到底什么叫做卷？ 内容来源：刘润公众号（runliu-pub） 举几个例子， 中国好几个非常知名的风情街，看上去是不是长得几乎一模一样？ 我们去风情街，不就是为了尝一尝本地的特色美食，买一些本地的特色纪念品，体验下本地的 原生原味吗？ 但是， 今天的风情街都是一样的臭豆腐，一样的玻璃珠，一样的砖瓦墙。 我们再看 中国四个非常著名的购物中心，也非常雷同。 我们去购物中心，你会发现一楼几乎是同样的奢侈品，楼上几乎是同样的服装品牌，电影院放 着是同样的电影，地下的超市卖的是同样的日用品。 今天的逛购物中心，已经变成了一个换个地方去买同样的东西的无聊游戏，这就是内卷。 为什么会卷？是因为大家都做着同样的事情。 三浦展老师 是非常著名的日本社会心理学家， 他写过一些大家可能听说过的书，比如 《孤独 消费论》、 《第四消费时代》、《下流社会》 等。 老师跟我们分享了很多，但是只有当他聊起 "下北泽" 这个地方的时候，两个眼睛才开始放 光。 下北泽，是在东京的一个社区，这个社区有两条地铁线经过，很多集市都在这个地方。 这让下北泽一直都是一个非常热闹的集市，非常热闹的社区。 但是也因为这个原因，越来越多的加盟连锁店进入到了下 ...

今天的逛购物中心，已经变成了一个换个地方去买同样的东西的无聊游戏，这就是内卷。 为什么会卷？是因为大家都做着同样的事情。 内容来源：刘润公众号（runliu-pub） 到底什么叫做卷？ 举几个例子， 中国好几个非常知名的风情街，看上去是不是长得几乎一模一样？ 我们去风情街，不就是为了尝一尝本地的特色美食，买一些本地的特色纪念品，体验下本地的 原生原味吗？ 但是， 今天的风情街都是一样的臭豆腐，一样的玻璃珠，一样的砖瓦墙。 我们再看 中国四个非常著名的购物中心，也非常雷同。 我们去购物中心，你会发现一楼几乎是同样的奢侈品，楼上几乎是同样的服装品牌，电影院放 着是同样的电影，地下的超市卖的是同样的日用品。 三浦展老师 是非常著名的日本社会心理学家， 他写过一些大家可能听说过的书，比如 《孤独 消费论》、《第四消费时代》、《下流社会》 等。 老师跟我们分享了很多，但是只有当他聊起 "下北泽" 这个地方的时候，两个眼睛才开始放 光。 下北泽，是在东京的一个社区，这个社区有两条地铁线经过，很多集市都在这个地方。 这让下北泽一直都是一个非常热闹的集市，非常热闹的社区。 但是也因为这个原因，越来越多的加盟连锁店进入到了下北 ...

Group 1 - L'Oréal China held a strategic communication meeting in Shanghai, highlighting its focus on long-term investment and local supply chain development [2] - In 2024, Shanghai is set to recognize 60 new multinational company regional headquarters and 30 foreign R&D centers, with nearly 6,000 new foreign enterprises established and actual foreign investment exceeding $17.6 billion [2] - The local government has introduced 14 measures to enhance the investment environment, focusing on improving foreign investment services and legal frameworks [2] Group 2 - BASF announced a 500 million RMB investment to expand its Cellasto factory in Shanghai, aimed at supporting the electric vehicle market, with a projected capacity increase of nearly 70% by 2027 [3] - Bayer's investment of $31.42 million in Nivea (Shanghai) is directed towards local formula development, smart production line upgrades, and precise marketing strategies [4] - Otis is expanding its global R&D center in Shanghai, focusing on elevator equipment and digital technology innovations, emphasizing a "for China, in China" strategy [4] Group 3 - Multinational companies are increasingly localizing their supply chains, with Mahle reporting a 90% localization rate in China and plans to increase it by an additional 5% [5] - L'Oréal plans to enhance investments in R&D, supply chain optimization, and talent development in China, with new operational centers being established [5] Group 4 - The Chinese market is viewed as a source of "certainty" amidst global uncertainties, with its position as the second-largest consumer goods market driving growth potential [6] - The elevator market in China is experiencing significant growth, with a current ownership of 10 million units, and a focus on modernization and digitalization to meet urban renewal needs [7] - Companies are leveraging Shanghai's favorable policies and services to launch innovative products, with several brands choosing Shanghai as their global launch site [8]

