针对此事，2月24日，科赴全球总部回应南都湾财社记者称，自新管理团队上任以来，公司一直在评估 各种机会，以降低运营复杂性、提升执行力并加速盈利增长，这项举措与公司此前几个季度公布的四大 运营重点相一致，旨在提升业绩。科赴总部还表示，影响员工的决策从来都不容易，公司将全力为受此 变动影响的员工提供他们可能需要的资源和支持。 科赴首席执行官Kirk Perry在财报中表示，2026年，科赴将继续专注提升业绩，同时推进与金佰利公司 的合并。 拥有大宝、强生婴儿、泰诺等知名品牌的全球快消巨头科赴（Kenvue）近期公布2025年财报，并被曝 全球裁员3.5%以推进被金佰利（Kimberly-Clark）收购的计划。 就全球裁员一事，2月24日，科赴全球总部回应南都湾财社记者称，自新管理团队上任以来，公司一直 在评估各种机会，以降低运营复杂性、提升执行力并加速盈利增长，并表示，影响员工的决策从来都不 容易，科赴将全力为受此变动影响的员工提供他们可能需要的资源和支持。 科赴前身为强生集团（J&J）个人健康护理业务，后被分拆并在纽交所上市。近年，旗下强生婴儿爽身 粉、泰诺等品牌持续引发争议，公司业绩表现并不理想，如今，舒洁 ...

2月8日，泰国举行全国大选，将选举产生500名国会下议院议员。 我们认为尽管短期内政策框架可能调整、市场或出现波动，但大选亦有望成为经济复苏 的催化剂。 泰国2026年大选或将成为政治格局重构的转折点 点击小程序查看报告原文 2023至2026年间，泰国政局经历频繁更迭，三年内先后有三任总理执政。2024年8月，赛塔·他威信（Srettha Thavisin）因内阁任命争议被宪法法院罢免。 继任者佩通坦·钦那瓦（Paetongtarn Shinawatra）执政约一年后，于2025年8月被解除总理职务。同年9月，自豪泰党领袖阿努廷·参威拉军（Anutin Charnvirakul）在与人民党达成联合执政协议后就任总理。为履行此前为争取支持而作出的承诺，阿努廷于2025年12月宣布解散下议院，提前举行大选。 根据2017年宪法，这是首次由民选议员完全主导总理人选与政府组建的选举，军方任命的参议员不再参与总理投票。本次大选同步举行了关于是否修改 2017年宪法的全民公投。截至2月9日中午的初步民调显示，约59.8%的选民支持修宪[1]。 初步计票显示自豪泰党大幅领先 根据选举委员会截至2月9日中午的统计（计票率约 ...

Core Insights - The core viewpoint of the article emphasizes the shift in the Chinese fast-moving consumer goods (FMCG) industry from pursuing explosive growth to building sustainable brand value as the flow of marketing benefits reaches its peak [3][5]. Group 1: Industry Trends - The "China Online Consumption Brand Index (CBI)" report for Q3 2025 reveals a new quantitative assessment system for emerging brands in the FMCG sector, highlighting the importance of brand health over mere sales figures [4][5]. - The report indicates that domestic brands dominate the emerging brand landscape, with 91 out of the top 100 brands being Chinese [4][12]. - Successful emerging brands are driven by dual engines of "emotional consumption" and "quality consumption," reflecting a deeper understanding of consumer needs [4][15]. Group 2: Evaluation Framework - The CBI report introduces a new evaluation paradigm focusing on long-term brand health, moving away from traditional metrics like sales volume and market share [6][9]. - The assessment framework assigns a 29% weight to "newness," emphasizing the importance of attracting future core consumer groups and continuous innovation [6][9]. - The report provides transparency by disclosing detailed scores for the top 100 brands across 12 specific indicators, allowing for precise quantitative analysis [7][9]. Group 3: Market Dynamics - The report marks a transition in industry competition from short-term scale chasing to systematic measurement and construction of brand assets [5][6]. - The CBI index and its metrics align with the strategic shift of major e-commerce platforms like Taobao and Tmall, which are focusing on supporting brands with originality, product strength, and user loyalty [10][28]. - The report identifies significant opportunities in established categories, indicating that new structural opportunities arise from evolving consumer demands rather than the creation of entirely new categories [24][27]. Group 4: Consumer Behavior - Emotional consumption brands excel at transforming product functionality into emotional experiences and cultural symbols, while quality consumption brands focus on specialized, trust-building approaches [16][17]. - The report highlights that successful brands often combine emotional resonance with professional trust, indicating a shift in competitive dynamics towards deeper brand asset construction [21][29]. - The "search transaction growth gap" metric provides a forward-looking perspective on consumer interest and demand, revealing areas where supply has yet to meet rapidly evolving consumer needs [27][28].

