转自：中国经营报 中经记者黎竹孙吉正北京报道 在前不久收官的"双11"活动中，运动户外成为最耀眼的赛道之一。其中，冲锋衣是不容忽视的存在，不 仅位列各大电商平台销售榜的前排，就连商场里的门店也把自家的冲锋衣摆在了最好的位置。 冲锋衣的火热在资本市场上也有所体现。近日，伯希和户外运动集团股份有限公司（以下简称"伯希 和"）再次向港交所递交上市申请，向"中国高性能户外生活方式第一股"发起冲击。早在今年4月，其就 正式向港交所递交招股说明书。招股书显示，2022年至2024年，伯希和累计卖出380万件冲锋衣，营收 复合年增长率为122.2%，主要以直接面向消费者（DTC）的多渠道模式销售产品。 业内专家认为，当前户外用品处于非常确定的增量市场。从长期来看，户外运动装备作为消费升级的赛 道，拥有充满想象力的市场空间。基于户外用品市场目前16%的年复合增长率，艾媒咨询CEO张毅认 为，像伯希和这类以DTC驱动全渠道触达的品牌，能够借势获得较快增长，但如何突破对线上渠道的过 度依赖，深化品牌认知，用线上线下渠道打造好护城河，仍是这类"爆红"品牌的必考题。 超级单品驱动增长 曾经只出现在专业户外场景中的冲锋衣，近两年迅速崛 ...

2024年，在国内各大网购平台以及众多直播间里，一场 "工厂直供" 的营销热潮悄然兴起。 不管是平台上的工厂店，还是直播间里主播们的叫卖，都在喊着 "工厂直供，源头低价""去掉中间商， 价格打骨折" 这样的口号。 不少消费者看到这样的宣传，都觉得没有了经销商、零售商这些赚差价的环节，买东西肯定能省不少 钱。 但实际情况却和大家想的不一样，所谓的 "去中间商" 并没有让消费者少花钱，反而可能让消费者为一 些隐形成本买单。 "中间商消失" 只是假象 很多人觉得 "去中间商" 逻辑很合理，认为缩短供应链后，消费者直接对接品牌或工厂，流通成本降 低，价格就该下降。 可关键问题是，中间商虽然看似消失了，但他们之前承担的功能和成本从来没有凭空消失过，大家可能 不知道，中间商不只是简单的 "加价者"，更像是供应链里的 "粘合剂"。 之前中间商承担的成本，现在换了个形式，还是得由整个供应链来承担，最终往往还是会落到消费者身 上。 就像咱们平时买东西，不管是通过经销商还是品牌直接买，那些必要的成本是省不掉的，只是表现形式 不一样罢了。 三大 "猫腻" 曝光 现在很火的 DTC模式，也就是品牌直接面向消费者的模式，品牌不用再依赖 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a total revenue of 8.434 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 3.49%. The net profit attributable to the parent company was 623 million yuan, up 31.48% year-on-year, while the net profit excluding non-recurring items was 647 million yuan, reflecting a 27.62% increase year-on-year [2][4]. - In Q3 2025, the company achieved a total revenue of 2.908 billion yuan, a year-on-year increase of 4.42%. The net profit attributable to the parent company was 226 million yuan, up 27.67% year-on-year, and the net profit excluding non-recurring items was 236 million yuan, an increase of 21.88% year-on-year [2][4]. Summary by Sections Financial Performance - The company's net profit margin for Q1-Q3 2025 improved by 1.57 percentage points to 7.39%, with a gross margin increase of 0.38 percentage points to 29.47%. The expense ratio decreased by 1.26 percentage points to 20.23% [5]. - For Q3 2025, the net profit margin rose by 1.42 percentage points to 7.78%, while the gross margin slightly decreased by 0.39 percentage points to 28.43%. The expense ratio also decreased by 1.46 percentage points to 19.12% [5]. Strategic Positioning - The company adheres to a strategy of regional deep cultivation and differentiated innovation, achieving alpha performance. It focuses on high-end fresh milk and active nutrition products, creating a competitive edge against leading dairy companies [6]. - The high-end product line caters to quality-sensitive consumers, while large-pack products meet cost-performance needs. The company strengthens its direct-to-consumer (DTC) supply chain system as a core competitive advantage [6]. Future Outlook - The company is expected to achieve net profits of 703 million yuan and 830 million yuan for 2025 and 2026, respectively, corresponding to current price-to-earnings (PE) ratios of 21 and 18 times [6].

