中国政府发出让民众谨慎赴日的提醒或将波及企业业绩。观察日本的百货店和药妆店等25家主要零售企 业2025财年（截至2026年2月）的市场平均预期（Quick Consensus），在约1个半月内，超过一半的13家 企业出现了净利润预期下调。各企业正在采取措施以降低对中国顾客的依存度，但能在多大程度上填补 空缺尚不透明。 对决算财年截至2月的25家零售企业的10月底和12月15日的Quick Consensus进行比较后发现，分析师考 虑到谨慎赴日提醒导致中国游客消费减少等因素，重新评估了25家企业的业绩预期，其中有13家的净利 润预期下调。 从25家企业的2025财年净利润总额来看，企业计划为同比增加18%，达到7586亿日元，但市场预期为增 加12%，增至7199亿日元，出现下调。 到达关西国际机场的外国人（12月3日） 观察日本的百货店和药妆店等25家主要零售企业2025财年的市场平均预期，在约1个半月内，超过一半 的13家企业出现了净利润预期下调。分析师指出，各企业本年度将面临十几亿日元的利润下行…… 面向访日游客的高档运动鞋销售强劲的ABC-MART和杉控股等药妆店相继下调了市场预期。 瑞银证券以面向 ...

Core Insights - The event showcased the active participation of young entrepreneurs as exhibitors, buyers, and partners, highlighting a vibrant entrepreneurial spirit at the expo [1] - The innovation incubation area exceeded 5,000 square meters for the first time, providing more opportunities for young entrepreneurs to showcase their products [2] - The expo serves as a platform for young entrepreneurs to gain industry insights and find collaboration opportunities through procurement meetings, investment negotiations, and industry forums [1][3] Group 1 - Danish entrepreneur Beike shared his experience of starting a high-speed 3D printing company that can produce a cochlear implant in 30 seconds, aiming to sell products to hearing aid stores and dental clinics [1] - Sun Meng, founder of Amac Technology, introduced a new generation of industrial robots, indicating that the team quickly upgraded their model based on specific production requests from companies after last year's expo [1] - Indian entrepreneur Tajire expressed his admiration for the innovative energy of the Chinese market and aims to explore more import-export opportunities [1] Group 2 - Young entrepreneur Xiao Sirui presented a cosmetic product ready for market launch, representing a startup incubator that brought multiple new products to the expo, attracting attention from several buyers [3] - Singaporean entrepreneur Yang Zuyi, a frequent attendee, established a pet rehabilitation hospital after learning about international medical device developments at the expo three years ago, emphasizing the value of the open and shared atmosphere [3] - The founder of Yufeng Future, Xie Ling, showcased a new generation of manned flying vehicles, receiving investment opportunities and global collaboration intentions at the expo [3] Group 3 - Suggestions were made to host international innovation competitions at the expo to provide better development opportunities for young entrepreneurs [4] - The Danish Consulate in Shanghai highlighted the acceleration of innovation in China, with new technologies and ideas converging in Shanghai, creating growth space for global entrepreneurial youth [4]

Core Viewpoint - The olive essence incident has reshaped the responsibility boundaries in the beauty live-streaming sales industry, highlighting the need for accountability among brands and influencers [1] Group 1: Incident Overview - The olive essence controversy began in February 2024 when a beauty influencer claimed that CSS's olive essence products failed to meet ingredient standards, leading to widespread scrutiny [6][19] - Following the incident, CSS's domestic operator, Shanghai Jingyue, announced the termination of its partnership with the American brand and the closure of all official online stores in China due to lack of support [3][13] - The regulatory body fined Shanghai Jingyue 500,000 yuan for false advertising related to the olive essence product, marking a significant conclusion to the incident [8][15] Group 2: Brand and Market Impact - CSS, which previously achieved significant sales growth, reported a drop in market presence following the incident, with its sales figures declining from 1.8 billion yuan to uncertain levels [17][21] - The brand's domestic operator underwent several changes, including a shift in legal representation and ownership, indicating instability within the company [18] - The incident has led to a broader discussion about the responsibilities of influencers and brands in the live-streaming sales sector, with some industry leaders acknowledging the inevitability of product issues in a rapidly growing market [19][20] Group 3: Regulatory and Industry Response - The incident has prompted calls for clearer standards regarding ingredient testing and labeling in the beauty industry, particularly concerning plant-derived components [21] - Influencers and brands are now more cautious, with many opting to provide detailed ingredient information to mitigate regulatory risks [21] - The olive essence incident is seen as a pivotal moment in the live-streaming sales industry, potentially influencing future practices and regulations [19][20]

Core Insights - The Deloitte report titled "2025 Global Retail Power" highlights the dual challenges and opportunities in the global retail sector, with total retail revenue reaching a record high of $6.03 trillion (approximately 43.4 trillion RMB) [1] - The report emphasizes the increasing concentration of the industry and the urgent need for Chinese retail companies to navigate global competition [1] Global Retail Landscape: Growth, Differentiation, and Power Dynamics - The global retail landscape shows a mixed growth pattern, with the top 250 retail companies experiencing a 3.6% year-over-year revenue increase, driven by inflation and structural growth [2] - North America leads with 85 companies contributing 49.2% of global revenue, while Europe has 89 companies at 33.6%, facing challenges from online retail and declining consumer demand [4] - The Asia-Pacific region, with 54 companies contributing 13.8% of revenue, shows potential but lags behind North America and Europe in global revenue share and internationalization [4] Company Performance and Trends - Walmart remains the top global retailer with a revenue of 464.9 billion RMB, leveraging its extensive store network and supply chain efficiency [6] - Amazon ranks second with 180.7 billion RMB in revenue, focusing on a retail-tech ecosystem that enhances consumer experience [7] - SHEIN, a rising star in cross-border e-commerce, reported 219.9 billion RMB in revenue with an 88.2% compound annual growth rate, showcasing its agile supply chain and data-driven fashion model [13][15] Challenges and Strategic Shifts - JD.com, despite being the only Chinese company in the top ten, saw a decline in global ranking, highlighting challenges in market saturation and competition from local players [11] - Alibaba's new retail strategy has faced difficulties, leading to a significant drop in global ranking, as the company shifts focus from heavy asset ownership to platform empowerment [16][17] - Watson's Group has shown resilience in the beauty retail sector, leveraging a multi-channel approach and brand innovation to maintain growth [18] Future Trends and Recommendations - The report identifies four key trends shaping the future of retail: strategic operational efficiency, AI-driven transformation, sustainability, and alternative revenue sources [54][55] - Chinese retail companies are encouraged to embrace these trends to enhance competitiveness in the global market, focusing on globalization, digital transformation, and innovative business models [60][61][62]