编者荐语： 外资快餐品牌在东亚不能一招鲜吃天下了。 以下文章来源于融中财经 ，作者李冰之 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 肯德基，又双叒叕被曾经的"老对手"买走了。 2025年12月22日，曾持股麦当劳中国28%股权的全球私募巨头凯雷集团(Carlyle Group)，正式敲定凯雷亚洲合伙人对韩国肯德基的收购。这笔交易的具体金额虽未 对外披露，但据韩媒报道，有知情人士表示，本次收购对价约为2000亿韩元（约1.35亿美元、9.72亿元人民币）。 这并非凯雷首次拿下肯德基——2024年7月，凯雷以8.35亿美元（约58.5亿元人民币）的总价完成对日本肯德基超1200家门店的全资收购。 在全球通胀持续挤压餐饮行业利润空间、消费需求加速迭代升级的行业大背景下，2025年以来，肯德基、星巴克、哈根达斯、汉堡王等头部跨国餐饮品牌的区域 业务频频挂牌出售、易主换手。从亚洲到欧美，这类资本运作接连落地，已成当下餐饮行业的核心趋势。 韩国肯德基， 三年内 ...

在汇丰中国研讨会期间，汇丰前海证券CEO陆天与香港法国工商总会主席Alain Li进行了一次交谈 。 虽然短期还存在压力，但中国消费市场依然足够庞大和多元。对于产品定位清晰的企业来说，机会依然 不少。要理解中国经济，得先看懂消费者。中国消费者的购买力是经济增长的重要引擎，也是企业增长 的主要来源。 从2020年开始，疫情、经济不确定性和楼市走弱，让很多消费者从"敢花钱"变成了"爱存钱"。不过这一 情况正在发生变化。麦肯锡的调研显示，消费者信心在回稳，尤其以1995至2010年出生的城市Z世代群 体为代表1。同时政府部门还不断有刺激消费的政策出台，股市表现也带来一定的财富效应和信心提 升。 年轻消费者正在带来结构性机会。95后虽然只占中国人口约20%，却贡献了约40%2的消费。到2035 年，这一群体的消费规模预计会增长约400%至16万亿元人民币3。相比上一代，他们更注重自我表达和 真实体验。作为 "互联网原住民" ，他们兴趣更广、圈层更多，愿意为情绪价值和身份认同买单。 因此，他们更偏爱体验型消费，比如旅行、演唱会；也会在IP周边、化妆品、珠宝上花钱取悦自己。同 时，他们也是奢侈品消费的主力。中国是全球高端 ...

Core Insights - Despite short-term pressures, the Chinese consumer market remains large and diverse, presenting opportunities for companies with clear product positioning [2] - Understanding Chinese consumers is crucial, as their purchasing power is a key driver of economic growth and corporate expansion [2] Consumer Trends - The post-1995 generation, while only about 20% of the population, contributes approximately 40% of consumption, with their spending expected to grow by about 400% to 16 trillion RMB by 2035 [3] - This demographic values self-expression and authentic experiences, favoring experiential consumption such as travel and concerts, and they are significant contributors to luxury goods spending [3] - The average age of high-end consumers in China is only 29, indicating a young market with increasing purchasing power due to wealth inheritance [3] Market Dynamics - Local brands are gaining market share across various sectors, including electric vehicles, beauty products, and collectibles, due to their better understanding of Chinese consumers and competitive pricing [4] - The luxury goods sector is also witnessing a shift towards high-quality, creative brands that reflect Chinese craftsmanship [4] - The jewelry market, characterized by a large capacity and relatively few international competitors, presents opportunities for brands that emphasize cultural and artisanal value [4] Travel and Consumption - The rapid recovery of outbound tourism is expected to impact domestic luxury consumption, as international flight capacity has reached approximately 93% of pre-pandemic levels, with a 20% year-on-year increase in international passenger flights from January to August [4] - The growth of outbound tourism aligns with the demand for experiential consumption, although it may divert some spending from domestic luxury markets [4] Long-term Outlook - The continuous growth of local brands and the recovery of outbound tourism indicate a diversification of the Chinese consumer market [4] - The increasing purchasing power of the post-1995 generation suggests a positive long-term outlook for the Chinese consumption market, despite short-term challenges [4]

