Core Viewpoint - The stock of Giant Bio (02367) has experienced significant volatility, with a recent drop of nearly 3% after a previous decline of over 15%, reaching a new low of 40.6 HKD, attributed to market reactions to its pre-sale performance during a major live-streaming event [1] Group 1: Stock Performance - Giant Bio's stock opened high but fell sharply, with a midday drop of nearly 3%, and a previous day decline exceeding 15% [1] - The stock price hit a new low of 40.6 HKD, marking the lowest point in over a year [1] - As of the latest update, the stock was down 2.92%, with a trading volume of 678 million HKD [1] Group 2: Market Analysis - Citigroup's report indicates that the market's reaction to Giant Bio's pre-sale performance during the live-streaming event with influencer Li Jiaqi was excessive [1] - The report highlights that Giant Bio's main products were less price-competitive due to stricter promotional strategies compared to other brands [1] - Citigroup predicts a relatively weak performance for Giant Bio in Q3 and the first two weeks of October, primarily due to fewer KOL live-streaming events [1] Group 3: Revenue Forecast - Citigroup forecasts a 16% year-on-year revenue growth for Giant Bio in the second half of the year, with specific expectations of a 10% decline on Tmall, a 25% increase on Douyin, a 100% growth on JD, and a 10% increase in offline sales [1] - For the fiscal year 2026, Citigroup anticipates a continuation of high growth at 19% due to a low base and no negative customer feedback [1] - The target price for Giant Bio has been adjusted from 69.4 HKD to 55.4 HKD based on a 20x price-to-earnings ratio for the fiscal year 2026, while maintaining a "buy" rating despite lowering profit forecasts [1]

公开资料显示，卡唯朵成立于2009年。但据卡思观测，直到今年3月，品牌才在抖音正式起步，主账号@卡唯朵扬姐-草本祛斑 很快便迎来大规模涨粉， 半年时间涨粉超400万。而从7月起，该账号连续3个月销量均超过100W、GMV过亿。 图源：抖音账号@卡唯朵扬姐-草本祛斑 从电商打法上，卡唯朵多少有些"厦门帮"的姿态，凭借高投流获取新客，再通过直播间引导下单。但稍微有些不同的是，卡唯朵几乎没有达人营销，而是 在抖音建立了多个矩阵账号，借由创始人程扬的影响力完成转化。而在目标人群定位上，卡唯朵瞄准的也是有淡斑需求的中年及老年用户——这一赛道虽 然窄，但流量十分惊人，显示出这一美妆市场依然存在着很多"富矿"。 具体而言，卡唯朵是如何做的？这套电商打法有可复制性吗？ 卡位需求，瞄准中老年 从人群画像上看，卡唯朵有着明显的下沉市场导向。 最近，抖音功效性护肤品牌出现了一名"新黑马"——卡唯朵，该品牌主打岭南草本护肤淡斑，短短4个月就将99元"买一赠一"的淡斑霜卖出超350万单，实 现月销过亿。 以品牌销售额贡献最多的账号@卡唯朵扬姐-草本祛斑 为例。蝉妈妈数据显示，其账号粉丝中，31-40岁用户占比约43%，40岁以上用户占 ...

Core Insights - The event "2025 Future Business Gala" successfully showcased the intersection of creativity and commerce on the Huangpu River, featuring a unique format that combined a forum and a party atmosphere [2][4][17]. Group 1: Event Overview - The event was held on a boat, transforming the Huangpu River into a vibrant showcase for future business trends, with a five-hour journey that emphasized inspiration and creativity [2][4]. - The event was not open to the public for ticket sales, aiming to maximize commercial influence through exclusive participation [2][4]. - A total of 14 brand leaders participated in discussions and networking, with significant online engagement, including over 400 million views across various platforms [4][17]. Group 2: Awards and Recognitions - The event recognized 29 brands for their outstanding contributions, with categories such as "Timeless Innovation" and "Annual Growth Representative" [17][18]. - Notable brands awarded included IKEA, Kohler, and Uniqlo, which were recognized for their ability to adapt and innovate amidst market challenges [17][18]. - The "Annual Aha Moment" category highlighted brands that achieved breakthroughs in product, design, or marketing, showcasing the importance of innovation in brand strategy [19][27]. Group 3: Key Discussions - Discussions focused on the evolving role of brands, emphasizing the need to provide emotional value and community connection beyond functional benefits [21][23]. - Experts shared insights on maintaining brand relevance through continuous innovation and understanding consumer needs, particularly in the context of younger generations [21][25]. - The importance of cultural co-creation in global brand expression was highlighted, with examples of successful collaborations that resonate with local audiences [29].

