记者丨吴立洋 实习生涂玥 8月16日，徕芬创始人叶洪新转发该测评视频称"看来有瓜吃了，徕芬剃须刀竟然打不过飞 科？"并表示要扒一扒号称独立客观第三方的评测机构是怎么收费的，收钱办事没问题，但不 能没有良心。 编辑丨朱益民 近日，一则不同品牌电动剃须刀产品的对比测评，成为小家电产业的市场焦点。 而让本次事件关注度急剧上升的关键节点，则是身为 徕芬创始人、CEO的叶洪新亲自下场， 暗指测评博主收钱办事，并指责该博主的哥哥、身为徕芬前员工的潘坚离职后服务竞品打击徕 芬 ，与其展开隔空论战。 C EO亲自下场回应测评视频 在最初的争议视频中，测评博主楼斌Robin通过机身震动、一镜到底剃净度等对比测试，从性 价比角度得出飞科售价399元的产品优于徕芬699元剃须刀的结论。 此外，叶洪新还指出博主楼斌的亲哥哥潘坚，正是徕芬的前员工；随后在17日发文指控潘坚在 2022年离职后，持续"靠出卖和打击徕芬获利"。 针对上述言论，楼斌也给出了回应，其表示测试视频是如实呈现了产品体验，观众自有判 断："徕芬卖699，飞科才卖399，就算横评结果是徕芬更干净，那也是应该的。" 此次争论风波，最终以叶洪新在8月18日发文"翻篇。志不 ...

而让本次事件关注度急剧上升的关键节点，则是身为徕芬创始人、CEO的叶洪新亲自下场，暗指测评博主收钱 办事，并指责该博主的哥哥、身为徕芬前员工的潘坚离职后服务竞品打击徕芬，与其展开隔空论战。 CEO亲自下场回应测评视频 在最初的争议视频中，测评博主楼斌Robin通过机身震动、一镜到底剃净度等对比测试，从性价比角度得出飞 科售价399元的产品优于徕芬699元剃须刀的结论。 近日，一则不同品牌电动剃须刀产品的对比测评，成为小家电产业的市场焦点。 8月16日，徕芬创始人叶洪新转发该测评视频称"看来有瓜吃了，徕芬剃须刀竟然打不过飞科？"并表示要扒一 扒号称独立客观第三方的评测机构是怎么收费的，收钱办事没问题，但不能没有良心。 此外，叶洪新还指出博主楼斌的亲哥哥潘坚，正是徕芬的前员工；随后在17日发文指控潘坚在2022年离职后， 持续"靠出卖和打击徕芬获利"。 针对上述言论，楼斌也给出了回应，其表示测试视频是如实呈现了产品体验，观众自有判断："徕芬卖699，飞 科才卖399，就算横评结果是徕芬更干净，那也是应该的。" 叶洪新态度为何如此强硬 其实，此次事件涉及的电动剃须刀目前并非徕芬的核心产品，而是今年5月推出的新品类。 ...

Core Viewpoint - The recent controversy surrounding electric shavers has highlighted the competitive landscape in the small home appliance industry, particularly for the brand Lefan, which is facing growth challenges as it expands into new product categories [1][5]. Group 1: Market Dynamics - The electric shaver market has seen a significant increase, with retail sales expected to rise by 10.5% year-on-year by mid-2025, contrasting with a 10.5% decline in the hair dryer market during the same period [1][6]. - The hair dryer market is experiencing saturation, with a retail sales share of 74.7% by mid-2025, down 2.5% year-on-year, indicating a need for brands like Lefan to diversify [3][6]. Group 2: Competitive Landscape - Lefan's CEO, Ye Hongxin, publicly challenged a product comparison that favored a competitor's shaver, highlighting the pressure on Lefan to maintain its reputation for high cost-performance products [2][4]. - The price competition is intensifying, with the market segment below 300 yuan gaining a significant share, increasing by nearly 11 percentage points year-on-year, which does not align with Lefan's pricing strategy [4]. Group 3: Product Development and Strategy - Lefan has launched new products, including the T1 Pro and P3 Pro electric shaver series, aiming to capture market share in the growing electric shaver segment [5][6]. - The company is facing challenges in the electric toothbrush market, with a reported gross margin of less than 40%, indicating difficulties in competing against rivals with higher margins [5][6]. Group 4: Brand Positioning and Future Outlook - Lefan's strategy of "high performance + low pricing" and its integrated supply chain could be advantageous in the electric shaver market, provided the brand continues to enhance its product quality and user experience [7]. - The brand's ability to leverage its previous success in the hair dryer market to establish credibility in the electric shaver category remains a critical challenge [7].

