降价策略失灵，宜家越变越小 宜家想要俘获中国消费者的心，越来越吃力。 新年第7天，宜家中国突然官宣"割肉"7家商场。 宜家中国在1月7日发布公告称，自2026年2月2日起，宜家中国将停止运营包括宜家上海宝山商场、宜家 广州番禺商场、宜家天津中北商场、宜家南通商场、宜家徐州商场、宜家宁波商场和宜家哈尔滨商场在 内的7家商场。 其中，计划关停的宜家上海宝山商场在2013年开业，营业面积达5.5万平方米，总投资1.37亿美元，仅顶 层餐厅就有814个用餐位，是彼时亚洲地区最大的宜家商场。 "9.9元的瑞典肉丸配1元的冰淇淋，再也吃不到了。"社交平台上，宜家商场的大撤退让不少消费者不 舍。此次调整后，除了上海、广州、天津另有宜家商场支撑当地消费者线下购物外，在南通、徐州、宁 波、哈尔滨，消费者将暂无法通过线下门店体验宜家产品，只能通过官网、天猫、京东等线上渠道消 费。 至此，宜家中国运营主体英格卡集团在中国内地经营的宜家商场数量将从38家减至31家，另外该集团还 经营有1个宜家体验店和2家宜家设计订购中心，以及10家荟聚购物中心。 1月7日，宜家中国对时代财经表示，此次调整并非因为相关门店无法继续经营，而是宜家以优化 ...

Core Viewpoint - Moutai has shifted from a distribution model that has lasted over 20 years to a direct sales model, indicating a significant change in its business strategy [5][16]. Group 1: Impact on Revenue and Market Strategy - The introduction of direct sales through the iMoutai app allows consumers to purchase the 53-degree 500ml Flying Moutai directly at a price of 1499 yuan, which can increase Moutai's revenue by capturing profits previously allocated to distributors [16][18]. - Moutai's revenue from Flying Moutai is calculated based on a factory price of 1169 yuan, meaning the difference between retail prices and this factory price has historically benefited distributors rather than the company [19][20]. - The shift to direct sales is aimed at enhancing market competitiveness and forcing distributors to adopt a more market-oriented approach, thereby improving customer service and brand image [21][20]. Group 2: Brand Control and Pricing Strategy - Moutai is learning from top brands by directly controlling terminal prices, which allows the company to manage its brand development and adjust production capacity based on market conditions [24][31]. - The ability to control prices is crucial for maintaining brand integrity and ensuring that consumers feel secure about the authenticity of the products they purchase [33][30]. Group 3: Historical Context and Distributor Relationships - Historically, distributors played a vital role in Moutai's growth, especially during challenging times when the brand was less popular [35][36]. - The relationship between Moutai and its distributors has evolved, and while the company is now focusing on direct sales, it still recognizes the contributions of distributors in market expansion [42][44]. - The current market environment has changed, leading to a reevaluation of the long-standing balance between Moutai and its distributors, raising questions about the future dynamics of this relationship [47][50].

文 | 酒周志 此次茅台调整渠道政策和运营思路，是外部环境与内部需求共同作用的结果。当前茅台仍面临严峻挑 战，新任管理层就位后市场环境未根本好转，业绩压力持续，因此相关调整具有必然性。此外，茅台不 仅是白酒企业，更是贵州省经济的重要支柱，这一特殊身份也影响着其决策。 茅台经销商"躺着赚钱"的时代正一去不复返。 日前，茅台在经销商会议上宣布，将不再以"分销方式"向下游批发非标产品。紧接着，核心大单品1499 元飞天茅台酒首次登陆i茅台。 产品一经推出便引发市场热潮，上线即"秒空"。据官方消息，1月1日到3日，i茅台已有超10万名用户成 功购买，并宣布调整购买政策，将每人每日限购12瓶改为6瓶，继续扩大覆盖面。 与此同时，茅台市场批发价格也出现了明显波动，今日酒价等多个第三方报价平台数据显示，2025年产 飞天茅台批发价已再次跌破1499元/瓶。 长期以来，茅台渠道体系被视为"躺着赚钱"的典型，飞天茅台单瓶打款价为1169元/瓶，而市场价一度 突破3000元，经销商凭借稳定的配额赚取丰厚差价。 当"液体黄金"的光环褪色，不仅经销商日子难过，白酒竞赛终于回到同一条起跑线：谁能把故事讲成持 续的真金白银，谁才配继续端 ...

