Workflow
新兴消费观念
icon
Search documents
新消费行业周报:体育产业支持政策落地,国内折叠自行车龙头新股上市-20250907
Hua Yuan Zheng Quan· 2025-09-07 12:32
证券分析师 证券研究报告 | 商贸零售 | | --- | 行业定期报告 hyzqdatemark 2025 年 09 月 07 日 丁一 SAC:S1350524040003 dingyi@huayuanstock.com 板块表现: 体育产业支持政策落地;国内折叠自行车龙头新股上市 投资评级: 看好(维持) ——新消费行业周报(2025.9.1-2025.9.5) 投资要点: 1)品牌力:根据灼识咨询的数据,按 2024 年零售量计,公司在中国内地折叠自行 车行业排名第一,市场份额达 26.3%,按 2024 年零售额计,公司亦位居中国内地折 叠自行车行业首位,市场份额为 36.5%。 2)渠道力:截至 2025 年 4 月 30 日,公司与遍布中国 30 个省级行政区的 38 家经 销商合作,覆盖 680 个零售点。分渠道看,国内经销收入为公司收入的主要构成, 2024 年公司国内经销收入 3.07 亿元,占公司总收入的 68%;国内直销收入占 2024 年公司收入的 25%。于往绩记录期间,大行的产品销往中国内地以外的 28 个国家和 地区,包括日本、泰国、美国及欧盟。 3)产品力:大行自行车主要包括 ...
新消费行业周报:茶饮龙头25H1收入利润高增,全球美妆前十品牌仅两家实现正增长-20250831
Hua Yuan Zheng Quan· 2025-08-30 23:59
Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The tea beverage industry shows strong revenue and profit growth, with companies like Mixue and Guming expanding their market share due to strong supply chain capabilities and consumer trend responsiveness [5] - The global beauty industry is facing challenges, with only two of the top ten brands achieving positive growth, indicating a need for brands to optimize their strategies [5] - Emerging consumer trends reflect a new generation's consumption concepts, highlighting the importance of understanding these narratives for investment opportunities [18] Summary by Sections Tea Beverage Industry - Mixue Group reported a revenue of 14.875 billion yuan in H1 2025, a 39.3% increase year-on-year, with a net profit of 2.718 billion yuan, up 44.1% [5] - Guming achieved a revenue of 5.663 billion yuan in H1 2025, a 41.2% increase, with an adjusted net profit of 1.086 billion yuan, up 42.4% [5] Beauty Industry - The top ten global beauty brands had a combined sales of 560 billion yuan in H1 2025, a slight increase of 0.3%, with 70% of companies experiencing a decline in sales [5] - L'Oreal led with a revenue of 187.74 billion yuan, a 6.5% increase, while brands like Estée Lauder and Shiseido faced declines of 10.9% and 7.6% respectively [5] Investment Recommendations - In the beauty sector, focus on high-quality domestic brands with strong innovation, such as Mao Ge Ping and Juzi Biotechnology [18] - In the gold and jewelry sector, consider brands appealing to younger consumers, like Laopu Gold and Chaohongji [18] - For the tea beverage sector, prioritize leading brands with strong market presence, such as Mixue Group and Guming [18]
新消费行业周报:新疆首家“胖东来”指导调改门店正式营业,港股纺服品牌中报基本符合预期-20250824
Hua Yuan Zheng Quan· 2025-08-24 11:58
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the opening of the first "Fat Donglai" guided reform store in Xinjiang, which has undergone significant changes in product structure, layout, convenience services, service capabilities, and employee welfare [4] - The report indicates that the mid-term performance of Hong Kong textile and apparel brands generally meets expectations, with professional product development and channel experience upgrades expected to gradually open up long-term growth space for various brands [4] - The report expresses optimism about several brands, including Anta Sports, Li Ning, 361 Degrees, and Xtep International, due to their resource channel reserves and potential for future growth amid economic recovery expectations [4] Summary by Sections Industry Performance - The report tracks the performance of the new consumption industry from August 18 to August 22, 2025, with the textile and apparel index up by 2.51%, beauty and personal care index up by 5.35%, and retail index up by 4.55% [8] Key Industry Data - In July, the retail sales of textile and apparel in China increased by 1.8% year-on-year, cosmetics by 4.5%, gold and silver jewelry by 8.2%, and beverages by 2.7% [12][16] Investment Analysis Opinions - The report emphasizes the importance of understanding new consumption narratives driven by the younger generation, suggesting a focus on high-quality domestic brands in beauty care, gold and jewelry, trendy toys, and ready-to-drink tea [21]
新消费行业周报:美护及潮玩驱动新消费行业景气度上行-20250810
Hua Yuan Zheng Quan· 2025-08-10 07:48
Investment Rating - The investment rating for the new consumption industry is "Positive" (maintained) [4][30] Core Viewpoints - The beauty industry saw a GMV growth of 31.7% year-on-year in July on Douyin, with the total GMV for beauty products ranging from 150 billion to 200 billion yuan [4] - The trend in the beauty market reflects a dual pattern of price segment downtrend and high-end consumption coexistence, with 68.1% of GMV coming from products priced below 200 yuan [4] - The潮玩 (trendy toy) industry is experiencing growth driven by successful events like the PTS Beijing International Trendy Toy Exhibition, highlighting the importance of IP operation for long-term growth [4] - International outdoor sports brands are increasingly entering the Chinese market, indicating a rising demand from Chinese consumers [4] Summary by Sections Industry Performance - The new consumption industry tracked from August 4 to August 8 shows a weekly increase of 4.23% in the textile and apparel index and 1.70% in the beauty care index, while the retail index decreased by 0.38% [7] Key Industry Data - In June, retail sales for textile and apparel increased by 1.9% year-on-year, while cosmetics saw a decline of 2.3% [12] - Gold and silver jewelry retail sales increased by 6.1% year-on-year in June [13] Investment Analysis Opinions - The growth of emerging consumer goods reflects new consumption concepts among the younger generation, emphasizing the importance of understanding these narratives for investment opportunities [19] - Recommendations include focusing on high-quality domestic brands in beauty, such as 毛戈平, 巨子生物, and 上美股份; in gold jewelry, brands like 老铺黄金 and 潮宏基; in trendy toys, companies like 泡泡玛特; and in ready-to-drink tea, brands like 蜜雪集团 and 古茗 [19]