Core Viewpoint - HOKA, a rising brand in the outdoor running market, is experiencing a slowdown in growth despite a strong past performance, with net sales growth of 11.1% reaching $634.1 million as of September 30, indicating a decline from previous quarters where growth exceeded 20% [1][2] Financial Performance - HOKA's revenue increased from $150 million in 2018 to $1.81 billion in 2024, achieving a six-year CAGR of 51% and increasing its share of parent company Deckers Brands' revenue from 8% to 42% [2] - The brand's sales growth was only 10% year-over-year for the quarter ending March 31, with previous quarters showing growth rates of 29.7%, 34.7%, and 23.7% [2][3] - Deckers Brands forecasts a low double-digit growth of 10%-15% for HOKA's sales in the current fiscal year due to cautious consumer attitudes and pressures from tariffs and rising product prices in the U.S. market [4][5] Market Dynamics - The competitive landscape is shifting, with HOKA facing pressure from brands like ANTA, which maintained a growth rate of 37.2% in the first half of the year, particularly in the Asia-Pacific region [3] - Changes in market environment and channel structures, including increased collaboration between major brands like Nike and top retailers, have impacted HOKA's wholesale channel performance [4] Brand Strategy and Future Directions - HOKA's growth model is transitioning, emphasizing brand establishment and channel efficiency as key factors for future success [6] - The brand is focusing on expanding its apparel line and increasing direct-to-consumer (DTC) sales, with plans to enhance its presence in the Asia-Pacific market [7][10] - HOKA has established a significant first-mover advantage in the Chinese trail running market, with a market share among the top three brands in terms of footwear worn in events [9] Retail Expansion - HOKA is actively expanding its retail presence in China, with a focus on flagship stores in major cities like Shanghai and Beijing, and has opened the largest brand experience center globally [11][12] - The brand's strategy includes collaborating with local retailers to penetrate second-tier markets, reflecting a broader trend of outdoor brands increasing their presence in high-end shopping centers [13][14] Consumer Trends - The Chinese outdoor sports market is characterized by a bifurcation in consumer preferences towards "high cost-performance" and "high quality" products, with sports brands becoming important lifestyle and value expression tools for the middle class [15][16] - The market is shifting from outdoor trail running to urban road running, increasing competition among mid-to-high-end running shoe brands [18][19]

Core Insights - The company reported a revenue of 364.716 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 13.85%, and a net profit attributable to shareholders of 37.883 billion yuan, up 19.51% year-on-year [1] - The company's B-end business showed strong growth, particularly in the fields of new energy, commercial multi-connected systems, elevators, robotics, and automation solutions [2] - The company maintains a "recommended" rating with projected revenues and net profits for 2025-2027 showing consistent growth [3] Revenue and Profit Performance - For Q3 2025, the company achieved a revenue of 112.385 billion yuan, a year-on-year increase of 9.94%, and a net profit attributable to shareholders of 11.870 billion yuan, up 8.95% year-on-year [1][2] - The company’s gross profit margin improved to 26.44% in Q3 2025, an increase of 0.41 percentage points year-on-year [2] Business Segment Analysis - C-end business showed resilience, with air conditioning sales up 6.87% online but down 13.10% offline, while refrigerator sales decreased by 19.17% online and 6.50% offline [1] - B-end business revenue for new energy, industrial technology, and robotics was 30.6 billion, 28.1 billion, and 22.6 billion yuan respectively, with year-on-year growth rates of 21%, 25%, and 9% [2] Future Projections - The company forecasts revenues of 450.478 billion, 486.373 billion, and 522.231 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.12%, 7.97%, and 7.37% [3] - Expected net profits for the same period are projected at 44.296 billion, 47.995 billion, and 53.452 billion yuan, with corresponding year-on-year growth rates of 14.94%, 8.35%, and 11.37% [3]