Core Insights - The 2025 China Spice and Fragrance Cosmetics Industry Annual Conference and Boutique Expo (2025CAME) attracted major beauty and skincare brands, indicating a vibrant industry event [2] Company Insights - Zhao Yan, Chairman of Huaxi Biological, shared insights on skincare innovations and personal success during an interview at the event, highlighting the company's focus on new content in skincare [2]

Group 1 - MINISO and COSMAX have established a joint laboratory to enhance collaboration in skincare technology and product development [1][2] - The partnership aims to leverage COSMAX's expertise in cosmetics R&D and MINISO's consumer insights to create safe, efficient, and cost-effective skincare products [1][2] - This collaboration is a significant step for MINISO to integrate international R&D resources and strengthen its scientific foundation in the skincare sector [2] Group 2 - MINISO focuses on precise consumer demand insights, expanding its basic and functional skincare product lines [2][3] - The joint laboratory will concentrate on "moderate cleansing" and "skin-specific customization," utilizing big data analysis to develop products tailored to different skin types [2] - MINISO has previously collaborated with Shanghai Jiao Tong University to research sensitive skin and pigmentation issues, resulting in effective products like Vitamin B5 soothing cream [3] Group 3 - The company emphasizes an integrated "industry-university-research" model for R&D, aiming for rapid market response and precise product supply [3] - MINISO's founder stated that retail innovation should focus on enhancing consumer experiences and maintaining high-quality products at affordable prices [3] - Future plans include deepening global expansion and channel upgrades while promoting precision and professionalism in the skincare field [3]

（文章来源：证券日报） 证券日报网讯敷尔佳9月23日发布公告，在公司回答调研者提问时表示，目前看，上半年比较亮眼的是 京东，公司通过加深与京东之间的合作，丰富了京东平台的产品种类，增加了一些新的合作方式，例 如：满赠活动、新品首发等，通过双方的紧密合作，共同努力，实现了京东平台的较好增长。 ...

Retail Developments - HUNTER, a century-old British fashion brand, is set to open its third store in Shanghai at iapm, replacing the former LEVI'S location [1] - TISSOT will return to the Huaihai Road business district, taking over the former TUMI space at iapm [3] - KOI Thé will replace the closed awfully chocolate at iapm, having completed a full collaboration with Sun Hung Kai's Shanghai market project [5] - The LG2 level at iapm will see 阿嬷手作 upgrade its storefront [6] - New clothing brands LESS and upgraded ZUC ZUG Mart have opened next to each other on LG1 [8] New Store Openings - K11 B1 has introduced the adult-themed brand 大人糖, which currently has only one store in Shanghai [10] - "天角制造," the first official store of the IP peripheral brand by Guangzhou Tianwen Kadokawa Animation Co., has opened at 百联ZX创趣场 [12] - The flagship store of SUNRISEPOP is being prepared to move to the 4th floor next to 天闻制造 [14] - The悦荟1层 will introduce the popular brand 野人先生, enhancing customer traffic [15] - The 洛克·外滩源 is hosting the offline debut of designer brand un mute [17] Market Adjustments - Century Plaza's LG2 has welcomed 七鲜, enhancing daily consumer choices alongside MUJI [19] - The POP ARK area on LG1 will add the plush toy brand House Of Hugs, marking its second store [21] - 静安嘉里中心 has seen NEIWAI relocate to the original ICICLE space after introducing POP MART and CASETiFY [22] - A new Japanese independent fragrance brand Aiam will replace THANN in the B1 beauty area [24] - 上生·新所 has opened two new brands: the Chinese Gelato brand 红楼 and the independent fragrance brand 荒核NU WILDS [26] Brand Upgrades and Returns - LOEWE has finally opened after two years of preparation at 兴业太古汇, which is expected to significantly boost the project [37] - FERRAGAMO is returning to its original location at 兴业太古汇 [39] - The LG1 beauty lifestyle area at 兴业太古汇 has added the skincare brand SABON [42] - 静安大悦城's north block will see a major adjustment with the city market collaborating with B&C [46] - 百联又一城 is expanding into outdoor sports brands, with MAMMUT and KOLON SPORT preparing to open [54] Upcoming Openings - 前滩太古里 has welcomed On昂跑 and CAFÉ HOOOLIDAY, marking their first stores in Shanghai [58][60] - PRADA will introduce a fragrance line in the B1 area, continuing its collaboration with L'Oréal [62] - CRISPI, an Italian high-end outdoor footwear brand, is preparing to open its first store in Shanghai at 浦东嘉里城 [65] - CHANEL is expanding its store on the 3rd floor [74]

