11月5日至10日，第八届中国国际进口博览会（以下简称：进博会）在上海举办。今年，是宝洁连续第 七年参展，也是宝洁进入中国市场的第37年。 从1837年创立至今，宝洁以"创新"为基因穿越近两个世纪的经济周期。当中国成为其全球第二大市场， 这家拥有188年历史、坐拥70余个品牌的跨国巨头，如何在中国市场持续领跑？面对消费分级、技术革 命与可持续发展三重浪潮，宝洁如何重构竞争力？ 在进博会"创新点亮美好生活"的主题下，凤凰网财经《知行》主持人凤凰网副总编辑张涛深度对话宝洁 大中华区董事长兼首席执行官许敏、中国香料香精化妆品工业协会理事长颜江瑛，揭秘宝洁的"中国方 案"与全球化新逻辑，共同探讨行业发展新趋势。 01 张涛：许总在两年多前提出的"越级消费"理念，现在看非常超前。当时市场下行，一般企业会焦虑，但 宝洁战略一直没变，反而加大创新投入。 许敏：消费者对美好生活的渴望，是超越经济周期的本能。当市场进入成熟期，我们拒绝"内卷"——不 做更低价、更劣质的产品迎合短期目标。相反，我们要让产品更好、更有品质，与同行一起把蛋糕做 大，这才是持续发展的唯一路径。当时做这个选择，是基于宝洁188年经历的战争、经济危机得出的 ...

Core Viewpoint - Procter & Gamble (P&G) emphasizes continuous innovation and consumer-centric strategies to maintain its leadership in the Chinese market, which is now its second-largest globally, amidst evolving consumer demands and market dynamics [1][17]. Group 1: Innovation as a Core Strategy - P&G's innovation is rooted in three key elements: product innovation for better experiences, AI for efficient and agile innovation, and sustainable practices contributing to green development, all centered around Chinese consumers [3][4]. - The company adopts a "Day 1 mindset" to combat the burden of success, focusing on understanding and meeting the evolving needs of Chinese consumers [4][5]. - P&G's long-term strategy involves planning over 5-10 years, prioritizing brand and category growth rather than short-term sales metrics, and enhancing consumer engagement through increased research and communication [6][7]. Group 2: Market Insights - The Chinese cosmetics market is identified as a growth market, with a total transaction value surpassing 1 trillion yuan in 2023, projected to reach 1.07 trillion yuan in 2024, indicating a broadening consumer base [7][8]. - The industry is transitioning from "wild growth" to "high-level competition," necessitating collective efforts in innovation, regulatory support, and consumer education to drive market expansion [8][9]. Group 3: Technology Empowerment - P&G has integrated AI across its entire value chain, aiming to enhance consumer experiences while ensuring that AI serves as a tool for better living rather than an end in itself [9][10]. - The company has established a robust online presence, leveraging e-commerce as a platform for consumer interaction and feedback, which has significantly influenced its operational strategies [8][9]. Group 4: Product Philosophy - P&G's innovation focuses on user experience rather than mere technological showcase, exemplified by products that address specific consumer needs, such as improved absorption in hair care products [10][11]. - The company recognizes the importance of catering to diverse consumer segments, adapting products to meet regional differences in consumer preferences [11][12]. Group 5: Sustainability Initiatives - P&G is committed to achieving net-zero emissions by 2040, with a focus on climate, water resources, waste, and nature, integrating sustainability into every aspect of its operations [12][13]. - The company has implemented significant recycling initiatives, such as recovering over 30,000 tons of plastic through collaborative efforts within the industry [12][13]. Group 6: Globalization and Localization - P&G's "Glocal" strategy aims to transform China from a market to an innovation hub, emphasizing local consumer needs while leveraging global resources and technology [13][14]. - The company supports Chinese supply chain enterprises in entering international markets, highlighting the importance of localized service to meet specific consumer demands [14][15]. Group 7: Future of the Industry - The future of the Chinese daily chemical industry is expected to shift towards high-quality competition, with an emphasis on collaboration and innovation to meet diverse consumer needs [16][17]. - The industry is anticipated to see increased product quality and safety, driven by regulatory support and a focus on consumer-centric development [16][17].

