记者丨贺泓源 刘瑾睿 李晴 编辑丨高梦阳 安踏集团正在掀起一场反腐风暴。 据安踏披露，截至8月，安踏因严重舞弊触犯集团红线被辞退的员工74人；涉嫌违法犯罪移交司法机关 处理的内外部人员46人（内部21人，外部25人），其中包含总裁级1人，总监级14人、经理级4人；追诉 离职人员3人（因在职期间职务犯罪）；违反诚信廉洁责任条款的舞弊供应商及合作伙伴45家，查处案 件涉及违法犯罪金额约3千万元。 今天，我们就来聊下，安踏为什么要刮起如此强势的反腐风暴。 首先，我们来看看，安踏反腐重点在哪。这家公司明确提到，采购、工程、营销是高敏感、高风险领 域。 为此，安踏推出了定期轮岗制度，并构建了相应配套措施。 背后是，在营销、采购等领域，确实水很深。 以安踏今年2月披露的首批"永不合作主体"清单为例，在10家黑名单企业中，高达6家为文化传媒类公 司。 原因是，在营销市场，基于成本的不透明，确实容易滋生腐败空间。 安踏集团似乎还在从运营体系上做调整以规避相关风险。据我了解，安踏旗下某知名品牌的营销活动主 动权已上收至品牌总部。对此动作，该品牌高管的解释为，"提高营销效率"。这话听起来就很官方。 采购环节也是贪腐的重灾区。安踏 ...

记者丨贺泓源 刘瑾睿 李晴 首先，我们来看看，安踏反腐重点在哪。这家公司明确提到，采购、工程、营销是高敏感、高风险领域。 为此，安踏推出了定期轮岗制度，并构建了相应配套措施。 背后是，在营销、采购等领域，确实水很深。 以安踏今年2月披露的首批"永不合作主体"清单为例，在10家黑名单企业中，高达6家为文化传媒类公司。 编辑丨高梦阳 安踏集团正在掀起一场反腐风暴。 据安踏披露，截至8月，安踏因严重舞弊触犯集团红线被辞退的员工74人；涉嫌违法犯罪移交司法机关处理的内外部人 员46人（内部21人，外部25人），其中包含总裁级1人，总监级14人、经理级4人；追诉离职人员3人（因在职期间职务 犯罪）；违反诚信廉洁责任条款的舞弊供应商及合作伙伴45家，查处案件涉及违法犯罪金额约3千万元。 更关键的是，安踏正在前所未有的强化自己的反腐体系。这意味，安踏反腐风暴只会越刮越猛烈。 今天，我们就来聊下，安踏为什么要刮起如此强势的反腐风暴。 回到安踏，这家公司在多品牌战略下保住了增长。 原因是，在营销市场，基于成本的不透明，确实容易滋生腐败空间。 安踏集团似乎还在从运营体系上做调整以规避相关风险。据我了解，安踏旗下某知名品牌的营销活 ...

安踏集团正在掀起一场反腐风暴。 据安踏披露，截至8月，安踏因严重舞弊触犯集团红线被辞退的员工74人；涉嫌违法犯罪移交司法机关 处理的内外部人员46人（内部21人，外部25人），其中包含总裁级1人，总监级14人、经理级4人；追诉 离职人员3人（因在职期间职务犯罪）；违反诚信廉洁责任条款的舞弊供应商及合作伙伴45家，查处案 件涉及违法犯罪金额约3千万元。 更关键的是，安踏正在前所未有的强化自己的反腐体系。这意味，安踏反腐风暴只会越刮越猛烈。 今天，我们就来聊下，安踏为什么要刮起如此强势的反腐风暴。 首先，我们来看看，安踏反腐重点在哪。这家公司明确提到，采购、工程、营销是高敏感、高风险领 域。 为此，安踏推出了定期轮岗制度，并构建了相应配套措施。 背后是，在营销、采购等领域，确实水很深。 那为什么安踏现在完全不忍受了呢？ 那是因为，市场变了。 现在，运动巨头的经营就是越来越难。 以安踏今年2月披露的首批"永不合作主体"清单为例，在10家黑名单企业中，高达6家为文化传媒类公 司。 原因是，在营销市场，基于成本的不透明，确实容易滋生腐败空间。 安踏集团似乎还在从运营体系上做调整以规避相关风险。据我了解，安踏旗下某知名品 ...

