文 丨 《 BUG》栏目 周文猛 "蓝盒子"宜家中国原亚洲最大的门店——宜家上海宝山商场，即将关闭。 根据宜家中国发布的 "门店调整说明"，自2026年2月2日起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七个线下触点。 据《 BUG》栏目统计，此前宜家中国共有41家门店，此轮闭店率接近两成。宜家中国对此 回应称，调整目的是增加坪效，将资源投向更贴近消费者的渠道和能力，在接下来的两年 内，宜家中国也将"开设超过十家小型门店"。 但大幅度调整背后，宜家中国所面临的经营乃至于生存挑战，也正变得日益突出。 宜家将 "变小"， 官方称"更贴近消费者" 宜家上海宝山商场人员告诉《 BUG》栏目，目前门店已经收到闭店通知，运营时间截至2 月1日，该店售后等将转至上海其他门店。 宜家中国方面则表示：此次调整并非意味相关门店 "无法继续经营"，而是宜家以优化成 本、提升效率、重新配置资源为核心所做出的主动转型。据悉，面对快速变化的零售环境， 宜家将持续评估并优化业务组合、渠道布局与运营结构，在全球与中国市场按需转型、关闭 或增设业务单元 ...

文 丨 《BUG》栏目 周文猛 "蓝盒子"宜家中国原亚洲最大的门店——宜家上海宝山商场，即将关闭。 根据宜家中国发布的"门店调整说明"，自2026年2月2日起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 七个线下触点。 据《BUG》栏目统计，此前宜家中国共有41家门店，此轮闭店率接近两成。宜家中国对此回应称，调 整目的是增加坪效，将资源投向更贴近消费者的渠道和能力，在接下来的两年内，宜家中国也将"开设 超过十家小型门店"。 但大幅度调整背后，宜家中国所面临的经营乃至于生存挑战，也正变得日益突出。 宜家将"变小"，官方称"更贴近消费者" 宜家上海宝山商场人员告诉《BUG》栏目，目前门店已经收到闭店通知，运营时间截至2月1日，该店 售后等将转至上海其他门店。 宜家中国方面则表示：此次调整并非意味相关门店"无法继续经营"，而是宜家以优化成本、提升效率、 重新配置资源为核心所做出的主动转型。据悉，面对快速变化的零售环境，宜家将持续评估并优化业务 组合、渠道布局与运营结构，在全球与中国市场按需转型、关闭或增设业务单元，以构建面向未来 ...

在数字经济深度渗透实体经济的当下，泸州中小企业的线上转型步伐持续加快。1688平台作为国内领先 的B2B电商生态，已成为泸州白酒、农副产品、制造加工等特色产业拓展销路的核心阵地。据阿里官方 数据显示，2024年泸州地区1688活跃商家数量同比增长28%，线上交易额突破35亿元，其中通过专业运 营服务实现业绩翻倍的商家占比达42%，这一数据直观印证了科学运营对中小企业线上发展的关键作 用。 1688平台对泸州商家的核心价值，不仅在于其覆盖全国的2.7亿采购商资源，更在于其完善的数字化服 务体系。对于泸州本地以中小微企业为主的商家群体而言，平台提供的精准流量匹配、数字化营销工 具、供应链金融支持等功能，有效弥补了传统线下经营模式中获客渠道窄、信息不对称、资金周转难等 短板。特别是针对泸州特色产业，平台还开设了"川酒专区""西南农副产品基地"等垂直频道，为本地商 家搭建起差异化的展示窗口，助力地域特色产品走向全国市场。 尽管线上转型前景广阔，但泸州多数商家在1688运营过程中仍面临诸多痛点。走访发现，超过六成的商 家存在"开店易、运营难"的问题：部分传统厂家缺乏线上营销思维，店铺装修简陋、产品详情模糊，难 以吸引采 ...

