an interactive session as a "life designer," showcasing a new concept of appliance consumption that emphasizes "set-based and scenario-based" approaches [6]. - The company is advancing the planning of electrical appliances to be more integrated into the overall home design process, enhancing consumer experience [6]. Group 3: Service Commitment - The "Old House Renewal" initiative was discussed, with a focus on "green consumption + service upgrade" as a dual driving force for the company's integrated service model from consultation to after-sales [8]. - The event featured various interactive elements, including a cake decoration theme and fan engagement, enhancing the emotional connection between the brand and its consumers [8]. Group 4: Industry Positioning - The "Star Selection Good Goods Festival" is positioned not only as a brand celebration but also as a declaration of renewed industry concepts, with a future focus on "scenario-based, high-end, and intelligent" offerings [10].

Core Insights - The "11.11" shopping festival has officially launched, marking the beginning of the peak consumption season in both online and offline retail markets. Consumer shopping motivations are shifting from impulsive buying to more precise selections, as evidenced by the explosive growth of multiple brands across major platforms like Tmall, JD.com, Douyin, and Pinduoduo [1][3] Group 1: Sales Performance - October Rice Field achieved significant sales during the "11.11" event, dominating various categories such as rice, grains, and dried goods. Their products, including the Seven-Color Brown Rice and Yellow Glutinous Corn, topped sales charts across multiple platforms [1][3] - The company reported a robust performance for the third quarter of the 2025 fiscal year, with revenue reaching between 1.74 billion and 1.82 billion yuan, reflecting a year-on-year increase of 25.7% to 31.5%. Operating profit surged to between 135 million and 150 million yuan, marking a year-on-year growth of 71.5% to 90.5% [3][5] Group 2: Strategic Direction - The company is transitioning from a reliance on rice to a broader product range, including leisure foods, aligning with changing consumer trends. This strategic shift is supported by a projected revenue increase to 6.994 billion yuan by 2027, with net profit expected to rise to 631 million yuan [5] - The company has established a comprehensive online and offline ecosystem, collaborating with over 40 major e-commerce platforms and expanding its presence in physical retail channels. This strategy aims to effectively reach target consumers [5] Group 3: Brand Positioning - The company is focusing on appealing to the younger generation, particularly Generation Z, by using relatable communication and engaging with their lifestyle. This approach aims to transform the brand from a mere "dining symbol" to a "lifestyle symbol" that resonates emotionally with young consumers [5][7] - The appointment of new-generation actor Ke Chun as a brand ambassador and the launch of a co-branded limited edition rice product exemplify the company's efforts to connect with younger audiences. This strategy is expected to enhance brand visibility and drive sales during the "11.11" festival [7]

Core Insights - The chairman of Great Wall Motors, Wei Jianjun, is actively engaging with younger consumers through innovative marketing strategies, including live streaming and collaborations with esports players [2][3][4] - The new Tank 400 model is positioned as a trendy and cool vehicle for young people, featuring a unique design and advanced technology aimed at enhancing user experience [3][4][6] - Wei Jianjun's efforts are part of a broader strategy to reshape the Tank brand and the overall image of Great Wall Motors, emphasizing a shift towards a more youthful and dynamic corporate identity [3][4][6] Marketing Strategy - Wei Jianjun's participation in live streaming events and his use of relatable language aim to connect with younger audiences and convey that Great Wall Motors understands their needs [3][4] - The Tank 400's launch event featured a vibrant purple theme, contrasting with traditional off-road vehicle colors, to appeal to a younger demographic [2][3] Product Features - The Tank 400 incorporates original mech aesthetics, advanced driving assistance systems, and comfort features such as Nappa leather seats, catering to the modern consumer's desire for both utility and luxury [3][4] - The vehicle is designed to meet the dual demands of urban commuting and weekend off-roading, reflecting the changing preferences of new-generation consumers [3][4] Brand Positioning - The Tank brand has accumulated around 800,000 users, with over 30% being female, indicating a shift towards a younger and more diverse customer base [2] - Wei Jianjun's personal brand and public persona are seen as key drivers in the effort to modernize the company's image and appeal to younger consumers [3][4][6] Competitive Landscape - The Tank brand is at a critical juncture, facing competition from both traditional off-road vehicles and emerging players like BYD's Fangchengbao, necessitating a strong brand identity and emotional connection with consumers [6]

Core Viewpoint - Haier Home, a prominent name in the Chinese men's clothing sector, is planning to go public in Hong Kong to enhance its global presence and diversify its capital platform [1][9]. Company Background - The story of Haier Home began in 1988 when founder Zhou Jianping invested 300,000 yuan to take over a struggling woolen factory, transforming it into a profitable business [2]. - In 2002, inspired by Japan's Uniqlo, Zhou established Haier Home, introducing a self-selection and affordable pricing model that disrupted traditional men's clothing sales [2]. Leadership Transition - Zhou Jianping transferred 23.1% of his shares to his son Zhou Licheng in November 2020, increasing his stake to 27% [4]. - Zhou Licheng, a Tsinghua University graduate, took over in 2020 and faces challenges such as online competition, brand aging, and high inventory levels [6]. Business Challenges - The main brand still accounts for 70% of revenue, while new ventures have not yet significantly contributed [6]. - Revenue is projected at 21 billion yuan for 2024, down from 29 billion yuan in net profit [6]. - Inventory issues are significant, with over 10 billion yuan in stock and an average turnover period of 330 days [6]. IPO Plans - This is not Haier Home's first attempt at capital markets; it previously attempted an A-share IPO in 2012 but was rejected due to concerns over independence [7]. - The company later went public via a reverse merger in 2014, reaching a market value close to 90 billion yuan, but its current market cap has dropped to approximately 30 billion yuan [8]. Market Positioning - The upcoming Hong Kong IPO aims to support global expansion, enhance international branding, and create a diversified capital platform [9]. - Compared to competitors, Haier Home's gross margin of about 46% is lower than that of peers like Youngor (over 72%) and Seven Wolves (47%-53%) [10]. Industry Context - Haier Home's IPO is part of a broader trend, with other companies like Lens Technology and Luxshare Precision also pursuing listings in Hong Kong amid market challenges [11]. - The Hong Kong market has seen a mix of successes and failures, with recent IPOs facing difficulties, indicating a cooling investor sentiment [12]. Strategic Questions - Haier Home must address whether it can attract younger consumers, manage its substantial inventory, and successfully expand internationally to create a second growth curve [14].