" 长跑者的冲刺，在每一个弯道。 " 作者丨 徐陟 编辑丨余快 2025年双十一收官之夜，徕芬办公室的庆功灯亮到了凌晨。 7.1亿销售额、200万台全系产品销量、近30%的同比增速，这份成绩单让整个团队长舒了一口气——高 速吹风机连续第四年领跑行业，天猫、抖音渠道GMV实现翻倍增长；刚入局不久的剃须刀，电商市占率逼 近10%，P3Pro型号直接登顶品类单品销售额榜首，将一众国际大牌高价产品甩在身后。 就在一年前，徕芬还深陷"成长阵痛"的泥潭： 初代电动牙刷因"打牙""品控拉垮"被用户热议，剃须刀研发因创始人叶洪新的"完美主义"拖沓两年错失先 机，就连赖以起家的抖音渠道也因流量机制调整增长放缓。 从2021年靠高速吹风机爆火，到2023年电动牙刷折戟，再到2025年双十一逆袭，徕芬用四年时间走完了 别人十年的路，却也攒下一堆待解的难题。 在2026年的前夜，这个野心勃勃的品牌，正拧紧每一根发条，试图在产品、供应链、渠道、出海的多重赛 道上实现突围。只是前路既有曙光，也布满暗礁。（想了解徕芬内部更多信息，可添加微信 Angiee0620 交流。） 01 从爆品依赖到多元拓品的探索 徕芬的起家，是典型的"技术平替" ...

新浪科技讯 12月12日晚间消息，近日，有网友指出，徕芬本月即将发布的扫振电动牙刷 i2 发布会布 景，撞景了电影《周处除三害》的灵堂场景。 责任编辑：刘万里 SF014 有网友发帖调侃："这不是《周处除三害》里的讲经堂吗？""建议直接请阮经天来代言，台词我都想好 了：用徕芬，做新造的人！" 对此，徕芬官方客服向新浪科技表示，"我们公司的发布会场景跟这个电影并没有关联性的视觉风格， 早在2023年我们发布会就使用过这个设计，比该电影的上映时间要早一些。另外，这个风格也是我们品 牌常用的一个形式，能够更好的拉近与现场参与者的距离，提升互动的氛围。" 徕芬官方客服还表示，"我们也没想到这个电影会和我们（发布会场景）有相似之处，但这不会影响我 们正常的发布效果，毕竟电影是电影，生活是生活。" 责任编辑：刘万里 SF014 新浪科技讯 12月12日晚间消息，近日，有网友指出，徕芬本月即将发布的扫振电动牙刷 i2 发布会布 景，撞景了电影《周处除三害》的灵堂场景。 有网友发帖调侃："这不是《周处除三害》里的讲经堂吗？""建议直接请阮经天来代言，台词我都想好 了：用徕芬，做新造的人！" 对此，徕芬官方客服向新浪科技表示， ...

Core Insights - A new commercial landscape is emerging in Shenzhen, where "internet celebrity hardware" is transitioning from online platforms to physical retail spaces, marking a collective experiment in rebuilding trust in hard-tech consumer products [1][2] - Companies like Insta360, Bambu Lab, and Leifeng are opening flagship stores in key locations, indicating a shift from online dominance to a focus on offline experiences and brand ecosystems [1][10] Group 1: Company Strategies - Insta360, Bambu Lab, and Leifeng represent three distinct paths in Shenzhen's new manufacturing landscape, focusing on local market penetration, broadening consumer reach, and establishing long-term brand presence [2][10] - Leifeng has invested over 1 billion yuan in advertising from 2022 to 2024, with a significant portion allocated to the 2023 Double Eleven shopping festival, highlighting the reliance on online marketing strategies [2][3] - Bambu Lab emphasizes product and ecosystem quality over aggressive marketing, aiming to create a community around its 3D printing technology [2][10] Group 2: Consumer Experience - For high-ticket personal care products like those from Leifeng, the in-store experience is crucial for consumer decision-making, as tactile and sensory feedback cannot be fully conveyed online [3][9] - Leifeng's flagship store in Shenzhen integrates sales, experience, and after-sales services, allowing customers to test products and receive personalized services [5][10] - Bambu Lab's store features interactive displays, allowing consumers to see and experience 3D printing technology firsthand, addressing trust issues associated with complex tech products [7][10] Group 3: Market Trends - The shift towards offline experiences is driven by the realization that online traffic alone cannot sustain growth, prompting brands to explore experiential retail as a new growth avenue [2][9] - The presence of high-end stores in Shenzhen's core shopping districts serves as a testament to brand strength and long-term investment commitment [10][12] - The trend indicates a broader movement in the consumer market towards hard-tech products, which are gaining popularity as they offer tangible benefits and experiences [14][15] Group 4: Investment Implications - The investment landscape is evolving, with a greater emphasis on companies that possess technological barriers, efficient supply chains, and strong brand potential, rather than just online traffic metrics [15][16] - The establishment of flagship stores is seen as a critical test of a brand's product strength, cash flow, and operational capabilities [15][16] - The success of brands like Leifeng, Bambu Lab, and Insta360 in physical retail is paving the way for a new narrative in consumer investment, focusing on comprehensive strength rather than just online success [16][17]