Investment Rating - The report maintains an "Accumulate" rating for the health supplement industry [1] Core Viewpoints - The health supplement sector showed positive growth in Q3 2025, with revenue and net profit increasing by 18% and 122% respectively, driven by low base effects [4][9] - The industry is undergoing a transformation with a shift towards online channels and new consumer demographics, indicating a promising outlook for growth [41][46] Summary by Sections 1. Q3 2025 Review: Stock Differentiation and Positive Operations - The health supplement sector's revenue and net profit growth reflects a recovery from low bases, with notable performances from companies like汤臣倍健 and民生健康 [4][9] -汤臣倍健 reported a Q3 revenue of 13.83 billion, up 23.45% year-on-year, marking a significant turnaround [10] -民生健康 achieved a revenue of 1.60 billion in Q3, a 30.84% increase year-on-year, indicating strong operational momentum [12] 2. Future Outlook: Focus on Quality Stocks with Valuation Space - The valuation of food additive companies is generally low, with many trading below the 50th percentile of historical PE ratios [32] - The report suggests focusing on quality leading companies that adapt to channel transformations and new consumer segments, such as H&H International Holdings and汤臣倍健 [31][56] 3. Health Supplement Industry: Strong Growth Potential - The health supplement market in China is projected to grow from 701.35 billion in 2010 to 2323.39 billion by 2024, with a CAGR of 8.93% [41] - The aging population and the rise of new consumption channels are expected to sustain growth, with an anticipated growth rate of over 6% from 2025 to 2027 [41][44] 4. Investment Recommendations: Focus on Quality Stocks - The report recommends focusing on brands with new channels and consumer logic, such as H&H International Holdings,民生健康, and汤臣倍健, which are expected to benefit from ongoing reforms and market dynamics [56]

Core Viewpoint - Shanghai Jahwa's online transformation is showing positive results, with significant growth in revenue and net profit in the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, Shanghai Jahwa reported revenue of 4.961 billion and a net profit attributable to shareholders of 405 million, representing year-on-year growth of 10.83% and 149.12% respectively [1]. - Investment income reached 54 million, more than doubling year-on-year, contributing to the substantial increase in net profit [1]. - Excluding investment income, the adjusted net profit attributable to shareholders was 231 million, showing over 90% year-on-year growth [1]. Online Channel Development - The management revealed that online revenue accounted for 50% of total sales for the first time in Q3, indicating successful channel reform [2]. - Despite the increased focus on online sales, the sales expense ratio remained stable at 45.66%, similar to the same period in 2024 [2]. Marketing and Product Launches - The sales expenses do not include marketing costs for the upcoming "Double Eleven" promotional activities, which are expected to peak in Q4 [3]. - The chairman indicated that the first phase of the Double Eleven promotions will focus on Douyin, with expectations of double-digit revenue growth during the event [3]. - In the first three quarters, Shanghai Jahwa launched three major products, contributing to revenue growth [3].

Core Viewpoint - The company is experiencing a strategic contraction that has led to a decline in revenue while achieving growth in net profit, highlighting a complex balance between efficiency improvements and growth challenges [2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 4.808 billion yuan, a year-on-year decrease of 7.3% [1]. - The net profit attributable to the parent company was 281 million yuan, reflecting a year-on-year increase of 5.33% [1]. Group 2: Strategic Contraction - The company's proactive contraction strategy, which involves closing inefficient stores and focusing on core business districts, has become a key driver of performance differentiation [2]. - The closure of hundreds of rural stores has resulted in a significant reduction in revenue base, indicating a trade-off between operational efficiency and market penetration [2]. - The shift towards community stores has improved repurchase rates but has not mitigated the impact of fragmented retail formats, such as convenience stores and discount shops, which continue to divert daily consumer spending [2]. Group 3: Online Transformation and Product Strategy - The company's partial success in online transformation, particularly through live-streaming e-commerce, has not yet established a robust second revenue engine [3]. - The disconnect between platform thinking and traditional supply chain management has led to inventory imbalances, as logistics systems are not yet capable of supporting full-channel fulfillment [3]. - Weakness in proprietary product development has hindered deeper transformation, as the company struggles to compete against low-cost private labels and quality pre-packaged meals from other retailers [3].