Core Insights - The launch of the 10th anniversary custom Labubu necklace by POPOP, a jewelry brand under Pop Mart, has sparked significant market discussion, particularly regarding consumer recognition of IP emotional value and Pop Mart's brand premium capability [2] Group 1: Brand Extension Challenges - Pop Mart's introduction of the jewelry brand POPOP represents a crucial attempt to diversify the monetization of IP value [4] - POPOP's products, primarily made from S925 silver, shell pearls, and zircon, are priced between 319 yuan and 26,990 yuan, with one necklace priced at 19,800 yuan, challenging traditional jewelry pricing norms [4] - Unlike traditional jewelry that emphasizes material premium, Pop Mart recognizes that Generation Z is reconstructing jewelry consumption logic through emotional premium, positioning itself at the intersection of "affordable luxury" and "IP collectibles" [4] Group 2: Consumer Decision-Making Challenges - Transitioning from purchasing blind boxes priced in the tens or hundreds of yuan to jewelry costing thousands significantly increases decision-making costs for consumers [5] - The challenge lies in conveying the emotional value of IP jewelry to justify its high prices [6] - Establishing a differentiated competitive advantage amidst competition from traditional jewelry and affordable luxury brands is essential [6] Group 3: Strategic Value of Official Websites - An official website is crucial for brand differentiation, offering three irreplaceable advantages over third-party platforms: [8] - Brand narrative autonomy, allowing complete control over content presentation [8] - Ownership of user data, enabling direct insights into consumer behavior without reliance on third-party data [7] - Pricing control, eliminating price comparison interference from third-party platforms [8] Group 4: Building Emotional Connections - The official website serves as the most effective medium for conveying brand value propositions [9] - Pop Mart positions its jewelry as an "IP personality extension," with product logic translating "toy personas" into accessories [9] - The website can showcase meticulous attention to detail through high-quality visuals, storytelling, and simulated usage scenarios [10][11][12] Group 5: Pricing Authority - The official website aids in establishing pricing authority by highlighting unique value and shifting consumer focus [14] - Pop Mart employs a fixed pricing model, with a Baby Molly gold bead priced at 1,380 yuan, reflecting a price per gram significantly higher than traditional gold jewelry [14] - By guiding consumer decisions towards emotional value, design complexity, and collectible significance, sensitivity to material costs diminishes [14] Group 6: Future Vision of Official Websites - The future of corporate websites will evolve into the core of a brand's digital ecosystem [16] - Acting as a user data hub, providing insights for product development and marketing strategies [17] - Serving as a connector for offline stores, social media, and e-commerce platforms, ensuring a unified brand experience [18] - Functioning as a reservoir for private traffic, converting visitors into engaged user assets through membership systems and content marketing [19] Group 7: Conclusion on Brand Value and Pricing - When brand value is effectively communicated through the official website, and differentiation is accurately perceived, companies naturally gain pricing power [20] - This pricing authority is not merely a cost-plus approach but reflects the rich interest of the brand's emotional account [20]

Core Insights - Natural堂 Group has submitted its IPO application to the Hong Kong Stock Exchange, marking a cautious entry into the capital market after 24 years of establishment [1] - The company has recently secured investments from L'Oréal and Gahua Capital, which provide both financial backing and technological support, but faces significant challenges such as reliance on a single brand and weak R&D investment [1] Company Overview - Founded by Zheng Chunying in 2001, Natural堂 has evolved from a beauty salon to a prominent Chinese cosmetics brand, launching multiple sub-brands over the years [4][5] - The company has successfully navigated various market changes, becoming the leading brand in cosmetics specialty stores within two years of its inception [5] Financial Performance - Natural堂's revenue heavily relies on its flagship brand, accounting for approximately 94.6% to 95.9% of total revenue from 2022 to 2025 [9] - The company's revenue growth has been modest, with figures of 42.92 billion, 44.42 billion, and 46.01 billion from 2022 to 2024, reflecting a compound annual growth rate of only 3.5% [9] - Net profit has shown volatility, with figures of 1.39 billion, 3.02 billion, and 1.90 billion from 2022 to 2024, resulting in a net profit margin of 7.8% in the first half of 2025, which is lower than competitors [10] Strategic Challenges - The company has faced criticism for its declining R&D investment, which fell from 2.8% in 2022 to 1.7% in the first half of 2025, while sales and marketing costs remain above 54% [10] - Natural堂's attempts to enter the high-end market with its Gold Diamond Micro-sculpting series have not performed well compared to competitors, raising concerns about its market positioning [10] Future Plans - The IPO proceeds are intended to enhance DTC capabilities, diversify the brand portfolio, increase product development investment, and expand overseas [11] - The company is opening flagship stores to improve customer experience and strengthen brand image, with the first store launched in Shenzhen [11]

Core Insights - The article emphasizes the importance of creating a systematic approach to developing "hit products" in the restaurant industry, focusing on emotional value and commercial efficiency [4][5][34] - It discusses the integration of technology, standardization, and a modular approach in product development to ensure consistency and quality [9][11][34] Group 1: Understanding Hit Products - Hit products are defined as those that blend extreme emotional value with extreme commercial efficiency, achieved through a precise ecological research and development system [4] - The creation of hit products requires insight into human nature, where the focus should be on selling emotions and experiences rather than just food [5][6] Group 2: Modular Approach to Product Development - The process of creating hit products can be broken down into four core modules: safety, raw materials, processes, and operations, with each module requiring careful consideration [6][9] - Transparency and benchmarking against industry standards are crucial for identifying cost-saving opportunities and market differentiation [7][11] Group 3: Technological Integration and Standardization - The article highlights the role of technology as a primary productivity driver, with examples from major brands like KFC and McDonald's utilizing advanced cooking equipment [9][11] - Standardization in management and research is essential to maintain consistent quality across products [11][34] Group 4: Case Study - New Orleans Chicken Wings - The success of KFC's New Orleans chicken wings is attributed to a comprehensive system that includes cost control, flavor development, and effective marketing strategies [24][34] - The product's design process involved a detailed understanding of consumer preferences and a systematic approach to problem-solving [30][31] Group 5: Future Trends in the Restaurant Industry - The article suggests that the future of the restaurant industry will revolve around the role of Super Product Managers (SPM) who can integrate resources and drive innovation [19][20] - The DTC (Direct-To-Consumer) model is highlighted as a key strategy for building competitive advantages and long-term growth in the restaurant sector [35]

