Core Insights - The article discusses the paradox of companies earning substantial profits despite a general sentiment of economic hardship, highlighting eight industries that present significant business opportunities in a low-desire society [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior shifts towards different spending patterns [4]. - The article emphasizes that consumer demand is migrating, creating new commercial opportunities [5]. Group 2: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by "Daikokuya," has seen a revenue surge, with similar trends in China through platforms like "Hongbulin" and "Panghu" [6][7]. - **Pet Economy**: Despite declining birth rates, spending on pets is increasing, with brands like "Inaba" in Japan and "Guobao" in China experiencing strong sales growth [11][12][13]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a significant growth potential for similar products in China [16][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free beverages and functional drinks, with brands like "Oriental Leaf" and "Jianchun" gaining traction [21]. - **Beauty Economy**: The demand for beauty products remains strong, with high sales figures for collagen supplements and home beauty devices, indicating that beauty is both an economic and therapeutic pursuit [23]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as "Snow Peak," are thriving, reflecting a growing interest in outdoor activities despite economic constraints [25][26]. - **Emotional Economy**: Brands like "Labubu" and "Rio" are capitalizing on the emotional needs of consumers, providing products that offer comfort and enjoyment [28][29]. - **Lazy Economy**: The trend towards convenience has led to a rise in frozen food and smart home appliances, addressing the need for time-saving solutions in a low-desire economy [33][35]. Group 3: Market Opportunities - The article suggests that the current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, emphasizing the importance of recognizing and acting on these opportunities [39].

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Business Opportunities - The article identifies eight key industries that are experiencing growth, highlighting that a low-desire society does not equate to a lack of opportunities [4]. - The first opportunity lies in the second-hand economy, where platforms like "闲鱼" and "转转" are seeing significant user engagement and transaction volume, indicating a shift in consumer spending towards second-hand goods [6][9]. - The pet economy is another area of growth, with brands like "中宠" and "Inaba" capitalizing on increased spending on pet products, reflecting changing consumer priorities [11][12][15]. - Adult care products, particularly in the context of an aging population, are projected to grow significantly, with the Japanese market for adult diapers exceeding $10 billion [16][17][18]. - Health food and beverage sectors are also on the rise, driven by changing demographics and health consciousness, with brands like "东方树叶" and "简醇" gaining traction [21]. - The beauty economy is thriving, with products like collagen supplements and home beauty devices seeing high sales, indicating a persistent consumer desire for self-improvement [23]. - Outdoor leisure products are gaining popularity, as consumers seek experiences over material possessions, with brands like "凯乐石" and "伯希和" experiencing rapid sales growth [25][26]. - The emotional economy, characterized by products that provide comfort and joy, is also flourishing, with brands like "Rio" tapping into the market for low-alcohol beverages [28][29]. Group 2: Consumer Behavior Trends - The article notes a significant shift in consumer behavior, where individuals are prioritizing experiences and emotional satisfaction over traditional luxury goods [30][31]. - The "lazy economy" is emerging, with younger generations opting for convenience in food preparation and household chores, leading to increased demand for frozen foods and smart home appliances [33][35]. - The overarching theme is that in a low-desire economic cycle, time-saving solutions may hold greater commercial value than cost-saving measures [36].

