以下文章来源于剁椒Spicy ，作者剁椒团队 来源丨 剁椒Spicy（ID：ylwanjia） 剁椒Spicy . 专注于电商、营销、流量生态，以及消费者洞察的全新商业自媒体 作者丨 祥子 图源丨Midjourney 2025年7月初，有网友在抖音发布AI生成视频，调侃在上海喝蜜雪冰城就会被东方明珠激光防御塔攻 击，一时被大家广泛玩梗，蜜雪冰城和东方明珠官方账号纷纷下场接梗，吸引游客专程前往外滩高举 蜜雪冰城进行打卡。 周边的蜜雪冰城河南中路店可谓是被游客们围得水泄不通，这家距离外滩1.6km的店铺被网友戏称， 之所以能在东方明珠扫射中活下来的原因是——头顶上顶了个苹果Logo。蜜雪冰城凭借其仿佛与生 俱来的大众缘，成功将自己跻身"陆家嘴第四件套"，又一次牢牢占据了大众视野的中心。 （图源：小红书） 与这场热梗相伴的，是蜜雪冰城几乎未曾间断的食品安全舆情。8月的短短十天内，海南儋州消费者 曝光在蜜雪冰城奶茶中喝出两只苍蝇，江西赣州消费者反映在蜜雪冰城购买的未开封奶茶中发现蟑 螂...然而正如我们所看到的，这些在其他品牌足以引发大规模避雷的风波，落在蜜雪冰城身上，却总 像打在了一团棉花上。 早在2023年，当时 ...

证券研究报告 | 2025年08月24日 2025 年中报收入增长 3%，营业利润保持稳健。2025 上半年收入 148.2 亿元， 同比增长 3.3%；归母净利润 17.4 亿元，同比下降 11.0%。毛利率同比微降 0.4pct 至 50.0%，主要受渠道结构调整及折扣加深影响。销售费用率同比下 降 1.2pct 至 29.0%，其中，广告开支占比小幅增加 0.3pct 至 9.0%，由于中 国奥委会合作权益营销费用投放节奏主要集中在下半年，其他销售费用率的 下降体现了渠道优化和降本增效的成果。管理费用率小幅上升主要受凯胜品 牌产生的 7,239 万元商誉减值影响。经营利润率微降 0.2pct 至 16.5%，而净 利率下降 1.9pct 至 11.7%，主要受所得税率大幅提升和非经影响减值损失影 响。经营性现金净流入 24.1 亿，净现金增加至 191.9 亿元，现金充沛。 跑步、综训品类引领增长，三大跑鞋 IP 上半年效率突破 526 万双。分品类 收入增速，鞋/服/配分别同比+4.9%/-3.4%/+23.7%，而跑步/篮球/综训/运 动时尚流水增速分别为 15%/-20%/15%/-7%，其中专业 ...

公司持续强化品牌营销，推动品牌与产品的持续迭代公司夯实森马品牌定位，今年春节营销活动传播声 量突破4 亿，4 月品牌焕新升级官宣新口号"再造新常服"，实现全域曝光突破16 亿，有效提振当月线下 零售规模增长12%。今年上半年，森马品牌八大心智产品收入占比提升27个百分点，其中，防晒服、森 柔棉、舒服裤系列销售额同比增长超50%。巴拉巴拉品牌在今年上半年完成产品线迭代更新，构建了日 常生活、城市户外和高光时刻三大核心场景，聚焦T 恤、长裤、外套等核心品类，未来将持续致力于打 造更多消费者心智爆品。上半年，巴拉巴拉品牌以"中国小朋友"的社会化营销为主轴引起了社会面、用 户面、行业面的强烈反响，总曝光超过10 亿，同时第八代品牌旗舰店投入运营，单店零售有显著提 升。 盈利预测与评级 公司公告2025 年中报，实现营收61.49 亿元，同比增长3.26%，归母净利润3.25 亿元，同比下降 41.17%，基本每股收益0.12 元。2025 年半年度，公司拟向全体股东每10 股派发1.50 元现金红利（含 税）。 点评： 上半年公司费用率上升明显，第二季度营收端有所改善2025 年上半年，公司毛利率/净利率分别为 46 ...

Financial Performance - Revenue increased by 3.3% year-over-year to RMB 14,817 million[14] - Net profit was RMB 1,737 million, with a net profit margin of 11.7%[14] - Net operating cash inflow decreased by 11.7% year-over-year to RMB 2,411 million[14] - Gross profit margin decreased by 0.4 percentage points year-over-year to 50.0%[14] - The Board declared an interim dividend of RMB 33.59 cents per ordinary share, with a payout ratio of 50%[14] Channel Performance - Overall channels retail sell-through increased by low-single-digit year-over-year[14] - Offline channel new product sell-through accounted for 84%[14, 21] - Wholesale revenue increased by 5% year-over-year[29] - Direct retail business revenue decreased by 4% year-over-year[34] - Online traffic increased by low-teens[111] Inventory and Working Capital - Channel inventory increased by low-single-digit year-over-year[14] - Company inventory cost amount increased by mid-single-digit year-over-year[103] - The percentage of gross average working capital to revenue was 7.3%[14]

