文章来源：广告狂人 营销正迎来历史性拐点。过去十年，品牌习惯于追着流量跑：投搜索、抢入口，争曝光。如今，人口红利见顶，社交媒体分层化、消费者价值观重塑，广告 轰炸在失效，品牌陷入"越投越慌"的增长焦虑。 但总有人先看到未来，一批聪明的品牌已经开始换一种玩法，他们不再争夺流量入口，而是选择融入生活的缝隙，在用户的真实场景中，提供恰到好处的价 值。这意味着，营销正从"广而告之"进入"万物皆为场"的全新纪元。 我们从今年众多案例中，梳理出场景革命的四大趋势，希望帮助更多品牌在这场必然的变革中重构与用户的连接。 趋势一 阿联酋航空与鲸鸿动能的合作则将重心落在了对旅行场景的深耕。它把旅行拆解成了多个触点场景：出发前打开手机，查天气，有智能卡推荐合适航班，查 攻略，有内容社区推荐真实的旅行体验分享；转向电脑，相关的新航线信息也正好弹出；当决定成行登机的那一刻，只需抬抬手腕就能登机。通过手机、电 脑、手表的无缝衔接，鲸鸿动能为阿联酋航空打造了从行前规划到飞行体验的全程陪伴体验。作为首批接入Harmony 5 的应用之一，阿联酋航空不仅能依托 鸿蒙生态的内容平台展开互动；也能让佩戴华为手表的用户，享受"抬腕登机"的便捷与仪式 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, indicating a positive outlook for the company compared to the market [2]. Core Insights - The company's profitability is continuously improving, driven by new channels and scenarios contributing to growth [1]. - The company has a well-established brand in the food and beverage industry, with a diversified product range including rice snacks, dairy beverages, and leisure foods [3]. - The company is actively expanding its marketing efforts and enhancing brand recognition through innovative advertising and product development [48]. Financial Performance - Revenue projections for FY2025-2027 are estimated at RMB 240.5 billion, RMB 246.5 billion, and RMB 252.7 billion, reflecting year-on-year growth rates of 2.3%, 2.5%, and 2.5% respectively [49]. - Net profit forecasts for the same period are RMB 41.7 billion, RMB 44.1 billion, and RMB 46.1 billion, with changes of -3.8%, +5.7%, and +4.6% respectively [49]. - The diluted EPS is expected to be RMB 0.35, RMB 0.37, and RMB 0.39 for FY2025, FY2026, and FY2027 respectively [49]. Business Segments - The dairy beverage segment is expected to grow steadily, contributing over 50% of total revenue, with a projected CAGR of approximately 3.7% from FY2018 to FY2024 [4]. - The rice snack business is anticipated to recover growth driven by new products and channels, with expected revenue growth rates of 3.5%, 2%, and 2% for FY2025-2027 [4]. - The leisure food segment, particularly candy, is projected to grow at rates of 5%, 4%, and 4% for FY2025-2027, benefiting from strong demand [4]. Market Dynamics - The food and beverage industry is experiencing a shift towards health-conscious products, with the dairy beverage market expected to reach RMB 1,697 billion by 2027, growing at a CAGR of 4.65% [25]. - The candy market is entering a low-growth phase, with expected growth rates stabilizing between 2% and 3% in the coming years [19]. - The overall market for leisure foods is projected to reach RMB 605.8 billion by 2028, with a CAGR of 4.4% [13]. Operational Efficiency - The company has implemented measures to control raw material costs and optimize operational efficiency, leading to an expected EBIT margin of 23.8%, 23.9%, and 24.1% for FY2025-2027 [5]. - The gross profit margin is projected to improve due to cost reductions in raw materials, particularly full-fat milk powder, which has seen a significant price decline [37][39]. Strategic Initiatives - The company is focusing on expanding new channels and enhancing marketing strategies to drive brand growth, including leveraging e-commerce and innovative product placements [41][47]. - The company has established overseas operations, with a factory in Vietnam contributing to growth in the Southeast Asian market [47].

