当前，诸多美妆品牌深陷"流量焦虑" "转型焦虑"，迫切需要确定性的增长机会。《FBe a u t y未 来迹》深入挖掘发现：花西子的"升级"背后，藏着一份关于美妆品牌重构渠道能力的行业启 示。 两年前，花西子的发展遭遇挫折，一度低迷。同一时期，当美妆品牌还沉浸于直播流量内卷的 泡沫时，京东这一主打正品心智与服务的平台，也没有得到应有的重视。 然而在两年后的今天，这两个主体却"碰撞"出了意料之外的火花： 今年5 2 0及6 1 8期间，花西子在京东美妆成交额同比增长超过6 0%，新客数增长2倍，单天成交 额强势爆发超3 0 0%。 更为关键的是，花西子今年上半年在京东美妆实现了复购率同比双位数增长，这体现出品牌不 仅仅是短期爆发，更收获了高质量的长期生意。 终于，花西子在京东美妆的"成绩单"越来越"漂亮"，销售效果有了显著提升。例如2 0 2 4年花 西子七夕刺绣新品首发期间，新客人数同比暴增了2 2倍。花西子的总体爆发系数也从1 . 5上升 至3。 更关键的是，京东美妆逐渐帮花西子提炼出专属"爆发系数公式"： 通过测试不同品项组合、 资源位匹配对销量的影响，形成"目标多少倍爆发，匹配相应机制"的清晰路径 。 ...

曾经风光无限的生鲜巨头——永辉超市，如今正面临前所未有的困境。这家A股零售业上市公司，近日发布公告，宣布二季度拟关闭186家门店，预计将带 来高达8.27亿元的损失。 永辉超市的困境并非孤例。2023年，全国关闭的超市门店超过800家，传统商超普遍面临规模神话破灭的危机。零售业多元化竞争日趋白热化，实体零售面 临着前所未有的挑战，尤其是来自社区团购的巨大冲击。 在此背景下，永辉超市将翻盘的希望寄托在了河南许昌的零售网红——胖东来身上。2024年5月，永辉超市高调宣布启动学习胖东来模式，以商品精选、服 务升级、环境焕新为核心，推进门店调改。 被网友誉为"没有淡季的6A级景区"的胖东来，确实有其独到之处。它以极端精细化运营著称：给予员工远高于行业平均水平的两倍工资；3元的西瓜也敢承 诺无理由退换；甚至为清洁工设计10种不同用途的抹布。创始人于东来的经营哲学是："对人的重视，是我们成功的关键"，"你对员工好，员工对顾客好， 顾客对社会好，这就形成了良性循环。"于东来会将企业年终利润的50%分给员工。在商品质量控制方面，胖东来更是近乎苛刻：肉类检测项目比国家标准 多出15项；活鱼要在清水中养10天，清除硫酸铜残留后才 ...

公 司 研 究 巴比食品（605338.SH） 门店内生外延同步推进，单店收入触底反弹 公 司 事件：公司发布了 2025 年半年度报告，期内实现营业收入 8.35 亿元，同比 +9.31%；实现归母净利润为 1.32 元，同比+18.08%；实现扣非归母净利润为 1.01 亿元，同比+15.29%。其中公司 2025Q2 营收为 4.65 亿元，同比+13.5%； 单季度归母净利润为 0.94 亿元，同比+31.42%；单季度扣非归母净利润 0.62 亿 元，同比+24.28%。公司整体业绩稳步提升，归母净利润同比大幅提升表现亮 眼。 团餐业务蓄力成长，门店增长稳步向前 财 报 点 评 渠道端：公司 2025H1 特许加盟销售/直营门店销售/团餐销售收入分别为 6.13/0.11/1.99 亿元，同比+7%/+0.44%/+18.99%，公司 2025Q2 单季度特许加盟 销 售 / 直 营 门 店 销 售 / 团 餐 销 售 收 入 分 别 为 3.48/0.05/1.06 亿 元 ， 同 比 +10.49%/+14.12%/+26.2%。团餐业务持续高增，其中自去年新开拓的定制馅料 销售渠道表现亮眼，2 ...

