Core Viewpoint - The recent departure of multiple key management personnel at Huaxizi, including co-founder Feiman, raises concerns about the company's stability and future growth amidst declining performance and market competition [1][3][5]. Management Turmoil - Feiman, a crucial decision-maker since the brand's inception, has officially left Huaxizi, citing personal health reasons. His departure follows a trend of key personnel exits, including visual partner Wenyuan and former Chief Product Officer Shang Lu [3][4]. - The management changes are perceived as a response to Huaxizi's declining performance and lack of strategic direction, with industry experts suggesting that the competitive landscape and internal conflicts may have contributed to these departures [4][5]. Performance Decline - Huaxizi experienced significant growth shortly after its establishment in 2017, achieving sales of 5.4 billion yuan in 2021, but has since faced a downturn, particularly after the "79 yuan eyebrow pencil incident" [6][7]. - Recent sales data indicates a sharp decline, with flagship store sales dropping from 1 million to 250 million yuan to between 75,000 and 100,000 yuan shortly after September 11, 2023. Additionally, the company's online GMV for 2024 is projected at 2.393 billion yuan, a year-on-year decrease of 21.19% [6][7]. Strategic Adjustments - In response to its challenges, Huaxizi is attempting to recover by launching new products and expanding its offline presence, including opening its first store in Shanghai [7]. - Experts suggest that while Huaxizi has potential for growth, its reliance on online channels and the need for a robust brand strategy are critical for its future success [7].

联合研究丨组合推荐 [Table_Title] 大消费行业 2025 年 7 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江大消费九大优势行业（农业、零售、社服、汽车、纺服、轻工、食品、家电、医药）2025 年 7 月重点推荐金股。 分析师及联系人 [Table_Author] 陈佳 李锦 赵刚 SAC：S0490513080003 SAC：S0490514080004 SAC：S0490517020001 SFC：BQT624 SFC：BUV258 SFC：BUX176 高伊楠 于旭辉 蔡方羿 SAC：S0490517060001 SAC：S0490518020002 SAC：S0490516060001 SFC：BUW101 SFC：BUU942 SFC：BUV463 董思远 陈亮 彭英骐 SAC：S0490517070016 SAC：S0490517070017 SAC：S0490524030005 SFC：BQK487 SFC：BUW408 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 11 ...

Group 1 - The core viewpoint of the articles highlights that Generation Z consumers prioritize emotional connection and identity expression over traditional utility in their purchasing decisions [1][2][3] - Generation Z, defined as those born between 1995 and 2009, represents over 2.4 billion individuals globally, accounting for approximately 32% of the world's population, with a significant presence in Asia, Latin America, and Africa [2] - The purchasing logic of Generation Z is more emotional and expressive, favoring products that resonate with their identity rather than those that are merely functional [2][3] Group 2 - Generation Z's favorite purchases include items that express individuality, emotions, and a sense of participation [5] - In the realm of trendy toys, 75% of Bubble Mart's global consumers are aged 18-29, with over 65% being overseas Generation Z users, indicating a high repurchase rate of 42% compared to other age groups [6] - The emotional engagement of Generation Z has transformed the consumption logic, where they view trendy toys as a means of emotional expression rather than static collectibles [6] Group 3 - In the beauty sector, Generation Z is shifting from "tool-based consumption" to "expression-based consumption," valuing packaging design and cultural relevance over product efficacy [8] - Over half of Generation Z consumers are willing to pay a premium for products that express their individuality, with TikTok trends emphasizing emotional and visual storytelling [8] - Fast fashion consumption among Generation Z is characterized by frequent purchases of small, interchangeable items rather than high-priced basics, reflecting their desire for self-expression [9] Group 4 - Brands targeting Generation Z must consider whether products are "shareable" on social media, as over 58% of this demographic prioritize items that can be showcased online [11] - The competition in categories like trendy toys and cosmetics is not solely based on price or intellectual property but on the ability to create products that resonate with Generation Z's desire for social media sharing [12] - The concept of "co-creation" is essential, as Generation Z prefers to engage with brands that allow them to participate in content creation and storytelling [13] Group 5 - The lifecycle of popular products is shortening, necessitating a greater variety of SKUs and faster response times to trends, as evidenced by Bubble Mart's strategy of testing new characters on TikTok before mass production [16] - The supply chain dynamics have shifted from data-driven inventory management to trend-responsive strategies, emphasizing the importance of understanding Generation Z's preferences and emotional expressions [17] - Successful international expansion requires brands to deeply understand Generation Z's desires and expressions, focusing on emotional resonance rather than traditional advertising [17]