Core Viewpoint - The company Future Health, the parent of the massage device brand SKG, has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt to enter the capital market after previous setbacks [1][6]. Company Overview - Future Health was established in 2007 by founder Liu Jie, who transitioned from the restaurant and coal mining industries to focus on small home appliances before pivoting to wearable health products in 2016 with the launch of a cervical massager [3][5]. - The company has successfully positioned its products as essential for urban consumers, particularly in office settings, leveraging microcurrent technology to simulate manual massage [5]. Market Position and Product Strategy - SKG has maintained the largest market share in China's smart wearable relaxation device sector, with a projected market share of 21.5% in 2024 [5]. - The product line includes various massage devices and health monitoring tools, targeting both everyday wellness and professional rehabilitation [5]. - The company employs a three-pronged strategy of technology-driven innovation, experiential marketing, and targeted product development to capture niche markets [5]. Financial Performance - Revenue figures from 2022 to 2024 show slight growth, with revenues of 904 million RMB, 1.046 billion RMB, and 1.045 billion RMB respectively, while profits increased from 119 million RMB to 135 million RMB [10]. - In the first three quarters of 2025, the company reported a revenue of 878 million RMB, a year-on-year increase of 16.22%, with profits rising by 24.92% to 106 million RMB [10]. Challenges and Strategic Concerns - The company has faced significant challenges in its IPO journey, including compliance issues that led to the withdrawal of its application in 2023 and a failed attempt to list on the Beijing Stock Exchange [6]. - Recent financial maneuvers, including aggressive dividend payouts totaling 280 million RMB, have raised questions about the company's long-term intentions and financial health [16]. - The company has been criticized for its heavy marketing expenditures, which significantly outpace its research and development investments, raising concerns about its commitment to innovation [21]. Industry Context - The global market for smart wearable health devices is projected to grow from 41.7 billion USD in 2024 to 79.5 billion USD by 2029, with a compound annual growth rate of 13.8% [22]. - The Chinese market for smart wearable health devices is expected to reach 128.3 billion RMB by 2029, growing at a compound annual growth rate of 15.9% from 2024 [22]. - The competitive landscape in the smart relaxation device market is fragmented, with increasing competition leading to product homogenization, necessitating continuous innovation and effective marketing strategies [22].

"徽酒三巨头"扎堆布局散酒生意 场景营销能否破解增长焦虑 【中国白酒网】此轮白酒行业深度调整期间，一向以营销见长的头部安徽酒企，集体拥抱散酒生 意。 记者注意到，古井贡酒推出打酒铺，口子窖布局口子酒坊，迎驾贡酒则专门推出散酒业务，还制定 了三种合作模式。除此之外，我国还出现多个散酒零售连锁品牌。 不过，与过往散酒零售不同，上述酒企的散酒生意更加注重与终端用户的互动和体验，切入日常高 频自饮场景。 白酒行业分析人士蔡学飞告诉记者，行业整体转向存量竞争，依赖传统渠道压货的深度分销模式效 能递减，使得以该模式见长的安徽酒企面临更大的增长压力。 "转型深度体验与场景营销，要求开发更具体验感、故事性与场景适配性的产品，并从广泛铺货转 向构建品牌体验馆、文化沉浸式终端等，营销重心从推动渠道转向拉动消费者。这对于包括徽酒在内的 诸多酒企来说，都将是新的挑战。"蔡学飞说。 知名白酒企业介入散酒业态 日前，古井贡酒首家直营打酒铺在安徽亳州开业。门店主打"前店后坊、现打现卖"，除了传统白酒 香型，还有亳州特色的养生酒、低度的桂花酒和发酵果酒等。 一周前，同为安徽酒企的口子窖在淮北推出首家"口子酒坊"。店内主营各种价格的散酒产品。 ...

