Core Viewpoint - The article discusses the lessons that Chinese companies can learn from Japan's "lost thirty years," emphasizing the importance of consumer needs, product quality, and operational efficiency in navigating economic cycles [7][9][12]. Group 1: Insights from Japan - Japan experienced stagnant wages and severe aging during its "lost thirty years," yet it produced successful consumer champions like Uniqlo and 7-Eleven, highlighting the importance of upgrading consumer necessities and changing business formats [8][9]. - The emergence of affordable alternatives in Japan shifted consumer focus from luxury to practicality, as seen with Uniqlo's rise [10][11]. - Key takeaways for Chinese companies include the need for extreme cost-performance ratios, unique offline retail experiences, and high execution efficiency [12][13]. Group 2: Opportunities in the Chinese Market - The article identifies the "downstream market" as a crucial area for growth in the next two to three decades, emphasizing the search for new national brands and chain stores [14][15]. - Historical context is provided with the example of JD.com, which grew from 1 billion in revenue to becoming China's first trillion-yuan retail enterprise, showcasing the importance of cost, efficiency, and user experience [18][19]. - The author notes that since 2016, the focus has been on investing in new consumer champions, with 15 companies achieving over 1 billion in revenue and 3 companies projected to exceed 10 billion this year [24][25]. Group 3: Structural Opportunities in Consumption - The article outlines two structural opportunities in the Chinese consumer market: the rise of new national brands and the development of nationwide chains [28]. - The author emphasizes the importance of product innovation and brand expansion, particularly in the context of the pandemic, which created significant opportunities for food companies [26][27]. - The upcoming "Black Horse Consumption Rise" course aims to provide insights into how Chinese and Japanese consumer champions succeed in the current market landscape [29][30].

Core Viewpoint - The article emphasizes the importance of learning from Japan's experience during its "lost thirty years" to identify structural opportunities in China's consumer market, focusing on the emergence of new national brands and nationwide chains [7][28]. Group 1: Insights from Japan - Japan experienced stagnant wages and severe aging during its lost thirty years, yet it produced successful consumer champions like Uniqlo and 7-Eleven, highlighting the importance of upgrading essential needs and changing business formats [8][9]. - The rise of affordable alternatives in Japan, such as Uniqlo, shifted consumer focus from luxury to practicality, indicating a trend that could be mirrored in China [10][11]. - Key lessons for Chinese companies include the need for extreme cost-performance ratios, unique offline retail experiences, and high execution efficiency [12][13]. Group 2: Opportunities in China's Consumer Market - The article identifies the "downstream market" as the most mainstream and core market for the next two to three decades in China, emphasizing the need to discover new national brands and chains [14][28]. - The author reflects on the early days of JD.com, noting its growth from 1 billion in revenue to becoming China's first trillion-yuan retail enterprise, showcasing the potential for rapid growth in the consumer sector [15][18]. - The investment firm, Qicheng Capital, has focused on supporting new consumer champions, with over 20 companies in its portfolio, including several that have achieved significant revenue milestones [24][25]. Group 3: Structural Opportunities in the Consumer Market - The article posits two structural opportunities in the Chinese consumer market: the emergence of new national brands and the development of new nationwide chains [28]. - The success of companies like Delmar and Qicheng during the pandemic illustrates the potential for growth in the food sector, which has seen significant opportunities arise from market changes [26][27]. - The upcoming "Black Horse Consumption Rise" course aims to provide insights into how Chinese and Japanese consumer companies can thrive in the current market environment [29][30].

Core Insights - The article discusses the challenges faced by the Chinese economy and draws parallels with Japan's "lost thirty years," highlighting the emergence of successful consumer brands despite economic difficulties [4][5][6]. Group 1: Economic Context - The article emphasizes the long-term economic struggles in Japan, where wages stagnated for over two decades and the population aged significantly [4]. - It notes that despite these challenges, Japan produced several successful consumer brands such as Uniqlo, 7-Eleven, and Meiji Foods, indicating resilience in the consumer market [5]. Group 2: Consumer Behavior Shifts - The article points out a shift in consumer behavior in Japan from luxury goods to value-oriented products, exemplified by the rise of Uniqlo and the dominance of low-cost home goods retailer Nitori over IKEA [6]. - This shift suggests that Chinese companies should focus on understanding and adapting to changing consumer preferences during economic cycles [6]. Group 3: Investment Opportunities - The article identifies two structural opportunities in the Chinese consumer market: the emergence of new national brands and the development of new nationwide chains [18]. - It highlights the success of companies backed by Qicheng Capital, which has invested in over 20 consumer brands since its inception, with several achieving significant revenue milestones [15][16]. Group 4: Historical Context of Investment - The article reflects on the early days of JD.com, noting its growth from a small business to a major player in the retail sector, with revenue increasing 16 times since its IPO [11]. - It discusses the transformation of China's logistics and infrastructure, which has enabled new entrepreneurs to leverage these advancements for e-commerce growth [13]. Group 5: Future Outlook - The article expresses optimism about the potential for new business opportunities in the current economic climate, suggesting that there are still structural opportunities for growth [17]. - It encourages engagement in learning from successful consumer giants through specialized courses, indicating a proactive approach to navigating the market [19][20].