守正出奇 中国快速消费品市场的变与不变 2025 复盘与2026 前瞻 Worldpanel 消费者指数 2026 年2月 连续性的消费者真实购买行为挖掘 +1.5% 1/4 46% 消费者购买行为变化了吗？ 所在品类增长驱动是什么？ 这背后是哪类家庭结构？ 消费行为是怎样的？ 各零售业态跑马圈地的本质是什么？ Footer goes here – font size 10 2 5.50cm 0 cm 7 cm 15.9cm 15.9 cm Content Bottom Content Top Left Margin Right Margin Middle 0cm 0.26cm 0.26cm 8.4cm Title Top 7.70 cm Image Bottom 2025 年在中国经济稳健增长的宏观背景下，中国快消品市场发展保持平稳 数据来源：国家统计局；Worldpanel 消费者指数家庭购买样组，全国1-6线城镇 守正出奇：2025 复盘与2026 前瞻 | 3 +5.0% +5.0% +3.7% 2025 年同比去年 (vs. 2024 年同比+3.4%) +1.5% 2025 全年同比去年 （截至2 ...

Core Insights - The Chinese fast-moving consumer goods (FMCG) market is entering a phase of refined growth focused on structural adjustments by 2025, with "value deepening" becoming a central theme for companies to navigate challenges [1] - The trend of "value-for-money" is evolving, with consumers increasingly weighing quality against price, leading to a rise in local brands capturing market share from foreign brands [4][5] Market Trends - By 2024, local brands have achieved a market share of 76% across 27 tracked FMCG categories, with significant internal category differentiation observed [5] - High-end categories like premium facial tissues and bottled water are experiencing sales declines, while private label and own-brand products are gaining traction [5] - The demand for health-oriented products is driving innovation, with juice categories seeing a 19.2% sales growth due to health-focused attributes [14] Consumer Behavior - The report highlights a shift in consumer purchasing behavior towards "smart consumption," where the balance of quality and price is crucial in decision-making [5] - The increasing prevalence of single-person households is influencing product development, with tailored offerings for different daily scenarios gaining popularity [10] - Younger consumers are driving growth in categories like beer, seeking experiences that provide a sense of relaxation rather than traditional social drinking [10] Channel Dynamics - The retail landscape is transforming, with new retail formats like warehouse membership stores and discount stores showing significant growth rates of 40% and 92% respectively [18] - Online shopping dynamics are also evolving, with social and value-based e-commerce platforms like Douyin and Pinduoduo capturing over 40% of FMCG e-commerce sales [18] - Private label brands are becoming a significant growth force, with an average annual growth rate of 44% over the past two years, accounting for 2% of overall FMCG sales by Q3 2025 [22] Innovation Focus - Innovation in the FMCG sector is shifting from broad offerings to targeted solutions addressing health and emotional needs, with a focus on high-value products [14] - The survival rate of new products is low, with only 22% lasting over a year, emphasizing the need for rapid insights and effective evaluation in product development [14]