Group 1 - The consumer sector is showing signs of recovery, with the Consumption ETF (159928) gaining 0.23% and achieving a trading volume exceeding 560 million yuan, alongside a net subscription of 54 million units [1] - The Consumption ETF (159928) has reached a scale of over 19.7 billion yuan, leading its peers significantly [1] - The Hong Kong Stock Market's Consumption 50 ETF (159268) rose over 1%, with a trading volume exceeding 30 million yuan, and has seen net inflows for three out of the last five days, accumulating over 2.9 million yuan [3] Group 2 - High-level policies are focusing on boosting domestic demand, with measures implemented from 2023 to 2025 effectively stimulating consumption potential, leading to a steady increase in retail sales [5] - The pet food market is projected to reach 166.8 billion yuan in 2024, growing by 7.54% year-on-year, with cat food dominating the segment [5] - The beauty and skincare market is expected to surpass 430 billion yuan in retail sales by 2024, driven by consumer upgrades and a focus on product efficacy [5] Group 3 - The new-style tea beverage market in China is projected to exceed 400 billion yuan by 2028, with strong consumer demand driving the upstream industry [6] - The secondary dimension derivative market is experiencing rapid growth, expected to reach 168.9 billion yuan in 2024, with a significant portion of users from Generation Z [6] Group 4 - The liquor sector is entering a peak season, with improved sales performance reported by Moutai, and companies are innovating products and seeking channel reforms [7] - The dairy product sector is showing marginal improvements, while the beverage sector is performing well with new product launches [8] - The Consumption ETF (159928) has a significant weight in top stocks, with over 68% of its top ten holdings, including major liquor brands and dairy companies [8]

Group 1 - The core viewpoint of the article highlights that 巨子生物 (Giant Bio) has seen a significant increase in its stock price, rising over 5% in early trading, with a current price of 58.1 HKD and a trading volume of 351 million HKD [1] - The company reported a revenue of approximately 3.113 billion RMB for the first half of the year, representing a year-on-year growth of 22.5%, and a net profit attributable to shareholders of approximately 1.182 billion RMB, which is a 20.2% increase year-on-year [1] - Bank of America upgraded its revenue forecast for the 可复美 (Kefumei) brand based on the strong performance in the first half of the year and robust online sales in July, adjusting total revenue forecasts for 2025 to 2027 upwards by 1.9% each [1] Group 2 - According to 中金 (CICC), monitoring data indicates that the GMV growth rate for the 可复美 brand on Douyin during July and August exceeded 50%, with a high repurchase rate, suggesting limited impact on loyal customers [1] - The short-term impact on influencer live streaming has been significant, but there are signs of gradual recovery, with Douyin's influencer live streaming accounting for about 23% during the industry off-season in July and August, showing a rebound from the previous impact [1] - As the Double Eleven shopping festival approaches, increased frequency of influencer live streaming is expected to drive marketing efforts and quickly restore customer acquisition momentum, positioning the brand for renewed growth [1]

Group 1 - The cultural export variety show "Paris Partners" features Li Jiaqi as the "Goods Manager," leading 12 domestic brands to Paris for a 16-day beauty pop-up store operation, aiming to promote Chinese products and aesthetics internationally [1][2] - Li Jiaqi emphasizes that domestic brands are innovating and transitioning from followers to leaders in certain fields, showcasing the potential of Chinese products in the global market [2][3] - Winona, a skincare brand from Yunnan, stands out in this initiative, with a focus on sensitive skin and a commitment to globalizing Chinese beauty through pharmaceutical-grade research and clinical evidence [3][4] Group 2 - Winona's core ingredient, "Qingci Fruit PRO MAX," is sourced from the Haba Snow Mountain in Yunnan, and the company has successfully registered 16 new plant ingredients, ranking among the top in the country [4][8] - The company is expanding its global footprint by establishing research institutes in Tokyo and Paris, with a strategy to penetrate Southeast Asia before moving into the European and American markets [8] - Li Jiaqi views the pop-up store as a bridge for cultural dialogue, using beauty products to convey Chinese cultural stories and enhance international consumers' interest in Chinese aesthetics [9]