零售消费行业生成式AI及数据应用丨 研究报告 序言： 当前零售行业正处在由高速增长转向存量竞争的阶段，企业亟需通过数字化技术与方法论重塑"人、货、 场"。生成式AI与数据的融合应用，为企业提供了从外部用户运营到内部决策优化，再到全球化拓展的全链 路解决方案，将通过挖掘消费者需求、提升运营效能、抢占海外市场，帮助零售消费企业重塑增长曲线。本 报告针对零售消费企业进行定量调研，重点围绕生成式AI与数据的需求偏好、应用价值等内容展开，并梳理 美妆、鞋服、家居三大细分行业的应用链路，供零售消费企业参考。 零售消费由高速增长转向存量竞争 人货场数字化重构：围绕消费者全域延伸触点，精准匹配供需 早期市场红利期，需求侧动能强劲，企业可依托经济上行实现自然增长。随着市场竞争的加剧，企 业亟需通过数字化技术与方法论重塑 " 人、货、场 " ，稳固既有流量池、提高销售转化率与库存周 转率，持续降低运营成本。其中，精细化洞察消费者需求、扩展消费者触点、基于数据精准选品与 推广等是实现人货场重塑的关键。 需求侧变革：以用户为中心 消费者购买理性与专业度上升，企业关注点由流量经济转向会员经济 后疫情时代，消费者回归理性， "流量为王" ...

最近翻到自然堂要去港股上市的消息，这牌子算国货美妆里的老将了，一晃都24年了，跟那些靠融资猛 冲的新锐品牌比，它总透着股慢半拍的沉稳，直到这次冲IPO，才第一次把加华资本、欧莱雅这些外部 投资者请进来。 说它沉稳，其实跟它的家族底色分不开。自然堂的创始人郑春颖，早年路子也挺典型的。 上世纪80年代从东北财经大学毕业，进了辽阳市财政局，端了十年铁饭碗，后来赶上改革开放想闯闯。 2001年在上海开了伽蓝集团，也就是现在自然堂集团的前身，一开始就做了自然堂和美素两个牌子，慢 慢才扩展到护肤、彩妆、母婴护理这些领域。 从招股书能看出来，郑氏家族一直把着控制权：刚成立时郑春颖和弟弟郑春彬各持40%、60%股份； 改成股份公司后，郑春颖持55%，另外三个弟妹各持15%；到上市前靠家族信托一整合，累计控股快到 87%了。 就算IPO前引入了欧莱雅和加华资本，也只让渡了约10%股权，欧莱雅投了4.42亿元，占6.67%；加华资 本投3亿元，占4.20%，算下来自然堂估值大概71.4亿元人民币。 这种家族控股的好处很明显：不用为了短期业绩跟资本妥协，能沉下心做长期事，比如早年就砸钱研发 酵母成分、搞太空护肤研究，这在急着赚快钱 ...

泡泡玛特玩具收入 超越迪士尼与万代南梦宫，仅次于乐高 TOP TOY向港交所交表 近日，TOP TOY已向港交所主板递交上市申请，摩根大通、瑞银、中信证券为其联席保荐人。2024年，TOP TOY于中国内地实现GMV（商品交易总额） 24亿元，其中自研产品收入占比接近50%。2022年至2024年，公司的GMV复合年增长率超过50%。若此次港股上市成功，募资可助其进行IP矩阵扩容与全 球化布局。 来源：新浪财经 来源：新浪财经 测试"餐饮订餐外带"服务 据悉，拼多多旗下的快团团正在测试一项针对餐厅、酒店、酒楼等行业的"订餐/摆摊"服务。今年7月，该服务已在江苏、湖南等地率先招募商家进行测 试。用户可以在快团团上预订餐厅的熟食商品，到店核销后外带回家，商家也可以选择自行配送。商家开展"线上预售线下订餐/摆摊"的流程包括选品、 开团、推广和摆摊交付。目前，多家知名餐饮店已参与测试。 京东物流拟从京东集团收购全资子公司 近日，京东物流发布公告称，将以2.7亿美元从京东集团收购从事本地即时配送业务的全资子公司，此次收购将有助于京东物流加强"最后一公里"配送能 力，拓展一体化供应链解决方案及服务组合，补充现有产品矩阵及 ...