机构：华泰证券 研究员：樊俊豪/石狄/刘思奇 公司发布25Q2 业绩，营收同增23.1%至49.7 亿元，高于此前指引（18-21%），经营利润同增11.3%至 8.4 亿元，高于此前指引（持平或略降）。 基本面好转主因大店战略显效、同店转正及经营杠杆优化。Q2 业绩拐点清晰，此外建议关注两个新逻 辑：1）成长驱动由快速拓店转向店效提升，通过开大店好店+精细化运营实现收入目标，推动利润率 加快向好，该逻辑在国内已跑通，正向海外复制；2）加强布局自有IP，在组织架构上强化产品-渠道- 运营一体化，发挥大店作为IP 赛马场及推广平台的优势。看好上述战略迭代赋能公司的全球扩张，维 持"买入"评级，重点推荐。 国内及美国同店转正，大店策略显效并向海外市场复制Q2 营收端：1）Miniso 中国营收同增13.6%，季 度净增30 家门店。同店增速转正，其中ASP 增长对冲了客流的微降，得益于①梳理尾部渠道，存量门 店货盘优化；②供应链改善，提升爆品满足率；③产品-渠道-运营联动造势等。大店策略显效，已开业 11 家IP Land 平均月店效数百万，大店以5%店数贡献中双位数收入占比；2）Miniso 海外营收同增 28 ...

Core Insights - The mobile banking app has become a core platform for commercial banks to serve users, optimize experiences, and enhance competitiveness in the context of national digital transformation and financial technology innovation [1] - The market for mobile banking apps is entering a stage of stock competition, with user flow stabilizing between 650 million to 700 million from 2023 to 2025, indicating saturation [2] - User engagement with mobile banking apps is declining, necessitating refined operational strategies for banks to retain customers [4][6] User Flow and Behavior - The overall user flow of mobile banking apps in China is projected to fluctuate between 650 million and 700 million, with a change rate of -1.2% to 4.6% from 2023 to 2025, indicating market saturation [2] - User engagement metrics show a significant decline, with average daily usage time dropping from 4.93 minutes to 2.70 minutes and daily usage frequency decreasing from 4.54 times to 2.86 times [4] Operational Strategies - Refined operations are essential for banks to break through in a saturated market, focusing on precise user insights and intelligent technology applications [6][7] - The strategy involves three layers: foundational user insights, scenario-based and differentiated operations, and establishing emotional connections with users [7] AI Integration - AI technology is recognized for its potential value across industries, aiding banks in refining operations by enhancing interactive experiences, risk management, and data efficiency [9] Rankings and Performance - The top 50 rankings show that state-owned banks dominate, with Agricultural Bank leading at 240 million average monthly active users (MAU), followed by Industrial and Commercial Bank and China Construction Bank [11][13] - Agricultural Bank's MAU increased by 4.8%, while other major banks like China Bank and Postal Savings Bank also saw growth [12][15] - Among joint-stock banks, China Merchants Bank leads with over 70 million MAU, although many face declining user engagement [16][17] - City commercial banks performed well, with Jiangsu Bank leading at 349.6 million MAU, while private banks like WeBank saw significant declines [19][22] Case Studies of Successful Apps - Agricultural Bank integrates financial services with daily life scenarios, achieving a 4.8% increase in MAU [28][29] - China Merchants Bank continues to innovate its app to meet customer needs and leverage AI advancements [31] - Jiangsu Bank focuses on merging digital capabilities with wealth management, enhancing user experience [33] - Beijing Bank emphasizes a digital transformation strategy that combines technology, scenarios, and services [35]