Core Viewpoint - The German mid-to-high-end lingerie brand Triumph is set to exit the mainland China market by December 31, 2025, sparking discussions among consumers about the brand's significance in their lives [1][7]. Company Overview - Triumph, founded in 1886 in Germany, is one of the largest lingerie manufacturers globally, with annual sales of $1.6 billion and production exceeding 200 million lingerie items [3]. - The brand entered the Chinese market in 1979, initially engaging in processing operations, and established local production companies in 1992 [3]. Market Dynamics - The Chinese lingerie market has undergone significant changes over the past decade, shifting consumer demand from "shaping" to "comfort," with the no-wire lingerie segment expected to account for 68% of the market by 2024, a 42 percentage point increase since 2018 [4]. - Local brands like ubras and NEIWAI have rapidly gained market share by focusing on "no-wire, zero constriction" products, with ubras achieving annual sales exceeding 2 billion yuan within five years [4]. Competitive Landscape - The Chinese lingerie market is projected to reach 223.7 billion yuan in 2024, growing at 8.3% year-on-year, with market share increasingly concentrated among local brands [5]. - Established local brands like Aimer and Maniform hold nearly 30% of the mid-to-high-end market due to their multi-channel strategies and competitive pricing [5]. - Triumph and other foreign brands have seen their market share decline to less than 1% by 2024, hindered by slow online channel adaptation, higher price points, and inadequate local design [5]. Industry Trends - Triumph's exit reflects broader challenges faced by international lingerie brands in adapting to evolving consumer preferences and competitive dynamics in China [7]. - The rise of local brands and market diversification offers consumers more choices, with a focus on sustainability, comfort, and personalization becoming central to lingerie consumption [7].

Core Viewpoint - Starbucks has sold 60% of its stake in its China operations to a local private equity firm, Boyu Capital, for 28.5 billion yuan, marking a significant shift in its business strategy in China [1][4] Group 1: Company Actions - Starbucks is transferring control of over 8,000 stores in China to local management, similar to the strategies employed by McDonald's and KFC [1] - Decathlon is also considering selling 30% of its stake in its China operations, while Häagen-Dazs is looking to sell its Chinese ice cream stores [3][5] - The trend of foreign brands divesting from their Chinese operations is becoming increasingly common, indicating a broader industry shift [3] Group 2: Market Challenges - The profitability of foreign brands in China has significantly declined, with Starbucks reporting an 85.4% drop in net profit, leaving it with less than 1 billion yuan, and its market share plummeting from 42% to 14% [4] - Decathlon's net profit fell by 15.5% last year, and Häagen-Dazs has seen its store count decrease from over 400 to around 200, reflecting a broader decline in customer traffic [4][7] - Foreign brands are struggling to adapt to the changing consumer environment in China, particularly in lower-tier cities, where local brands are gaining traction [8][10] Group 3: Local Brand Strategies - Local brands are effectively utilizing online marketing and competitive pricing to attract consumers, creating a closed-loop system of online engagement and offline experience [8][10] - The success of local brands is attributed to their deep understanding of the Chinese market and their ability to adapt to local consumer preferences [10] Group 4: Future Outlook - The sale of stakes by foreign brands is not necessarily a retreat but a strategic shift towards a lighter asset model, allowing for collaboration with local operators who better understand the market [11] - Historical examples, such as McDonald's and KFC, show that divesting to local management can lead to significant growth in store numbers and improved market performance [11]

Core Insights - The Chinese beauty market is experiencing a significant transformation, with beauty products becoming an integral part of daily life for consumers, as evidenced by 88% of urban residents purchasing beauty products in the past year, averaging 13.6 purchases each [3][7][10] - The Worldpanel Consumer Index's 2025 Beauty Brand Footprint Report highlights the brands most chosen by consumers and those with substantial growth potential, using the Consumer Reach Point (CRP) metric to gauge brand popularity [5][11] Market Overview - The beauty market recorded a consumer reach of 5.47 billion instances in the past year, reflecting a robust growth of 7.6% compared to the previous year [7] - The shift from a "traffic era" to a "retention era" indicates that consumers are now more focused on making the right choices rather than just making purchases [10] Brand Rankings Skincare Segment - The top skincare brands in 2025 include JALA, L'Oréal Paris, and Han Shu, with local brands like Natural Hall and Pechoin showing strong performance [12] - Local brands are breaking free from the "cost-performance" label, leveraging precise market positioning and expertise to compete with international brands [11] Professional Skincare Segment - The professional skincare market is dominated by local brands like Winona and Yilian, which focus on sensitive skin care, while international brands like La Roche-Posay and Avene maintain a presence [14] - Local brands are innovating by addressing specific medical and skincare needs, leading to significant growth [15] Makeup Segment - The makeup category is seeing increased purchase frequency, with local brands like Carlan and Poryme leading the consumer preference rankings [16] - Emerging local brands are finding success by focusing on specialized products, such as waterproof eyeliners and long-lasting setting sprays [17] Hair Care Segment - The hair care market remains stable, with traditional brands like Head & Shoulders and Clear leading the consumer choice rankings [18] - Growth in this segment is driven by innovations focusing on scalp health, targeted repair, and enhanced sensory experiences [19] Future Trends - The 2025 rankings indicate a clear direction for future growth, emphasizing the importance of targeting niche markets, integrating technology with product offerings, and enhancing consumer experiences [20][21] - The potential for growth in the "mother and baby skincare" segment is highlighted, with brands like Kangaroo Mom successfully addressing specific consumer needs [20] - Innovations in product technology, such as AI customization and biotechnological advancements, are expected to reshape the competitive landscape [21] - The dual upgrade of functionality and experience in hair care products is evident, with trends moving towards creating a spa-like experience at home [22]

