Core Insights - The report emphasizes the emergence of "emotional consumption" as a significant trend in the retail industry, particularly benefiting brands that resonate with consumers' emotional needs [2][3][28] - The retail sector is experiencing a slow recovery, with varying performance across different segments, highlighting the resilience of brands linked to emotional value [3][10][39] Industry Review - In Q1 2025, social consumption showed a slow recovery, with retail businesses facing overall pressure. However, segments related to "emotional value" consumption, particularly leading brands, performed significantly better than the industry average [3][10][39] - The jewelry sector is under pressure due to high gold prices, while cross-border e-commerce remains stable but with profit pressures. The medical beauty and cosmetics sectors are facing intense competition, and offline retail is still exploring transformative models [3][6][39] Segment Analysis Jewelry - The jewelry industry is experiencing a shift in brand competition, with traditional brands facing challenges from differentiated product brands that are rapidly emerging and achieving high growth [6][39] - In Q1 2025, the jewelry sector's revenue was 431.6 billion yuan, down 25.9% year-on-year, with net profit also declining [39][64] Cosmetics - The cosmetics sector is benefiting from the rise of emotional consumption, with a focus on high-demand segments such as high-end beauty and differentiated personal care brands [5][39][64] - Brands like Mao Ge Ping and Proya are highlighted for their strong performance in this evolving market [5][39] Medical Beauty - The medical beauty sector is expected to recover as domestic demand increases, with a focus on differentiated product lines [5][39] - Companies like Ai Meike and Kedi-B are recommended for their unique offerings [5][39] Offline Retail - Offline retail is leveraging emotional consumption to regain market share, with companies like Yonghui Supermarket and Aiyingshi being recommended for their proactive transformation efforts [5][39] - The report notes that the shift towards a direct-to-consumer (DTC) model is crucial for offline retailers to enhance customer experience and emotional satisfaction [69] Investment Recommendations - For the jewelry sector, brands with differentiated product capabilities and deep consumer insights are recommended, including Lao Pu Gold and Chao Hong Ji [5][66] - In the cosmetics space, the report suggests focusing on high-demand segments and brands that can continuously innovate [5][66] - The medical beauty sector is advised to consider companies with unique product lines, such as Ai Meike and Kedi-B [5][66] - The report highlights the importance of emotional value in driving consumer preferences, suggesting that brands that can effectively tap into this trend will outperform their peers [5][66]

Investment Rating - The report indicates a stable online retail landscape and suggests focusing on the progress of offline retail adjustments [1]. Core Insights - The offline retail sector shows varied performance, with trade experiencing revenue growth and profit increase, while other segments like tourism retail and department stores face challenges [5][6]. - The trade sector is highlighted as a growth area, with significant profit increases in 2025 Q1 compared to the previous year [7][10]. - The report emphasizes the need to monitor the ongoing adjustments in offline retail formats to identify potential investment opportunities [1]. Summary by Sections 1.1 Offline Retail Overall Performance - Annual - Trade sector revenue increased by 14% to 53.39 billion, with net profit up 25% to 4.78 billion [5]. - Tourism retail saw a dramatic revenue increase of 161% to 17.60 billion, but net profit decreased by 36% to 4.27 billion [5]. - Department stores and supermarkets faced significant declines, with department store revenue down 7% and net profit down 37% [5]. 1.1 Offline Retail Overall Performance - Q1 - In 2025 Q1, trade sector revenue rose by 21% to 11.55 billion, with net profit increasing by 70% to 1.22 billion [7]. - General retail and professional chains experienced revenue declines of 21% and 24%, respectively, with net profits also decreasing [7]. - Tourism retail revenue decreased by 11%, with net profit down 16% [7]. 1.2 Trade Sector Overall Performance - Annual & Q1 - Nearly half of the 13 listed companies in the trade sector reported profit growth in 2024, with notable increases from Jiangsu Guotai (+14%) and Zhongxin Metal (+269%) in Q1 2025 [10]. - The report highlights the resilience of certain companies within the trade sector despite overall market challenges [10]. 1.3 General Retail - Department Store Performance - The department store sector saw most companies report profit declines in 2024, with only a few, such as Dalian Friendship, showing significant growth [12]. - The performance trend continued into Q1 2025, with most companies maintaining similar challenges [12]. 1.3 General Retail - Supermarket Performance - The supermarket sector had mixed results, with some companies like Zhongbai Group showing profit growth in 2024 and Q1 2025 [15]. - The report notes that several supermarkets are beginning to recover from previous declines [15]. 1.3 General Retail - Commercial Property Management Performance - The commercial property management sector had 10 out of 15 companies reporting profit declines in 2024, but some, like Huitong Energy, showed significant growth [17]. - The positive trend continued into Q1 2025 for a few companies [17]. 1.4 Professional Chains & Tourism Retail Performance - The professional chain sector had limited growth, with only two companies reporting profit increases in 2024 [20]. - The tourism retail sector faced challenges, with China Duty Free reporting a 36% decline in profit for 2024 [21]. 1.5 Key Company Performances - Yonghui Supermarket - Yonghui Supermarket reported a revenue decline of 14% in 2024, with a significant drop in net profit [25]. - The company is undergoing strategic adjustments, including store closures and optimizations, which impacted its financial performance [26]. 1.5 Key Company Performances - Bubugao - Bubugao achieved a revenue increase of 11% in 2024, with a notable profit turnaround [30]. - The company continued to show strong performance in Q1 2025, with a revenue increase of 24% and a profit increase of 488% [32].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The online retail landscape is stabilizing, while attention should be paid to the progress of offline retail adjustments [1] - The overall performance of offline retail shows varied results across different segments, with trade experiencing revenue growth and profit increase, while other segments like department stores and supermarkets face significant declines [5][6] Summary by Sections 1. Offline Retail - **Annual Performance**: - Trade: Revenue increased by 14% to 53.39 billion, profit up by 25% to 4.78 billion - Tourism retail: Revenue surged by 161% to 17.60 billion, but profit dropped by 36% to 4.27 billion - Department stores: Revenue down by 7% to 59.72 billion, profit down by 37% to -0.82 billion - Supermarkets: Revenue decreased by 10% to 11.78 billion, profit down by 99% to -0.01 billion [5] - **Q1 Performance**: - Trade: Revenue up by 21% to 11.55 billion, profit up by 70% to 1.22 billion - General retail: Revenue down by 21% to 9.29 billion, profit down by 29% to 3.39 billion - Tourism retail: Revenue down by 11% to 1.67 billion, profit down by 16% to 1.94 billion [6] 2. Trade Sector - **2024 Performance**: - 13 listed companies, nearly half saw profit growth, with notable increases from Jiangsu Guotai (+14%) and Zhongxin Metal (+269%) [10] - **Q1 2025 Performance**: - Companies like Jiangsu Guotai and Suhao Hongye continued to show profit growth, with Zhongxin Metal achieving a remarkable 269% increase [10] 3. General Retail - Department Stores - **2024 Performance**: - Most department stores reported profit declines, with only a few like Wushang Group (+3%) and Dalian Friendship (+109%) showing positive growth [12] - **Q1 2025 Performance**: - The trend of profit decline continued, with most companies maintaining similar performance to 2024 [12] 4. General Retail - Supermarkets - **2024 Performance**: - Over half of the companies reported profit declines, with only a few like Zhongbai Group (+64%) and Sanjiang Shopping (+4%) showing growth [15] - **Q1 2025 Performance**: - Some supermarkets began to recover, with Budweiser achieving a 488% profit increase [15] 5. Commercial Property Management - **2024 Performance**: - 10 out of 15 companies reported profit declines, while a few like Huitong Energy (+68%) and Meikailong (+35%) showed growth [17] - **Q1 2025 Performance**: - Continued growth was observed in companies like Huitong Energy (+177%) and Meikailong (+38%) [17] 6. Professional Chains & Tourism Retail - **Professional Chains**: - Only two out of seven companies reported profit growth in 2024, with notable increases from Kidswant (+72%) and Aiyingshi (+2%) [20] - **Tourism Retail**: - China Duty Free reported a 36% profit decline in 2024, with a further 16% decline in Q1 2025 [21] 7. Key Company Performances - **Yonghui Supermarket**: - 2024 revenue was 67.6 billion, down 14.1%, with a net loss of 1.47 billion. Q1 2025 revenue was 17.5 billion, down 19.3%, with a net profit of 1.5 billion [25][26] - **Bubugao**: - 2024 revenue was 3.43 billion, up 11.14%, with a net profit of 1.21 billion. Q1 2025 revenue was 1.15 billion, up 24.22%, with a net profit of 1.19 billion [30][32]