Investment Rating - The report maintains a "Strong Buy" rating for China Resources Beer (00291.HK) [2][8] Core Views - The company reported strong performance in its high-end segment, with earnings exceeding expectations and significant growth in profitability [2][8] - For the first half of 2025, the company achieved revenue of 23.94 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.79 billion yuan, up 23.0% [2][4] - The interim dividend was set at 0.464 yuan per share, reflecting a 24.4% increase, with a payout ratio of 26% [2] Financial Performance Summary - Revenue and profit growth: The company’s revenue for 2025H1 was 23.94 billion yuan, with EBIT at 7.69 billion yuan, marking a 20.8% increase, and net profit at 5.79 billion yuan, up 23.0% [2][4] - Beer sales volume reached 6.487 million kiloliters, a 2.2% increase, with an average price of 3,570.4 yuan per kiloliter, up 0.44% [8][10] - The beer business's EBIT margin improved, with a gross margin of 48.3%, an increase of 2.5 percentage points year-on-year [8][10] Business Segment Analysis - High-end product performance: Sales of premium and above products grew over 10%, while mid-to-low-end products saw slight increases due to a high base [8][10] - Cost management: The beer business achieved a cost reduction of 4.2% year-on-year, contributing to improved profitability [8][10] - White wine segment under pressure: Revenue from the white wine business fell by 34.0% to 0.781 billion yuan, primarily due to policy disruptions affecting consumption [8][10] Future Outlook - The company is focused on high-end product development and operational efficiency improvements through digitalization and cost management strategies [8][10] - Profit forecasts for 2025-2027 have been adjusted to 5.87 billion yuan, 6.40 billion yuan, and 6.79 billion yuan respectively, reflecting a positive outlook for profitability [8][10] - The target price is set at 40.00 HKD, with a corresponding PE ratio of approximately 20X for 2025E [4][8]

Core Insights - The gaming industry in China has shifted from a reliance on channel resources for user acquisition to a focus on "buying traffic" as a core strategy for growth, especially with the rise of 4G and social media platforms [1][4][5] - As domestic traffic growth plateaus, overseas markets have become the new battleground for user acquisition, but challenges such as fragmented platforms and differing attribution mechanisms complicate this transition [1][6][7] - The industry is now facing the challenge of developing sustainable growth models through refined operations, brand building, and technological empowerment amidst rising costs and diminishing returns from traditional advertising methods [1][13] Traffic Acquisition Evolution - In the early stages of the Chinese gaming industry, companies relied heavily on various promotional methods to attract players, with channels playing a crucial role in game distribution [4][5] - The emergence of mobile gaming led to a significant shift, with app stores becoming the primary distribution channels, and companies adopting revenue-sharing models to secure promotional resources [4][5] - The "channel dominance" significantly impacted the autonomy of game developers in marketing and reduced their profit margins, prompting a need for direct user engagement strategies [4][5] Overseas Market Challenges - Chinese gaming companies have begun systematic user acquisition in overseas markets, but many domestic strategies have proven ineffective abroad due to cultural and operational differences [6][9] - The overseas market is characterized by a fragmented channel landscape, requiring tailored advertising strategies for different platforms, unlike the concentrated domestic market [7][8] - The reliance on device parameters for user tracking in China contrasts with the probabilistic models used overseas, complicating user attribution and increasing customer acquisition costs [8][9] Privacy Compliance Impact - The tightening of privacy regulations globally, such as GDPR and Apple's App Tracking Transparency, has significantly affected the advertising landscape, reducing the traceability of ad campaigns and the precision of audience targeting [11][12] - In response, the industry is moving towards broader collaboration and data sharing among platforms, service providers, and advertisers to enhance targeting strategies within compliance frameworks [12][13] Cost and Effectiveness of Advertising - Despite fluctuations in the gaming market, global user acquisition costs continue to rise, with significant increases projected for top mobile games in the coming years [13][14] - The rising costs of user acquisition are leading to a diminishing marginal return on advertising investments, prompting a shift towards a balanced approach between brand and performance advertising [14][15] - The introduction of AI technologies in advertising is expected to enhance efficiency and effectiveness in user acquisition, with companies increasingly adopting automated and intelligent systems for campaign management [15]