"维维豆奶，欢乐开怀"，这句广告词多少人还记得？可现在呢，经销商成批撤退、营收连续六年下滑，那个曾经泡在每家每户早餐杯里的豆奶大王，好像 真的老了。我们聊的不仅是一个品牌的困境，更像在聊一个时代该怎么转身——当年轻人连豆浆都懒得冲了，光靠"回忆杀"，还能杀回市场吗？ 你去现在的小超市、便利店转转，还能在显眼地方找到维维豆奶粉吗？我反正最近一次看见，是在货架最底下那层，旁边堆着些快过期的调味料。朋友家 开小卖部的，以前还进点维维，现在直接不进了。"卖不动啊，"他说，"一个月走不了几袋，占地方，资金还压着。" 维维的财报也印证了这点。光是2025年前三个季度，经销商跑了345个。这些人傻吗？不是。他们算得清楚：大豆原料涨价，维维终端不敢涨，怕一涨更 没人买；另一边，像豆本豆那些对手，给经销商的返点能到10个点，维维呢？从8%一路降到5%不到。换你，你代理谁？ 01 经销商为什么跑了？不赚钱呗，就这么简单 说白了，利太薄。再加上现在谁还乐意折腾豆奶粉？年轻人图方便，直接买瓶装的；中老年也觉得冲调麻烦。终端动销慢得像蜗牛，库存周转比以前多出 将近一个月。经销商也是做生意，又不是做慈善，看不到希望，可不就得撤。 02 ...

维他奶国际(00345)跌近3%，触及6.48港元创去年10月下旬以来新低。截至发稿，跌2.84%，报6.49港 元，成交额1682.26万港元。 消息面上，维他奶国际昨日公布截至2025年9月30日止6个月中期业绩，收入32.27亿港元，同比减少 6%；毛利16.48亿港元，同比减少7%；公司股权持有人应占溢利1.72亿港元，同比增长1%。收入减少 6%主要由于中国内地业务受市况疲弱影响，表现面临挑战。 公告指出，在中国内地市场，植物奶及茶类产品类别增速正在放缓，消费者现由传统零售渠道转向多种 线上平台，包括社交平台及即时电商平台，以及会员制商店与连锁零食店。由于占公司业务显著份额的 传统零售渠道正在放缓，但在公司正在努力拓展规模的电商平台及连锁零食店渠道的增长未能完全抵销 上述影响，整体收入减少9%。 ...

Core Insights - The insurance giants in China are experiencing a significant upturn, driven by a recovery in the capital markets and stable growth in the new business value of life insurance [1][4][10] - The combined revenue of the five major insurance companies reached 2.37 trillion yuan, with a net profit of 426.04 billion yuan in the first three quarters, indicating a revenue growth of 13.6% and a net profit growth of 33.54% [1][4] - The net profit growth in Q3 alone was remarkable, with an increase of 68.34%, surpassing market expectations [1][4] Revenue and Profit Growth - The five major insurance companies reported the following revenues for the first three quarters: China Ping An (832.94 billion yuan), China Life (537.895 billion yuan), China Pacific Insurance (344.904 billion yuan), China Property & Casualty Insurance (520.99 billion yuan), and New China Life (137.252 billion yuan) [4] - The corresponding profit figures were: China Ping An (132.856 billion yuan), China Life (167.804 billion yuan), China Property & Casualty Insurance (46.822 billion yuan), China Pacific Insurance (45.7 billion yuan), and New China Life (32.857 billion yuan) [4] - The net profit growth rates were significantly higher than revenue growth, with China Life and New China Life showing around 60% growth [4][7] Business Value and Channel Quality - The new business value for the five major insurance companies saw substantial increases, with China Life up 41.8%, Ping An Life and Health up 46.2%, and China Property & Casualty Insurance up 76.6% [7] - The improvement in channel quality and the growth of new business value were identified as key drivers for the profit increases [4][7] - The insurance giants are focusing on channel transformation, enhancing productivity, and developing bancassurance channels to boost new business value [4][6] Investment Performance - The total investment income for the five major insurance companies reached 887.5 billion yuan, a year-on-year increase of 35.64% [11] - The investment asset scale reached 20.26 trillion yuan, with significant growth in stock investments, which increased by 36.2% [11][13] - The companies are benefiting from a favorable capital market environment, which has strengthened their financial foundations [11][13] Cost Efficiency and Operational Improvements - The insurance sector has made notable progress in cost reduction and efficiency improvements, with life insurance companies reducing costs by 350 billion yuan since 2024 [14][15] - Companies are leveraging technology, such as AI, to enhance operational efficiency and reduce costs [15] - The overall industry is witnessing a shift towards more reliable and stable operations, driven by the reforms initiated by the major players [18] Industry Outlook - The insurance industry is entering a new growth phase, with the potential for high-quality development contingent on continuous internal improvements and reforms [18] - While the major companies are thriving, some smaller firms are struggling, indicating a polarization within the industry [16][18] - The overall health and standardization of the industry are expected to improve as the major companies lead the way in reforms and operational excellence [18]

