〖亿欧智库 千骑卷平冈 新国货的硬核内功与软叙事 << 2025新国货CoolTop100品牌榜 亿欧智库 https://www.iyiou.com/research Copyright reserved to EO Intelligence, September 2025 INTRO ◆ 在当下复杂多变的经济格局中，消费环境正经历深刻变革。国内消费潜力加速释放，消费需求 从追求性价比向质价比转变，场景化消费兴起，需求分化明显；对外开放水平不断提高，国货 出海浪潮涌动，但也面临文化差异、贸易壁垒等诸多考验。 ◆ "两新两重"及国产化替代政策为新国货发展注入强劲动力，全球化与消费升级的双重驱动， 促使国货品牌从产品输出迈向价值输出，技术创新与供应链智能化成为坚实支撑，国潮文化更 成为出海破圈的关键力量。 ◆ 本报告通过剖析新国货的发展新征程、新动向与新趋势，结合新国货系列榜单，挖掘优秀品牌 及产品案例。期望能为新国货在激烈的市场竞争中找准方向，助力其以创新破局、以品质立身、 以文化赋能，实现本土深耕与跨境出海的协同发展，在全球舞台上绽放光彩，书写国货崛起的 新篇章。 目录 CONTENTS 第一章 国货新征程 ...

据商务部商务大数据监测，国庆、中秋假期全国重点零售和餐饮企业销售额按可比口径同比增长 2.7%。10月1日至7日，商务部重点监测的78个步行街（商圈）客流量、营业额同比分别增长8.8%和 6.0%。 国庆、中秋"双节"叠加的8天"超级黄金周"收官，假日消费成绩单随之出炉。 税务总局发布的最新数据显示，国庆、中秋假期，全国消费相关行业日均销售收入同比增长4.5%，其 中，商品消费和服务消费同比分别增长3.9%和7.6%。 今年国庆中秋小长假，消费创新不断涌现，消费新业态新模式加速发展。业内人士预计，全年消费市场 将呈现平稳向好的发展态势。 小长假买买买，手机、汽车、珠宝销售收入两位数增长 作为春节后最长的黄金周，各地都在国庆、中秋小长假期间推出了各类促消费活动，政企合力打出补 贴、折扣、新消费场景组合拳，让这个假期交出了一份不错的消费成绩单。 据商务部商务大数据监测，国庆、中秋假期全国重点零售和餐饮企业销售额按可比口径同比增长 2.7%。 同时，绿色、智能、国潮消费亮点突出。商务部监测的主要电商平台数据显示，节日期间绿色有机食品 销售额同比增长27.9%，智能家居产品同比增长14.3%，国潮服装同比增长14.1 ...

国庆、中秋"双节"叠加的8天"超级黄金周"收官，假日消费成绩单随之出炉。 据商务部商务大数据监测，国庆、中秋假期全国重点零售和餐饮企业销售额按可比口径同比增长 2.7%。10月1日至7日，商务部重点监测的78个步行街(商圈)客流量、营业额同比分别增长8.8%和6.0%。 税务总局发布的最新数据显示，国庆、中秋假期，全国消费相关行业日均销售收入同比增长4.5%，其 中，商品消费和服务消费同比分别增长3.9%和7.6%。 分城市来看，北京国庆、中秋黄金周的消费存在诸多亮点。8天假期，北京市商务局重点监测的百货、 超市、专业专卖店、餐饮和电商等业态企业实现销售额95.1亿元，全市60个重点商圈客流量5966.8万人 次，同比增长13.9%。在政策加持、活动引领下，假期里北京餐饮消费同比增长4.5%。其中，紫光园销 售额同比增长98.8%，吴裕泰、稻香村销售额同比分别增长44.5%、12.8%。同时，今年国庆、中秋假 期，北京累计接待游客2509.4万人次，实现旅游总花费316.5亿元，同比分别增长3.6%、4.7%。 10月9日，各地陆续晒出假期消费清单，其中，上海线上线下（300959）消费支付金额达796亿元， ...

