资料图片 12月17日，大消费行业"年度风向标"级别的会议——21世纪经济报道"新消费大会"于上海落地，汇聚了来自众多消费品牌、知名投资机构和券 商，以及平台等各领域上百名嘉宾。 过去一年见证了消费行业的激烈竞争，也看到坚持长期主义的品牌的不断成长。本届大会以"跨界增长 融合创新"为主题，从行业趋势、商业 模式、产品与服务以及增长逻辑等方面，共同探讨品牌的快速成长、创新与破圈的策略，为行业壮大新型消费提供清晰的行业洞察和判断。 消费向新 "消费"作为全球经济增长的重要动力，也经历了前所未有的变革，也是面临重要的机遇。在这一进程中，以年轻世代为主导的新兴消费力量迅 速崛起，他们不仅重塑着消费需求与偏好，也带动新业态、新模式不断涌现，为全球消费市场注入了持续且鲜活的发展动力。 21世纪数字传媒党委委员、南方财经全媒体集团编委会委员、上海中心主任王芳艳在致辞环节表达了她的期许。"过去一年见证了消费行业的 激烈竞争，也看到坚持长期主义的品牌的不断成长。面对行业趋势的变化，新消费趋势的崛起，投资机构依然在消费领域寻找心中的千里马， 展现出强大的投资需求。当前上海正在积极建设国际消费中心城市，加速汇聚全球消费资源，吸引国 ...

（原标题：2025新消费大会：寻找新增量，从"中国消费"到"消费中国"） 21世纪经济报道记者 易佳颖 12月17日，大消费行业"年度风向标"级别的会议——21世纪经济报道"新消费大会"于上海落地，汇聚了 来自众多消费品牌、知名投资机构和券商，以及平台等各领域上百名嘉宾。 过去一年见证了消费行业的激烈竞争，也看到坚持长期主义的品牌的不断成长。本届大会以"跨界增长 融合创新"为主题，从行业趋势、商业模式、产品与服务以及增长逻辑等方面，共同探讨品牌的快速成 长、创新与破圈的策略，为行业壮大新型消费提供清晰的行业洞察和判断。 消费向新 IP潮经济也带动Z世代年轻人的消费力。"当前消费市场正在经历深刻的需求重构。"百联挚高创始合伙 人、CEO高洪庆发表主旨演讲时表示，研究任何消费现象的起点与终点，都应回归对消费者本身的洞 察。近期市场关注两个关键信号：一是高端白酒代表茅台的价格出现显著回落，其投资与囤货逻辑受到 质疑；二是"老登"这一网络流行语所反映的代际认知变化。这两者共同指向一个核心趋势：Z世代 （1995年至2009年出生人群）已成为消费主力，他们的价值观正重塑市场规则。 消费者的主体性在方方面面都得以体现。" ...

Core Viewpoint - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, despite recent declines in revenue and net profit [1][4]. Group 1: Company Overview - Tianwei Food specializes in the research, production, and sales of compound condiments, offering over 100 varieties including hot pot seasonings and sauces under major brands like "Haorenjia" and "Dahongpao" [2]. - The company previously attempted to issue Global Depositary Receipts (GDR) for listing on the Swiss Stock Exchange, which was terminated in September 2023 due to changes in internal and external conditions [2][4]. Group 2: Financial Performance - In Q1 of the current year, Tianwei Food reported a revenue of 642 million yuan, a year-on-year decrease of 24.8%, and a net profit of 74.73 million yuan, down 57.53% year-on-year [4]. - The decline in net profit is attributed to decreased sales, influenced by intensified industry competition and the timing of the Spring Festival [4]. Group 3: Market Context - The current move to list in Hong Kong aligns with a trend of consumer companies going public, as seen with other beverage brands like Guming and Mixue Ice City [3]. - Tianwei Food aims to leverage the international advantages of the Hong Kong market to enhance its global strategy and expand overseas operations, with products already sold in over 50 countries [4]. Group 4: Industry Dynamics - The performance of peer companies, such as Haitian Flavoring and Food Co., which recently listed in Hong Kong, may impact the pricing of Tianwei Food's H-share issuance [5].

Core Viewpoint - IFBH Limited, a Thai coconut water brand, has successfully passed the hearing for its IPO on the Hong Kong Stock Exchange, highlighting the rapid growth and popularity of coconut water among Chinese consumers [1][3]. Company Overview - IFBH Limited is a food and beverage company that originated from Thailand and was spun off from General Beverage, with its headquarters in Singapore. The company launched its coconut water brand, IF, in 2013 and entered the Chinese market in 2017 [1][4]. - The founder, Pongsakorn Pongsak, comes from a prominent Thai business family and established General Beverage in 2011, which is now a key supplier for IF [4][5]. Market Position - According to a report by Zhaoshih Consulting, IF has become the second-largest coconut water brand globally by retail sales in 2024, with a market share of approximately 34% in mainland China and around 60% in Hong Kong [2][6]. - IF has maintained its leading position in the coconut water market in mainland China for five consecutive years since 2020, significantly outpacing its competitors [2][6]. Financial Performance - The company's revenue reached $87.44 million in 2023 and is projected to be $158 million in 2024, with profits of $16.75 million and $33.32 million, respectively. Coconut water accounts for over 95% of the company's revenue, with more than 90% coming from the mainland China market [2][6]. Industry Growth - The global juice beverage market is expected to grow from $137.9 billion in 2019 to $161.6 billion in 2024, with coconut water being one of the fastest-growing segments [4]. - The coconut water market is projected to grow from 3.1% of the global juice market in 2024 to 4.2% by 2029 [4]. Competitive Advantage - IF benefits from its sourcing of coconuts from Thailand, which is the largest coconut-producing region globally, and has established a strong brand presence through effective marketing and local adaptation [7][8]. - The company has utilized celebrity endorsements to enhance brand visibility, significantly boosting sales through social media influence [8]. Supply Chain Strategy - IF has adopted a model that outsources production and logistics to specialized manufacturers, allowing the company to focus on brand marketing and channel management. This strategy has resulted in a cost advantage of 18% over competitors [9]. - The company plans to use IPO proceeds to strengthen its supply chain capabilities, which may indicate a shift from its previously "light" asset model [9]. IPO Context - The IPO is seen as urgent due to a contractual agreement that requires the company to complete the IPO by December 31, 2026, or face significant financial obligations [12]. - The Hong Kong Stock Exchange is experiencing a wave of consumer company listings, with several companies successfully going public in 2025, indicating a favorable environment for IF's IPO [13][15].