【环球时报驻韩国特约记者 黎枳银】一场原本围绕演唱会观演礼仪的争论，正迅速演变为东南亚与韩 国网民之间的大规模舆论对立，并外溢成"抵制韩流"的网络行动。 综合韩联社、《韩国经济》等韩媒27日报道，此次事件源于今年1月在马来西亚吉隆坡举行的韩国乐队 DAY6演唱会。一名韩国粉丝当时因携带并使用明令禁止的长焦相机进行拍摄，被现场工作人员制止。 相关画面在社交平台传播后，马来西亚网民批评这名韩国粉丝遮挡他人视线、影响他人观演体验。 数日后，一名马来西亚网民上传涉事韩国粉丝的侧脸照片，舆论进一步发酵。随后，自称当事人的韩国 网民公开道歉，但争议并未平息，分歧焦点也随之转移。部分韩国网民批评马来西亚人"未经允许公开 普通人照片"的行为，认为这已经构成网络霸凌。东南亚网民则认为问题核心在于韩国粉丝违规拍摄。 双方各执一词，冲突迅速升级。 随着舆论持续发酵，一些东南亚网民开始使用"#SEAblings"标签表达团结。该词由"东南亚 （SEA）"与"兄弟姐妹（siblings）"组合而成，原本用于强调东南亚地区的内部团结，此次被赋予了"共 同应对韩国网民攻击"的新含义。 在激烈的网络交锋中，部分东南亚网民讽刺韩国为"整容国家 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of ₩22,000, while the current price is ₩17,970 [2]. Core Insights - Hite Jinro holds a dominant position in the Korean soju market with nearly 70% market share, demonstrating resilience in sales and stable operating profit margins despite industry challenges [4][13]. - The company is expected to implement a 5% price increase in the soju segment in Q2 2026, which, combined with economies of scale, could push operating profit margins closer to 13% [4]. - The overseas expansion strategy, particularly with the upcoming Vietnam factory and entry into the Indian market, is anticipated to drive significant revenue growth, overcoming domestic market saturation [5][33]. - The report highlights the defensive characteristics of Hite Jinro's business model, with strong brand loyalty and pricing power in the soju segment, while the beer segment faces challenges from declining demand and competition [40]. Summary by Sections Company Overview - Hite Jinro was formed through the merger of Hite and Jinro, creating the largest beverage company in Korea with a market share of approximately 50% in the alcohol sector [24]. - The company’s revenue structure is heavily reliant on soju, which contributes about 58% of total revenue, while beer contributes around 32% [27]. Market Analysis - The Korean alcohol market is characterized by a unique dominance of soju, which accounts for 42% of the market, contrasting with global trends where beer typically holds a larger share [8]. - The beer market in Korea is experiencing a decline, with a projected drop in sales of about 12% over three years, driven by consumer preference for lower-priced products [14][15]. Financial Performance - The company achieved a record operating profit of approximately ₩208 billion in 2024, with revenue growth slightly exceeding market expectations [34]. - Future projections estimate revenues of ₩25,960 billion, ₩26,580 billion, and ₩27,340 billion for 2025-2027, with net profits expected to be ₩1,060 billion, ₩1,230 billion, and ₩1,290 billion respectively [41]. Strategic Initiatives - The establishment of a production facility in Vietnam is expected to enhance cost competitiveness and facilitate market penetration in Southeast Asia, with an anticipated annual capacity of 50 million bottles [32]. - The company is also entering the Indian market, which presents a significant growth opportunity despite regulatory challenges and the need for consumer education [33].