Core Viewpoint - The home furnishing market is facing a critical turning point in 2025, marked by a series of tragic events involving industry leaders, which may leave a dark mark in Chinese business history [4]. Group 1: Industry Overview - The home furnishing market operates on a "real estate-like" model, relying heavily on land acquisition, loans, and rental income, making it susceptible to risks associated with resource acquisition [5]. - The industry has thrived over the past 20 years due to the real estate boom, but as this growth cycle ends, a market "cleansing" and reshuffling is necessary [6]. - The average rental rates for leading home furnishing companies have been reported to be between 89% and 93%, below the industry safety line of 95%, indicating operational risks [8]. Group 2: Financial Performance - From 2021 to 2024, the total revenue of major players like居然之家 (Yuanran Home) fluctuated around 13 billion yuan, while net profit plummeted by 67% from 2.3 billion yuan to 769 million yuan [12]. - 红星美凯龙 (Red Star Macalline) saw its revenue drop from 15.5 billion yuan in 2021 to 7.8 billion yuan in 2024, with net losses escalating from 2.2 billion yuan to 2.9 billion yuan [13]. - 富森美 (Fusenmei) maintained revenue around 1.5 billion yuan but faced declining net profits, indicating a trend of financial deterioration across the industry [14]. Group 3: Market Dynamics - The home furnishing market's sales in 2024 were approximately 1.49 trillion yuan, reflecting a year-on-year decline of 3.85%, with a significant increase in bankruptcies within the home decoration sector [9]. - The shift in consumer behavior and the rise of online platforms have led to a decline in foot traffic and sales in physical stores, with many stores reporting minimal customer engagement [10][11]. - The operational model is evolving, with companies exploring multi-format strategies and digital transformation to adapt to changing market conditions [17][19]. Group 4: Transformation Challenges - Companies are attempting to diversify their business models by integrating new formats such as automotive and dining services, but these efforts have yet to fully offset declines in core business [17]. - The transition to online platforms has proven challenging, as traditional home furnishing retailers struggle to replicate the customer experience offered by established e-commerce giants [21]. - The need for enhanced service offerings and unique in-store experiences is becoming critical as the market shifts from a focus on rental income to a more service-oriented approach [23][25].

Core Insights - The snack market in China is significantly influenced by Jinjiang enterprises, which have captured one-fifth of the market share through innovative online product launches and a focus on younger consumers [1][2][3] Group 1: Industry Background - Jinjiang's snack industry emerged in the late 20th century, with companies like Daliyuan and Jincuan leading the way in creating popular products such as egg yolk pies and shrimp chips [2] - The industry has evolved from relying on traditional distribution channels to embracing e-commerce, with a notable shift towards online sales post-2018 and during the pandemic [3][4] Group 2: Shift to Online Strategy - Many Jinjiang snack companies initially struggled with online transitions due to their heavy reliance on offline sales and lack of e-commerce experience [3][4] - The younger generation of company leaders is now prioritizing online engagement to attract consumers aged 18-25, reflecting a broader trend towards digital marketing and sales [4][5] Group 3: Product Innovation and Consumer Engagement - Companies like Jincuan and Yake are leveraging data from platforms like Pinduoduo to develop new products that cater to the preferences of younger consumers, such as low-fat snacks and unique flavor combinations [6][7] - The introduction of health-conscious and personalized products has become a key strategy, with companies responding to the demand for healthier snack options [6][7] Group 4: E-commerce Advantages - Pinduoduo has emerged as a crucial platform for testing new products, significantly reducing the time from product development to market launch [8][9] - The platform's cost structure, including lower technical service fees compared to traditional e-commerce, has made it an attractive option for Jinjiang snack companies [9][10] Group 5: Future Outlook - Jinjiang snack companies are increasingly focusing on product innovation and online sales, with plans to enhance their e-commerce presence and reach younger demographics [9][10] - The ongoing support from platforms like Pinduoduo, including subsidies and marketing assistance, is expected to further accelerate the growth of these companies in the online market [9][10]