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [8] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [8] - Adjusted net profit rose to $160 million, a significant year-on-year increase of 147% [8][30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with market share rising to 32.8% [9] - Revenue in Southeast Asia increased by 29.6% year-on-year to $2 billion, with adjusted EBIT growing by 74% [22] - In China, parcel volume reached 10.6 billion parcels, a year-on-year increase of 20%, but revenue per parcel decreased to $0.30 [13][25] - New markets saw parcel volume increase to 170 million parcels, a year-on-year growth of 22%, achieving positive EBITDA for the first time [15][27] Market Data and Key Metrics Changes - Southeast Asia's market share increased by 5.4 percentage points year-on-year, solidifying the company's leadership position [9] - The new markets segment achieved a significant turnaround, with a market share increase of 6.2% [15] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [11] - Plans to replicate China's cost reduction experience in Southeast Asia and new markets [16] - Emphasis on investing in network capacity and automation to improve operational efficiency [16][28] Management's Comments on Operating Environment and Future Outlook - The global economic environment remains volatile, with geopolitical conflicts and trade uncertainties posing challenges [7] - Management expressed confidence in future growth, particularly in Southeast Asia and Latin America, driven by strong local partnerships [16][39] - The company aims to maintain a long-term focus on value creation amidst competitive pressures [17] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million, an increase of 21.8% [30][32] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [32] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [36] - The Latin American market is expected to grow further, supported by partnerships with platforms like TikTok and MercadoLibre [39] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business accounts for less than 10% of total parcels but contributes higher margins [44] - Current capacity in Southeast Asia can handle over 30 million parcels daily, with ongoing investments in capacity expansion [47] Question: Cost reduction potential and market share expansion plans - Transportation and sorting costs per parcel have decreased, with ongoing efforts to further reduce costs [51] - The company is evaluating potential new markets for expansion, with a focus on maintaining leadership in Southeast Asia [60] Question: Unit economics guidance and franchise model adoption - The company aims to balance parcel volume growth with ASP strategy, maintaining stable EBIT per parcel [72] - The network partner model is being implemented across Southeast Asia, with 30% of the network run by partners [77] Question: Cooperation with MercadoLibre and AI technology initiatives - Collaboration with MercadoLibre is progressing well, with significant potential for growth [90] - The company has deployed over 900 autonomous delivery vehicles in China, enhancing last-mile delivery efficiency [94]

Core Insights - The self-service hot pot market is experiencing renewed interest, with Yang Guofu's self-service hot pot opening in Qingdao at a price of 59.9 yuan per person, offering a variety of ingredients and garnering mixed reviews from consumers [1][3] - The self-service model attracts customers due to its high cost-performance ratio and flexible operation, although it requires high supply chain efficiency and operational precision, posing risks in food safety [1][6] Company Overview - Yang Guofu, established in 2003, operates over 5,000 stores, primarily focusing on restaurant operations and retail [3] - The new self-service hot pot location is currently an experimental venture with no immediate expansion plans [3] Market Trends - The self-service hot pot segment is growing, with over 50,000 stores projected by July 2024, accounting for about 10% of the total hot pot market [5] - The low entry barrier for self-service hot pot, characterized by low investment costs and simplified operations, is attracting many new entrants [5][6] Consumer Behavior - Consumers are increasingly seeking value for money, and the self-service model allows for greater choice, catering to diverse dietary preferences [6] - Feedback on the new Yang Guofu location is polarized, with some praising the price and freshness, while others criticize the environment and food quality [3][7] Operational Challenges - Despite the appeal of self-service hot pots, brands like Yang Guofu face challenges in maintaining quality and safety, with reports of poor hygiene and ingredient freshness affecting consumer trust [7][8] - The self-service model's reliance on high turnover rates and low-cost ingredients creates a delicate balance between pricing and quality, necessitating effective supply chain management [8]

一个非典型"高端"美妆的生存法则。 作者 | 贺哲馨 编辑 | 乔芊 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 4月1日，毛戈平在交流会上这样回答投资者的关于品牌定位的疑问。去年年底，毛戈平顶着"国货高端第一股"登陆香港，前不久发布了收入盈利大增的 首份财报后，最终收盘113港元，也创下上市以来股价的最高点，比上市首日大涨了117%。 不过，一路上扬的股价也为这只消费牛股惹来不少争议。 有资深财经观察人士向36氪表示，部分投资者对毛戈平的质疑包括："公司个体的高增长与美 妆市场平价当道的现状有脱节，其次是我们会怀疑毛戈平本身的高端市场定位是不是能立得住。" 因此，本文试图探讨两个问题： 毛戈平所言的"高端"定位究竟该如何理解，它重要吗？以及，疯狂的股价上涨背后， 市场到底在为何买单？ 但毛戈平显然不属于此列。 一是它主攻的底妆品类价格高，但相较于护肤品类溢价空间更小，价格上限低； 二是与珀莱雅主打线上渠道不同，毛戈平一 直重点布局百货，这是一个没那么快看到成绩的渠道。 百货以中高收入人群为目标，对价格敏感度低，但渠道会收取较高的扣点（25%-40%为主），部分高 ...