Core Viewpoint - The article discusses the challenges faced by Budweiser APAC in the Chinese beer market, highlighting the need for strategic reforms under the new CEO, Cheng Yanjun, to address declining sales and market share [1][18]. Group 1: Performance Overview - Budweiser APAC has experienced a continuous decline in beer sales for eight consecutive quarters, with a 3.1% drop in the Chinese market during Q4 2023 [3][4]. - In 2024, the company reported an 8.8% decline in beer sales and a 7% decline in revenue, with the Chinese market seeing an 11.8% drop in sales and a 13% drop in revenue [3][4]. - For the first nine months of 2025, Budweiser APAC's beer sales were 6.614 billion liters, down 7% year-on-year, and revenue was $4.691 billion, down 6.6% [4][5]. Group 2: Market Challenges - The company faces significant challenges in the Chinese market due to a shift in consumer preferences towards non-drinking channels, which now account for over 60% of beer sales, surpassing traditional drinking channels [11][12]. - Budweiser APAC's market share in China decreased by 149 basis points in 2024, and it lost its position as the revenue leader in the Chinese beer industry to China Resources Beer [12][13]. - The company has struggled to adapt to the fast-growing 8-10 yuan price segment, where local brands have gained a strong foothold [12][13]. Group 3: Strategic Changes - Cheng Yanjun, the new CEO, has initiated a comprehensive reform strategy focusing on regaining market share and enhancing the company's presence in non-drinking channels [15][18]. - The company aims to leverage its Budweiser and Harbin brands, with Budweiser maintaining a premium positioning and Harbin targeting the core price segment [15][18]. - Despite some initial improvements in Q2 2025, the company reported a further decline in revenue and sales in Q3 2025, indicating the complexity of the market environment [16][18]. Group 4: Future Outlook - The effectiveness of the new strategies implemented by Cheng Yanjun will be critical in determining Budweiser APAC's performance in 2026, as the company navigates the challenges of adapting to local market dynamics [18][19].

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of the "Liuliu Mei" brand, is urgently seeking to enter the capital market, having submitted its listing application to the Hong Kong Stock Exchange for the fourth time after previous attempts failed [1][3]. Group 1: Listing Attempts and Financial Pressure - The company has made multiple attempts to go public, including a withdrawal of its A-share application in December 2019 due to revenue decline and short-term profit pressure [2][3]. - A significant buyback obligation arose from a previous investment agreement, leading to a total payment of approximately 261 million yuan, which severely impacted the company's cash flow [3][4]. - As of the end of 2024, the company's cash and cash equivalents were only 78.05 million yuan, while interest-bearing bank loans reached 321 million yuan, indicating a deteriorating financial position [5][6]. Group 2: Revenue Growth and Channel Transformation - The company has shown steady revenue growth, achieving revenues of 1.174 billion yuan in 2022, 1.322 billion yuan in 2023, and 1.616 billion yuan in 2024 [7][8]. - In the first half of 2025, the company reported revenues of 959 million yuan, a year-on-year increase of approximately 25%, with net profits rising by 75.4% to 106 million yuan [8]. - The sales channel transformation has been significant, with the share of revenue from traditional distribution channels dropping from 74.5% to 31.2%, while revenue from snack specialty stores surged from 1.1% to 35.3% [8][10]. Group 3: Profitability Challenges - Despite revenue growth, the company's gross margin has been declining, from 38.6% in 2022 to 34.6% in the first half of 2025 [11][12]. - The gross margin for core products, such as dried plums, has also decreased significantly, indicating challenges in maintaining profitability amid a shift to lower-margin sales channels [11][12]. - The company faces dual pressures from the D-round financing deadline for listing and declining profitability due to its low-price volume strategy in new sales channels [12][13].