Core Insights - The recent controversy surrounding electric shavers has drawn significant attention in the small appliance industry, particularly due to the involvement of Lefan's CEO Ye Hongxin, who accused a reviewer of bias and questioned the integrity of the review process [1][2][5] - Lefan's flagship product has traditionally been high-speed hair dryers, which saw sales grow from 150 million in January 2021 to 3 billion in 2023, but the company is now facing growth challenges as the hair dryer market becomes saturated [1][3] - The electric shaver market is experiencing a surge, with retail sales expected to increase by 10.5% year-on-year in the first half of 2025, indicating a shift in consumer demand towards high-end products [1][7] Company Strategy - Lefan is attempting to expand into new product categories, such as electric shavers and electric toothbrushes, to tap into growing market segments [6][7] - The company launched its first electric shaver line in May 2023, aiming to leverage its previous success in the hair dryer market, but faces challenges due to increased competition and market saturation [6][8] - Ye Hongxin has acknowledged the difficulties in the electric toothbrush market, citing low profit margins compared to competitors, and has expressed the need for Lefan to adapt its strategies to succeed in new categories [6][9] Market Dynamics - The hair dryer market is becoming increasingly competitive, with many brands offering similar products at lower prices, leading to a decline in Lefan's market share [3][4] - The electric shaver market is characterized by a growing demand for portability and high-end features, with average prices increasing by 23.7% year-on-year [7][8] - Despite the challenges, Lefan's strategy of offering high-performance products at competitive prices may provide opportunities for success in the electric shaver market if they can enhance brand perception and consumer recognition [9]

现在折扣生意特别火，各大头部企业都挤着进来分一杯羹。互联网大厂反应最快，京东在江苏宿迁、河北涿州一下子开了5家折扣超市，美团自家的"快乐 猴" 折扣超市刚在杭州开了第一家店，就放话说以后要开到1000家。 而传统零售企业也没掉队，物美在北京市中心的核心商圈开了"物美超值"折扣店，盒马的NB折扣店都开到300家了，成了拉动业绩的主力。这些大企业动作 不断，都在抢着占折扣赛道的好位置。 这么多企业扎堆做折扣生意，根本原因还是消费者消费逻辑变了。现在大伙儿花钱越来越精打细算，虽然有时候想买东西的念头忽高忽低，但对打折促销越 来越敏感。 就像很多人网购，每个月都会买两三回，每次都花一两个小时挑挑选选，都是在货比三家找最实惠的。这种"花小钱买大牌"的想法成了常态，让"平替经济" 火了起来，也给折扣零售铺好了路。 咱们国内的折扣市场，2023年规模才1.79 万亿元，只占社零总额的3.8%，预计2025年这一数字将达到2.28万亿元。说明折扣市场还有很大的增长空间，企业 当然想抢这个机会。 就说奥莱，作为线下折扣的代表，这几年发展得特别好，估计不少同行都眼馋。它靠"品牌直销购物中心"的模式，聚集一堆品牌，而且价格打折不少 ...

