年度新品牌发展报告还同时发布了2026年50个蓝海机会赛道：智能机器人、AI眼镜、皮肤科学、个性 妆容、可外穿家居服、植鞣HOBO包、家装轻定制、智能床垫、钛餐厨具、小球运动、轻量化运动装 备、专业越野跑、宠物户外等，当前用户搜索及购买热度持续上升，品牌增长空间较大。 分地域来看，广州、深圳、金华、杭州、泉州、厦门、武汉、徐州、东莞、郑州来的新商家最多，成为 2025年天猫十大创牌之城。广州创业活力持续领跑，连续3年蝉联榜单第一，2025年新开店的广州商家 超18000家，较2023年增长翻倍。 2025年，一批新品牌通过对细分需求的把握，用差异化的高品质产品，从众多成熟品类中快速崛起。 1月12日，天猫发布《2025年度新品牌发展报告》，报告显示，过去一年，超15万个优质新商家在天猫 平台创立品牌，规模历史新高。开店当年成交即破亿的品牌数量同比增长超40%；开店3年内的新品牌 中，有276个品牌年成交破亿元，5026个品牌年成交破千万元，各项数据均创历史新高。 分行业来看，服饰、家电、家装、3C数码、健康、运动户外、母婴、家居、食品生鲜、珠宝饰品是 2025年新品牌成交破千万数量最多的10个行业。 ...

新浪科技讯 1月12日下午消息，天猫发布《2025年度新品牌发展报告》：过去一年，超15万个优质新商 家来天猫创牌，规模历史新高。开店当年成交即破亿的品牌数量同比增长超40%；开店3年内的新品 牌，276个年成交破亿，5026个年成交破千万，各项数据均创历史新高。 分行业来看，服饰、家电、家装、3C数码、健康、运动户外、母婴、家居、食品生鲜、珠宝饰品是 2025年新品牌成交破千万数量最多的10个行业。 十个勤天、同频、许翠花、酷态科、小半家具、君佩、LiberLive、绝区零、PANE、CrzYoga，2025年 在天猫成交破亿，并在行业细分赛道拿下第一，成为年度"新势力"品牌代表。 分地域来看，广州、深圳、金华、杭州、泉州、厦门、武汉、徐州、东莞、郑州来的新商家最多，成为 2025年天猫10大创牌之城。广州创业活力持续领跑，连续3年蝉联榜单第一，2025年新开店的广州商家 超18000家，较2023年翻了一倍。 十个勤天、同频、许翠花、酷态科、小半家具、君佩、LiberLive、绝区零、PANE、CrzYoga，2025年 在天猫成交破亿，并在行业细分赛道拿下第一，成为年度"新势力"品牌代表。 年度新品牌发 ...

开店当年成交即破亿的品牌数量同比增长超40%；开店3年内的新品牌，276个年成交破亿，5026个年成 交破千万，各项数据均创历史新高。 特别声明：以上内容仅代表作者本人的观点或立场，不代表新浪财经头条的观点或立场。如因作品内 容、版权或其他问题需要与新浪财经头条联系的，请于上述内容发布后的30天内进行。 来源：金综科技 近日，天猫发布《2025年度新品牌发展报告》：过去一年，超15万个优质新商家来天猫创牌，规模历史 新高。 ...

机构：中金公司 研究员：林思婕/赖晟炜 公司近况 风险 我们估计公司2H25 翻台同比基本持平，成本费用优化好于预期，整体盈利仍有韧性。此外建议关注新 品牌潜力。 翻台不及预期；开店低于预期或关店超预期；新品牌发展受阻。 评论 优化新品牌发展策略，关注后续潜力。公司不断优化新品牌发展策略，下半年在原"自下而上"提报基础 上新增总部管理人员"自上而下"提报方式（已开业如鮨寿司等），且公司计划1Q26系统评估新品牌情 况并确定后续各品牌发展方向，我们认为有望提升新品牌发展效率和优化资源配置。目前已有一定体量 的新品牌包括焰请烤肉铺子（预计25 年新开80-90 家）、举高高自助小火锅（截至10 月底在二三线城 市已布局20-30 家门店）等。此外公司对主品牌开店仍相对谨慎，预计维持同比中单位数百分比开店增 速（我们估计7-11 月主品牌新开43 家、关闭42 家）。 盈利预测与估值 考虑成本费用优化超预期，上调25/26 年归母净利润6%/7%至40.1 亿元和47.1 亿元。当前股价对应25/26 年P/E 19 倍/16倍。维持跑赢行业评级。上调目标价6%至17 港元，对应25/26年P/E 22 倍/18 ...

Company Overview - The company is currently focusing on optimizing customer and employee experiences, which may lead to short-term profit pressure, but it is expected that the peak summer season and operational improvements will drive recovery [1] - As of July, the table turnover rate has turned positive year-on-year, suggesting a need to continue monitoring the trend [1] Comments - The focus on enhancing customer and employee experiences has resulted in short-term profit margin pressure due to observed declines in internal operational management quality [1] - The company is implementing the "Different Haidilao" concept by creating diverse store environments, launching differentiated products, and restoring the supply of certain items, which may increase material costs [1] - Increased brand marketing investments, including celebrity endorsements and IP collaborations, aim to attract consumers [1] - Employee welfare investments have been increased since Q2 to enhance employee satisfaction and service quality, which may negatively impact short-term profit margins due to rising employee costs [1] Performance Insights - In the first half of 2025, the brand's table turnover rate is estimated to have declined by a high single-digit percentage year-on-year due to last year's high base, consumer environment pressures, and operational management quality issues [2] - However, the table turnover rate has shown positive growth since July, driven by the summer peak season and various adjustments [2] - The company has a strong organizational iteration capability and has historically managed to reverse difficult situations, indicating a positive long-term outlook [2] New Brand and Franchise Developments - The company is focusing on the "Pomegranate Plan" and franchise progress, with expectations of approximately 70 new "Yanqing" barbecue stores by the end of June and around 100 by year-end [2] - The company plans to enhance service quality at existing stores while moderating the pace of new openings [2] - The franchise business is steadily advancing, with an estimated 25 direct stores transitioning to franchises in the first half of 2025 and approximately 41 franchise stores by the end of June [2] Profit Forecast and Valuation - Due to the short-term profit pressure from optimizing customer and employee experiences, the net profit estimates for 2025 and 2026 have been reduced by 17% and 12% to 4.15 billion and 4.81 billion respectively [2] - The current stock price corresponds to 17x and 15x P/E for 2025 and 2026 [2] - The target price has been lowered by 18% to 16 HKD, reflecting a potential upside of 15% based on 20x and 17x P/E for 2025 and 2026 [2]