Core Insights - The article discusses the transformation of communication in the new media era, emphasizing the challenges and opportunities for companies and individuals in navigating public opinion and information flow [1][3][10]. Group 1: Book Overview - "The Logic of Communication" by Zhao Ming integrates theories from multiple disciplines, including communication studies, psychology, and management, to create a systematic framework for understanding and executing communication strategies [3][4]. - The book addresses the fundamental question of how to effectively convey information in a social media landscape characterized by scarce attention and emotional influence [3][10]. Group 2: Key Themes - The essence of communication is connecting information with people, and understanding audience psychology is crucial for developing effective communication strategies [5][7]. - Successful communication is framed as telling compelling stories that resonate with the audience's existing knowledge and values, utilizing narrative structures to engage effectively [7][8]. Group 3: Practical Applications - The book outlines practical methods for managing public relations and crisis communication, advocating for proactive strategies to mitigate risks and enhance brand perception [8][10]. - It emphasizes the importance of transparency and emotional connection in crisis management, suggesting that companies should adopt flexible communication strategies to maintain public goodwill [8][10]. Group 4: Recommendations and Endorsements - The book has received endorsements from various industry leaders and academics, highlighting its relevance for business professionals, media practitioners, and students in understanding modern communication dynamics [11][13][14].

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, exceeding market expectations, driven by strategic product innovation and channel expansion [4][5]. Product Performance - Revenue from seasoning noodle products decreased by 3.2% to 1.31 billion yuan, while vegetable products surged by 44.3% to 2.11 billion yuan, becoming the largest product category, accounting for 60.5% of total revenue [5]. - The company introduced new products like spicy beef-flavored snacks to expand its product matrix [5]. Channel Performance - Offline revenue grew by 21.5% to 3.147 billion yuan, while online revenue declined by 3.8% to 336 million yuan, attributed to traffic differentiation on online platforms [5]. - As of June 2025, the number of offline distributors decreased by 102 to 1,777 [5]. Regional Performance - Revenue growth by region showed significant increases: East China +22.9%, Central China +14.7%, North China +13.5%, South China +34.6%, Southwest +17.3%, Northwest +18.9%, and overseas markets +54.4% [5]. Financial Metrics - The gross margin for the first half of 2025 was 47.2%, down 2.6 percentage points due to rising raw material costs, but partially offset by improved supply chain efficiency [6]. - The sales expense ratio decreased by 1.1 percentage points to 15.1%, and the management expense ratio fell by 2.4 percentage points to 5.8%, leading to a stable net profit margin of 21.1% [6]. Marketing and Brand Strategy - The company is actively pursuing a multi-channel strategy, including new retail formats like bulk stores and warehouse membership supermarkets, and has seen success in channels like Sam's Club [7]. - Initiatives to engage younger consumers include collaborations with KFC and celebrity endorsements, enhancing brand appeal [7]. Future Outlook - The company plans to continue its multi-category development strategy and strengthen brand marketing, with expectations for sustained rapid growth driven by the "konjac" product line and recovery in spicy snack sales [8]. - Despite short-term pressures from rising raw material prices, the company aims for stable profit growth through supply chain efficiency and cost control [8].

Core Insights - The application of AI technology is transforming the interaction between brands and consumers, with a prediction that AI will dominate 85% of brand-customer interactions in the next decade [1][6] - Current data indicates that approximately 35% of companies are already using AI for automated marketing, with an additional 43.1% planning to adopt AI technology in the future [2] AI Penetration in Brand Marketing - AI is being utilized in various aspects of brand marketing, including smart ad placements, personalized content generation, and predictive analytics [2] - AI algorithms can optimize advertising budgets in real-time, improving ROI by over 30% [2] - Natural Language Processing (NLP) technology enables the automatic generation of tailored marketing copy, enhancing brand-consumer interaction [2] Future Directions of UserTag System - The upcoming iteration of the UserTag system will introduce a "cross-cultural consumption preference recognition" feature to cater to global brand needs [3] - This feature will assist brands in understanding consumer preferences across different cultural backgrounds, leading to more precise personalized services [3] Industry Impact - The integration of AI technology is expected to usher in a new era for brand marketing, enhancing the efficiency and quality of customer interactions [4] - AI-driven chatbots can provide 24/7 instant responses, addressing customer inquiries and after-sales services, significantly reducing labor costs [4] Future Outlook - In the next decade, the application of AI in brand marketing will become more extensive and profound, enabling brands to deliver highly personalized customer experiences [5] - Brands will leverage AI for predictive analytics to anticipate consumer purchasing intentions, thereby increasing conversion rates [5] Summary - The extensive application of AI technology will fundamentally change the interaction between brands and consumers, enhancing customer experience and brand competitiveness [6] - Innovations like the UserTag system will help brands adapt to global market demands, achieving precise marketing and efficient interactions [6] - AI is poised to become the core driving force in brand marketing, leading the industry into a new era [6]