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a 1.3% year-on-year sales growth in the first three quarters, driven by a 3.8% increase in sales volume [1] - The average selling price in the FMCG market has decreased by 2.4%, a reduction compared to the 3.4% decline in 2024, reflecting a trend towards price stabilization [1] Market Trends - The decrease in promotional activities has contributed to price stabilization, with the contribution of promotions to FMCG sales dropping from 24.1% to 23% [2] - Nearly 80% of the growth in the FMCG market in 2025 is attributed to third to fifth-tier cities, with sales volume increasing by 4%-6%, offsetting a 2%-3% decline in average selling prices [2] - The main drivers of growth include ongoing urbanization and robust local consumption, with more retailers and FMCG brands expanding into lower-tier cities [2] Category Performance - Packaged food categories have shown the fastest growth, with core staple foods and snacks driving a 3.4% increase in sales [2] - Household care products grew by 3.3%, supported by stable demand for cleaning supplies, while personal care categories showed signs of recovery with a 1.1% year-on-year growth [2] - In contrast, beverage sales declined by 1.1%, despite a 3.6% increase in volume, due to a 4.6% drop in average selling prices driven by intensified brand competition and market pressures [3] Consumer Behavior - The report highlights a shift in consumer behavior, with a trend towards quality and price balance rather than solely seeking the lowest price [2] - The "consumption substitution" phenomenon remains prevalent, although some categories like juice and chocolate continue to experience premiumization [3] Channel Dynamics - Traditional retail channels are contracting, with traditional hypermarkets and convenience stores seeing a further decline in their share of FMCG sales [4] - Emerging channels such as warehouse membership stores, snack collection stores, and discount stores are experiencing rapid growth, with year-on-year increases of 40%, 51%, and 92% respectively [4] - The rise of snack collection stores is particularly significant for foreign brands, which view these channels as crucial for business growth and market penetration [5][6] Retailer Strategies - Retailers are increasingly focusing on convenience, value, and brand differentiation, with a trend towards developing private labels that offer innovative products rather than just low prices [6] - Collaboration between retailers and brands is becoming more common, blurring the lines between retail and brand ownership [6]

Core Insights - The report highlights the overall performance of China's fast-moving consumer goods (FMCG) market in the first three quarters of 2025, indicating a stable growth trend with a 1.3% year-on-year increase in sales, driven primarily by volume growth of 3.8% despite a decline in average prices by 2.4% [23][24][25]. Market Performance - The FMCG market in China experienced a sales growth of 1.3% year-on-year in the first three quarters of 2025, with a notable 3.8% increase in volume and a 2.4% decrease in average prices [23][24]. - Lower-tier cities (third to fifth tier) contributed 80% of the market growth, becoming the main growth engine, while first and second-tier cities showed relatively flat performance due to slow economic recovery and the trend of "consumption substitution" [23][24][30]. Category Dynamics - **Packaged Foods**: Sales increased by 3.4%, with stable demand for core staple and snack foods. Instant noodles and nutritional supplements performed well, while chocolate and candy continued to decline [33][34]. - **Beverages**: Overall sales decreased by 1.1%, despite a 3.6% increase in volume, with average prices dropping by 4.6%. Milk and yogurt saw significant declines, while juice and beer categories experienced growth [41][42]. - **Personal Care**: Sales grew by 1.1%, ending a three-year decline, with strong performance in makeup and toothpaste, although skincare faced intensified competition and price reductions [46][47]. - **Household Care**: Sales rose by 3.3%, with strong performance in toilet paper and facial tissues, although average prices declined [47]. Price Dynamics - The "consumption substitution" trend continued into 2025, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating a shift in consumer behavior towards balancing quality and price [7][51]. - Some categories, such as juice and chocolate, maintained a premium positioning, while toothpaste was the only non-food beverage category to sustain stable premiumization [51][55]. Channel Dynamics - **Offline Channels**: Traditional formats like hypermarkets and convenience stores continued to shrink, while new formats such as warehouse membership stores, snack shops, and discount stores expanded rapidly, with growth rates of 40%, 51%, and 92% respectively [8][9]. - **E-commerce**: The e-commerce channel maintained a growth rate of 7%, with penetration increasing from 37% in 2024 to 39% in 2025. Platforms like Douyin and Pinduoduo became key growth drivers, accounting for over 40% of total FMCG e-commerce sales [8][9][11]. Implications for Brands - Brands must gain deep insights into consumer needs across different channels and capture the "moments of truth" that trigger purchase decisions to create products and experiences that resonate with consumers [10][11]. - The report emphasizes the importance of convenience and value-for-money in future channel strategies, highlighting the need for innovation driven by consumer insights to maintain competitiveness in a complex environment [10][11].