金秋"湖来"，惊喜来袭！9月底至11月，湖州盛大开启文旅消费季，精心推出139项特色活动。今天给您推荐乐享潮玩点位！ 吴兴区 西山漾景区 国庆中秋双节集市 时间：10月1日—8日 内容：以传统节庆为主题，设置特色商品展销、非遗文化体验及民俗表演三大板块，旨在丰富游客游览体验，弘扬传统文化。 中秋渔获节 时间：十月中下旬 内容：以传统渔猎文化为主题，内容包括捕捞作业展示、渔获市集等板块。活动通过再现传统捕捞场景，组织新鲜渔产品展销，并提供特色水产加工品品 尝体验，旨在展示地方渔业文化遗产。 金秋花海游园国庆乐 时间：10月1日起 内容：金秋国庆季花海市集、游花海打卡。 含山风景区 2025中国体育彩票浙江省百村万帐活动 时间：10月 内容：运动体验、文化活动、特色市集等。 荻港景区 南浔区 石淙花海景区 国庆游园打卡 时间：10月1日-10月8日 内容：在景区多个景点设置打卡点位，以集章形式游览特色景点，集满一定数量章后可获得一定购物优惠；开展鱼桑研学、笔道疗愈研学课程。 旧馆港廊古村落景区 港廊中秋活动：月满·中秋奇遇夜 时间：10月4日 内容：游港廊古村落设置多处打卡点位，月下集市：文创手作、传统小吃、特色 ...

潮玩，作为融合潮流文化、创意和艺术的时尚玩具，深受年轻人热爱。近年来，东莞的潮玩产业迅猛崛起，已成为全国潮玩生产的重要基地，85%的潮玩产 品都源自这里。尤其是石排镇，这个原本低调的小镇，凭借独特的"国潮"主题潮玩，成功将传统文化与现代设计完美结合，推动国潮文化走向新高度。 东莞市石排镇某潮玩企业负责人肖森林：这是东莞的特色菜，给你搞个烧鹅吃一吃。烧鹅配这个濑粉，濑粉是东莞的，这是烧鹅肉，这个是青菜。这是口 红，这是香水，粉扑、镜子。 在东莞，万物皆可潮玩，从传统化妆品、广式烧鹅再到冻柠茶，石排镇的这家潮玩企业从传统文化汲取灵感，推出了毛绒玩具和挂件等创意产品，让年轻人 在玩儿的过程中了解传统文化。 东莞市石排镇某潮玩企业负责人肖森林：我们在设定这个项目之前，有很多的论证，但是并不代表每个人都会认同我们这种创新的玩法。所以我们就进行了 一个尝试，在深圳的潮玩展上首次亮相，没想到它反应非常火爆，就更坚定了我们的信心，认为这个思路是对的。 在石排镇，以国风为灵感的潮玩企业并不少见。在这家专门制造金属拼装玩具的企业，负责人熊毛正展示一款以"中秋小团圆"为主题的盒子灯。这家企业最 初做金属玩具代加工，直到2006年开 ...

Group 1: Company Initiatives and Marketing Strategies - The company has not yet entered the IP economy but has engaged in city-specific marketing events that exhibit IP characteristics, such as "长安相箭" in Xi'an and "京城相箭" in Beijing, integrating smart products with local cultural elements [1] - The "Arrow Brand Ze Plan" has launched various public welfare initiatives like "I Plant a Hair for the Earth" and "Let Love Start Bathing," aiming to innovate in public welfare practices and encourage community involvement [2] Group 2: Financial Performance and Investor Confidence - The company's stock price has consistently remained below the issue price, with a noticeable decline in performance; however, the company emphasizes its long-term value driven by core competitiveness and innovation [2] - In the second half of 2025, the company plans to focus on retail channel development and aims to enhance store efficiency through a comprehensive rollout of its store effectiveness project [2] Group 3: Share Buyback Programs - The company has implemented multiple share buyback plans, with a total of 12.50 million shares repurchased for approximately 99.97 million yuan as of October 25, 2024 [3] - As of August 2025, the cumulative share buyback reached 19.18 million shares, accounting for 1.98% of the total share capital, with a total expenditure of 154.95 million yuan [3] Group 4: Communication and Transparency - The company is committed to enhancing communication with investors and improving the quality and transparency of information disclosure to foster a deeper understanding of its true value and strategic direction [4]

