Financial Data and Key Metrics Changes - The company maintained a gross profit margin and net profit margin of 5% [2][5][6] - Material expenses remained stable, indicating effective cost management [3] Business Line Data and Key Metrics Changes - The company expanded its product portfolio to include exclusive online items, enhancing its market presence [3][7] - The average transaction value (ATV) showed positive trends, contributing to net profit after tax [4][8] Market Data and Key Metrics Changes - The company is focusing on expanding its offline store presence while maintaining profitability [2][5] - Online sales channels are being stimulated through exclusive products and live streaming initiatives [4][5][8] Company Strategy and Development Direction - The company is pursuing a strategy that integrates online and offline platforms, enhancing customer engagement through live streaming and exclusive online offerings [5][8] - There is a focus on leveraging brand equity and expanding into new market segments, particularly targeting Generation X, Y, and Z [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining margins despite competitive pressures, emphasizing a strong brand image and product differentiation [5][6] - The long-term outlook includes a commitment to online growth and adapting to changing consumer behaviors across various platforms [8] Other Important Information - The company is actively utilizing social media platforms like TikTok to drive brand awareness and sales [8] Q&A Session Summary Question: What is the company's strategy for online and offline integration? - The company is focusing on seamless integration between online and offline channels, utilizing live streaming and exclusive products to enhance customer experience [5][8] Question: How does the company plan to maintain its profit margins? - Management indicated that maintaining gross and net margins is a priority, supported by effective cost management and a strong brand image [2][5][6]

一、颈霜行业概述 颈霜是指专用于颈部肌肤护理的乳霜质地护肤品。颈霜旨在通过为颈部肌肤提供滋养、保湿、紧致等功效，帮助改善颈部肌肤状态，延缓颈部肌肤衰老，维 持其健康与美观。按产品功效的不同，可将颈霜大致分为基础保湿型颈霜和功效型颈霜（抗衰抗皱型颈霜、美白提亮型颈霜、提拉紧致型颈霜等）。 二、颈霜行业发展背景 颈霜是介于面部护理与身体护理之间的功能性护肤品，是化妆品细分领域下专注于身体局部护理的典型代表，核心目标是通过针对性成分改善颈部横纹、松 弛、暗沉等老化迹象，强化颈部屏障功能，其配方通常比面霜更滋润，比身体乳更温和，且需兼顾颈部皮脂腺少、角质层薄的特性。2024年中国化妆品零售 额达4357亿元。 三、颈霜行业产业链 上游：主要是原材料供应商。颈霜的原材料包括保湿剂、乳化剂、增稠剂、抗氧化剂等基础成分，以及透明质酸、重组胶原、视黄醇、胜肽等功能性成分。 国内企业在原材料供应方面表现突出，如华熙生物凭借全球最大透明质酸产能和合成生物技术，逐步打破国际垄断；巨子生物、锦波生物等实现Ⅲ型人源化 胶原蛋白量产；浙江湃肽生物通过定制多肽方案，供应珀莱雅、自然堂等品牌，抢占中端市场。 中游：为颈霜生产商，包括品牌商和 ...

实体店有未来吗？正确的回答是没有。 干嘛要把话说得这么绝？因为传统实体店要想活下来，成为永不缩水的"恒产"，不是去骂电商，而是要改变自己，重塑金身，在这种意义上，传统的实体店 的确临着生与死的考验，剩下的只是时间问题。当然这个结论不影响实体店短期的生命周期，你此生完全可以继续做实体店老板，继续交房租，也能赚钱， 但作为一种商业形式，趋势使然，不可抗拒。 问题的提出来自主流媒体发文内容：未来死的不是实体店，是20年不变的经营头脑。 什么意思呢？意思是出现了关店潮不要怪电商，实体店的未来是线上线下的结合。主流媒体的这个观点一定正确，但角色不对。 为什么说角色不对？ 因为干掉实体店的两大杀器，一是店租，二是电商。实体店确实是在电商的扩表中沉沦的，从实体店老板的角度说，不怪电商又怪谁？我写过一篇相关的文 章，谈的是逻辑，但网友谈的却是自身的感受，这就是角色的差异。中国的实体店不都是胖东来，而是千千万万个赖以生活的大妈大爷，又怎么让他们改 变"20年不变的经营头脑"，去效仿胖东来？ 每一次工业革命都意味着死亡是新生的代价，宏观文件要做的不仅帮助大妈大爷干掉自己"20年不变的经营头脑"，也要去帮扶，让死亡来得慢一些。 2 ...