以下文章来源于每日商业必读 ，作者余生 每日商业必读 . 商业世界的前沿阵地 左手饮用水，右手生物医药。 作者：余生 来源：每日商业必读 从 2021 年首次登顶至今， 70 岁的钟睒睒在五年内四度领跑榜单，成为胡润百富榜史上最稳 定的"财富标杆"之一。 2025 年，随着农夫山泉高端水系列销量同比增长 38% 、茶饮料业务市占率突破 25% ，叠 加万泰生物疫苗产品的海外市场突破，其财富较去年获得巨大增长。 这位低调的商人如何构建起如此庞大的商业帝国呢？又是什么让他在激烈的市场竞争中始终保 持领先呢？ 这里插播一条课程资讯： 报名 「 黑马·山海计划班 」 ， 11月20日-22日 ， 天图投资创始合伙人＆CEO 冯卫东将与创 业黑马董事长牛文文 ， 亲自带一批黑马的同学们，一起走进安徽黄山。 用3天时间，大家一起畅聊： 怎么搞定品牌定位、搞定投资人的钱、搞定现金流？ 来 「黑马·山海计划班」， 带你成为未来的品类第一！ 钟睒睒刷新了中国首富的财富纪录。 10 月 28 日，《 2025 衡昌烧坊·胡润百富榜》揭晓，农夫山泉创始人钟睒睒财富增长 1900 亿元，以 5300 亿元第四次成为中国首富。 | | ...

10月26日，宗馥莉回归娃哈哈后的首个周末，其叔叔宗泽后旗下宗盛系品牌"娃小智"启动全国招商。在 这场"娃哈哈"商标风波下，"娃小宗"暂缓推出，"娃小智"激进招商，叔侄的较量愈演愈烈。保证金回 款、联销体协议签订、新客户签约……宏胜系下达销售任务的通知也印证着拿回"娃哈哈"授权的宗馥 莉，尽管宏胜系有多年积累的家底，但面临多线作战，在年终业绩冲刺的压力下也稍显疲态。手握"真 金白银"的经销商表示，正在"娃小智"和"娃哈哈"间犹豫。更何况，农夫山泉、怡宝等竞争对手已经虎 视眈眈。2024年娃哈哈有过高光时刻，今年能否达到500亿元营收，需要打个问号。 "娃小宗"暂缓推出 被宣布启用41天后，新品牌"娃小宗"就被叫停。近日，据多家媒体从娃哈哈不同区域经销商处证实，宗 馥莉所控股的宏胜系要求经销商打款缴纳保证金的同时，还明确明年继续销售"娃哈哈"品牌产品。 宗馥莉已辞去娃哈哈集团法定代表人、董事及董事长等职务，仍继承父亲宗庆后留下的29.4%股份，为 公司第二大股东，在娃哈哈集团内部有相当的话语权，现在是以宏胜饮料集团总裁的身份行事。 种种迹象表明，宗馥莉的请辞或因商标使用"不合规"，因此想另立门户，经营"娃小宗" ...

10月26日，宗馥莉回归娃哈哈后的第一个周末，其叔叔宗泽后旗下宗盛系品牌"娃小智"启动全国招商。在这场"娃哈哈"商标风波 下，"娃小宗"暂缓推出，"娃小智"激进招商，叔侄的较量愈演愈烈。保证金回款、联销体协议签订、新客户签约……宏胜系下达销售 任务的通知也印证着，拿回"娃哈哈"授权的宗馥莉，尽管宏胜系有多年积累的家底，但面临多线作战，在年终业绩冲刺的压力下也稍 显疲态。手握"真金白银"的经销商表示，正在"娃小智"和"娃哈哈"间犹豫。更何况，农夫山泉、怡宝等竞争对手已经虎视眈眈。2024 年娃哈哈有过高光时刻，今年能否达到500亿元营收，需要打个问号。 各退一步：宏胜系"娃小宗"暂缓推出 在被宣布启用仅41天后，新品牌"娃小宗"就被叫停。 近日，多家媒体从娃哈哈不同区域经销商处证实，宗馥莉所控股的宏胜系要求经销商打款缴纳保证金的同时，还明确明年继续销售"娃 哈哈"品牌产品。 宗馥莉已经辞去娃哈哈集团法定代表人、董事及董事长等职务，仍继承父亲宗庆后留下的29.4%股份，为公司第二大股东，在娃哈哈 集团内部有相当的话语权，现在是以宏胜饮料集团总裁的身份行事。 种种迹象表明，宗馥莉的请辞，或因商标使用"不合规"，因此 ...