Core Viewpoint - The article discusses the transformation of factories in China, particularly in the sock manufacturing sector, as they begin to engage directly with consumers through platforms like 1688, redefining traditional distribution channels and reducing the role of intermediaries [1][4][24]. Group 1: Changes in Consumer Interaction - Factories are now showcasing their products directly to consumers, moving from a B2B model to a more consumer-oriented approach [1][4]. - The rise of live streaming and direct sales on platforms like 1688 allows consumers to interact with factories, bypassing traditional retail markups [1][4][10]. - The shift in consumer behavior reflects a preference for cost-effective alternatives, with younger consumers valuing functionality and material quality over brand prestige [13][15]. Group 2: Evolution of Distribution Channels - The traditional distribution model, characterized by multiple layers of intermediaries, is being disrupted by the internet, allowing factories to communicate directly with consumers [2][24]. - 1688 has evolved from a wholesale platform to a significant source for consumers seeking direct access to factory prices and products [4][8]. - The integration of 1688 with Alibaba's ecosystem enhances its retail capabilities, making it easier for consumers to access factory goods [8][15]. Group 3: Brand Building and Storytelling - Factories are increasingly focusing on building their own brands and narratives, moving away from solely being production entities [10][23]. - The emergence of "factory second-generation" individuals using social media to share their stories and promote their products highlights a new marketing strategy that emphasizes relatability and authenticity [19][23]. - Emotional value and storytelling are becoming crucial for factories to differentiate themselves in a competitive market, as price competition reaches saturation [23][24].

Core Viewpoint - The new consumption investment trend, driven by潮玩IP, national trend gold, pet economy, and new tea drinks, has gained momentum in 2023, with many new consumption companies seeing stock price increases of over 30% since the second quarter, attracting extensive institutional investor interest [1]. Group 1: New Consumption Companies - Leading new consumption stocks such as 泡泡玛特, 老铺黄金, and 中宠股份 have shown strong performance, with institutional investors conducting multiple research sessions [3]. - 潮宏基 has been researched by 178 institutions three times since mid-April, with a stock price increase of 74.71% in Q2 and 183.42% over the past year. The company plans to expand its brand internationally in 2025 [3]. - 周大生 attracted 216 institutions for 14 research sessions, with new self-operated stores focusing on gold and embedded products [3]. - 新兴珠宝企业曼卡龙 has been researched 16 times by 113 institutions, with a stock price increase of 79.78% in Q2, emphasizing its online capabilities to meet young consumers' preferences [4]. - 中宠股份, a leader in pet food, held two research activities attracting 221 institutions, while 天元宠物 was researched by 45 institutions six times, with a stock price increase of 38.82% in Q2 [4]. Group 2: Investment Logic and Strategy - The unique characteristics of new consumption companies have led fund managers to adjust their strategies, focusing on individual stock research rather than top-down approaches due to the scarcity of listed companies in niche markets [5]. - The research framework for new consumption differs significantly from traditional consumption, emphasizing product strength and consumer-driven purchasing rather than channel power [5]. Group 3: Future Investment Opportunities - Institutions are focusing on new consumption investment opportunities as the year progresses, with 国信证券 identifying seven main lines for investment: digital economy, self-care consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [6].

Macro and Strategy - The fiscal data for the first five months of 2025 shows a decline in both revenue and expenditure, with total public budget revenue at 96,623 billion yuan, down 0.3% year-on-year, and total expenditure at 112,953 billion yuan, up 4.2% year-on-year [9][10] - The high-tech manufacturing macro report indicates that the diffusion index remains unchanged, with specific sectors like dynamic random access memory (DRAM) prices rising, while others like acrylonitrile are declining [10][11] - The macroeconomic report highlights a seasonal decline in high-frequency indicators, suggesting stable economic performance despite fluctuations in investment and consumption sectors [11][12] Industry and Company - The food and beverage industry report emphasizes the emergence of new consumption patterns driven by lifestyle changes, indicating a shift towards more personalized and experience-oriented consumption [23][24] - The report identifies three main consumer groups: Generation Z, the silver-haired population, and the middle class, each with distinct consumption preferences and behaviors [25][26] - Investment recommendations include companies like Wei Long, Salted Fish, Dongpeng Beverage, and Guizhou Moutai, reflecting confidence in the food and beverage sector's growth potential [27] Overseas Market Overview - The US stock market has seen a pullback from high levels, with the S&P 500 down 0.2% and a notable shift of funds towards the financial sector [28][29] - In the Hong Kong market, the Hang Seng Index fell by 1.5%, with significant outflows from the pharmaceutical and consumer sectors, while the machinery sector attracted investment [30][31] Financial Engineering - The REITs market has shown positive performance, with the index rising by 0.87% and a year-to-date increase of 13.2%, indicating strong interest in property and infrastructure-related investments [14][15] - The approval of the first data center REITs marks a significant expansion in the REITs market, reflecting growing interest in digital infrastructure [16]