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating significant profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Business Opportunities - The concept of a "low-desire society" does not equate to a lack of opportunities; instead, it presents new avenues for growth [4]. - Consumption segmentation and demand migration are identified as the largest business opportunities in the current market landscape [5]. Group 2: Key Industries and Trends - **Second-Hand Economy**: As consumers shift away from luxury goods, the second-hand market is booming, with companies like Hongbulin and Panghu experiencing significant growth [6][7][9]. - **Pet Economy**: With declining birth rates, spending on pets is increasing, as seen with brands like Inaba in Japan and Guobao in China [11][12][13][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a substantial growth potential for similar products in China [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for sugar-free and functional beverages, with brands like Dongfang Shuye and Jianchun gaining traction [21]. - **Beauty and Aesthetics**: The beauty economy remains robust, with products like collagen supplements and home beauty devices seeing high sales, indicating a persistent consumer desire for self-improvement [23]. - **Outdoor and Leisure Products**: Brands in the outdoor equipment sector are thriving, as consumers seek experiences despite economic constraints [25][26][27]. - **Emotional Economy**: Products that provide emotional comfort, such as low-alcohol beverages and novelty items, are gaining popularity [28][29]. - **Convenience Economy**: The demand for convenience is driving growth in frozen foods and smart home appliances, as consumers prioritize time-saving solutions [33][35][36]. Group 3: Market Dynamics - The article suggests that while many perceive the current market as a "winter," the true winners are those who can identify and invest in counter-cyclical opportunities [39].

Core Viewpoint - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating significant profits, particularly in the context of a "low-desire society" where consumer spending patterns are shifting towards specific sectors [3][4]. Group 1: Emerging Business Opportunities - The article identifies eight key industries that are experiencing growth and presents them as major business opportunities in the current economic climate [5]. - The first industry highlighted is the second-hand economy, where platforms like "闲鱼" and "转转" are seeing increased activity as consumers shift from new luxury goods to second-hand purchases [6][9]. - The pet economy is also on the rise, with brands like "中宠" and "Inaba" capitalizing on the trend of pet ownership and spending on premium pet products [11][12][15]. - Adult care products, particularly in the context of an aging population, are projected to grow significantly, with the Japanese market for adult diapers exceeding $10 billion [16][17][18]. - Health food and beverage sectors are benefiting from changing demographics and increased health awareness, with products like sugar-free tea and functional drinks gaining popularity [21]. - The beauty and aesthetics market continues to thrive, with products aimed at enhancing appearance, such as collagen supplements and home beauty devices, seeing strong sales [23]. - Outdoor and leisure products are gaining traction as consumers seek ways to relieve stress, with brands like "凯乐石" and "伯希和" experiencing rapid sales growth [25][26]. - The emotional economy, characterized by products that provide comfort and joy, is also highlighted, with brands like "Rio" catering to consumers' desires for small pleasures [28][29]. Group 2: Consumer Behavior Trends - The article discusses the shift in consumer behavior towards valuing time over money, particularly in a low-desire economic environment, leading to increased demand for convenience products like frozen foods and smart home appliances [34][36]. - The concept of "lazy economy" is introduced, where younger generations prefer time-saving solutions, resulting in growth for brands that offer efficient household products [33][35]. - The article suggests that even in a challenging economic landscape, there are significant opportunities for those willing to invest in these emerging sectors [39].

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The article identifies eight key industries that are capitalizing on changing consumer demands, highlighting the potential for growth in these sectors [5]. Group 2: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, exemplified by companies like Daikokuya, has seen significant revenue increases. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7]. - **Pet Economy**: With a decline in birth rates, spending on pets has surged, with brands like Inaba in Japan and Guobao in China seeing strong sales [12][13][14]. The pet healthcare sector is also expanding rapidly [15][16]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating that aging populations can drive significant economic opportunities [18][19]. - **Health Food and Beverages**: The rise in health consciousness has led to increased demand for products like sugar-free tea and functional beverages in both Japan and China [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, indicating that consumers prioritize personal care even in economic downturns [23][24][26]. - **Outdoor Recreation**: Companies in the outdoor equipment sector, such as Snow Peak in Japan, are thriving, reflecting a growing interest in outdoor activities despite economic challenges [29][31]. - **Convenience Economy**: The trend towards convenience has led to a rise in frozen food and smart home appliances, as consumers seek to save time [39][40][42]. - **Lazy Economy**: The reduction in cooking time among younger generations has made ready-to-eat and easy-to-use products increasingly popular [39][40]. Group 3: Market Opportunities - The article suggests that the current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and acting on these trends [44].