作者丨欧雪 编辑丨袁斯来 曾凭借线上大单品策略迅速崛起的个护品牌徕芬，正将重心转向线下。 11月15日，徕芬科技首家线下旗舰店在深圳市福田COCOPark开业，并宣布线下零售在2026年进入高速发展期，将覆盖20个城市、开设300家门店。 当前，个护电器行业已从增量竞争进入存量博弈，单纯依赖线上流量和价格战已难以构建持续的竞争壁垒。 线下渠道的价值因此被重新评估。它不仅是销售终端，更是品牌展示、用户体验沉淀和服务闭环的关键场所。 实际上，个护品牌从线上走向线下的例子并不少见。usmile的线下策略就主要聚焦于美妆渠道与高端百货，进驻丝芙兰（Sephora）以及万象城、SKP等地 的美妆集合区，从个护"破圈"到美妆 。 追觅的线下布局则更具生态化特征。其开设的线下体验店，核心在于构建实景解决方案。消费者可以在店内沉浸式体验从洗地机、扫地机器人到高速吹风 机等全系产品如何协同工作。 然而，从线上走到线下不是一件易事。这意味着个护品牌需要直面产品试用、成本结构、运营逻辑、用户关系等等挑战。 对徕芬而言，在个护硬件复购周期较长的现实下，如何让消费者愿意为一间"个护门店"反复驻足，是其线下战略能否跑通的关键。 2026 ...

Core Insights - SkYWY Group officially announced actor Wu Lei as the global brand ambassador for SkYWY shavers, emphasizing a shared pursuit of professionalism, innovation, and breakthrough spirit [1] - The collaboration aims to merge Wu Lei's youthful and handsome public image with the "aesthetic and strength" characteristics of SkYWY shavers, promoting a new quality in men's grooming [1][2] Group 1: Brand Alignment - The core commonality between SkYWY and Wu Lei is the concept of "high aesthetic and strength," where both exhibit external beauty and internal professionalism [2] - Wu Lei's public persona reflects a blend of youthful vitality and mature quality, aligning with SkYWY's design philosophy of "aesthetic technology" [2][3] - The partnership aims to resonate with younger demographics, enhancing brand recognition and trust through Wu Lei's market appeal [6] Group 2: Product Features - The SkYWY Supercar 2 Ultra shaver embodies the brand's philosophy, showcasing a design inspired by retro sports cars and featuring high recognition aesthetics [4] - The shaver integrates multiple functionalities, including trimming, cutting, and shaving, powered by a high-torque motor and advanced materials, ensuring both efficiency and aesthetic appeal [4] - The product's design and performance are deeply intertwined, reflecting the brand's commitment to merging technology with beauty [4] Group 3: Strategic Growth - Both Wu Lei and SkYWY demonstrate a commitment to long-term growth, with Wu Lei expanding his acting repertoire and SkYWY leveraging 37 years of technological expertise [3] - SkYWY has achieved significant milestones, including over 15 million units shipped globally and ranking in the top two for retail share on Douyin by Q2 2025 [3]

