Core Viewpoint - Liu Liu Mei, a leading Chinese green plum snack brand, is attempting to go public on the Hong Kong Stock Exchange to alleviate cash flow pressures, following a failed A-share IPO attempt in 2019, raising discussions about its business model [1] Group 1: Marketing Strategy - Liu Liu Mei gained fame through celebrity endorsement strategies, with sales increasing by 316% over three years due to Yang Mi's endorsement and the "Are you okay?" advertising slogan [2] - In 2024, advertising expenses are projected to reach 106 million yuan, accounting for 72% of net profit, with a sales expense ratio of 19.2%, significantly higher than industry averages [2] - The effectiveness of celebrity marketing is declining, as evidenced by backlash from fans during a live broadcast, highlighting the fragility of traffic dividends [2] Group 2: Market Dynamics - Liu Liu Mei holds the largest market share in the green plum snack sector, with a 7% market share in 2024, but faces declining prices for core products: dried plums down 10.7% and frozen plums down 27.9% year-on-year [3] - The green plum and western plum snacks combined account for only 1.3% of the 933 billion yuan leisure food industry, with significant competition from giants like Three Squirrels and Good Products Store, which are engaging in price wars and innovative marketing strategies [3] - In 2024, raw material prices for green plums increased by 8.3%, leading to a 7.5 percentage point decline in gross margin to 32.1% due to pricing strategies [3] Group 3: Financial Position - As of February 2025, Liu Liu Mei has only 51.04 million yuan in cash and short-term borrowings of 310 million yuan, prompting a pre-IPO buyback of 135 million yuan in shares from A-round investors [4] - The IPO is viewed as a means of survival rather than expansion, with the company needing to demonstrate a shift from a "traffic-driven" to a "product-driven" model [4] - R&D expenses in 2024 are expected to drop by 43.6%, constituting only 6.1% of sales expenses, significantly below the food industry average of 3%-5% [4]

Core Insights - The company is redefining its brand strategy for its Chubang brand, focusing on providing comprehensive food solutions rather than just selling condiments [1] - The partnership with celebrity spokesperson Nicholas Tse has significantly enhanced the brand's visibility and sales through effective offline marketing strategies [3][4] - The company aims to establish itself as a "professional food solution provider" by tailoring services to meet the needs of B-end clients such as chain restaurants and hotel groups [4] Group 1 - The "Rebuild a New Chubang" strategy emphasizes exploring the B-end market potential and expanding into the food service sector [1] - Nicholas Tse's endorsement has led to a rapid expansion of Chubang's offline channel presence, enhancing consumer recognition of its low-salt products [3] - The dual approach of celebrity marketing and experiential promotion has effectively driven sales and improved conversion rates at retail locations [3] Group 2 - The company is leveraging Tse's global influence and the "Fengwei" food IP to penetrate the overseas Chinese food market [4][5] - There is a growing demand for authentic Chinese condiments in international markets, which the company aims to fulfill through targeted marketing efforts [4] - The brand's promotional activities and culinary events will enhance its reputation and visibility among overseas consumers interested in Chinese cuisine [5]

Core Insights - The rise of Labubu and similar products is significantly influenced by celebrity endorsements and social media presence, showcasing a shift in marketing strategies from traditional endorsements to more organic, lifestyle-driven promotions [1][5][11] - The popularity of "撕拉片" (instant film) has surged, with prices skyrocketing from 70 yuan to 3000 yuan, indicating a strong consumer demand driven by celebrity usage [3][5] - Brands are increasingly focusing on interactive and emotional connections with consumers through limited edition products and direct engagement with fans, rather than relying solely on traditional advertising methods [6][8][12] Marketing Evolution - The traditional model of celebrity endorsements is evolving, with brands now seeking deeper interactions and emotional connections with their audience, moving beyond mere promotional appearances [11][21] - The effectiveness of celebrity endorsements is being re-evaluated, with a noted increase in the number of brand collaborations with celebrities, but with mixed results in terms of actual sales impact [6][8][10] - The concept of "sharing" and "realness" in celebrity marketing is becoming more prominent, as consumers are drawn to authentic representations of products in celebrities' daily lives [10][19][21] Consumer Behavior - Consumers are increasingly attracted to products that celebrities genuinely use, leading to a rise in demand for items that are perceived as authentic and relatable [10][12][19] - The phenomenon of "明星同款" (celebrity matching items) is gaining traction, as it allows consumers to feel a connection to their favorite stars while also fulfilling their desire for authenticity [10][11][19] - The engagement of celebrities in everyday activities, such as vlogs and social media interactions, is proving to be an effective way to build brand loyalty and consumer interest [19][28] Brand Strategies - Brands are adopting innovative strategies, such as inviting celebrities to participate in interactive events, to create a more personal connection with consumers [23][26] - The integration of celebrity lifestyles into brand narratives is becoming a key strategy for enhancing brand visibility and consumer engagement [21][23] - Collaborative product lines that reflect both the celebrity's persona and the brand's identity are being developed to deepen emotional connections with consumers [21][26]