Core Insights - The core theme of the discussion revolves around Procter & Gamble's (P&G) continuous innovation and adaptation in the Chinese market, emphasizing the importance of consumer-centric strategies and long-term growth over short-term gains [1][17]. Group 1: Innovation Focus - P&G has participated in the China International Import Expo for the seventh consecutive year, highlighting its commitment to innovation as a core aspect of its business DNA [2][3]. - The company emphasizes three key elements of innovation: product innovation for better consumer experiences, the use of AI for efficient and agile innovation, and continuous innovation contributing to sustainable development [3][4]. - P&G's approach to innovation is driven by a "Day 1 mindset," focusing on understanding and meeting the needs of Chinese consumers rather than resting on past successes [4][5]. Group 2: Market Dynamics - The Chinese cosmetics market is identified as a growth market, with the total transaction value surpassing 1 trillion yuan in 2023, projected to reach 1.07 trillion yuan in 2024 [6][7]. - The market is characterized by an expanding consumer base, including the elderly and health-conscious individuals, indicating a shift towards a more inclusive consumer landscape [7]. - P&G's strategy involves not just competing for market share but also collaborating with the industry to expand the overall market size [7][8]. Group 3: Technology Empowerment - P&G has integrated AI across its entire value chain, aiming to enhance consumer experiences and operational efficiency [9][10]. - The company views AI as a tool to improve life quality rather than an end goal, emphasizing the importance of foundational scientific data for effective AI application [9][10]. Group 4: Product Philosophy - P&G's innovation is centered on user experience rather than mere technological showcase, with products designed to address specific consumer needs [10][11]. - The company recognizes the importance of catering to diverse consumer preferences, as evidenced by tailored products for different demographics and regional needs [11]. Group 5: Sustainability Commitment - P&G aims for net-zero emissions by 2040, viewing green investments as a commitment to the future rather than a cost [12][13]. - The company has implemented various initiatives to promote sustainability, including significant plastic recycling efforts and collaboration with industry partners [13]. Group 6: Globalization Strategy - P&G's "Glocal" strategy focuses on leveraging local consumer insights to drive global innovation, positioning China as a key innovation hub [14][15]. - The company aims to balance global and local needs by ensuring high-quality products that meet local consumer standards [15]. Group 7: Industry Future - The future of the Chinese daily chemical industry is expected to shift towards high-quality competition and collaboration, moving away from zero-sum games [16]. - The industry is anticipated to see increased product quality and safety, with a focus on meeting diverse consumer demands [16].

Group 1 - The Anhui Bozhou Market Supervision Administration announced the results of the 2025 Spring Festival and winter-spring season key industrial product quality supervision and inspection [1] - The inspection results include various products, highlighting issues related to electrical safety and compliance with standards [1][2] - Specific products listed include heating appliances and electrical devices, with several identified as non-compliant [1][3] Group 2 - The inspection revealed that certain heating appliances failed to meet safety standards, raising concerns about consumer safety [2][4] - Companies involved in the inspection include well-known brands, indicating a widespread issue across the industry [2][5] - The results may impact consumer trust and purchasing decisions in the heating appliance market [3][6]

