机构：中银证券 研究员：李小民/宋环翔 降本增效成果显著，利润率持续改善。25Q2 公司的毛利率为65.0%，同比+0.4pct，成本费用逐步优 化，25Q2 公司的管理/研发/销售费用率分别为4.8%/10.5%/32.8%，同比分别-0.1pct/-0.5pct/-2.3pct；OTA 经营利润率为26.7%，同比+2.4pct；经调整净利润率为16.6%，同比+1.1pct。 注重流量运营，用户基数及用户价值持续增长。25Q2 公司平均月付费用户为 4650 万人，同比+9.2%， 年付费用户为2.5 亿人，同比+10.2%。公司过去12 个月累计的服务人次为19.9 亿人次，同比+7.2%。微 信生态仍然为公司的主要流量来源，公司愈发注重平台内的运营效率；此外针对年轻用户推出系列娱乐 性营销互动，加强品牌吸引力。 估值 Q2 公司业绩实现稳健增长，国内出行市场持续高景气，跨境游维持高增长，全年业绩确定性较强。中 长期来看，公司坐享下沉市场行业红利，积极开拓业务，有望推动公司业绩增长。我们预计25-27 年公 司归母净利润为27.07/33.69/40.82 亿元，对应P/E 分别为17.0/13.7/ ...

Core Viewpoint - The Ordos Wildlife Park has successfully integrated creative content and engaging animal IPs to become a phenomenon in regional cultural tourism, demonstrating innovative strategies in the era of cultural tourism integration [3][8]. Group 1: Creative Content and Engagement - The "Fat Mermaid" performance at the Ordos Aquarium has captivated audiences, showcasing a unique interpretation of the mermaid concept that challenges traditional beauty standards [3][5]. - The performance video has garnered significant online attention, with 3.6 million views, 98,000 likes, and over 400,000 shares and comments, highlighting the effectiveness of unconventional marketing strategies [3][5]. Group 2: Animal Interaction and Education - The interaction between visitors and the artificially raised golden leopard twins has created a heartwarming narrative, enhancing public engagement through educational content and emotional storytelling [5][6]. - The "Most Dedicated Working Leopard" video has received over 69,000 likes, showcasing the appeal of combining nurturing stories with adorable animal behavior [5]. Group 3: Digital Marketing and Visitor Engagement - The park has effectively utilized social media platforms, particularly Douyin, collaborating with nearly 100 influencers to create immersive experiences that attract a wide audience [6][8]. - The official live streaming sessions have ranked among the top 50 scenic area live streams in the country, converting online engagement into substantial offline visitor traffic [6][8]. Group 4: Visitor Statistics and Market Demand - From January to August this year, the Ordos Wildlife Park has welcomed a total of 850,000 visitors, reflecting a strong market demand for diverse, authentic, and emotionally resonant cultural tourism content [8].

Core Viewpoint - The article discusses the struggles of small restaurants, particularly a couple-run barbecue shop, in the face of intense competition from food delivery platforms and their subsidy wars, leading to the decision to close the business [4][6]. Group 1: Impact of Delivery Platforms - The ongoing subsidy wars among food delivery platforms have significantly impacted small restaurants, squeezing their pricing power and profitability [5][6]. - Small restaurants, which primarily rely on dine-in customers, are particularly vulnerable as they struggle to adapt to the increasing reliance on online orders [6][9]. - The shift towards food delivery has altered consumer habits, with more people opting for takeout instead of dining out, further diminishing the revenue of traditional restaurants [13][21]. Group 2: Financial Strain - The couple-run barbecue shop experienced a drastic decline in dine-in revenue, with weekend sales dropping from 18,000-25,000 to 8,000-9,000 [11][21]. - Fixed costs such as rent, utilities, and labor remain unchanged, creating a financial burden as income decreases [11][12]. - The profitability of delivery orders is low due to high platform commissions and discounts, making it difficult for small restaurants to sustain operations [9][11]. Group 3: Emotional and Social Aspects - The decision to close the restaurant is likened to a divorce, reflecting the emotional toll and the sense of loss associated with giving up a long-held dream [27][32]. - The article highlights the personal connections formed with regular customers, emphasizing the social aspect of dining that is lost in the shift to delivery [31][32]. - The owner expresses a desire for food to have "temperature," indicating the importance of the dining experience that cannot be replicated through delivery [32].