近期，美国在全世界挥舞着关税大棒成为全球资本市场的焦点话题。在这一背景下，华熙生物的2024年 财报不仅关乎企业自身的发展轨迹，更成为观察中国生物科技企业在全球产业链中地位与韧性的重要窗 口。尽管财报数据显示公司业绩短期承压，但深入剖析其战略布局与科技投入，我们不难发现，华熙生 物正以一种更具前瞻性和战略定力的姿态，稳步迈向从"玻尿酸龙头"到"生命科学解决方案商"的华丽转 身，其在糖生物学与再生医学领域的深耕，更是为全球生物科技产业贡献了"中国方案"的新思路。 短期波动： 行业转型期的"成长之痛" 在全球经济风云变幻、国内消费市场深度调整的大背景下，华熙生物2024年财报数据的波动引发广泛关 注。财报数据显示，2024年华熙生物实现营业收入53.71亿元，同比下降11.61%；归属于上市公司股东的 净利润为1.74 亿元，下降70.59%。但拨开数据表象，深入探寻公司战略布局、行业发展趋势以及跨行业 创新融合的脉络，就会发现，这一短期波动实则是行业发展周期与企业自身战略转型叠加的必然结果。 当下，生命科学关联产业，如美妆护肤、医美等细分赛道，正经历从增量扩张向存量博弈的关键转变。 以功能性护肤品市场为例，全球 ...

来源 | 凯辉基金 2 0 25年3月31日，中国上海——凯辉基金携手欧莱雅集团（L'Or é a l）和上海静安区政府 共同宣布设立"凯辉创美未来基金"。 着眼于全球产业视角，该基金专注于投资本土市场与"美"相关的创新趋势与价值品类， 致力于寻求并支持新一代兼具功效、科学与拥有中国特色美学定义能力的领军企业，共 同推动中国美妆护肤产业迈入高质量发展新时代。 怀 抱 着 " 在 中 国 ， 为 中 国 " 的 相 同 初 心 ， 十 年 来 ， 凯 辉 与 欧 莱 雅 携 手 在 投 资 、 品 牌 孵 化、科技创新等多个维度不断深化协作。此次与静安区的携手，更是将产业、资本与区 域优势深度融合，依托静安在时尚消费、美妆产业集聚方面的独特优势，进一步助力中 国美妆行业的创新与全球化发展。 凯辉基金创始人及董事长蔡明泼 表示："我们与欧莱雅的合作已有多年信任积淀，携手 在多个项目取得成果，共同见证并推动了中国美妆行业的创新与升级。此次凯辉创美未 来基金的设立，不仅是我们与欧莱雅战略合作的进一步深化，也得到了静安区政府的大 力 支 持 ， 彰 显 了 我 们 对 中 国 市 场 长 期 发 展 的 坚 定 信 心 ...

Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]

Core Viewpoint - The article highlights the rising consumption power and changing attitudes of middle-aged men towards self-investment, particularly in health and grooming products, indicating a shift in the male consumer market [3][31][39]. Group 1: Changing Male Consumption Trends - Successful men are increasingly willing to spend on high-end health products, such as the "president bowl" bird's nest priced at 528 yuan per bowl, reflecting a broader trend of men investing in their well-being [3][4][31]. - The male health and grooming market is experiencing significant growth, with the male high-end health product market size increasing by 47% year-on-year, and men over 40 contributing over 60% of sales [28][31]. - The male skincare and medical beauty market is growing rapidly, with a reported annual growth rate exceeding 20% and average spending per customer reaching 2.75 times that of female customers [26][31]. Group 2: Consumer Behavior Insights - Men are now prioritizing visible benefits in their purchases, such as energy enhancement and anti-aging, leading brands to emphasize "hardcore technology" in their products [29][31]. - Social media platforms are playing a crucial role in shaping male consumer behavior, with discussions around men's health and skincare increasing significantly, indicating a shift in societal norms [32][33]. - The emergence of brands catering specifically to men's needs, such as "Kehan" for skincare, demonstrates the growing market potential and the willingness of men to invest in personal care [22][25]. Group 3: Market Implications - The changing dynamics in male spending habits suggest that the era of men only purchasing luxury items like watches and cars is over, with a new focus on health and self-care [31][39]. - The success of brands like "Xiaoguan Tea," which achieved annual revenue of 2 billion yuan, illustrates the lucrative opportunities in the male consumer market [20][31]. - The article suggests that as more men embrace self-care and grooming, the market will likely see the introduction of products that surpass traditional luxury offerings, indicating a potential shift in the overall health and beauty industry [42].