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of ₩22,000, while the current price is ₩17,970 [2]. Core Insights - Hite Jinro's strong market position in the soju segment, with nearly 70% market share, provides a solid foundation for stable cash flow and profit growth, even amidst industry challenges [4][7]. - The company is expected to implement a 5% price increase in the soju segment in Q2 2026, which, combined with economies of scale, could push operating profit margins (OPM) closer to 13% [4]. - The overseas expansion strategy, particularly with the upcoming Vietnam factory and entry into the Indian market, is anticipated to drive significant revenue growth, overcoming domestic market saturation [5][30][33]. - The report highlights the defensive characteristics of the essential consumer sector, suggesting that Hite Jinro could attract new capital as the market seeks balanced valuations [6]. Summary by Sections Company Overview - Hite Jinro's revenue structure is heavily reliant on soju, contributing approximately 58% of total revenue, while beer contributes about 32% [27]. - The company has a strong brand presence, with "Chamisul" and "Chamisul" accounting for over 90% of soju revenue [29]. Financial Performance - Revenue projections for 2025-2027 are estimated at ₩25,960 billion, ₩26,580 billion, and ₩27,340 billion, with net profits of ₩1,060 billion, ₩1,230 billion, and ₩1,290 billion respectively [41]. - The report anticipates a stable operating profit margin for soju at 12-13%, while beer margins are expected to remain under pressure at 2.5-3% [36][37]. Market Dynamics - The Korean alcohol market is characterized by a unique dominance of soju, which accounts for 42% of the market, contrasting with global trends where beer typically holds a larger share [8]. - The beer market is facing challenges, with a projected decline in sales due to consumer preference shifts towards lower-priced products [14][15]. Strategic Initiatives - The establishment of a production facility in Vietnam is expected to enhance competitiveness in Southeast Asia by reducing supply costs and avoiding import tariffs [32]. - The entry into the Indian market represents a significant growth opportunity, despite regulatory challenges and the need for consumer education [33].

Group 1 - The event "K-FOOD陪你开心加倍" will take place from September 5 to 16 at Shanghai Baisheng Youke City Plaza, focusing on promoting Korean beverages [1] - The event is organized by the Korean Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation, in collaboration with K-POP idol group NCT [1] - The event aims to create an immersive experience combining Korean culture and delicious beverages, featuring tasting areas and food from popular Korean dramas [1] Group 2 - Korean beverages have gained significant attention in the Chinese market due to their health, fashion, and diversity, becoming a key export category for Korea [2] - The event is expected to leverage the traffic generated by the NCT pop-up store to enhance the visibility and consumer influence of Korean beverages in China [2] - The initiative is seen as a cultural exchange and innovative consumer experience, aiming to integrate Korean food culture into the daily lives of young Chinese consumers [2]

Group 1: Core Insights - Korean culture is experiencing structural growth potential through global expansion and the potential lifting of the "Korean Wave Ban" in China [1][2] - The Global X K-Pop and Culture ETF (03158) provides an efficient way for investors to participate in the rise of Korean culture, covering high-growth sectors such as entertainment, beauty, and food [1] - The ETF has achieved a year-to-date return of 42% as of June, outperforming the KOSPI index's 28% return, driven by the resilience of the K-Pop industry and optimistic expectations regarding the reopening of the Chinese market [1] Group 2: Market Dynamics - The core appeal of the K-Pop entertainment industry lies in its potential benefits from the lifting of the "Korean Wave Ban" in China, with positive signals emerging since early this year [2] - Major developments include Tencent Music acquiring approximately 10% of SM Entertainment, establishing a partnership that could enhance revenue sources through concerts and immersive fan experiences [2] - The K-Pop industry exhibits unique defensive characteristics, with core revenues derived from live events, digital streaming, and merchandise, which are less affected by trade tariffs [2] Group 3: Industry Outlook - The return of top artists like BTS and Blackpink is expected to significantly boost market performance, with BTS planning a new album release in late 2025 and a tour in 2026 [3] - The Global X K-Pop and Culture ETF holds approximately 40% of its portfolio in four major K-Pop companies: HYBE, SM, JYP, and YG, which are believed to best capture the K-Pop trend [3] Group 4: Growth in Related Sectors - The global popularity of K-Pop is also driving growth in the Korean beauty and food industries, with cosmetic exports showing significant growth since 2023 [4] - Korean cosmetics exports are projected to grow by 15.4% year-on-year by Q2 2025, with strong growth in Europe and emerging markets [4] - In the food sector, Korean ramen is one of the fastest-growing export categories, with a compound annual growth rate of 30% from 2022 to 2024, prompting companies to increase overseas production capacity [4]