Summary of Key Points from the Conference Call Industry Overview - The gold jewelry industry has shown significant changes in recent years, with consumer demand supported by both consumption and investment attributes, as well as cultural significance [1][2] - The ancient gold market has rapidly developed, reaching a scale of nearly 200 billion yuan, accounting for about 30% of the gold category, with a growth rate exceeding 60% before 2023 and expected to maintain over 20% in the future [1][4] Consumer Behavior - Consumer purchasing behavior is significantly influenced by gold price fluctuations, with a notable observation that during sharp price increases, consumers tend to adopt a wait-and-see attitude [1][7] - In 2024, terminal demand is expected to be suppressed, with consumers likely to engage in bottom-fishing during sharp price declines [7][8] Market Dynamics - The B-end market for gold products is divided into weight-based and fixed-price categories, with fixed-price products yielding higher margins [1][8] - The industry is transitioning from channel-driven to product and brand-driven strategies, although few companies have successfully established strong branding [1][11] Company-Specific Insights - Companies like Laopuhuangjin (老铺黄金) have shown remarkable growth, with same-store sales doubling in 2023 and again in 2024, benefiting from the rising trend of ancient gold and cultural revival [22][26] - Laopuhuangjin's business model involves high initial investment per store (20-30 million yuan), leading to a unique operational strategy that differentiates it from competitors [17][24] Financial Performance and Valuation - The gold jewelry sector is currently undervalued, with most companies trading at 10-12 times earnings, making companies like Caibai Co., Luk Fook Holdings, and Chow Sang Sang key investment recommendations [21] - The average gross margin for weight-based gold products is around 10%, while fixed-price products can achieve margins of 30% or more [15] Future Outlook - The overall market sentiment is mixed, with some brands like Laopuhuangjin performing well while others face challenges in the lower-tier markets [19][20] - Key observation points for 2025 include data from March and April, as well as performance in overseas markets, which could indicate future growth opportunities [30][31] Additional Considerations - The ancient gold market's growth is driven by traditional craftsmanship and cultural elements, making it a significant segment within the gold jewelry industry [4][22] - The competitive landscape is evolving, with new entrants and international brands posing challenges, but established brands like Laopuhuangjin maintain a competitive edge through differentiated positioning and comprehensive service offerings [25][32]

Core Viewpoint - The recent performance of Chaohongji, a jewelry company, reflects a combination of long-term accumulation and market opportunities, leading to significant revenue and profit growth in the first half of 2025 [1][3]. Group 1: Financial Performance - Chaohongji reported a revenue of 4.102 billion yuan in the first half of 2025, representing a year-on-year growth of 19.54% [1]. - The net profit for the same period was 331 million yuan, showing a year-on-year increase of 44.34% [1]. Group 2: Strategic Adjustments - Since 2018, the company has made two key strategic adjustments: enhancing product structure to align with consumer preferences and optimizing digital transformation and channel models, with over 80% of stores now being franchise-based [2]. - The focus has shifted from expanding the number of stores to improving the quality of store operations, with significant room for expansion given the current base of 1,600 stores [2]. Group 3: Competitive Advantage - Chaohongji's core competitiveness lies in integrating "Eastern culture" and "fashion," appealing to young consumers through unique aesthetic values and cultural connotations [4]. - The company has established a differentiated competitive advantage by promoting traditional cultural elements and launching successful product series that resonate with the market [4]. Group 4: Digital Transformation - The company has a long history of digital transformation, having implemented an SAP system as early as 2006, and plans to introduce AI by 2025 to enhance business growth [5]. - The digital transformation is structured in three phases: foundational infrastructure, business re-engineering, and data application, aimed at improving operational efficiency and market responsiveness [5]. Group 5: International Expansion - Chaohongji has initiated overseas expansion, starting with Southeast Asia, opening its first store in Kuala Lumpur, Malaysia, in August 2023, and achieving significant sales performance [6]. - The company aims to combine local cultural elements with its traditional craftsmanship to enhance market appeal and plans to gradually expand into other markets after establishing a foothold in Southeast Asia [6]. Group 6: Brand Strategy - The company aims to position itself as a "cultural mass brand," with plans to further segment its brand portfolio to better capture market opportunities [7]. - The main brand will focus on "Eastern culture + fashion," while sub-brands will target specific consumer segments, including younger audiences and high-net-worth individuals [7].