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of the "Liuliu Mei" brand, is urgently seeking to enter the capital market, having submitted its listing application to the Hong Kong Stock Exchange for the fourth time after previous attempts failed due to various challenges [1][3]. Group 1: Listing Attempts and Financial Pressure - The company has faced significant pressure from a bet agreement with investors, which requires it to go public by the end of 2025 or face substantial financial penalties [2][3]. - Liuliu Fruit Garden's cash flow has been severely impacted by the repayment of 261 million yuan, which includes the original investment and interest, far exceeding the initial investment of 135 million yuan [3][4]. - As of the end of 2024, the company's cash and cash equivalents were only 78.05 million yuan, while interest-bearing bank loans reached 321 million yuan, indicating a deteriorating financial position [5][6]. Group 2: Revenue Growth and Channel Transformation - The company has shown steady revenue growth, achieving 1.174 billion yuan in 2022, 1.322 billion yuan in 2023, and 1.616 billion yuan in 2024, with a net profit increase from 68.43 million yuan in 2022 to 148 million yuan in 2024 [7][8]. - A significant shift in sales channels has occurred, with the revenue share from traditional distribution channels dropping from 74.5% to 31.2%, while revenue from snack specialty stores surged from 1.1% to 35.3% [8][10]. - The company’s reliance on a few major clients has increased, with the top five clients accounting for 43.7% of revenue in the first half of 2025, raising concerns about potential revenue volatility if these relationships change [10]. Group 3: Profitability Challenges - Despite revenue growth, the company's gross margin has been declining, from 38.6% in 2022 to 34.6% in the first half of 2025, primarily due to a low-price volume strategy adopted to compete in new sales channels [11][12]. - The gross margin for core products, such as dried plums, has also decreased significantly, indicating challenges in maintaining profitability amid aggressive pricing strategies [11][12]. - The company faces a critical need to balance expansion and profitability while navigating the pressures from both capital requirements and market competition [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 7.312 billion yuan, a year-on-year decrease of 1.14%. The net profit attributable to the parent company was 1.157 billion yuan, down 3.73% year-on-year. The net profit excluding non-recurring items was 1.060 billion yuan, a decrease of 1.37% year-on-year. In Q3 2025, the company reported operating revenue of 2.704 billion yuan, a year-on-year increase of 1.42%, and a net profit of 446 million yuan, up 0.65% year-on-year [4][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 51.80%, an increase of 1.37 percentage points year-on-year. In Q3 2025, the gross margin was 54.12%, up 0.94 percentage points year-on-year. The operating profit for the first three quarters was 1.140 billion yuan, a year-on-year increase of 3.15%, with an operating profit margin of 15.59%, up 0.65 percentage points year-on-year [11][16]. Market Strategy - The company has optimized its channels and implemented a multi-brand strategy, which has begun to show results. The company is focusing on retail channels while reducing high-risk engineering channel business. The overseas market has also performed well, mitigating the impact of the decline in engineering channels. The product matrix includes high, medium, and low-end products under the brands "Boss," "Mingqi," and "Xingchen," effectively addressing diverse consumer needs [11][16]. Future Outlook - The company is expected to explore new product directions, including dishwashers and integrated stoves, leveraging its channel resources to further open up incremental markets. The projected net profits attributable to the parent company for 2025-2027 are 1.662 billion, 1.747 billion, and 1.847 billion yuan, corresponding to PE ratios of 11.12, 10.58, and 10.00 times, respectively [11][16].