Group 1 - The core viewpoint of the report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing, with a 1.3% year-on-year sales growth in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average price [14][17][18] - Lower-tier cities (third to fifth tier) are identified as the main growth engine, contributing 80% of market growth, supported by urbanization, brand penetration strategies, and new retail channels [14][26][47] - The performance of different categories shows divergence, with packaged food and household care leading growth at 3.4% and 3.3% respectively, while the beverage category declined by 1.1% due to price competition and market shifts [29][39][46] Group 2 - The "consumption substitution" trend continues in 2025 but is slowing down, with average price declines narrowing from 3.4% in 2024 to 2.4% in 2025, indicating consumers are weighing quality against price [2][15][49] - New retail channels are experiencing structural changes, with traditional offline channels shrinking while warehouse membership stores, snack collection stores, and discount stores are expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2][59][60] - E-commerce channels are also growing at 7%, with platforms like Douyin and Pinduoduo becoming major drivers, accounting for over 40% of total FMCG e-commerce sales [2][59] Group 3 - The report highlights that the FMCG market is entering a new phase driven by demand, where brands must adapt to fragmented and polarized retail landscapes to seize growth opportunities [58] - The average selling price in the FMCG market is stabilizing, with promotional contributions to sales decreasing from 24.1% to 23.0%, reflecting a shift in consumer behavior towards quality and price balance [18][49] - The report emphasizes the importance of understanding consumer needs and adapting product offerings and pricing strategies to achieve sustainable growth in the evolving market [2][58]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese fast-moving consumer goods (FMCG) market shows signs of stabilization in 2025, with a sales growth of 1.3% year-on-year in the first three quarters, driven by a 3.8% increase in volume and a 2.4% decrease in average price [9][12][10] - Lower-tier cities (third to fifth tier) contributed approximately 80% of the market growth, benefiting from urbanization, brand penetration strategies, and the expansion of new retail channels [9][20] - The report highlights a shift in consumer behavior, where price sensitivity is balanced with quality considerations, leading to a stabilization in average prices after a significant decline in previous years [10][43] Summary by Sections Market Overview - The FMCG market in China experienced a mild growth in 2025, with a notable performance in the first quarter, which saw a 2.7% increase year-on-year [12] - Sales in lower-tier cities are a key growth driver, with a volume increase of 4-6% offsetting price declines [20][39] Category Dynamics - Packaged food and household care categories led the growth with increases of 3.4% and 3.3% respectively, while the beverage category faced a decline of 1.1% [24][25] - The personal care category showed signs of recovery with a 1.1% growth after several years of decline [34] Price Dynamics - The "consumption upgrade" trend continued into 2025, with average prices decreasing by 2.4%, although the rate of decline has slowed compared to 2024 [10][43] - Promotional activities have decreased, indicating a shift in consumer purchasing behavior towards a more balanced consideration of price and quality [13][43] Emerging Channel Dynamics - New retail formats such as warehouse membership stores, snack collection stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92% respectively [54][55] - E-commerce channels also showed strong growth, with an increase from 2% to 7% in the first three quarters of 2025 [54][56] Implications for Brands - Brands must adapt to the evolving retail landscape, leveraging data and technology to create demand and navigate the fragmented market [53] - The report emphasizes the importance of understanding consumer dynamics to seize opportunities in the new growth cycle [53]

Core Insights - The Chinese fast-moving consumer goods (FMCG) market is expected to stabilize in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters of 2025, driven by a 3.8% increase in volume and a 2.4% decrease in average prices, which is an improvement from a 3.4% decline in 2024 [1] Group 1: Market Trends - The growth in the FMCG market is primarily coming from third to fifth-tier cities, where sales volume increased by 4% to 6%, offsetting a 2% to 3% decline in average prices [1] - Consumers are becoming more rational in their purchasing decisions, focusing on quality-price ratios rather than just low prices, indicating a structural adjustment in the market [1] Group 2: Category Performance - Among the four main FMCG categories, packaged food saw the fastest growth with a 3.4% increase in sales, driven by stable demand for core staple foods and snacks [2] - The household care category grew by 3.3%, supported by stable cleaning habits and innovative products, while personal care grew by 1.1% [2] - The beverage category experienced a decline of 1.1% due to intensified competition and the impact of ready-to-drink beverages [2] Group 3: Channel Dynamics - Emerging channels are becoming the core growth driver in the FMCG market, with offline channels like warehouse membership stores, snack collection stores, and discount stores expanding rapidly, with growth rates of 40%, 51%, and 92% respectively [2] - Instant retail channels have reversed last year's decline, showing a 7.9% year-on-year growth in the third quarter, attributed to the popularity of delivery services and increased product variety [2] Group 4: Brand and Retailer Strategies - Retailers are accelerating the development of private labels, which have seen an average annual growth of 44% over the past two years, now accounting for 2% of total FMCG sales in the first three quarters of this year [3] - Brands need to redefine their relationships with retailers and platforms, integrating channel insights into product and market strategies to seize opportunities in the new growth phase of the FMCG market [3]