Core Insights - The report from Guosen Securities suggests exploring new consumption opportunities along seven main lines: digital economy, self-consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [1][4] Group 1: New Consumption Trends - New consumption arises from new lifestyles, with the evolution of consumption patterns being a result of changes in the socio-economic environment [1] - The report establishes a framework of "lifestyle-consumption scenario-product definition," indicating that lifestyle is influenced by macro factors such as technology, economy, and culture, which shape diverse consumption scenarios and give rise to new business models [1] - Historical consumption phases in China are linked to lifestyle changes, transitioning from survival-type (1949-1978) to quality-type consumption (2016-2024) [1] Group 2: International Brand Potential - Chinese consumer goods companies have the foundation to become international brands, supported by advanced infrastructure and a more efficient, low-cost, healthy, and environmentally friendly lifestyle [2] - The success of American brands in the 1970s serves as a precedent, where lifestyle and consumption concepts were effectively exported globally [2] Group 3: Future Consumer Demographics - Three main consumer groups are identified: 1. Generation Z (born 1995-2009) with a population of approximately 233 million, focusing on individual expression and emotional value consumption [3] 2. The silver-haired population (60 years and older) projected to reach 310 million by 2024, characterized by a strong health consciousness and demand for self-fulfillment [3] 3. The middle class, making up about 36% of the population, is becoming more cautious in spending due to economic pressures, leading to a preference for time-saving purchases and rational alternative consumption [3] Group 4: New Consumption Lines - Future technological advancements will continue to reshape lifestyles, with higher-level needs gaining importance [4] - Suggested new consumption opportunities include: 1. Digital economy: Growth in online retail and education driven by digital technology [4] 2. Self-consumption: Increased focus on psychological and spiritual needs [4] 3. Emotional value consumption: Shift from functional satisfaction to emotional, health, and cultural value [4] 4. Health economy: Rising consumer focus on physical and mental health [4] 5. Convenience economy: Growing willingness to pay for convenience and efficiency [4] 6. Alternative economy: Increased focus on cost-effectiveness and value-for-money [4] 7. Value-driven consumption: Emerging trends in national pride and sustainability [4]

编者按 ： 当"不是大牌买不起，而是平替更有性价比"的口号响彻社交媒体，一场关于消 费主义的无声革命正在年轻人中蔓延。他们用"同源工厂""同款工艺""同样景 色"等关键词，直抵商品价值的核心。然而，当"平替"成为商家收割流量的密 码，当"源头厂货"沦为劣质产品的遮羞布，这场理性消费的浪潮正面临被异化 的危机。 来源｜极速财讯 01 平替的本质：一场消费主义的祛魅运动 "不是东北去不起，而是成都雪村更有性价比！"今年春节期间，成都邛崃一处"雪村"喊出了这样响亮的口号，瞬间点燃了南方人对雪的渴望。 官方发布的视频更是将氛围感拉满：大雪纷飞，银装素裹，仿佛置身童话世界。不少附近的小伙伴们纷纷前去打卡。然而，现实却给了他们当头一 棒。 所谓的"雪村"简直是"戏精"附体！树枝上挂着、地面上铺着的不是晶莹的雪花，而是蓬松的棉花；就连那漫天飞舞的"雪花"，竟然是用肥皂水制造的 人工降雪！有网友吐槽：这哪是雪村，分明是"戏"村啊！ 这场视觉盛宴的崩塌，恰是当下"平替经济"狂潮的生动写照。 不少商家更是直接将"平替"当作卖点。拿旅游景区来说， "小镰仓"、"小奈良"、"天空之城"更是泛滥成灾！有数据显示，国内"小镰仓"足足有6 ...