Core Viewpoint - The company Proya has announced plans to list its H-shares on the Hong Kong Stock Exchange to accelerate international expansion and enhance overseas financing capabilities, potentially becoming the first A+H share company in the beauty industry [1]. Financial Performance - Proya's revenue from 2021 to 2024 has shown a consistent upward trend, with figures of 46.33 billion, 63.86 billion, 89.05 billion, and 107.8 billion yuan, reflecting year-on-year growth rates of 23.47%, 37.82%, 39.45%, and 21.04% respectively [1]. - The net profit attributable to the parent company for the same period was 5.76 billion, 8.17 billion, 11.94 billion, and 15.52 billion yuan, with growth rates of 21.03%, 41.88%, 46.06%, and 30.00% [1]. Recent Performance Challenges - In the first half of this year, Proya reported revenue of 53.62 billion yuan, a year-on-year increase of only 7.21%, marking the lowest growth rate in nearly five years [2]. - The net profit for the same period was 7.99 billion yuan, with a growth rate of 13.80%, down from 40.48% in the previous year [2]. - The slowdown in growth is attributed to a decline in sales and average prices in the skincare and beauty makeup categories [2]. Sales and Marketing Expenses - Proya's sales expenses have been high, with ratios to revenue of 43.63%, 44.61%, and 47.88% from 2022 to 2024 [2]. - In the first half of this year, sales expenses reached 26.59 billion yuan, a 13.64% increase, accounting for 49.59% of total revenue [2]. - The increase in sales expenses is primarily due to higher platform service fees from online channel expansion, increased promotional efforts for new products, and investments in self-built MCN and content marketing teams [2]. Market Dynamics - The effectiveness of Proya's "spending for growth" strategy has diminished due to the decline in traffic benefits and rising platform fees, raising concerns about future revenue growth and cost pressures [2].

Core Insights - The article discusses the IPO of Chando, a leading Chinese beauty brand, which marks a significant step in its capital journey after over 20 years in the market [1] - Chando has evolved from a channel-focused brand to one that aims for digital and refined management, seeking to establish a strong foothold in the competitive beauty market [6][12] Group 1: Company History and Development - Chando was founded in 2001, capitalizing on the gap in the Chinese cosmetics market, particularly in the CS channel [2] - The brand quickly became a leader in the CS channel, achieving significant growth and establishing itself as a benchmark for domestic products [2][3] - By 2010, Chando had successfully entered over 2,600 supermarkets, solidifying its position as a "national brand benchmark" [3] Group 2: Financial Performance - Chando's revenue has shown steady growth, with projected revenues of 42.92 billion, 44.42 billion, and 46.01 billion CNY from 2022 to 2024, and 24.48 billion CNY in the first half of 2025, reflecting a 6.4% year-on-year increase [6][7] - Despite a gross margin increase from 66.5% in 2022 to 70.1% in the first half of 2025, its net profit has fluctuated, with figures of 1.39 billion, 3.02 billion, and 1.90 billion CNY from 2022 to 2024 [7] - Chando's compound annual growth rate from 2022 to 2025 is only 3.5%, which is below the industry average, indicating challenges in maintaining competitive growth [7][10] Group 3: Market Position and Challenges - Chando's reliance on a single brand for over 94% of its revenue poses risks, especially as competitors leverage multi-brand strategies to capture diverse consumer segments [10] - The company has faced challenges in balancing marketing and R&D investments, with marketing expenses significantly outpacing R&D spending [10][11] - The competitive landscape is intensifying, with other brands achieving higher growth rates, highlighting Chando's need for strategic adjustments [7][10] Group 4: Future Prospects and Strategic Moves - The recent IPO and investment from L'Oréal are seen as pivotal for Chando, providing opportunities to enhance DTC capabilities, expand brand offerings, and increase R&D investments [11][12] - L'Oréal's involvement is expected to bolster Chando's product development and international expansion efforts, potentially leading to a more resilient brand ecosystem [11][12] - The company aims to address its growth uncertainties by diversifying its brand portfolio and improving its R&D focus, which are critical for long-term competitiveness [12]