而如今，随着IP的破圈和Z世代消费力量的崛起，IP早已突破原有的小众圈层，逐渐走进大众视野，受到越来越多的关注。IP凭借自身强大的吸粉能力， 为线下商业带来了丰富的客源和显著的销售增长，其多元的内容形式与独特的文化内涵，助力线下商业打造特色消费场景，提升品牌形象与知名度，带动 相关产业发展。 当线下实体商业绞尽脑汁吸引消费者时，IP成为了一个新的破局点。 IP与实体商业的结合 ， 正催生出新的消费场景和商业模式。 从小众圈层到商业出圈，IP正在"救活"线下商业 在过去很长一段时间里，当人们谈及IP时，不少人脑海中浮现的往往是小众文化、动漫作品等。在大多数人眼中，IP仿若被圈定在小众爱好者的专属领 地，与占据主导地位的主流文化之间有着相当的距离。 IP救活线下商业，主要体现在两个方面： 一方面，热门IP正在激活商场"沸腾"模式 从上海的百联ZX创趣场、静安大悦城，到北京的朝阳合生汇、朝阳大悦城，再到成都的天府红购物中心，越来越多的商场开始引入IP相关业态，举办IP 活动，试图打造成为IP爱好者的聚集地，为商圈注入更多的活力，带动消费。 上海静安大悦城作为国内最早探索二次元IP与线下商业结合的商场之一，如今，已逐 ...

Investment Rating - The industry investment rating is "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [27] Core Insights - Offline Retail: Yonghui Supermarket is accelerating store renovations and deepening supply chain reforms, with a focus on quality retail to reach more mainstream Chinese families [11][12] - Online Retail: Meituan is implementing a new social security plan and enhancing its membership system, while Kuaishou is advancing AI capabilities in commercial marketing [2][13] Summary by Sections 1. Core Insights and Company Dynamics - Yonghui Supermarket has opened multiple renovated stores across five cities, achieving significant increases in customer traffic, with a focus on quality retail [11] - Meituan has upgraded its membership system to a points-based model, integrating various services, and is initiating a pilot for rider pension insurance [13] - Kuaishou's 2025 Magnetic Conference highlighted significant growth in user engagement and advertising consumption, alongside advancements in AI applications [13] 2. Industry Data Tracking - In March, the overall GMV for Tmall and JD.com increased by 13.51% year-on-year, with top-performing categories including automotive, pets, home appliances, cosmetics, and maternal and infant products [14] 3. Market Review - During the week of March 31 to April 3, major indices showed declines, with the retail sector experiencing a slight drop of 0.52%, ranking 17th among 31 sectors [19][22] - Notable stock performances included ZTE Commercial, Guofang Group, and Yonghui Supermarket, which saw significant gains, while others like Cross-Border Communication and ST Dongfang faced declines [20][26]