Core Insights - A Chinese lip gloss with a unique dual-ended design has gained significant popularity in Southeast Asia, particularly in the Philippines, due to its high quality and affordability [1][7][8] - The product's success is attributed to effective marketing strategies on TikTok, which have led to rapid sales growth and increased brand recognition [7][14][22] Product Features - The lip gloss features a three-in-one design that includes mirror, matte, and waterproof capabilities, making it resistant to sweat and water [2][7] - It has received positive feedback for its long-lasting wear, with users reporting that it does not smudge or fade even after multiple uses [16][18] Sales Performance - The product achieved over $100,000 in sales within a short period, with a single TikTok video reaching 28.5 million views [3][14] - JMCY, the brand behind the product, reported monthly sales exceeding $10 million in the Philippines, with orders increasing rapidly [7][19] Market Dynamics - Southeast Asia, with a consumer base of 650 million and a rapidly growing e-commerce market, has become a key target for Chinese brands looking to expand internationally [8][9] - The region's cultural similarities and increasing internet penetration make it an attractive market for Chinese companies [8] Strategic Decisions - Initially targeting Vietnam, JMCY faced challenges due to strong competition from established international brands, leading to a strategic pivot towards the Philippines [9][10] - The company leveraged TikTok's platform for market research and product testing, allowing them to tailor their offerings to local consumer preferences [11][12] Operational Improvements - JMCY established local warehouses in the Philippines to enhance delivery speed, resulting in a 30% increase in repurchase rates [21][22] - The brand's operational strategy now includes a triad of domestic production, overseas warehousing, and local distribution to improve efficiency [21] Future Plans - Following success in the Philippines, JMCY is considering expansion into other Southeast Asian markets, including Thailand and Vietnam, to further capitalize on its growing brand recognition [22]

（原标题：中国品牌应弘扬中国商业文化的精髓——既不提倡低质低价品牌，也不提倡高价奢侈品牌） 研究员 叶心冉 品牌经济是实体经济的最高表现形式，也是规模经济的重要支撑。如果中国在未来实现人均GDP3万—5万美金，那么规模经济也会像美国一样在 整体的经济结构中达到三分之一的比例。这就意味着，要想实现中国式现代化的目标，实体经济升级到品牌经济是发展的必由之路。 经过多年的努力，中国企业已经具备生产优质产品的能力，可以毫不夸张地讲，是具备领先世界的优质产品的生产能力，比如华为、海尔、比亚 迪、宁德时代等等早已成长为具有世界领先性的全球知名企业。因此，我们中国企业要打破过往的品牌认识，继承中国优秀传统商业文化——"货 真价实、品质优良、价格公道"。既不做低质低价的品牌，也不做高价奢侈的品牌，而要做一个从本质上定义、让广大消费者从内心认可的品牌。 二、中国品牌应把对人和社会的有益性作为价值输出，而不是以奢侈、占有为价值输出 人们对于品牌的选择，不仅是对其产品质量、性能这些有形要素的肯定，还是对品牌所传达的理念和价值观这些无形要素的认同。品牌存在的目 的不仅仅是追求经济效益，更应该在商业行为中体现对人和社会的有益性。 品牌 ...

周一早盘，A股三大指数集体走强，沪指盘中重返3400点。截至午间收盘，上证指数涨0.23%，报 3393.26点；深证成指、创业板指分别涨0.62%、1.22%。全市场半日成交额8386亿元，较上个交易日同 期放量755亿元。 6月9日，港股市场高开高走。截至午盘，恒生指数涨1.01%，恒生国企指数涨1.1%，恒生科技指数涨 2.3%。 恒生科技指数、恒生国企指数双双自4月低点升逾20%，迈向技术性牛市。 盘面上，全市场近3700只个股上涨。创新药概念股再度爆发， 海辰药业、睿智医药以20%幅度涨停 ； 固态电池概念股表现活跃，英联股份、金龙羽涨停；大金融板块震荡走强，信达证券盘中触及涨停。 港股市场次新股开启上涨。截至午盘，上市3个月的茶饮巨头蜜雪集团最新股价较发行价涨幅超过 180%，国货彩妆品牌毛戈平最新股价较发行价涨幅超270%。新消费概念次新股古茗、布鲁可自上市以 来累计涨超170%、200%。 板块上，媒体娱乐、药品及生物科技、软件服务领涨，阿里影业盘中涨超15%，诺诚健华盘中涨超 14%。保险、半导体、银行、券商保持活跃，申万宏源香港盘中涨超11%，弘业期货涨超9%。黄金板块 领跌，招金矿业盘中 ...