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Business Opportunities - The article identifies eight key industries that are experiencing significant growth, highlighting that a low-desire society does not equate to a lack of opportunities [4]. - The first opportunity lies in the second-hand economy, where platforms like "闲鱼" and "转转" are seeing increased activity, indicating a shift in consumer spending from new luxury goods to second-hand items [6][9]. - The pet economy is another area of growth, with brands like "中宠" and "Inaba" capitalizing on the trend of pet ownership, as consumers are willing to spend on premium pet products despite declining birth rates [11][12][15]. - Adult care products, particularly in the context of an aging population, are projected to grow significantly, with the adult diaper market in Japan surpassing $10 billion, suggesting a similar potential in China [16][17][18]. - Health food and beverage sectors are thriving due to changing demographics and rising health consciousness, with brands like "东方树叶" and "简醇" gaining traction in the post-pandemic era [21]. - The beauty economy is also highlighted, where products like collagen supplements and at-home beauty devices are seeing strong sales, indicating a persistent consumer desire for beauty enhancements [23]. - Outdoor leisure products are gaining popularity, with brands like "凯乐石" and "骆驼" experiencing rapid sales growth, as consumers seek ways to enjoy nature despite economic constraints [25][26]. - The emotional economy, characterized by products that provide psychological comfort, is thriving, with brands like "Rio" catering to consumers' desires for low-alcohol experiences [28][29]. Group 2: Consumer Behavior Trends - The article notes a shift in consumer behavior towards convenience, with a rise in demand for frozen foods and smart home appliances that save time, reflecting a broader trend of valuing time over money in a low-desire economy [33][35][36]. - The narrative suggests that while some may perceive the current market as a "winter," there are significant opportunities for those willing to invest in counter-cyclical sectors [39].

Core Viewpoint - The internal conflict within Reliable Co., known as the "first stock of adult diapers," has intensified, highlighted by the removal of an independent director by the controlling shareholder and a 20,000-word rebuttal from the ex-wife of the controlling shareholder [1][2]. Group 1 - The controlling shareholder of Reliable Co. has dismissed an independent director, indicating escalating internal strife within the company [1]. - The ex-wife of the controlling shareholder has issued a lengthy 20,000-word response, suggesting significant personal and corporate tensions [1][2]. - This internal conflict may impact the company's governance and operational stability, raising concerns among investors [1].

Core Viewpoint - The recent dismissal of independent director Jing Naiquan by Reliable Co., Ltd. is a significant escalation in the ongoing power struggle between Chairman Jin Liwei and his ex-wife Bao Jia, highlighting internal governance issues within the company [1][5]. Group 1: Board Meeting and Dismissal - The board meeting on February 12, 2026, resulted in the dismissal of Jing Naiquan with a vote of 5 in favor and 2 against, with opposition from Bao Jia and Jing Naiquan himself, indicating a clear power struggle [2][4]. - The company cited three main reasons for the dismissal: loss of independence, failure to fulfill duties, and lack of professional ethics [2][3]. Group 2: Allegations and Counterarguments - Jing Naiquan was accused of "performing duties in a perfunctory manner," including leaving meetings early and refusing to sign meeting records, which he vehemently denied, claiming the reasons for his dismissal were unfounded and retaliatory [3][4]. - Bao Jia supported Jing Naiquan's position, arguing that his independence was evident through his consistent dissenting votes on various issues, including a controversial related-party transaction that led to regulatory scrutiny [4][6]. Group 3: Background of the Conflict - The conflict traces back to the personal and professional relationship between Jin Liwei and Bao Jia, who were once business partners and married, but their divorce in February 2024 led to a power imbalance in shareholding, intensifying the governance struggle [6][7]. - Following their divorce, both parties hold nearly equal shares, with Jin Liwei at 30.13% and Bao Jia at 29.13%, leading to a contentious board dynamic [6][7]. Group 4: Financial Impact - The internal conflict has severely impacted the company's market performance, with its stock price dropping over 60% from its listing price, resulting in a market capitalization loss exceeding 5 billion yuan [8]. - The upcoming shareholder meeting on March 12, 2026, will be crucial in determining the future governance structure, as the outcome may hinge on the support of minority shareholders [9].