Core Viewpoint - The article discusses the evolution of food and beverage consumption in train carriages in China over the past 26 years, highlighting a shift from basic functional needs to experience-oriented consumption, particularly during travel periods like the National Day holiday [8][12]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a significant increase in domestic travel, with 28 million trips and a total tourism revenue of 14.1 billion yuan [8]. - By 2024, domestic travel reached 765 million trips, with total spending hitting 700.817 billion yuan, indicating a substantial growth in travel culture and consumer spending [8][12]. Group 2: Changes in Food Consumption - The food and beverage consumption on trains has transitioned from simple snacks like peanuts and instant noodles to more diverse and experience-driven options, reflecting changing consumer preferences [9][10]. - Consumers now seek visually appealing, emotionally satisfying products during travel, such as specialty teas and creative snacks, rather than just functional food [10][12]. Group 3: Iconic Products - Instant noodles, particularly the Kang Shifu brand's beef noodles, became iconic in train carriages due to their convenience and affordability, with initial pricing at 1.98 yuan compared to higher-priced train meals [17][18]. - The introduction of various flavors and local specialties in instant noodles has further solidified their popularity among travelers [19]. Group 4: Innovations in Packaging and Offerings - The development of new packaging technologies, such as the "modified atmosphere packaging" by Zhou Hei Ya, has improved the freshness and convenience of ready-to-eat foods like marinated meats, making them popular in train settings [36][37]. - The rise of instant coffee and fruit teas in convenient packaging reflects the growing demand for portable and easy-to-prepare beverages among travelers [41][42]. Group 5: Cultural and Regional Influences - The emergence of culturally themed snacks, such as creative ice creams representing local train stations, showcases a trend towards localized and experiential food offerings in train travel [50][55]. - Regional specialties are increasingly featured in train menus, allowing travelers to experience local flavors, enhancing the overall travel experience [56][64].

Core Insights - The article discusses the evolution of food consumption on trains in China, highlighting the shift from traditional snacks like instant noodles to more diverse and experiential food options that cater to modern consumer preferences [4][6][9]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a surge in domestic travel, with 28 million trips taken that year, generating 14.1 billion yuan in tourism revenue [5]. - By 2024, domestic travel during the National Day holiday reached 765 million trips, with total spending hitting 700.8 billion yuan [5][6]. - The transition from traditional green trains to high-speed trains has significantly reduced travel times, enhancing the travel experience [6]. Group 2: Changing Consumer Preferences - Consumers are increasingly seeking food and beverages that offer aesthetic appeal and emotional satisfaction during travel, moving beyond mere sustenance [6][9]. - New food items like specialty milk teas and creative snacks are becoming popular, reflecting a shift towards experiential consumption [7][9]. Group 3: Evolution of Train Food - Instant noodles, particularly brands like Kang Shifu, became iconic in train dining due to their convenience and affordability, with Kang Shifu's beef noodles launched in 1992 [12][14]. - The introduction of various snacks, including spicy chicken feet and ready-to-drink congee, has diversified the food options available on trains [18][20]. - The development of packaging technologies, such as modified atmosphere packaging, has improved the freshness and convenience of ready-to-eat foods like marinated meats [27][28]. Group 4: Regional and Cultural Influences - The rise of regional specialty foods on trains reflects a growing consumer desire for local experiences, with products like beef jerky and traditional snacks gaining popularity [42][47]. - The introduction of themed creative ice creams on trains showcases the blending of cultural elements with food offerings, enhancing the travel experience [38][39].