Group 1 - The core event was the 2025 (19th) China Brand Festival held in Shenzhen, where the Vice President of Seres Group, Kang Bo, shared insights on brand innovation in the electric vehicle sector [1] - Seres has fully transitioned to the electric vehicle sector since 2016 and launched the high-end smart electric vehicle brand "AITO" in collaboration with Huawei in 2021, with over 700,000 units delivered across four models: M5, M7, M9, and M8 [3] - Kang Bo emphasized the importance of differentiated positioning in marketing, advocating for the principle of "either being the first or the only," which led to the brand declaration of "Smart Reshapes Luxury" for AITO [5] Group 2 - As a technology-driven company, Seres focuses on "IP branding of technology" as its strategic core, introducing innovations such as the Seres Cube Technology Platform, Super Range Extender, and Smart Safety to enhance user perception of the brand's technological capabilities [7] - Seres is actively building a strong brand moat through continuous efforts in brand marketing, technological innovation, and superior after-sales service quality, with a long-term commitment to brand development [8]

Core Viewpoint - The Tesla Diner, opened on July 21, has become a chaotic phenomenon in Los Angeles, blending elements of a fast-food restaurant, a charging station, and a social media hotspot, but failing to deliver a satisfactory dining experience [5][6][10]. Group 1: Restaurant Experience - The diner features a retro-futuristic design with elements like roller-skating servers and a Cybertruck-themed food box, but the execution is marred by long wait times and subpar food quality [9][10]. - Customers report long queues, with an average wait of 45 minutes, and food that is described as mediocre and overpriced, with a typical meal costing around $50 without drinks [11][12]. - The menu has already been significantly reduced, with many initially ambitious items removed due to overwhelming demand [12][14]. Group 2: Community Impact - The diner has sparked protests and community unrest, with residents complaining about noise, light pollution, and traffic congestion caused by the 24-hour operation and numerous charging stations [14][15]. - Local authorities are considering measures to manage the traffic and crowding issues, indicating the diner’s impact on the surrounding community [14][15]. Group 3: Brand and Marketing Strategy - The Tesla Diner serves more as a brand showcase than a traditional restaurant, aiming to create buzz and attract attention rather than focusing on profitability [21][23]. - Despite negative reviews, the diner successfully generates significant media attention and foot traffic, highlighting its role as a marketing tool for Tesla [21][22]. - The long-term viability of the diner as a profitable venture is questionable, but it may succeed in creating ongoing brand visibility and engagement [23].

Core Viewpoint - The article highlights the rapid expansion of the coffee brand Lucky Coffee under the Mixue Group, aiming to surpass 10,000 stores by the end of 2025, with significant growth in franchise inquiries and store openings [1][3]. Group 1: Business Expansion - Lucky Coffee's store count has exceeded 7,000, covering over 300 cities in China, making it the fourth largest fresh coffee brand in the country [1]. - In Q2 of this year, Lucky Coffee signed new franchise agreements with a year-on-year growth of 164% [1]. - The average daily revenue per store reached 5,732 yuan on July 12, with a 258% increase in takeaway orders [1]. Group 2: Franchise Strategy - The brand is selective in its franchisee recruitment, preferring those who can actively participate in store operations rather than purely investment-type franchisees [1][2]. - To facilitate expansion, Lucky Coffee has lowered its franchise investment requirement from 350,000 yuan to 250,000 yuan and adjusted the age requirement for franchisees [7]. - The company has implemented a franchise support policy that includes a total reduction of 34,000 yuan in specific cities [7]. Group 3: Supply Chain and Profitability - Lucky Coffee benefits from Mixue's supply chain, with coffee bean supply prices below 70 yuan per kilogram, compared to the industry average of over 100 yuan [8]. - The gross profit margin for products like the 5.9 yuan Americano exceeds 50% [9]. - Recent sales figures indicate that the sales of the Coconut Latte exceeded 200 million yuan, with several new products also surpassing 100 million yuan in sales [9]. Group 4: Market Context - The coffee market in China is maturing, with per capita coffee consumption increasing from 9 cups in 2016 to 16.74 cups in 2023 [13]. - The competitive landscape is evolving, with brands like Luckin Coffee and Kudi Coffee driving market growth through aggressive marketing strategies [14][15]. - The coffee market's chain store concentration is still low compared to tea, indicating significant room for growth [18]. Group 5: Brand Positioning - Lucky Coffee aims for a "high-quality, low-price" positioning, avoiding a deliberate shift towards high-end branding [20]. - The brand's strategy of expanding from lower-tier cities to higher-tier ones contrasts with competitors who typically expand from high-tier to lower-tier markets [20]. - If successful, Lucky Coffee's approach may signify a redefinition of coffee's market positioning in China [21].