文丨檀香 编审丨酒传社团队 ID：jiuchuanshe-OTO 在流量渐趋见顶、用户主权日益崛起的商业环境中，酒类营销正迎来一场静默而深刻的变革。营销的核心，已从过去的"产品"导向、到后来的"用户"中 心，进一步转向"场景"，这个由时空、社会条件与消费者心理共同构成的关键环境。 11月27日，在2025第一届场景营销年会上，场景营销研究院院长空手指出："场景营销代表了继产品、用户之后的第三种营销范式，是融合所有营销动作 的整体策略。"这一判断已在越来越多企业的实践中得到验证，一场围绕"场景"展开的营销变革正悄然渗透各行各业。 场景营销研究院院长空手 NO · 1 从"需求"到"任务"：营销思维的演进 传统营销围绕"消费者需要什么"展开，而场景营销则聚焦于"消费者在特定场景下想要完成什么"。这种从抽象"需求"向具体"任务"的转变，重塑了企业的 产品开发逻辑与传播路径。 空手提出的SJSF路径（设定场景→理解任务→提供方案→创造体验与传播），为企业提供了清晰的行动框架。他强调，企业不应仅提供单一产品，而应 基于对用户在场景中真实任务的理解，提供完整的"解决方案"。 李渡的实践印证了该路径的有效性。据李渡轮值总经 ...

Core Viewpoint - The article discusses the strategic shift of Jiu Gui Jiu from a broad distribution model to a more focused approach, emphasizing high-value interactions with a select group of consumers through intimate marketing events like the "Master Banquet" [1][2]. Group 1: Circle "Slimming" - The "Master Banquet" held on October 20 is a tangible expression of Jiu Gui Jiu's strategy to slim down its target audience, focusing on high-net-worth individuals and local business leaders [1][4]. - Since May, the company has hosted 29 such events across various cities in Hunan, with each banquet typically accommodating 12 to 15 participants [1]. - This approach marks a departure from the previous expansive distribution model, which had led to increased complexity and inventory pressure [7]. Group 2: Marketing "Slimming" - Jiu Gui Jiu is shifting from mass marketing strategies to more targeted, scene-based marketing, focusing on specific events like weddings and graduation celebrations [9][12]. - The company has reported a 21% increase in sales for graduation banquets in Hunan, with a staggering 273% growth in the Xiangxi region [13]. - The marketing strategy now emphasizes local engagement and collaboration with community resources to enhance brand presence in specific social contexts [13][16]. Group 3: Product "Slimming" - The company is adjusting its product strategy by focusing on lower-priced and lower-alcohol products to cater to changing consumer preferences [17][19]. - Jiu Gui Jiu has introduced new products priced around 350 yuan and 200 yuan to address the demand for more affordable options [19]. - The company has streamlined its product line, reducing SKU numbers by approximately 50% and focusing on three core series: "Inner Reference," "Jiu Gui," and "Xiang Quan" [22].

Core Insights - The article emphasizes the importance of focusing on product quality in retail, regardless of whether the sales channel is online or offline [6][7][14] - It highlights the unique shopping experience that physical stores can provide, which often leads to impulse purchases that online platforms cannot replicate [6][14] Group 1: Retail Strategy - The company believes that the core of future offline retail lies in creating an enjoyable shopping experience, where consumers discover products they like while browsing [6][14] - The article suggests that successful retail strategies should follow consumer behavior and learn from successful models, such as Japanese stores [6][14] - It mentions that many retail brands still rely heavily on offline sales, with online sales accounting for only about 10% of total sales for some brands like Miniso [6][14] Group 2: Learning from Japanese Brands - The article discusses a learning trip to Japan to understand how Japanese brands thrive in low-growth environments, focusing on their operational strategies [10][14] - It highlights that Japanese brands have adapted to low-growth periods by focusing on customer expectations and making small innovations rather than pursuing disruptive changes [14][15] - The article emphasizes the importance of understanding consumer needs through direct engagement and observation, as demonstrated by successful Japanese brands [14][15][17] Group 3: Product Development and Innovation - The article points out that successful companies like FANCL and Suntory focus on product quality and consumer feedback to drive innovation [19][25] - It mentions that companies should not rely solely on data but should also engage with the physical product to ensure quality and consumer satisfaction [18][25] - The article illustrates how brands like Kikkoman and WORKMAN have successfully filled market gaps by understanding specific consumer needs and preferences [17][19]

