本报讯 5月16日，中国礼仪休闲用品工业协会与北京经济管理职业学院珠宝与艺术设计学院在京举行交 流座谈会，双方围绕"中国礼物"品牌建设、产教融合、行业标准研制及国际化合作等议题展开深入探 讨，达成多项合作共识。 座谈会上，北京经济管理职业学院珠宝与艺术设计学院院长张晓晖表示，十分期待与中国礼仪休闲用品 工业协会开展全面深化合作，借助行业资源推动人才培养与产业需求精准对接，共同服务行业高质量发 展。张晓晖详细介绍了学院在京津冀职教改革示范园区中的建设进展及专业发展规划。近年来，学院立 足行业发展需求，积极推进"中国礼物""数智+非遗、科技+文创"等国家级项目的实施开展，深化产教融 合与校企协同育人模式改革。未来，学院在学历教育与社会培训上会有诸多举措，并将与相关行业企业 深入开展职业技能考评和专业技术人员继续教育工作。学院将依托国际化合作项目，建设国家级高水 平"双语双师"教师创新团队。 中国礼仪休闲用品工业协会副理事长兼秘书长乔梁重点介绍了"中国礼物"品牌培育及评价活动。他表 示，"中国礼物"以"品牌、文化、创意、大众"为核心定位，是落实国家品牌战略的重要实践。为规范评 价体系，协会联合北京中大华远认证中心及 ...

Core Insights - The company focuses on product innovation, model innovation, and social responsibility to create a differentiated brand image in the fashion and leisure retail sector [1][8] - The company targets urban consumers aged 18-35, emphasizing both fashion trends and practical value in its product offerings [1][3] Product Innovation - The company has developed a product system that integrates natural elements, minimalist design, and practical functionality, with over 80% of products designed and produced in-house [1][3] - The pricing strategy centers around a price range of 5-30 yuan, optimizing costs while ensuring product quality, thus providing consumers with high-quality and low-cost options [3] Model Innovation - The company aims to create a dual-driven model of "consumer services + entrepreneurial incubation," enhancing user experience through refined operations across online and offline shopping scenarios [3][5] - It has established a platform for aspiring entrepreneurs, offering market resource connections and operational experience to facilitate the transition from business ideas to practical implementation [5] Operational Achievements - Since its inception, the company has achieved steady growth through systematic operations, expanding its offline chain and online business coverage, while maintaining stable membership growth and high customer repurchase rates [6][8] - Collaborations with various industry suppliers have led to the development of popular products, creating a value community among brands, suppliers, and consumers [6] Industry Recognition - The company has received multiple accolades, including "Annual Innovation Brand," and ranks highly in consumer satisfaction surveys regarding product quality and service efficiency [8] - Future plans include deepening the integration of product innovation and ecological empowerment, supported by supply chain optimization and digital management [8]

Core Insights - The article discusses the decline of the Jeanswest brand, which once had over 3,000 stores globally but has now declared bankruptcy in Australia, closing all its stores there. In contrast, lululemon, a contemporary brand, has only 767 stores as of the end of fiscal year 2024 [1][3][30]. Company Overview - Jeanswest was founded in Australia 53 years ago and was introduced to China by the Sunrise Group in 1993, leading to rapid expansion. At its peak, the brand had 3,156 stores worldwide, significantly contributing to the Sunrise Group's performance [3][17]. - The brand's pricing strategy has drastically changed over the years, with jeans once priced over 200 yuan now available for as low as 19 yuan, reflecting a significant decline in brand value and market position [4][26]. Market Position and Challenges - The brand has faced increasing competition from both domestic and international brands, leading to a decline in sales. From 2013 to 2016, Jeanswest's sales dropped from 46.8 billion HKD to 19.3 billion HKD, and by the end of 2017, the number of stores in mainland China had decreased to 1,219, only 42% of its peak [18][21]. - The closure of all stores in Australia raises questions about the brand's strength and future in the Chinese market, where it is now focusing its efforts [21][30]. Strategic Adjustments - The Sunrise Group has stated that the Australian and Chinese operations of Jeanswest are independent, with the Australian entity shifting focus towards e-commerce in response to market changes. In contrast, the Chinese market has seen a significant increase in e-commerce sales, growing over 13 times from 2020 to 2024, with total sales exceeding 6 billion yuan in 2024 [30][31]. - Despite the challenges, the brand has attempted to revitalize its image by engaging celebrities for endorsements, although the long-term effectiveness of this strategy remains uncertain [26][31]. Consumer Perception - The brand's decline has led to nostalgia among consumers who once viewed Jeanswest as a fashion icon. However, its current pricing and product offerings have diminished its appeal, with consumers finding better deals elsewhere during promotional events like "618" [22][29].

