在新消费浪潮中，种草早已不是简单的 "内容输出 - 用户心动" 单线逻辑，而是与消费美学、情绪诉 求、生活场景、娱乐热点息息相关，从策略到手法都在考验平台和品牌对种草进化的理解，平台越来越 深地承担起消费决策加速器和交易转化的引爆器角色。 用户为何而买？抖音以今年618的亮眼成绩验证了，这股风要由平台领衔造，无论是话题造势还是内容 形态，都在发生着新的更迭。 1.先风动，再心动 从主导消费趋势入手，驱动用户购买决策 在消费市场加速迭代的当下，潮流风向与美学体验已成为驱动购买决策的核心引擎，无论是抖音内的多 元达人、兴趣内容还是商家品类，无论是内容消费还是商品消费，本质都是从 "标准化消费"到"个性化 表达"的跃迁。 今年618，Madame Figaro中文版基于抖音上的用户内容打造了一波新时尚趋势——睿美氪，当该词语作 为"Remake"时，它代表一种"重塑"的创新精神，而当它成为睿美氪风潮，则代表着全部抖音用户在用 智慧与审美进行的重新定义。 星图达人@是初九呀 把"哥特风"变成别人眼里的"姐特疯"，@馬姐在上海 打破场合限定穿搭，掀起"我 即场合"的自由穿搭风，@艾克里里 脱掉一身铠甲，随睿美氪惬意切换 ...

报告导读： 大促周期拉长，单件直降成主流，比拼真实转化而非 GMV 。国补加持下各企 业积极布局，盈利能力有望提振，增持。 投资建议 ： 更长的大促周期和单件直降的策略调整更考验企业的动态调整和营销能力，品牌力具备优势 或者电商运营更具优势的企业更有机会从中受益。 本文摘自：2025年6月8日发布的 大促回归本质，国补助力转化——2025年618规则解读 蔡雯娟 ，资格证书编号： S0880521050002 李汉颖 ，资格证书编号： S0880524110001 谢丛睿 ，资格证书编号： S0880523090004 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 平台端，大促周期拉长，单件满减成主流。 此次 618 大促活动，京 ...

Core Viewpoint - The company's 2024 performance was below expectations, while 1Q25 performance exceeded expectations, driven by new product launches and improved gross margins [1][2]. Financial Performance - In 2024, the company reported revenue of 16.542 billion, a year-on-year increase of 6.7%, and a net profit of 806 million, up 31.7% [1]. - For 4Q24, revenue reached 6.316 billion, showing a year-on-year growth of 27.1%, with net profit soaring to 191 million, a significant increase of 2178% [1]. - In 1Q25, revenue was 3.858 billion, reflecting an 11.1% year-on-year growth, and net profit was 475 million, up 59.4% [1]. Business Segmentation - In 2024, the revenue growth for the brands Ecovacs and Tineco was 5% and 11% respectively, with overseas growth outpacing domestic growth [2]. - The overseas revenue for Ecovacs and Tineco brands increased by 12.6%, accounting for 42% of total revenue, with significant growth in the European market, where Ecovacs and Tineco saw revenue increases of 52% and 64% respectively [2]. Profitability and Cost Management - The company improved its gross margin in 2024, with a 4 percentage point increase for the Ecovacs brand due to a higher proportion of new products, leading to a 2 percentage point increase in overall gross margin [3]. - In 1Q25, the apparent gross margin rose by 3 percentage points to 49.7% [3]. - The company managed to control expenses, resulting in a decrease in sales, management, and R&D expense ratios in 2024 [3]. Development Trends - Domestic sales are driven by national subsidies and new product launches, with the introduction of mid-to-high-end products like the T80 and X9, as well as a new low-end product, the mini [4]. - The company anticipates that new products will penetrate overseas markets, with limited impact from tariffs [4]. Earnings Forecast and Valuation - The company maintains its earnings forecasts for 2025 and 2026, with the current stock price corresponding to 22.2 times and 19.9 times the earnings for 2025 and 2026 respectively [5]. - The target price remains at 62.68, implying an 18% upside potential from the current stock price [5].