Core Insights - The article discusses the significant shift in the competitive landscape for multinational brands in China, moving from a growth phase to a market share battle against local brands [2][3][25] - It highlights the changing consumer preferences, where local brands are increasingly favored for their value and innovation, leading to a decline in market share for international brands [3][7][23] Group 1: Market Dynamics - Multinational brands are facing unprecedented challenges in China, with local brands capturing 80-95% market share in various categories such as home appliances and consumer electronics [3][4] - The consumer confidence index has dropped from 123 in 2018 to 89 in 2024, indicating a significant decline in consumer sentiment [3] - The shift in consumer purchasing logic has moved from brand loyalty to a focus on product value, with 62% of consumers prioritizing "advanced technology" and 48% valuing "cost performance" [7][8] Group 2: Competitive Challenges - Multinational brands are experiencing a cost disadvantage, with net profit margins around 4%, significantly lower than the approximately 9% margin for local brands [8] - The article notes a "vicious cycle" for international brands, where declining sales hinder necessary investments for transformation, leading to further sales declines [8][22] - The transition from a growth phase (1.0) to a competitive phase (2.0) is marked by a need for structural transformation to maintain competitiveness [3][25] Group 3: Successful Strategies - Some multinational brands are successfully navigating the challenges by leveraging global resources while building local capabilities, creating a competitive moat [9][10] - Successful brands are focusing on local innovation, with leading brands launching new products every month and achieving 5-8% of revenue from new products [13][22] - The article emphasizes the importance of a consumer-driven approach, moving from a "push model" to a "pull model" based on consumer insights [21][22] Group 4: Transformation Initiatives - Five key transformation initiatives are identified for multinational brands to regain market growth: local innovation, optimizing product mix, enhancing internal capabilities, strengthening product communication, and setting realistic financial goals [11][22] - Brands need to establish agile market insight mechanisms to quickly respond to consumer demand changes [14] - The importance of content marketing and social media engagement is highlighted, as brands must create relatable product narratives that resonate with consumers [19][20] Group 5: Future Outlook - The article projects that China will play a crucial role in driving global growth for multinational brands, with a rapidly growing middle class and a unique consumer market [23][24] - By 2030, China's middle class is expected to reach 400 million, providing a significant opportunity for product innovation [23] - The evolving e-commerce landscape in China is redefining global retail, with platforms like Douyin and Xiaohongshu leading the way in consumer engagement [23][24]

Group 1 - LVMH has observed a growing interest among Chinese consumers in local brands, particularly in the jewelry sector, with a significant surge in demand for Chinese gold jewelry companies [1] - LVMH's financial performance has faced challenges, with a projected revenue decline of 2% to €84.683 billion and a net profit drop of 17% to €12.25 billion for 2024, alongside underwhelming Q1 2025 results [1] - Lao Pu Gold has achieved remarkable sales performance in China, averaging sales of ¥328 million per store in 2024, ranking first in revenue and sales efficiency among all jewelry brands in the region [1] Group 2 - The unique cultural value and intangible heritage craftsmanship of Lao Pu Gold are attracting high-end Chinese consumers who previously favored international luxury brands [2] - Richemont Group's CEO acknowledged the competitive threat posed by Lao Pu Gold, highlighting its deep roots in Chinese culture and its impact on market vitality [2] Group 3 - Morgan Stanley has warned European luxury brands to closely examine the competitive threat from Lao Pu Gold, suggesting that its strong performance could disrupt the long-held perception that local competitors do not pose a threat [3]

