点击上图▲立即收听 "' 活着 ' 本身，就已是一件需要敬畏的事。 " 文 / 巴九灵（微信公众号：吴晓波频道） 你可能不认识今天的我，但你一定很熟悉 20年前的我。 那时的我们，就像今天的抖音、快手一样 —— 专卖店遍布街头巷尾，广告挤满了电视和报纸；周杰伦、谢霆锋、 S.H.E、TWINS 这些当红明星 都为我们代言，被年轻人争相视为潮流风向标。有了我，仿佛 "狂拽酷炫"，在街角和校园里走路带风。 然而时光流转，曾经的青春符号渐渐淡出了大众视野 ——从商场撤柜，在电视广告里绝迹，连消失和被遗忘似乎蒸发一样，悄无声息。 直到近几年，你在社媒上猝不及防刷到了熟悉的名字与 Logo，"爷青回"的怀旧情愫，瞬间触电般涌上心头，而紧随其后的发现更让人震惊： "什么？！居然还在？而且… … 还卖得风生水起，翻红了？！ " 底蕴犹在，再度回归 这些年， "老面孔们"着实交出了不少斐然的新战绩： 达芙妮长期占据抖音女鞋热门品牌月销榜首；美特斯邦威在" 618""双11"等大促中持续实现翻倍增长；真维斯的线上销售额从4.6亿一路飙升至60 亿；骆驼冲锋衣登顶天猫、抖音户外品类第一。 班尼路、百丽、回力等等，虽整体仍处于转型 ...

Core Viewpoint - The recent price fluctuations of Moutai have raised concerns in the market, with the wholesale price of scattered bottles dropping below 2000 yuan for the first time, leading to further declines and panic among distributors [1][3]. Price Trends - As of June 23, 2025, the wholesale reference price for scattered Moutai is 1870 yuan per bottle, while the original box price is 1935 yuan [1][2]. - The price drop has been attributed to multiple factors, including economic downturns, seasonal demand fluctuations, and aggressive pricing strategies from e-commerce platforms during promotional events [3][4]. Market Dynamics - The economic downturn has led to reduced demand for high-end liquor, particularly during the traditional off-peak summer season, exacerbating supply-demand imbalances [3][7]. - The implementation of strict regulations against alcohol in government receptions has further pressured the market, leading to a significant decline in Moutai's consumption [3][7]. Industry Impact - Moutai's price drop has triggered panic among distributors, with reports of significant losses and a halt in stockpiling [9]. - The high inventory levels, estimated at 1.2 billion bottles, combined with new production capacity, have led to a drastic reduction in Moutai's annual return rate from 28% to 5% [9]. Consumer Behavior - The changing preferences of younger consumers, who are increasingly drawn to more affordable alternatives, have contributed to Moutai's declining market position [24][28]. - The rise of brands like Fenjiu, which have successfully targeted younger demographics with lower price points, highlights the shift in consumer behavior away from traditional high-end products like Moutai [24][28]. Distribution and Sales Channels - Moutai has been adapting to changes in consumer purchasing habits by enhancing its direct sales channels, which now account for 43.8% of its revenue [20][21]. - The company's digital marketing efforts and the establishment of its own online platforms reflect a broader trend in the industry towards direct-to-consumer sales [20][22].

【会稽山2024年营收净利双位数增长，2025年面临多重考验与升级需求】2024年，会稽山营收达16.31 亿元，同比增长15.6%，归属净利润1.96亿元，同比增长17.74%，连续两年营收与净利双位数增长，成 黄酒行业唯一逆势突围的上市公司。其核心驱动力源于高端化战略深化，中高端酒营收占比67.32%， 同比增31.29%，吨酒价格提至1.38万元/吨，毛利率升至52.08%。区域市场上，江浙沪市场贡献收入 14.05亿元，占营收86%，浙江省内收入9.83亿元。公司通过"高雅宴请喝兰亭"定位，结合非遗文化IP等 策略，重构黄酒价值认知。会稽山增长靠"顶层设计+战术创新"。高端化上，形成以"兰亭"为核心的高 端品牌矩阵，高端场景营销推动高端酒营收占比超65%；年轻化方面，推出气泡黄酒，线上曝光超5亿 次，2024年电商收入占比提至18.5%；组织与渠道重构，设三大独立事业部，实施新门店模式，进驻新 零售渠道。2025年一季度，会稽山营收4.81亿元，同比增10.1%，归属净利润9374万元，同比增1.7%， 但增长质量分化，黄酒复兴面临考验。包括高端化可持续性风险、全国化扩张成本递增、品类创新与主 业协同 ...

Core Insights - Miu Miu has emerged as a significant player in the luxury goods market, outperforming traditional competitors like LV and CHANEL, particularly among Gen Z consumers [1][4][6] - The brand's unique positioning and controversial pricing strategy have led to a surge in demand, with products frequently selling out [1][7] - Prada Group's recent financial performance highlights Miu Miu's role as a key growth driver, with a remarkable 60% increase in sales for the brand in the first quarter of 2025 [4][6][7] Financial Performance - Prada Group reported a revenue of €1.34 billion in the first quarter, a 13% year-over-year increase, driven largely by Miu Miu's performance [4][5] - Miu Miu's retail sales surged by 93.2% to €1.228 billion, marking a historic high and contributing significantly to the group's overall growth [6][7] - The group's overall revenue for the 2024 fiscal year reached €5.432 billion, with a net profit increase of 25% to €839 million, outperforming major competitors [6][7] Market Strategy - Miu Miu's success is attributed to its focus on youthful branding and innovative marketing strategies, appealing to a younger demographic [15] - The brand has effectively utilized social media to create a cultural phenomenon around its products, positioning itself as a status symbol among affluent youth [1][11][13] - Prada Group's acquisition of Versace for €1.25 billion aims to strengthen its multi-brand strategy against competitors like LVMH and Kering [4][15] Consumer Trends - Miu Miu's pricing strategy, featuring high-priced items, has not deterred consumers but rather fueled demand, with products often selling out [1][7][9] - The brand's appeal lies in its ability to resonate with the desires of young consumers for uniqueness and individuality in luxury fashion [13][15] - The Asia-Pacific region remains a crucial market for Prada, contributing €1.604 billion in retail sales, reflecting a 13.1% year-over-year growth [13]