近日，各大城市今年前8个月外贸数据出炉。 2024年，深圳外贸进出口首次突破4万亿， 时隔9年重返中国（内地）外贸城第一城。不过，上海今年 的增速较快，目前与深圳的外贸差额仅272亿元，年底反超也是有可能的。 今年以来，东莞外贸复苏强劲， 尤其是机电产品出口活跃，此次反超宁波，重回外贸第五城。 东莞之外，另外一匹黑马是金华，此次反超厦门和青岛， 由外贸第十城升至第八。 从进出口额的整体增速来看，金华的增速达到19.3%，排名外贸十强城市中的第一。 单看出口数据的话，广州的出口增速达到22.2%，在十大外贸城市中排名第一。 | | | | 2025年前8个月外贸十强城市 制图:城市战争 来源:海关总署 | | | | --- | --- | --- | --- | --- | --- | | | 城市 | 1-8月进出口 (元元) | 1-8月出口 (万元) | 法治工 增速 | 增速 | | 1 | 深圳市 | 296257456 | 179595131 | 0.3 | -4.6 | | 2 | 上海市 | 293539488 | 130638975 | 4.5 | 11.6 | | 3 | 北京市 | 21 ...

9月29日，自然堂全球控股有限公司向香港联合交易所正式递交上市申请，这一动作标志着这家成立24 年的国货美妆企业正式叩响资本市场大门。作为中国第三大国货化妆品集团，自然堂集团此次IPO由华 泰国际与瑞银集团联席保荐，拟募集资金用于品牌升级、技术研发及渠道拓展。 值得注意的是，这家年营收超46亿的企业背后，是创始人郑春颖家族高达87.82%的绝对控股权，而过 度依赖单一品牌"自然堂"、线上流量占比近七成、研发投入不足等行业痛点，也随着招股书的披露浮出 水面。在美妆行业竞争加剧、技术壁垒成为核心竞争力的当下，这家老牌国货能否突破"流量依赖症"， 构建多元化品牌矩阵，成为资本市场最关心的命题 家族控股超八成引争议 上市后小股东会沦为"陪跑"吗？ 自然堂集团的股权结构堪称"家族式治理"的典型样本。招股书显示，截至最后实际可行日期，郑春颖、 郑春彬、郑春威、郑小丹四兄妹通过创始人BVI公司及离岸控股实体，合计持有公司约87.82%的投票 权，形成绝对控制权。"兄弟连"式治理模式在资本市场上并非孤例，但如此高比例的股权集中仍引发投 资者对小股东权益保障的担忧。 郑春颖作为集团灵魂人物，其职业生涯颇具传奇色彩：1964年出 ...

美妆区域的娇韵诗摊位前，摆放着三张白色化妆台，化妆台上整齐排列着粉底、眼影、口红等产品，专业美妆师正为入 场者打造妆容。坐在化妆台前的人身体微微前倾，看着镜子里的自己，任由美妆师用化妆刷在脸上细致涂抹，旁边等待 的人则围在展示架旁，拿起口红在手臂上试色，不时和身边人比对试色效果。 9 月 30 日天刚亮，广州珠江啤酒博物馆外的滨江步道就已陆续出现身影。有人背着双肩包，手里攥着打印好的市集导览 图；有人推着婴儿车，车兜里放着折叠购物袋，早早等候在入口附近，期待着李佳琦直播间 "所有女生的快乐市集・靓 靓派对" 开启。 上午 10 点，市集入口处的粉色拱门缓缓展开，工作人员身着统一的浅粉色工作服，手捧堆叠整齐的集章卡片，逐一递 到入场者手中。卡片上用彩色图标标注出 Olay、宝洁、娇韵诗等 30 余家品牌摊位的位置，还有互动打卡点的具体分 布，不少人刚接过卡片，就立刻低头用指尖在卡片上圈画，规划着首先前往的区域。 步入市集，各品牌摊位前迅速聚集起人群。Olay 摊位的展示台上，整齐摆放着即将在双 11 大促期间登陆李佳琦直播间 的新款护肤品，工作人员戴着白色手套，将面霜均匀涂抹在试用板上，旁边放着不同肤质的测试试 ...

