以下文章来源于证券之星 ，作者吴凡 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 来源|证券之星 营收较上年同期呈现负增长，是蓝月亮上半年出现亏损的重要诱因。产品端，公司个人清洁护理产品和家居清洁护理产品分别实现收入2.16亿港元和 1.8亿港元，各自较上年同比增长12.4%和4.8%，然而占总营收超八成的衣物清洁护理产品却较上年同比下跌4.6%至26.41亿元。 证券之星了解到，衣物清洁护理市场目前呈现"高端突围、中端混战"的态势。国际品牌宝洁、联合利华等品牌加速在中国市场推广智能洗衣凝珠、生 物酶洗涤剂等创新品类；本土品牌立白、威露士等则通过细分场景争夺消费者；另有部分白牌、新锐品牌通过小红书、B站等内容平台种草，吸引年 轻消费者。 2024年，蓝月亮进一步聚焦高端化，推出全新浓缩＋至尊生物科技洗衣液，不过其单价要显著高于传统衣物清洁产品。在淘宝平台，蓝月亮旗舰店售 卖的一款660克的浓缩＋至尊生物科技洗衣液的价格为79.95元，远高于同品牌同规格的传统衣物清洁产品。尽管蓝月亮在2024年财报中提到，新品 带动至尊系列洗衣液的销量持续 ...

Investment Rating - The report gives an "Outperform the Market" rating for both Blue Moon Group and CATL, indicating expected performance above the market average [6][27][31]. Core Insights - The jewelry sector is transitioning from channel-driven to brand-driven, with a focus on product structure upgrades leading to improved gross margins [8][9]. - The pet consumption market is expanding, driven by an increase in pet ownership and a demand for higher quality products [21]. - CATL is expected to maintain strong performance with a projected net profit growth from 645 billion to 932 billion CNY over the next three years [31]. Summary by Sections Jewelry Sector - The jewelry industry is seeing a shift towards brand-driven strategies, enhancing product offerings and improving profitability [8][9]. - The report highlights that the retail sales of gold and silver jewelry have shown a year-on-year increase of 5.4% in early 2025, indicating a recovery in demand [10]. - Companies like Chow Tai Fook and Zhou Dasheng are focusing on high-quality expansion and product structure improvements to capture market share [11][12]. Pet Consumption - The pet food sector is recommended due to the growing consumer interest and spending on pet-related products, with leading companies expected to outperform the market [21]. - The report notes a significant increase in online sales and engagement in the pet product category, with a 71% year-on-year growth in pet-related live commerce [21]. Blue Moon Group - The company is projected to recover from losses in 2024, with expected net profits turning positive by 2025, supported by a strong brand presence in the cleaning products market [27]. - The report anticipates a revenue growth of 16% in 2024, driven by increased sales across all product categories [25]. CATL - CATL is projected to maintain its leadership in the global battery market, with a significant increase in production capacity and a strong pipeline of new products [31]. - The company is expected to achieve a net profit of 645 billion CNY in 2025, with a favorable valuation range of 337.12 to 366.43 CNY per share [31].