Overview - The lipstick market in China is experiencing growth due to rising income levels and increased beauty awareness among consumers, with nearly 60% of urban women indicating they wear makeup almost daily [1][14] - In 2023, China's lipstick sales reached 16.672 billion yuan, a year-on-year increase of 10.84%, but are projected to decline to 16.1286 billion yuan in 2024 due to macroeconomic factors [1][14] - The market is segmented into high-end lipsticks (53.68%) and mass-market lipsticks (46.32%) in 2024 [1][14] Market Policies - The Chinese government has implemented various policies to regulate the cosmetics industry, including quality management standards and safety assessment measures, promoting a more standardized and high-quality development environment for the lipstick industry [9][10] Industry Chain - The lipstick industry supply chain includes raw material suppliers (oils, waxes, pigments), manufacturing processes, and distribution channels such as retail stores and e-commerce platforms [11][12] Competitive Landscape - The lipstick market is highly competitive, featuring both international brands (Dior, Estée Lauder, Chanel) and domestic brands (Perfect Diary, Huaxizi, Proya), with international brands holding significant market share in the high-end segment [15][16] Development Trends - The high-end lipstick market is expected to grow faster than the overall industry, with international brands leveraging limited edition collaborations and local brands focusing on cultural IP for differentiation [17][18] - There is a rising consumer preference for products with safe ingredients, leading to an increase in demand for plant-based and cruelty-free lipsticks [17][18]

Core Viewpoint - 卓优智美教育咨询集团 is seeking to go public on the Hong Kong Stock Exchange, focusing on the art training sector, despite a projected decline in net profit for 2024 [1][18]. Company Overview - 卓优智美, founded in 2018, provides art training courses for children and teenagers, including dance, painting, calligraphy, and vocal training, primarily operating in Jiangxi and Hunan provinces [5][11]. - The company operates 114, 7, and 11 art training centers under the "小苹果" brand in Nanchang, Ganzhou, and Changsha, respectively [5]. - The company plans to expand its business by establishing new training centers in major cities in Southern China [22]. Financial Performance - In 2023, 2024, and the first five months of 2025, the company's revenue was approximately 128 million, 130 million, and 59 million yuan, with corresponding net profits of about 11.87 million, 5.35 million, and 9.94 million yuan [19]. - The gross profit margin for 2023, 2024, and the first five months of 2025 was approximately 42.4%, 38.0%, and 50.7% [19]. - The company experienced a 55% decline in net profit in 2024 due to increased costs related to employee wages, property depreciation, and financing [18]. Market Context - The Chinese art education market is projected to grow from 1,766 billion yuan in 2024 to 2,255 billion yuan by 2029, with a compound annual growth rate of 5% [24]. - The children's and youth art education market is expected to reach 1,554 billion yuan in 2024, accounting for 88% of the overall art education market [26]. - The industry is highly fragmented and competitive, with numerous players including both local and national institutions [27][28]. Challenges and Risks - The company faces challenges such as a declining number of new births in China, which may reduce its potential customer base [22]. - The number of art training centers operated by the company has decreased from 144 at the end of 2023 to 135 by May 2025 [22]. - The company is heavily reliant on its operations in Jiangxi province, where approximately 95% of its revenue is generated, making it vulnerable to local policies and business environments [21].