Core Insights - The "Global Brand China Online 500 Strong List" (CBI500) has been released, marking the first brand ranking based on actual consumer purchasing behavior, alongside the "China Online Consumption Brand Index" (CBI) and "Online Brand Purchasing Power Index" (BPI) [1] Group 1: Consumer Quality and Brand Performance - Consumer quality in China has significantly improved, with the CBI rising from 59.42 to 63.38 from Q1 2023 to Q1 2025, indicating an increase of nearly 4 points in average brand ratings over two years [2] - The online market in China has become a competitive arena for global brands, with a 70-30 split between domestic and foreign brands in the CBI500, showcasing the rapid rise of local brands driven by innovation [2] - In the smartphone sector, Apple leads, followed by five domestic brands: Huawei, Xiaomi, Vivo, Honor, and OPPO, which are enhancing their competitiveness and moving towards high-end markets [2] Group 2: Emerging Brands and Market Segments - The home appliance sector features established brands like Haier and Midea, alongside rising stars like Bear Electric, which ranks 94th due to its data-driven approach to product development [3] - Local brands excel in understanding consumer needs and innovating in niche markets, as demonstrated by the mobile accessory brand Tulas, which ranked 166th [3] Group 3: Industry Trends and Regional Strengths - The pet economy is thriving, with 12 pet industry brands in the CBI500, 10 of which are domestic, reflecting strong agricultural and livestock foundations in regions like Shandong [4] - Cities like Ningbo, Foshan, Quanzhou, and Jinhua are emerging as brand powerhouses, leveraging their industrial advantages to enhance brand value and recognition [4] Group 4: High-End Domestic Brands - A new wave of high-end domestic brands is emerging, successfully entering premium price segments traditionally dominated by foreign brands, with notable examples like Laoputang Gold ranking 20th overall [5] - The apparel sector is transitioning from manufacturing to brand definition, with brands like Zhihuo achieving a 70% repurchase rate and significant sales growth during promotional events [5] - Local brands like Songmont are gaining traction in the global market by blending Eastern aesthetics with modern design, cultivating a loyal customer base [6]

Core Insights - Richemont Group reported a 4% year-on-year increase in sales for the fiscal year ending March 31, 2025, reaching €21.399 billion, while operating profit slightly declined by 1% to €3.76 billion, resulting in a profit margin of 20.9% [1] - The jewelry segment remains the core growth driver for Richemont, with brands like Cartier and Van Cleef & Arpels generating €15.33 billion in revenue, an 8% increase year-on-year, and contributing over half of the group's revenue and 70% of its profit [1] - The watch segment, including brands like Jaeger-LeCoultre and Vacheron Constantin, saw a 13% decline in revenue and a significant 69% drop in profit [1] Market Performance - Other luxury brands faced challenges in the fiscal year 2024, with LVMH reporting a 2% decline in revenue to €84.683 billion and a 17% drop in net profit to €12.25 billion, while Kering's revenue fell by 12% to €17.194 billion and net profit decreased by 62% [2] - Hermès maintained strong performance with a 15% increase in revenue to €15.17 billion and a 7% rise in net profit to €4.603 billion [2] - Prada, after acquiring Versace, reported a 17% increase in revenue to €5.432 billion and a 25% rise in net profit to €0.839 billion, with Miu Miu's revenue soaring by 93.2% [2] Leadership Changes - Significant leadership changes occurred across major luxury brands, including Pierpaolo Piccioli taking over as creative director at Balenciaga and Demna moving to Gucci, indicating strategic shifts within Kering [3] - LVMH also saw notable changes, with Damien Bertrand appointed as LV's deputy CEO and Pierre-Emmanuel Angeloglou becoming the new CEO of Dior, reflecting the group's focus on retail and global expansion [3] - Richemont appointed Laurent Perves as CEO of Vacheron Constantin, replacing Louis Ferla, who moved to Cartier, showcasing internal restructuring efforts [3] Competitive Landscape - Traditional luxury brands are facing growth challenges, while independent brands are achieving rapid growth through precise positioning and product innovation [4] - The luxury sector is increasingly impacted by geopolitical risks and the rise of local brands, necessitating a new balance between institutional resilience and market insight [5] - The U.S. tariff policies have raised concerns within the luxury sector, particularly for Swiss brands, with Richemont's chairman expressing caution regarding future pricing and trade conditions [5][6] Local Market Dynamics - In the Chinese market, local brand Lao Pu Gold has shown remarkable growth, with a stock price increase of 495.56% in 2024, outperforming established luxury brands like Cartier and Tiffany in sales per store [7] - The competitive pressure from local brands is intensifying, prompting international luxury brands like Richemont to reconsider their strategies in response to changing consumer preferences [7]