三只松鼠（300783.SZ） 证券研究报告 | 公司点评 gszqdatemark 2025 05 22 年 月 日 三生万物生态大会：打破边界，全域拓展 事件。三只松鼠 5 月 20 日在上海召开"2025 三生万物生态大会"，发布新品类拓 展及新渠道布局规划。 打破边界，全面拓展。三只松鼠在 2019 年首次达成 120 亿含税收入，是流量红利 背景下从 0 到 1 的发展结果，当前用 3 年时间重回 120 亿含税收入，是从 1 到 10 的发展突破，其中松鼠在供应链各个环节打磨提效，并形成网络化组织，实现极致 价格力，在此基础上，实现品类拓展，从坚果到零食再到全品类，以及渠道拓展， 从线上走向线下，再尝试打造一分利便利店、全品类自有品牌生活馆等业态。当前 的松鼠正在打破原本自身的品牌及产品边界，构建"制造、品牌、零售"一体化超 级供应链，背后是内部高效组织管理及供应链体系，面向的是更广泛的市场空间 和机遇。 坚果零食持续深耕，多品类赛道延伸布局。品类维度，三只松鼠在坚果品类已打造 核心心智，零食正构建上游供应链拓展渠道布局，当前进一步拓展饮料、日化、婴 童用品、宠物食品、米面粮油、水果生鲜等多品类布 ...

证券研究报告 | 公司点评 gszqdatemark 2025 05 22 年 月 日 三只松鼠（300783.SZ） 三生万物生态大会：打破边界，全域拓展 事件。三只松鼠 5 月 20 日在上海召开"2025 三生万物生态大会"，发布新品类拓 展及新渠道布局规划。 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 05 月 21 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 休闲食品 | | 前次评级 | 买入 | | 05 月 21 日收盘价（元） | 30.05 | | 总市值（百万元） | 12,050.05 | | 总股本（百万股） | 401.00 | | 其中自由流通股（%） | 69.72 | | 30 日日均成交量（百万股） | 22.30 | 股价走势 -40% -18% 4% 26% 48% 70% 2024-05 2024-09 2025-01 2025-05 三只松鼠 沪深300 作者 打破边界，全面拓展。三只松鼠在 2019 年首次达成 120 亿含税收入，是流量红利 背景下从 0 到 1 的发展结果，当前用 3 年 ...

Group 1 - The implementation of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" will drive the development of multiple industries, with companies encouraged to pay attention to local policy implementation to seize market opportunities [1][6] - The plan sets three phased goals for the construction of beautiful rivers and lakes, aiming for a completion rate of approximately 40% by 2027, significant results by 2030, and basic completion by 2035 [1][6] - The plan emphasizes the need for a comprehensive ecological environment governance system that connects upstream and downstream areas, focusing on improving water ecological environment quality [4][5] Group 2 - The concept of beautiful rivers and lakes includes stable water resources, effective ecological function maintenance, and significant improvement in water quality, enhancing public satisfaction with the ecological environment [2][4] - The plan outlines specific measures for pollution control, including the investigation and remediation of pollution sources along riverbanks, and the construction of urban sewage collection and treatment facilities [5][6] - Key industries expected to benefit from the plan include environmental technology and water treatment, ecological restoration and landscaping, new energy and green shipping, agricultural pollution control, water conservancy engineering, ecological tourism, environmental monitoring, and green finance [6]

Core Points - The emphasis on strengthening the real economy as a foundation for high-quality development, led by technological innovation and tailored development of new productive forces [1][2] - The establishment of a modern industrial system is crucial for the modernization of the economy and the nation, with a focus on traditional industry transformation and the development of emerging industries [2][3] Group 1: Modern Industrial System - Guangzhou has proposed the "12218" modern industrial system to enhance key industry development, aligning with national strategies and local requirements [2][3] - The city aims to develop 15 strategic industrial clusters, including intelligent connected vehicles, biomedicine, and artificial intelligence, while also focusing on future industries such as embodied intelligence and quantum technology [3][4] Group 2: Key Industry Developments - The automotive industry in Guangzhou is set to produce over 3.2 million vehicles by 2027, with a significant focus on new energy vehicles [8] - The biomedicine sector is expected to reach a scale of 400 billion yuan by 2030, with major advancements in innovative drugs and core biomedicine infrastructure [10] - The green petrochemical and new materials industry aims for an output value exceeding 400 billion yuan by 2024, positioning itself as a key pillar for high-quality development [11] Group 3: Modern Service Industries - The financial sector in Guangzhou is projected to achieve an added value of 304.9 billion yuan in 2024, becoming a major pillar of the city's economy [29] - The technology service industry is expected to enhance its capabilities, with significant investments in basic research and talent development [30] - The modern commerce sector is set to undergo transformation, with a focus on integrating traditional and emerging consumption patterns [32] Group 4: Future Industries - The semiconductor and integrated circuit industry is experiencing rapid growth, with a projected increase in output value and production capacity [16] - The renewable energy and new storage sectors are being bolstered by national innovation centers and significant infrastructure developments [17] - The low-altitude economy is expanding, with a target market size of 30 billion yuan by 2027, reflecting the city's strategic positioning in this emerging field [18]