Core Viewpoint - The internal conflict between the founders of Reliable Co., Ltd. has escalated into a boardroom battle, highlighted by the dismissal of independent director Jing Naiquan, amid controversies surrounding the salary of second-largest shareholder Bao Jia [4][27][29]. Group 1: Boardroom Conflict - The board of Reliable Co., Ltd. voted to remove independent director Jing Naiquan, citing a loss of independence and failure to fulfill duties, with a vote of 5 in favor and 2 against [4][27]. - The conflict is primarily between founder Jin Liwei and his ex-wife Bao Jia, who has been a vocal critic of the company's governance since their divorce [4][27][39]. - Bao Jia, holding a 29.13% stake, has been involved in multiple board votes against Jin Liwei's decisions, raising concerns about governance and management practices [39][44]. Group 2: Salary Controversy - The immediate trigger for the board conflict was the controversy over Bao Jia's proposed salary of 2.43 million yuan for 2024, despite her not working for the company that year [6][29]. - The company accused Jing Naiquan of siding with Bao Jia in the salary discussions, undermining his role as an independent director [29][33]. - Bao Jia defended her salary, claiming it included a performance bonus promised by Jin Liwei, which was allegedly delayed [32][34]. Group 3: Governance Issues - The ongoing disputes have revealed deeper governance issues within Reliable Co., Ltd., including a lack of clear boundaries between family control and corporate governance [46][47]. - The company has faced scrutiny from regulatory bodies, receiving warnings for failing to disclose related party transactions in a timely manner [12][34]. - Analysts suggest that the internal strife may force the company to address its governance shortcomings and establish a more independent oversight framework [46][47]. Group 4: Company Performance - Reliable Co., Ltd. has struggled with performance since its IPO in June 2021, experiencing stagnant revenue growth and a significant decline in net profit, even reporting losses in 2022 [22][44]. - The company specializes in disposable hygiene products, particularly adult incontinence products, which have seen increased demand due to demographic changes in China [22][44].

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for various sectors [3]. Group 1: Economic Trends and Opportunities - The concept of a "low-desire society" does not equate to a lack of opportunities, as there are still significant business prospects available [4]. - The article identifies "consumption stratification" and "demand migration" as the largest commercial opportunities in the current market [5]. - As consumers shift away from purchasing homes and luxury goods, money is flowing into alternative markets, such as the second-hand economy, which has seen significant growth in both Japan and China [6][7]. Group 2: Emerging Industries - The second-hand luxury market is booming, with brands like "大黑屋" in Japan and "红布林" in China experiencing substantial revenue increases [6][7]. - The pet economy is thriving, with young consumers spending on high-quality pet products despite having fewer children, indicating a shift in spending priorities [11][12][15]. - The adult care market is expanding, particularly in Japan, where the adult diaper market has surpassed $10 billion, suggesting a similar potential in China [16][17][18]. - Health food and beverage sectors are growing due to changing demographics and rising health consciousness, with products like sugar-free tea and functional drinks gaining popularity [21]. Group 3: Consumer Behavior and Preferences - The "beauty economy" is on the rise, with consumers investing in beauty products and treatments, even if they cannot afford high-end cosmetic procedures [23]. - Outdoor leisure activities are gaining traction, with brands in China seeing rapid sales growth in camping and outdoor equipment [25][26]. - The "emotional economy" is emerging, where consumers are willing to spend on products that provide emotional comfort, such as low-alcohol beverages [28][29]. - The "lazy economy" reflects a trend where younger generations prefer convenience, leading to increased demand for frozen foods and smart home appliances that save time [33][35][36]. Group 4: Market Outlook - The article posits that the current economic climate, often viewed as a "winter," presents opportunities for those willing to invest in counter-cyclical sectors [39].