Core Insights - The article discusses the evolution of food and beverage consumption on trains in China, highlighting the shift from basic sustenance to experience-oriented products that enhance travel enjoyment [4][6][20]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a surge in domestic travel, with 28 million trips taken and a total tourism revenue of 14.1 billion yuan [1]. - By 2024, domestic travel during the National Day holiday reached 765 million trips, generating a total expenditure of 700.8 billion yuan [2]. Group 2: Changing Consumer Preferences - Consumers now prefer visually appealing and emotionally satisfying food and beverage options during travel, moving beyond mere hydration and sustenance [4][6]. - The demand for experience-oriented products is expected to surpass last year's levels during the National Day holiday [6]. Group 3: Food and Beverage Innovations - The introduction of instant noodles, particularly the iconic Kang Shifu beef noodles in 1992, revolutionized train food consumption, meeting the needs of travelers for convenience and affordability [8][11]. - The rise of various snack options, such as spicy chicken feet and eight-treasure porridge, reflects a diversification in train food offerings, catering to modern consumer tastes [12][16]. Group 4: Packaging and Preservation Advances - The introduction of "modified atmosphere packaging" by brands like Zhou Hei Ya has extended the shelf life of ready-to-eat products, making them more suitable for train travel [22][23]. - The growth of portable and fresh options, such as freeze-dried coffee and instant fruit teas, indicates a trend towards convenience and quality in travel snacks [25][26][28]. Group 5: Cultural and Regional Influences - The emergence of cultural-themed ice creams and regional snacks on trains highlights a growing emphasis on local experiences and culinary diversity during travel [34][36]. - Passengers are increasingly exposed to regional specialties, enhancing their travel experience and connecting them to local cultures [38][41].

Core Insights - The article emphasizes that brand-driven strategies are essential for sustainable growth in a competitive market where companies face challenges of stagnation and homogenization [1][2] - It highlights the need for companies to transition from a sales-driven approach to a brand-driven one, focusing on long-term brand equity rather than short-term ROI [2][4] Brand Building Strategy - The core of brand building lies in creating differentiation and establishing a sustainable trust relationship with consumers [4][5] - The strategic framework for brand building involves guiding consumers through six stages: awareness, consideration, purchase, usage experience, loyalty, and advocacy [2][4] - Data indicates that brand influence on consumer purchasing decisions is paramount, accounting for 33%, surpassing other factors like product and price [2][6] Importance of Hard Advertising - Hard advertising is regaining importance as it effectively communicates brand differentiation and ensures clarity in messaging [5][6] - It achieves high reach and coverage, particularly through mainstream media, which enhances brand recall among consumers [6][7] - Hard advertising benefits from the credibility of authoritative platforms, creating a strong social consensus around the brand [7][8] Embracing Certainty in Brand Growth - In a variable market environment, sustainable brand growth increasingly relies on controlling certainty through reliable communication channels and consistent brand messaging [8][9] - The strategic value of hard advertising is being recognized, with brands shifting their focus back to traditional media for broader brand recognition and core value communication [9] Conclusion - Sustainable growth fundamentally depends on brand-driven strategies that establish clear and meaningful differentiation in consumer minds [9]

Core Viewpoint - Since July 17, the stock price of Nongfu Spring has risen for four consecutive trading days, recovering its market value to pre-controversy levels [1][3]. Market Performance - The total market capitalization of Nongfu Spring has returned to 500 billion HKD, reaching a new high of 510 billion HKD on July 22, with a stock price of 45.25 HKD per share [2]. - From April 8 to July 22, the stock price increased by over 42%, adding 144 billion HKD to its market value, with the controlling shareholder Zhong Shanshan's holdings increasing by approximately 120 billion HKD [2]. - In 2024, Nongfu Spring's stock price had previously halved to 23.04 HKD, resulting in a market value of only 259.1 billion HKD, reflecting a 23.4% decline throughout the year [2]. Leadership Changes - Zhong Shanshan, the chairman, has become more public-facing, engaging with media and stakeholders to restore confidence in the brand [4][5]. - He has made several public appearances and statements addressing market challenges and defending the brand's pricing strategy [5][7]. Financial Performance - In 2024, Nongfu Spring reported total revenue of 42.896 billion CNY, a slight increase of 0.54%, and a net profit of 12.123 billion CNY, which was nearly flat compared to the previous year [7]. - The gross profit margin decreased by 1.4 percentage points to 58.8%, influenced by promotional activities and rising raw material costs [8]. Water Business Challenges - The bottled water segment faced significant challenges, with revenue dropping by 4.31 billion CNY, a decline of 21.3% compared to 2023 [12]. - The market share of Nongfu Spring's bottled water products has been declining, with the revenue contribution from the water business shrinking from 47.5% to 37.2% in 2024 [13]. Product Strategy - In response to market pressures, Nongfu Spring launched a green bottle version of purified water, aiming to compete on price, with some products priced as low as 8.9 CNY for a pack of 12 [10][11]. - The company has also expanded its tea beverage offerings, with products like "Dongfang Shuyue" achieving significant revenue growth, compensating for the decline in the water segment [16]. Collaborations and Innovations - Nongfu Spring has increased collaborations with Sam's Club, launching various new products and leveraging the retailer's strong market presence [17][19]. - The company is exploring new product categories, including carbonated tea drinks and plant-based beverages, to capture market interest [17][20]. Market Trends - The non-sugar tea beverage market has seen rapid growth, with Nongfu Spring capturing over 70% market share in the second quarter of 2024 [20]. - However, the overall growth rate of the tea beverage segment has begun to slow, indicating a shift in market dynamics [20][21].