Financial Data and Key Metrics Changes - In Q2 2025, the company recorded total revenue of RMB 1.02 billion, a decrease from RMB 1.18 billion in the same period of 2024, primarily due to lower order volumes amid competitive dynamics [18][20] - Gross profit margin increased by 1.2 percentage points year over year to 12%, reflecting improved operational efficiency and cost management [18][19] - Adjusted net profit for the quarter was $45.6 million, down from $59.1 million in Q2 2024 [20] Business Line Data and Key Metrics Changes - The company fulfilled 123 million orders in the first half of 2025, maintaining steady average selling price (ASP) compared to the previous year [27] - The share of CN orders saw a slight positive increase, indicating a stable performance in the business lines [27] Market Data and Key Metrics Changes - The instant delivery industry continued to grow steadily, with flowers and cakes maintaining a significant market share due to unique demand [6][7] - The competitive landscape in the food delivery market remains intense, impacting order volumes and rider supply across the industry [30][33] Company Strategy and Development Direction - The company is focusing on enhancing product and service quality through a tiered operational strategy and in-depth analysis of user groups [5][6] - Plans to expand service offerings and deepen collaborations with high-value merchants are in place to enhance user satisfaction and drive repeat purchases [15][28] - The company aims to integrate its brand into users' daily lives through innovative marketing strategies and scenario-based initiatives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in overall order volume in the second half of 2025, as competition stabilizes [28][29] - The company remains committed to optimizing resource allocation and capturing emerging opportunities for sustainable growth [21] Other Important Information - The company has implemented a comprehensive rider support system, including subsidies, training, and rewards, to maintain a stable and efficient delivery team [13][31] - Cash and cash equivalents totaled RMB 827.8 million as of the end of Q2 2025, indicating a healthy cash position [20] Q&A Session Summary Question: Could you please share the company's order volume and ASP for this quarter broken down by 2B and 2C business? How do you project the trend for order volume and ASP in the second half of the year? - The company fulfilled 123 million orders in the first half of 2025, with ASP holding steady compared to last year, and expects a recovery in overall order volume in the second half [27][28] Question: How would you assess rider's thickness and retention metrics? What trajectory should we anticipate for rider incentive budget this year? - The company reported strong registered and new rider numbers, with no notable impact from market fluctuations, and is focusing on optimizing rider productivity through an intelligent dispatch system [30][31]

Core Insights - The closure of Hema's membership stores reflects a significant shift in China's retail landscape, emphasizing the need for rational business adjustments rather than blind pursuit of scale [1][2] - The competitive landscape in retail is not solely based on pricing but also involves cost control, supply chain management, and consumer emotional value [2][3] - Hema's membership model failed to create a value proposition that matched consumer expectations, leading to a disconnect where prices in membership stores were higher than in competitors [2] Group 1: Market Dynamics - Hema's decision to exit the membership store segment is a strategic move to reallocate resources to more profitable areas, indicating a shift in focus towards more sustainable business practices [1][2] - The closure serves as a reminder that any business model must be rooted in local market conditions and consumer behavior to achieve lasting success [2][3] - The evolution of retail in China is driven by changing consumer demands, necessitating continuous innovation and precise alignment with consumer needs [3] Group 2: Competitive Landscape - The retail market in China is large enough to accommodate various business models, but success requires a focus on operational efficiency and effective supply chain support [3] - Hema's dual strategy of "Hema Fresh + Hema NB" and the shift towards "light asset + small store" models demonstrate adaptability in a rapidly changing market [2] - The contrasting fortunes of different retail models, such as Hema and the traditional home goods market, highlight the importance of understanding local consumer preferences [3]

Group 1 - Wancheng Group plans to acquire 49% equity in Nanjing Wanyou Commodity Management Co., Ltd. for 1.379 billion yuan, increasing its total stake to 75.01% [1][2] - This acquisition marks the first major action taken by Wang Zeneng since he assumed control of the company [2][3] - The acquisition is part of a strategy to consolidate resources and respond to challenges posed by hard discount supermarkets in the snack industry [1][4] Group 2 - Wancheng Group's revenue surged by 1592% in 2023, reaching 9.3 billion yuan, and further increased by 247.86% in 2024 to 32.3 billion yuan [5] - Despite the revenue growth, the company's net profit was negative in 2023 and only 294 million yuan in 2024, indicating a low net profit margin of 0.9% [5][6] - Nanjing Wanyou reported a revenue of 7.712 billion yuan in 2024, with a net profit of 246 million yuan, showing a net profit margin of 3.2% [6] Group 3 - The rise of hard discount supermarkets poses a competitive threat to the bulk snack industry, as they offer similar low-price, high-value propositions [7][8] - Wancheng Group's store count in the bulk snack sector grew significantly, reaching over 15,000 stores by March 2025, although the pace of new openings has slowed [7][8] - The industry is entering a phase of "refined operations," focusing on supply chain efficiency and the development of private labels as key competitive factors [8]