Core Viewpoint - Sasa International has announced the closure of all its offline stores in mainland China by June 30, 2025, shifting focus to online business due to over 80% of revenue coming from online sales and a decline in customer foot traffic [3][8] Group 1: Store Closures - Sasa has closed multiple stores in Beijing, with reports indicating that all 18 offline stores in mainland China will be shut down [1][3] - The decision to close stores is attributed to the inability to achieve economies of scale with the current number of stores [3] - The brand's offline presence has significantly decreased from a peak of 80 stores to just 18 as of September 30, 2022 [3] Group 2: Financial Performance - For the fiscal year ending March 31, 2025, Sasa reported a 9.7% decline in total revenue to HKD 39.42 billion, with net profit dropping 64.8% to HKD 76.97 million [7] - The performance in mainland China was particularly weak, with revenue down 10.5% to HKD 5.21 billion and offline sales plummeting 38.2% to HKD 1.03 billion [7] Group 3: Online Transition Challenges - Sasa's online transformation has been hindered by high customer acquisition costs and low customer loyalty among price-sensitive consumers [8][10] - The company has attempted to expand its online presence through various platforms, but its efforts have not yielded significant results [4][5] Group 4: Market Trends and Expert Opinions - Experts suggest that the increasing operational costs of physical stores and declining customer visits are primary reasons for the closure of offline locations [8][10] - The beauty retail sector is witnessing a trend of offline store closures, with other brands like Olive Young and Watsons also reducing their physical footprint [8][10] - To succeed in the future, Sasa needs to focus on high-end products and enhance its digital capabilities to improve customer experience and operational efficiency [10]

Industry Overview - In 2024, the new residential property sales area in China decreased by 12.9% year-on-year, totaling 97.385 million square meters, while sales revenue fell by 17.1% to 967.5 billion yuan [1] - The sales area and revenue for residential properties dropped by 14.1% and 17.6% respectively compared to 2023, indicating a continued decline in the new housing market [1] - The building materials and home furnishing market also faced challenges, with sales revenue from large-scale building materials and home furnishing markets declining by 3.9% to 1.49 trillion yuan, marking the third consecutive year of negative growth [1] Company Performance - For 2024, the company reported total revenue of 1.43 billion yuan, a slight decrease of 6.2% year-on-year, with net profit attributable to shareholders at 690 million yuan, down 14.4% from 2023 [2] - The company maintained positive cash flow from operating activities, with a net inflow of 816 million yuan, the only listed home furnishing company in A-shares to achieve growth [2] - The company's revenue is heavily concentrated in the Chengdu area, contributing 97.8% of total revenue, with minimal contributions from other regions [2] Business Model and Revenue Breakdown - The company's primary business model includes self-operated and franchised stores, with self-owned properties being the core operational model [3] - Revenue from market leasing and services decreased by 4.5% to 1.247 billion yuan, accounting for approximately 87.2% of total revenue [4] - The average revenue per unit area for 2024 was approximately 997.51 yuan per square meter, a decrease of 16.0% from 2023 [4] Cost and Profitability - The company's operating costs increased by 3.1% year-on-year to 468 million yuan, with a significant portion attributed to market leasing and service operations [9] - The gross profit margin for 2024 decreased by nearly 3 percentage points to 67.2%, reflecting external adverse factors [9] - The company successfully reduced sales expenses by 32.7% through cost control measures, resulting in a sales expense ratio of 0.4% [12] Strategic Initiatives - The company is focusing on online transformation, achieving online payment totals of 320 million yuan and attracting over 20,000 customers through digital channels [14] - The company has shifted the focus of its Tianfu project from a lifestyle commercial complex to a "live streaming port," aiming to create an ecosystem for home furnishing live streaming [15] - The company maintains a low level of interest-bearing debt, with a debt ratio of only 1.4%, indicating a healthy financial structure [16]