Core Viewpoint - Weifang City is focusing on creating a vibrant and fashionable urban commercial environment by optimizing commercial layouts and enhancing consumer services, resulting in the establishment of several new consumption scenarios and business models [1][3][5] Group 1: Optimization of Commercial Layout and Business Types - The city is developing multi-layered commercial circles, with the Taihua Circle targeting young and fashionable consumers, and the Gude Plaza focusing on leisure, shopping, and entertainment [3] - There are currently 36 commercial streets in the city, including one provincial-level demonstration pedestrian street, which are being enhanced to attract more visitors and boost night economy [3][9] - The city encourages hardware upgrades in existing commercial areas and the introduction of diverse service formats to meet quality consumption demands [3][5] Group 2: Brand Introduction and Cultivation - Policies are in place to attract well-known domestic and international brands to establish flagship and experience stores in Weifang, enhancing the quality of consumer offerings [5] - The city is actively promoting the development of local brands, including the addition of eight new "Weifang Time-honored Brands" this year [5] Group 3: Environmental Quality Improvement - The public transportation network has been optimized to support the commercial development, with 136 routes covering core commercial areas [7] - Night transportation services are being expanded to facilitate night economy activities, with new routes established in high-traffic areas [7] - Efforts are being made to enhance the cleanliness and aesthetic appeal of commercial areas, including improved sanitation and lighting [7] Group 4: Cultural and Leisure Atmosphere Enhancement - Various cultural activities are regularly organized to engage citizens and elevate the cultural quality of commercial areas [9] - The city is promoting the development of unique street characteristics and enhancing public spaces to create a comfortable leisure environment [9] - New consumption formats such as digital and green consumption are being encouraged to innovate diverse consumption scenarios [9] Group 5: Smart Commercial Circle Development - Weifang is advancing the smart commercial circle initiative, with a focus on innovative applications in management, services, and marketing [11] - The city is supporting the smart upgrades of key commercial areas, including the establishment of digital infrastructure for enhanced consumer experiences [11]

Core Insights - The company has evolved from a nut-focused brand to a comprehensive snack and beverage provider, expanding its product categories and sales channels [1][2] - The founder emphasized a significant transformation over the past year, indicating a revival and a clear strategic direction for the future [1] - The company plans to enhance its competitive edge in the snack sector by investing in new production facilities and launching over 1,000 new SKUs in 2024 [1][3] Product and Brand Expansion - The company has introduced multiple new sub-brands, including those focused on convenience foods, health snacks, and traditional Chinese supplements, creating a diverse brand matrix [2] - New alcoholic beverage brands targeting younger consumers have been launched, including craft beer, fruit wine, and red wine, with plans for further expansion into various alcoholic products [2] - The company is also venturing into personal care products with a new brand, planning to offer items such as sanitary napkins and laundry detergent [2] Strategic Initiatives - The company is implementing a "manufacturing, branding, and retail" integrated strategy, with plans for over 30 factories to enhance production efficiency [3] - The founder highlighted the importance of digital transformation in reshaping business models, focusing on shortening the supply chain from production to delivery [3] - New retail formats, including a lifestyle store and a convenience store, have been introduced to provide comprehensive solutions for community retailers and entrepreneurs [2]

投资者关系活动记录表 证券代码：300703 证券简称：创源股份 宁波创源文化发展股份有限公司 编号：2025-008 | 投资者关系活动类别 | 特定对象调研 | ☐分析师会议 | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | | ☐新闻发布会 | ☐路演活动 | | | 现场参观 | | | | ☐其他 | | | | 长江证券 章颖佳长江证券 中信建投基金 杨广太平养老 山证资管 吴桐弥远投资 | 孙伯阳 贺骞辉 许鹏飞 | | 参与单位名称及人员姓名 | 浙商资管吴文钊浙商证券 | 史凡可 | | | 浙商证券褚远熙 浙商证券许振媛 | | | | 天弘基金 王海山天弘基金 | 黄子函 | | | 天弘基金张韬 | | | 时间 | 2025年5月20日14:00-15:00 | | | | 2025年5月21日 9:00-11:00 | | | 地点 | 浙江省宁波市北仑区庐山西路45号 | | | | 副总裁 王桂强 | | | 上市公司接待人员姓名 | 董事会秘书 赵雅 | | | | 证券事务代表 吴熙 | | | | 1.AIGC 项目情况？ | ...