Core Insights - Lululemon is facing significant challenges in maintaining its brand identity and market position, with loyal customers expressing confusion over its recent product offerings and direction [1][28][50] - The company's stock has dropped over 55% this year, reaching a six-year low, indicating market concerns about its strategic shifts and product innovation [1][4] - Founder Chip Wilson has publicly criticized the company's current management and direction, calling for a "soul revival" to restore its innovative and cultural roots [4][19][26] Company Strategy and Market Position - Lululemon's recent strategy has focused on expanding into men's apparel and footwear, but these new categories have not produced standout products, leading to a dilution of its core yoga business [1][42][44] - The brand's attempt to appeal to a broader market has resulted in a loss of its unique identity, with some consumers comparing its offerings to fast fashion brands like H&M and Zara [1][45][49] - The company's direct-to-consumer (DTC) model, which once fueled its growth, is now seen as a double-edged sword, as it struggles to maintain the personal touch that characterized its early success [34][41][51] Leadership and Governance Issues - Wilson's departure in 2015 has led to a board that prioritizes short-term financial performance over long-term brand vision, resulting in a loss of creative talent and institutional knowledge [8][12][24] - The current leadership has been criticized for lacking a clear product-driven strategy, focusing instead on operational and financial metrics that do not resonate with the brand's core audience [14][18][26] - The erosion of Lululemon's brand culture and identity is attributed to a governance structure that fails to protect its long-term vision, leading to disengagement from its original customer base [16][25][50] Consumer Perception and Brand Identity - Lululemon's shift towards mainstream appeal has alienated some of its core customers, who feel the brand has lost its exclusivity and innovative edge [15][28][50] - The introduction of celebrity endorsements and mass marketing strategies has sparked debate over whether the brand is compromising its original values and identity [33][50] - The brand's pricing strategy is under scrutiny, as it remains significantly higher than competitors like Nike and Adidas, raising questions about its value proposition in a more price-sensitive market [49][50]

Core Viewpoint - Natural堂, a Chinese beauty brand, has submitted its listing application to the Hong Kong Stock Exchange, aiming to rank seventh in revenue among domestic beauty companies if successful [1] Group 1: Financial Performance - In 2024, Natural堂 recorded revenue of 4.601 billion yuan, surpassing Shuiyang Co.'s 4.24 billion yuan, with a net profit of 203 million yuan, ranking sixth among peers [1] - Revenue from 2022 to 2024 was 4.292 billion yuan, 4.442 billion yuan, and 4.601 billion yuan respectively, with the "Natural堂" brand contributing approximately 95% to total revenue [1] - Net profit figures for the same period were 139 million yuan, 312 million yuan, and 203 million yuan, indicating a decline of over 30% in 2024 [2] Group 2: Cost Structure - Sales and marketing costs in 2024 reached 2.717 billion yuan, a 12% increase year-on-year, accounting for 59% of total revenue [2] - In comparison, Shuiyang Co.'s sales expenses were 2.079 billion yuan, approximately 49% of its revenue, while the leading company, Proya, had sales expenses of 5.161 billion yuan, about 47.9% of its revenue [3] Group 3: Channel Strategy - Online channel revenue increased from 2.56 billion yuan in 2022 to 3.162 billion yuan in 2024, with its share of total revenue rising from 59.7% to 68.8% [3] - The "One Inventory System" launched in July 2021 has improved supply chain efficiency, allowing for synchronized tracking of inventory across online and offline channels [3] - Direct-to-consumer (DTC) sales from online stores rose from 1.82 billion yuan in 2022 to 2.44 billion yuan in 2024, increasing its contribution to total revenue from 42% to 53% [3] Group 4: Future Plans - The listing application indicates plans to enhance DTC capabilities, expand the brand matrix, and invest in research and product development, although specific fundraising amounts and allocations were not disclosed [4]