Core Insights - The white liquor industry is experiencing a decline in both revenue and net profit for the first three quarters of 2025, with total revenue at 317.658 billion yuan and net profit at 122.69 billion yuan, marking a year-on-year decrease of 5.84% and 6.88% respectively [1][5] - The industry is facing challenges such as high inventory levels and price inversion, prompting companies to seek new growth opportunities through innovation in marketing and channel transformation [1][7] Financial Performance - In Q3 2025, the 19 listed liquor companies reported a total revenue of 77.94 billion yuan, down 18.42% year-on-year, and a net profit of 28.055 billion yuan, down 22.03% [5][6] - Compared to previous years, the revenue and net profit for the first three quarters of 2024 were 330.401 billion yuan and 131.314 billion yuan, reflecting increases of 10.02% and 10.1% respectively [5][6] Industry Challenges - The average inventory turnover days in the industry have reached 900 days, an increase of 10% from the previous year, indicating significant inventory pressure [11] - Some products are being sold below their production prices due to sluggish sales and high inventory, leading to price inversion issues [13] Market Dynamics - The industry is undergoing a "value tempering" phase, transitioning from a previous model driven by channel inventory to a more rational approach that aligns with consumer demand [5][6] - The current market environment is characterized by a shift from "incremental sharing" to "stock competition," necessitating the elimination of excess capacity and structural adjustments within the industry [13] Strategic Responses - Companies are focusing on leveraging banquet markets, which represent a significant portion of liquor sales, to drive growth [15] - The sales channels are evolving to include a mix of traditional offline distribution, e-commerce, and instant retail, necessitating a new ecosystem that integrates these approaches [16]

Core Insights - The 2025 National Camping Conference was successfully launched in Nanjing, showcasing a blend of nature and leisure activities, with participation from nearly a thousand camping enthusiasts [1][3][6] - Yanghe's seventh generation of Hai Zhi Lan played a significant role in enhancing the event experience, providing a unique atmosphere that combined the essence of nature with the enjoyment of their product [1][11] Group 1: Event Overview - The event was co-hosted by various governmental and sports organizations, emphasizing the promotion of outdoor activities and quality lifestyle [1] - The atmosphere at the event was lively, featuring performances, food, and creative markets, creating a joyful environment for attendees [3] Group 2: Participant Experience - 300 professional camping enthusiasts set up tents in a natural setting, creating a picturesque scene that highlighted a harmonious relationship with nature [6] - Attendees engaged in various outdoor activities, including real-life CS, frisbee, and obstacle courses, catering to both adults and children [3][6] Group 3: Brand Engagement - Yanghe's strategic partnership with the camping conference represents an innovative approach to scene marketing, aiming to connect with target consumers through outdoor leisure experiences [11] - The brand's product, a 240mL bottle of the seventh generation of Hai Zhi Lan, was provided to each tent, enhancing the immersive experience of the event [6][11]

Core Insights - The "2025 Sixth FMCG Omnichannel New Growth Conference" was held in Nanjing, focusing on macro cycles, marketing trends, innovation practices, and transformation paths in the context of current market competition [1] - The conference aimed to gather industry wisdom and resources to guide companies through challenges and identify actionable strategies for growth [1] Group 1: Key Themes and Discussions - Liu Chunxiong emphasized the need to reconstruct the channel value chain in the FMCG industry, shifting from traditional delivery roles to operational roles for distributors, focusing on brand promotion and sales realization through effective channel management [4] - Shi Kunliang presented on supply chain innovations by Ande Intelligent Link, highlighting their inventory sharing and efficient fulfillment model that reduces logistics costs and enhances turnover efficiency [6] - The forum featured discussions on scene marketing and new retail channel transformations, with experts providing methodologies for capturing consumer needs within various scenarios [9][11][13] Group 2: Practical Applications and Case Studies - Qingdao Beverage Group shared successful case studies on scene penetration, demonstrating how brands can deeply bind with consumers' lives through targeted marketing strategies [11] - Various speakers discussed the importance of adapting to new retail formats and optimizing supply chains to enhance competitiveness and market share [22][24][26] - The roundtable dialogue highlighted the essence of competition in the current market, emphasizing the need for collaborative ecosystems to achieve mutual growth [34] Group 3: Future Outlook and Strategic Directions - The conference underscored the importance of precise connections between brands and distributors, facilitating resource matching and cooperation through dedicated networking sessions [38] - The overarching theme of "Omnichannel Breakthrough and Collaborative Growth" was reiterated, suggesting that focusing on ecosystem collaboration is essential for sustainable development in the FMCG sector [38]