Core Viewpoint - Citigroup expresses increased confidence in the recovery trend of Nongfu Spring's drinking water business by 2025, anticipating a return to double-digit sales growth after a year of slowdown, which should restore investor confidence in the company's long-term performance, particularly in the drinking water segment [1][2]. Group 1: Sales and Market Performance - Nongfu Spring's management expects to achieve double-digit growth in overall group sales by 2025, despite a slight downward adjustment in net profit consensus forecasts for 2025 due to lower-than-expected revenue in the second half of 2024 [2]. - The company's market share in the drinking water segment has been recovering since June of the previous year, with strong sales performance in January and February of this year, indicating a clearer recovery path for its drinking water products [1][4]. - The company has maintained healthy channel inventory levels for its drinking water products since the end of Q3 2024, which lays a solid foundation for a significant recovery in 2025 [3]. Group 2: Profitability and Cost Management - Citigroup does not expect a significant year-on-year decline in net profit margin for 2025, projecting that the margin will remain stable due to several positive factors, including improved capacity utilization in the drinking water business and reduced rebate intensity for pure water products [2]. - The management plans to cut expenses related to pure water products in 2025, focusing instead on enhancing the natural water segment, which includes new packaging designs and additional water sources introduced in December 2024 [4]. Group 3: Strategic Adjustments - Following a decline in market share from March to May of the previous year due to negative publicity, Nongfu Spring's management has actively increased rebates to distributors to reduce channel inventory, which has contributed to the recovery of market share since June [4]. - The company intends to retain only one SKU of pure water (550ml) and is not planning to significantly expand its pure water product line, indicating a strategic shift towards natural water products [4].

Core Insights - The article emphasizes the importance of effective marketing and promotional strategies for businesses to stand out in a competitive environment, highlighting the expertise of Shijiesong in providing valuable marketing guidance based on extensive experience in various industries [1][2][3]. Group 1: Marketing Strategy - Shijiesong's modular marketing consulting has successfully assisted over 80 large brand enterprises in overcoming bottlenecks and advancing brand marketing in Northern China [1][3]. - The marketing strategy focuses on "practicality + data," addressing pain points in the fast-moving consumer goods (FMCG) sector through precise promotional strategies that achieve "brand effectiveness" [3][45]. - The methodology emphasizes "usefulness as truth," prioritizing consumer benefits and creating compelling reasons for purchase through benefits-driven promotions [5][45]. Group 2: Promotional Tactics - The promotional planning framework includes defining objectives, categorizing strategies, and standardizing execution processes, ensuring a closed-loop management system [4][10][12]. - Key promotional tools include giveaways, interactive games, and bundled packages, with a focus on maximizing terminal support and integrating online and offline communication [12][13]. - Successful case studies, such as Nongfu Spring's campus marketing and Evergrande Ice Spring's Valentine's Day promotions, demonstrate effective strategies that significantly increased sales and brand exposure [20][26][35]. Group 3: Performance Measurement - The effectiveness of promotional activities is evaluated through quantitative metrics like sales achievement rates and qualitative metrics such as consumer satisfaction and brand perception [20][27]. - Shijiesong's approach includes a PDCA (Plan-Do-Check-Act) cycle for continuous improvement in promotional execution, ensuring alignment with market dynamics and consumer needs [4][13][45]. Group 4: Long-term Brand Value - The article discusses the synergy between promotions and brand building, advocating for a shift from short-term sales boosts to long-term brand loyalty through educational marketing and social responsibility initiatives [40][41][42]. - Strategies for managing product life cycles involve focusing on star products while phasing out underperforming items, optimizing inventory turnover rates [41][42]. Group 5: Industry Impact - Shijiesong's marketing framework has been recognized as a standard reference for FMCG promotional planning in academic settings, indicating its influence on industry practices [42][45]. - The article concludes that continuous innovation and meticulous operations are essential for converting promotional traffic into lasting brand loyalty in a dynamic market [45].