Group 1 - The article highlights the global popularity of Pop Mart's LABUBU dolls, which successfully combine elements of lottery, collection, and sharing, laying a solid foundation for its commercial success [1] - Xiaomi's car launch mirrors this success, as young consumers share their experiences on social media, creating emotional satisfaction and forming communities with like-minded individuals [1] - The article emphasizes that activating the national consumer market requires more companies like Xiaomi and Pop Mart that understand the needs of young consumers, suggesting that industries must be restructured around these demands to ignite consumption [1]

Core Viewpoint - The article highlights the contrasting performance of two beverage companies targeting young consumers in the Hong Kong stock market: Mixue Ice City and Helen's. While Mixue Ice City has shown significant growth post-IPO, Helen's has faced substantial declines in revenue and profitability, raising concerns about its business model sustainability in a competitive market. Group 1: Financial Performance - Mixue Ice City achieved a revenue growth of 22.29% in 2024, reaching 24.83 billion yuan, with a net profit increase of 41.41% to 4.44 billion yuan [1] - Helen's reported a revenue of 0.752 billion yuan in 2024, a significant decline of 37.8%, with alcohol beverage revenue dropping over 54% [3][5] - Helen's net profit for 2024 was a loss of 0.078 billion yuan, marking a stark contrast to its previous profitable years [3] Group 2: Market Position and Strategy - Helen's has expanded its store count to 579 by adding 81 new stores in 2024, with a significant portion located in lower-tier cities [5] - The company has shifted from a direct ownership model to a partnership model, indicating challenges in maintaining its previous direct control strategy due to rising costs [5] - The average daily sales per store have declined, with direct and franchise stores averaging 7,000 yuan, down 300 yuan year-on-year [5] Group 3: Competitive Landscape - The small bar segment, where Helen's operates, has become increasingly competitive, with traditional breweries and new market entrants diluting its customer base [7] - Helen's price advantage is being eroded by competition from convenience store cocktails and craft beer bars, leading to a loss of its unique selling proposition [7] - The company's market capitalization has plummeted over 90% from its peak, reflecting investor concerns about its future viability [1][8] Group 4: Investor Sentiment - Helen's stock price has seen a drastic decline from its initial listing value of 31.88 yuan to just 1.50 yuan, indicating a loss of investor confidence [8] - The removal of Helen's from the Hong Kong Stock Connect list in March 2024 further underscores the waning trust in its business model [10]