Core Perspective - Skyworth Group officially announced actor Wu Lei as the global brand ambassador for Skyworth shavers, emphasizing a shared pursuit of professionalism, innovation, and breakthrough spirit [1][3][13] Group 1: Brand and Image Alignment - The collaboration highlights the common trait of being a "high-value powerhouse," combining aesthetic appeal with professional integrity [3][4] - Wu Lei's public image, characterized by youthful vitality and mature quality, aligns perfectly with Skyworth's product attributes of "aesthetics + strength" [1][4] - The promotional materials feature Wu Lei with the new flagship product, the Skyworth Supercar 2 Ultra shaver, showcasing a blend of technology and aesthetics [1][11] Group 2: Product Features and Design - The Skyworth Supercar 2 Ultra shaver embodies the brand's core philosophy, merging technology aesthetics with practical performance [11][13] - Designed by an award-winning team, the shaver features a retro sports car inspiration, high-recognition design, and a balance of visual appeal and tactile quality [11] - It includes multifunctionality with a high-torque motor and advanced materials, ensuring efficiency and user satisfaction [11][13] Group 3: Market Positioning and Strategy - Wu Lei's market appeal is expected to enhance Skyworth's recognition and trust among younger consumers, while the brand's technological aesthetics will reinforce Wu Lei's image [13] - Both parties are positioned in a phase of "strength breakthrough," with Skyworth's 37 years of technological accumulation and over 15 million units shipped globally [9][11] - The partnership aims to convey a brand impression of "technological quality × youthful brilliance," reaching a broader audience [13]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 2025 performance met market expectations, with a revenue of 3.04 billion yuan, a year-on-year decline of 8%, and a net profit attributable to shareholders of 457 million yuan, a year-on-year decline of 2%. However, the net profit excluding non-recurring items increased by 8% to 407 million yuan [4][7] - The company is actively adjusting its brand structure and expanding its overseas market presence, focusing on high-end consumer segments and enhancing brand competitiveness [7] - The company has improved its profitability by reducing sales expenses, with a sales expense ratio of 33.35%, down 2.88 percentage points year-on-year, and a net profit margin of 14.72%, down 0.16 percentage points year-on-year [7] Financial Data and Profit Forecast - For Q1-3 2025, the company achieved total revenue of 3.04 billion yuan, with a projected revenue of 3.919 billion yuan for 2025, reflecting a year-on-year decline of 5.5% [6] - The forecasted net profit for 2025 is 587 million yuan, representing a year-on-year growth of 28.1%, with corresponding price-to-earnings ratios of 27, 23, and 20 for the years 2025, 2026, and 2027 respectively [6][7]

Core Viewpoint - The financial performance of Feike Electric (603868), known as the "King of Razors" in the A-share market, shows a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in maintaining growth in a competitive market [1][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.04 billion yuan, a year-on-year decrease of 8.46%. The net profit attributable to shareholders was 457 million yuan, down 1.61% year-on-year. The net profit after deducting non-recurring gains and losses was 407 million yuan, an increase of 8.13% year-on-year [1][3]. - In Q3 2025, the operating revenue was 924 million yuan, a year-on-year decrease of 7.75%. The net profit attributable to shareholders was 136 million yuan, down 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 113 million yuan, an increase of 10.64% year-on-year [3]. Business Overview - Feike Electric is a company that integrates the research, development, manufacturing, and sales of personal care appliances, household appliances, and kitchen appliances. It has a high level of recognition and market share in the personal care appliance sector [4]. - The company has been heavily reliant on electric shavers, which have historically accounted for 50%-60% of its revenue. However, this mature product category is facing limited growth potential due to high market penetration, especially in first- and second-tier cities [4]. Industry Challenges - The industry is experiencing intensified competition, particularly in the mid-to-low-end market, leading to price wars that compress profit margins. Feike has been forced to engage in price competition to maintain market share, which has weakened overall profitability [5]. - The company has attempted to upgrade its brand through strategies like "dual branding" to penetrate the high-end market, but consumer perception remains largely associated with "cost-effectiveness" rather than "high-end personal care" [5]. - The overall slowdown in e-commerce growth has reduced the online sales momentum that previously contributed to rapid revenue growth. Increased competition and rising platform traffic costs have diminished the marginal benefits of online channels [5]. - Feike Electric faces challenges related to its focus on marketing over research and development. Compared to international brands and tech companies, its investment in core technology, innovation, and product differentiation is relatively limited, relying more on design and marketing strategies [6].