Core Viewpoint - Goldman Sachs is optimistic about the growth of local Chinese beauty brands during the upcoming Double 11 shopping festival, predicting that brands like Shanghai Jahwa and Mao Geping will lead the high-growth tier [2]. Group 1: GMV Targets and Growth Expectations - Tmall/Taobao aims for a total GMV growth of 20%-25% (approximately 600 billion), with the beauty category expected to grow around 20% [2]. - Douyin is projected to achieve over 40% GMV growth across the platform, with the beauty category exceeding 30%, making it a key growth driver [3]. - Tmall's promotional efforts are more aggressive than previous events, while Douyin continues to attract brand investments through content e-commerce and live streaming advantages [3]. Group 2: Promotional Period Extensions - The promotional period for Double 11 has been extended significantly this year, with Douyin extending by 22 days, starting pre-sales on September 16 [4]. - JD.com has extended its promotional period by 8 days, while Tmall has added 2 days, with pre-sales starting on October 15 [5]. Group 3: Brand Performance Insights - Local leading brands are expected to outperform the industry, with high-growth brands like Mao Geping (40%-50%) and Shanghai Jahwa showing strong potential [6]. - Multinational high-end brands like Lancôme and Estée Lauder are expected to grow between 10%-30%, while mass-market brands face pressure with growth below 10% [7]. Group 4: KOL Trends and Strategies - The trend is shifting towards mid-tier KOLs, with Douyin directing traffic towards them, resulting in reduced commission rates for brands [8]. - Both local and multinational brands are adopting a dual strategy of collaborating with both top-tier and mid-tier KOLs to enhance reach and conversion efficiency [8]. Group 5: Industry Dynamics and Consumer Experience - The Double 11 event is seen as an accelerator for industry differentiation, with local brands gaining market share through live streaming and product innovation [8]. - Consumers will benefit from a longer promotional period, lower prices, and simplified rules, while investors should focus on high-growth local leaders and established multinational brands [8].

今年假期，想着不去人挤人，决定去稍微小众的云南腾冲。 机票贵到离谱，只好广州→昆明→保山→腾冲，一路转车、顺便看风景。晚上9点，终于到了地方，兴奋的心情被浇熄一半。 大街上行人没有几个，在秋风中显得格外冷清。 进入度假村，完全黑灯瞎火，一栋栋居民楼亮灯率不足一成，路灯没有几个亮的，几乎只能靠月光辨别方向。 乌漆嘛黑的。 收拾好去吃饭，更是夸张。 横竖四个方向八条街，烧烤店、火锅店、特色菜乃至酒吧，绝大多数都是空的，偶尔有一两桌客人，都称得上生意好。 这可是黄金周假期，再小众也不至于冷清成这样…… 虽然对不喜热闹的人而言，这样的氛围确实舒适。 但还是忍不住问一句：人呢？ 热闹与冷清同在 与个人感受到的冷清不同，今年假期整体的出行数据，依然火热。 据交通部的数据，10月1日～10月8日，全国累计跨区域人员流动量预计24.32亿人次，日均3.04亿，同比增长6.2%。 从出行方式来看，铁路、水路、航空、公路分别同比增长2.6%、4.2%、3.4%、6.5%。 经文旅部数据中心测算，8天假期全国实际共出游8.88亿人次，比去年的7天假期多1.23亿人次。 这里很多平台给出了一个数据，就是把8.88亿人次除以8，得出平 ...