Core Insights - The article discusses the evolution of consumer brands in the context of diminishing traffic dividends and the challenges they face in maintaining growth without relying solely on capital investment [3][6][7] - The brand "暴肌独角兽" (Baoji Unicorn) is highlighted as a successful case in the health food sector, demonstrating innovation and growth despite market challenges [3][6][7] Group 1: Brand Growth Strategies - The brand has grown from 700 million to over 1 billion in revenue by optimizing advertising efficiency and exploring new marketing strategies, such as celebrity endorsements [6][7][11] - The company emphasizes the importance of adapting its marketing approach as it scales, moving from guerrilla tactics to more direct competition in the market [6][28] - The brand's strategy includes leveraging social media platforms like Douyin (TikTok) to enhance brand recognition and drive initial sales [18][19] Group 2: Market Positioning and Channel Strategy - The company has expanded its offline presence to over 200 cities and 90,000 outlets, including discount stores and gyms, to enhance brand visibility and accessibility [30][31] - The brand avoids discounting its products to maintain a sustainable business model, focusing instead on providing value through unique offerings [32][33] - The company recognizes the complexity of offline channel management and the need for strong relationships with local distributors to succeed [36][40] Group 3: Operational Philosophy and Future Outlook - The founder emphasizes a collaborative approach, stating that success comes from building a network of partners rather than relying solely on internal resources [42][46] - The brand is focused on continuous evolution and adaptation to market changes, acknowledging that there is no one-size-fits-all model for success [3][6][25] - The company aims to balance growth with profitability, understanding that scaling up requires careful consideration of market dynamics and operational capabilities [23][47]

Core Insights - In the era of scarce attention in digital marketing, content is crucial for brands to establish deep connections with users [1] - A significant challenge arises as brands prioritize short-term ROI, leading to a reduction in brand management efforts [1] - Many brands treat content as a quick fix for traffic anxiety, resulting in fragmented content that disconnects from brand assets [1] Group 1: Brand Management Challenges - In 2023, 90% of CMOs from the top 100 global brands allocated 70% to 80% of their budgets to performance advertising, compromising brand building [1] - Brands are sacrificing brand tone for short-term traffic, leading to a cycle of "traffic frenzy—cognitive confusion—asset depletion" [8] - The case of Anmuxi illustrates the risks of prioritizing traffic over brand consistency, as their content strategy diluted their established brand image [3][6] Group 2: Successful Brand Strategies - Bawang Chaji views every traffic exposure as a building block for brand assets, ensuring that traffic serves brand interests [8] - Their strategy includes three dimensions: 1. Unified expression language to maintain brand tone across all content [8] 2. A dual approach of functionality and emotional storytelling to enhance both sales and brand identity [10] 3. A long-term perspective on content creation, avoiding reliance on viral hits [11] Group 3: Implementation Framework - Strategic level: Establish core assets and content guidelines to ensure all content aligns with brand values [14] - Tactical level: Design pathways for traffic conversion, from exposure to brand recognition [16] - Execution level: Ensure organizational alignment across departments to maintain consistent brand messaging [17] Group 4: Recommendations for Brand Managers - Brand managers should reassess their core asset lists, implement content tone review mechanisms, and set quarterly evaluation metrics for traffic-asset conversion [19]

以下文章来源于字母榜 ，作者谭宵寒 字母榜 . 让未来不止于大 双雄之战。 作者 | 谭宵寒 编辑 | 王靖 来源 | 字母榜 （ID：wujicaijing） 时隔7年，蒋凡带着2 5亿回归春晚。 淘宝两次上春晚都是在蒋凡任上。操刀2018年淘宝春晚合作时，蒋凡刚出任淘宝总裁数 月；今年春晚前夕，蒋凡回归，重掌电商业务。 悄然改变的还有淘宝春节玩法——多了更多游戏化、互动化玩法。这种思路与黄峥不谋 而合。黄峥曾多次指出，拼多多的目标是成为"迪士尼+Cost c o "，"我们确实在试图做消 费和娱乐的融合"。 提起蒋凡和黄峥，人们总会想起著名互联网评论家王兴在20 1 9年4月的那句名言，"接下 来几年，看拼多多的黄峥和淘宝的蒋凡这两个非常聪明的人如何较量，应该会很精彩。" 黄峥和蒋凡，同样有计算机背景，同样曾供职于谷歌中国，相继离开谷歌中国多年后， 前者创立的电商平台悄然从巨头的夹缝中生长壮大，后者正是这家巨头最年轻的合伙 人。 几年前的春节，两人曾有过正面较量。2021年2月12日，农历新年当天，拼多多日活跃 用户高达2 . 5 9亿，首次超越手机淘宝App。 不过正面竞争未持续多久。当年底，蒋凡被调往 ...