转自：新华财经 中国太保推出目标规模200亿元的太保致远1号私募证券投资基金，践行长期主义；中国诚通旗下诚通金 控认购三家机构的ETF首发份额，传递坚定看好国资央企上市公司长期价值的积极信号；首批新型浮动 费率基金获批，管理费收取主要依据基金的持有期限和年化超额收益率进行分档……连日来，保险资 金、公募基金等中长期资金加大入市力度，资本市场长钱更多、长钱更长。市场人士认为，在深化投融 资综合改革进程中，政策引导"长钱长投"的机制将进一步优化，并将在更深层次打通中长期资金入市卡 点堵点，促进投资行为长期性。 随着《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》加速落地，我国电力交易 市场正经历深刻变革。记者从一线调研获悉，新能源全面入市推动市场化交易规模持续扩大，催生电力 交易咨询及托管业务量爆发式增长——部分企业咨询量同比激增4倍，成单量增长2倍，央国企加速寻求 专业服务商合作以应对电价波动挑战。与此同时，AI技术正深度渗透电力交易全链条，从负荷预测、 电价分析到策略制定，通过大模型、云计算等创新手段推动交易向"精准决策"跃升，重构市场运行逻 辑。业内人士指出，电力市场正从"机制驱动"转向"市 ...

Group 1: New Stock Performance - The Hong Kong stock market's newly listed stocks have shown significant price increases, with 43 out of 74 new stocks trading above their issue prices, representing approximately 58% of the total [2] - Notable performers include the tea beverage giant Mixue Group, which has seen its stock price rise by approximately 164.94% since its listing, and the high-end cosmetics brand Mao Geping, which has increased by about 276.85% [1][2] - The gold jewelry concept stock, Laopu Gold, has experienced a dramatic surge, with its stock price reaching over 1000 HKD, marking a cumulative increase of approximately 2148.95% since its IPO [1][3] Group 2: Market Trends and Investor Sentiment - The new consumption sector is attracting significant investor interest, leading to a surge in stock prices and prompting other companies to accelerate their listing plans [3] - The market is characterized by volatility, with some stocks experiencing short-term corrections, indicating the need for investors to be cautious about market sentiment and fundamental support [3] - The upcoming expiration of lock-up periods for certain shareholders may put pressure on stock prices, as seen with Mao Geping and Laopu Gold [3] Group 3: Future Market Outlook - The Hong Kong IPO market is expected to remain active, with over 160 companies currently in the application process, including industry leaders and unicorns from various sectors [4] - Analysts predict that the Hang Seng Index has upward potential, with a year-end target of 25,830 points, driven by opportunities arising from China's technological innovations [4][5] - Factors influencing the market include the potential for U.S. Federal Reserve interest rate cuts, the downward trend of the U.S. dollar, and a reassessment of China's economic resilience and corporate earnings outlook [5]

Investment Rating - The report provides a positive investment rating for the beauty and personal care industry, highlighting significant growth potential in various segments [1]. Core Insights - The beauty and personal care industry is experiencing a surge in user engagement, particularly in makeup and fragrance categories, driven by trends such as emotional healing and cultural collaborations [3][8]. - The report emphasizes the importance of understanding consumer trends, such as the rise of mini makeup products and the integration of fragrance into personal care routines, which are reshaping market dynamics [10][90]. User Trends - Trend 01: The rise of "mini makeup" products, with searches for mini makeup increasing by 145% year-on-year, indicating a shift towards portable beauty solutions [15][17]. - Trend 02: The "island makeup" trend reflects a desire for quick, effective beauty solutions that cater to the vacation mindset, with related searches up by 350% [38][44]. - Trend 03: The "no foundation makeup" trend is gaining traction, with a 262% increase in searches, as consumers seek lightweight, breathable products for warmer months [76][78]. Fragrance Trends - Trend 01: The focus on "energy fragrances" is growing, with a 165% increase in related searches, as consumers seek scents that resonate with their emotional states [92][94]. - Trend 02: The "memory fragrance" trend utilizes scents to evoke memories, with significant engagement on platforms like Xiaohongshu, indicating a strong consumer interest in personalized fragrance experiences [100][102]. - Trend 03: The trend of "DIY fragrances" is emerging, with a 52% increase in searches for DIY scent combinations, reflecting a growing consumer interest in personalized fragrance solutions [180][182]. Category Trends - The report identifies a significant expansion in the women's hygiene products sector, with trends such as "therapeutic sleepwear" and "private care" gaining traction due to increased consumer awareness and demand [188][194]. - The "absorbent pads" trend highlights a growing need for incontinence products, with a staggering 813% increase in related searches, indicating a previously underserved market [217][223]. - The "facial cleansing wipes" trend is also on the rise, with a focus on convenience and user experience, particularly for travel and outdoor activities, as evidenced by a 134% increase in related discussions [238][250].