Core Insights - The recent departure of Shao Shili, the head of overseas markets at Laifen Technology, has raised questions about the potential impact on the company's global strategy, although the company asserts that this is a normal personnel change and will not affect its commitment to globalization [2][3] Group 1: Personnel Changes - Shao Shili left Laifen after less than a year, having joined in November 2024, and is speculated to pursue entrepreneurial ventures [2] - Laifen confirmed that Shao's departure is a normal work transition and that a new individual has already taken over his responsibilities [3] Group 2: Overseas Market Development - Laifen has achieved significant growth in overseas markets, with over 60% growth in key channels, and has successfully entered major retailers like Costco, Best Buy, and MediaMarkt [4] - The company has tailored its products to local markets, such as launching a Mini series hairdryer in Southeast Asia, which has gained rapid popularity [4] Group 3: Future Strategy - Laifen's future overseas strategy will be disclosed once the new head of overseas markets stabilizes in their role [5] - Analysts note that while personnel changes are normal, the company must be cautious of strategic continuity risks, especially given the success of Shao's initiatives in channel development [5]

Core Viewpoint - The company reported a decline in revenue for the first half of the year but showed improvement in profitability, with expectations for further operational improvement in the second half due to sales strategy adjustments [1][2]. Financial Performance - In H1, the company achieved revenue of 2.116 billion yuan, a year-over-year decrease of 8.76%, and a net profit attributable to shareholders of 321 million yuan, an increase of 1.77% year-over-year. The net profit excluding non-recurring items was 295 million yuan, up 7.20% year-over-year [1]. - In Q2, revenue was 958 million yuan, down 16.25% year-over-year and 17.17% quarter-over-quarter, while net profit was 140 million yuan, an increase of 3.45% year-over-year but a decrease of 22.56% quarter-over-quarter [1]. Brand and Product Analysis - The BoRui brand saw revenue of 411 million yuan in H1, a decline of 18% year-over-year, while the Feike brand experienced a smaller decline of 6% due to product structure optimization [3]. - Core products like shavers had revenue of 1.418 billion yuan, down 5.66% year-over-year, while hair dryers generated 397 million yuan, down 3.20% year-over-year. New product categories like electric toothbrushes and nose hair trimmers faced larger revenue declines [3]. Profitability Improvement - The company's gross margin for H1 was 57.52%, an increase of 1.91 percentage points year-over-year. The gross margin for hair dryers was 37.81%, up 2.16 percentage points year-over-year. The selling expense ratio was 33.25%, down 1.30 percentage points year-over-year, leading to a gross profit margin of 24.27%, an increase of 3.21 percentage points [4]. - The net profit margin attributable to shareholders for H1 was 15.18%, an increase of 1.57 percentage points year-over-year [4]. Strategic Initiatives - The company is focusing on product development in key personal care categories such as shavers, high-speed hair dryers, and electric toothbrushes, targeting younger consumers born after 1995 and 2000. This includes enhancing product innovation and marketing strategies to improve consumer data analysis and demand understanding [5]. Earnings Forecast and Valuation - The company is expected to see a clear trend of profitability recovery, with projected net profits attributable to shareholders of 664 million yuan, 776 million yuan, and 914 million yuan for 2025-2027, corresponding to EPS of 1.52, 1.78, and 2.10 yuan, representing year-over-year growth of 44.99%, 16.84%, and 17.89% respectively. The target price is set at 41.04 yuan based on a PE ratio of 27 times for 2025 [6].