Core Insights - Huang Zitao's sanitary napkin brand "Duo Wei" launched on May 18, achieving over 400 million yuan in GMV within a short time, indicating strong market demand and consumer interest [1][2] - The sanitary napkin market in China is highly competitive and fragmented, with major brands holding less than 30% market share collectively, suggesting opportunities for new entrants despite challenges [2][4] - The industry faces significant barriers to entry, including high marketing costs and reliance on established supply chains, making it difficult for startups to survive [4][5] Company Overview - "Duo Wei" is co-founded by Huang Zitao, Xie Ruidong, and Wu Yue, with production facilities located at Qianzhiyah, which has invested 275 million yuan in automated production lines [2] - Xie Ruidong is the CEO of Yaowang Technology, a leading player in live-streaming e-commerce, while Wu Yue has over 20 years of experience in the maternal and infant industry [2] Market Dynamics - The sanitary napkin market in China has reached a saturation point with a penetration rate of 100%, making it challenging for new players to gain traction [4][5] - The overall market size is estimated at 96.3 billion yuan in 2023, which may not be attractive enough for significant capital investment [5] Consumer Behavior - Consumers prioritize safety and hygiene when choosing sanitary products, often opting for established brands, which limits the potential for new entrants to differentiate their products [5] - There is a segment of consumers who are price-sensitive, indicating a potential market for lower-cost alternatives if effective distribution channels can be established [6]

Core Viewpoint - Huang Zitao's entry into the female hygiene market represents a significant shift, as he bets his reputation and future on the success of the brand, aiming to be recognized as an entrepreneur rather than a celebrity [1][2] Group 1: Brand and Market Performance - The launch of the Duoweiwei sanitary napkin series was met with overwhelming demand, selling 195,000 units within 15 minutes and reaching 1.258 million units on Douyin [1] - Huang Zitao has invested 275 million yuan in the brand, which currently operates three production lines [8] - The sanitary napkin market in China has surpassed 120 billion yuan in 2023, with projections to reach 178.5 billion yuan by 2030, indicating a compound annual growth rate of approximately 4% [16] Group 2: Company Structure and Ownership - Duoweiwei is not a new brand; it operates under Zhejiang Duowei Care Products Co., Ltd., which was established in June 2021 and previously focused on OEM production [3] - Huang Zitao is not the major shareholder; the company is primarily owned by Hangzhou Hengyan Technology Co., Ltd. and Hangzhou Longzelin Network Technology Co., Ltd. [3][6] Group 3: Industry Challenges and Trust Issues - The sanitary napkin industry has faced a long-standing trust crisis due to issues like "black heart cotton" and contamination, leading to consumer skepticism [11] - Huang Zitao aims to address these concerns by promoting transparency in production and ensuring that products meet medical-grade standards [9][12] - The industry is characterized by high profit margins, with major companies reporting gross margins exceeding 50%, highlighting the lucrative nature of the market despite trust issues [15] Group 4: Competitive Landscape - The market is dominated by foreign brands like Procter & Gamble and local brands like Seven Degrees Space, with the top five brands holding over 50% market share [16][17] - The competition has led to a phenomenon of "involution," where brands engage in aggressive marketing and pricing strategies to capture limited consumer attention [18] Group 5: Social Impact and Future Outlook - Huang Zitao's entry is seen as a catalyst for change in the industry, potentially prompting a reevaluation of quality and safety standards in the female hygiene market [19] - The market's growth and the increasing focus on women's health underscore the importance of addressing quality concerns to rebuild consumer trust [19]

Core Viewpoint - The entry of celebrity Huang Zitao into the feminine hygiene market is seen as a significant move, aiming to capture a share of the 4 billion people market, with a strong commitment to transparency and quality [1][17]. Company Summary - Huang Zitao's brand, Duoweiwei, launched its sanitary napkin series at a starting price of 49.8 yuan, selling 195,000 orders within 15 minutes of its release [1]. - The brand's total investment has reached 275 million yuan, and it currently operates three production lines [8]. - Huang Zitao is not the major shareholder of Duowei, which is primarily owned by Hangzhou Hengyan Technology Co., holding 80% of the shares, and Hangzhou Longzelin Network Technology Co., holding 20% [4][8]. Industry Summary - The Chinese sanitary napkin market has surpassed 120 billion yuan in 2023, with projections to reach 178.5 billion yuan by 2030, reflecting a compound annual growth rate of approximately 4% [15]. - The market is characterized by high profit margins, with leading companies reporting gross margins exceeding 50%, and some reaching as high as 63.7% [14]. - The industry faces significant trust issues due to past scandals involving substandard products, leading to a demand for greater transparency and quality assurance [10][16]. - The competitive landscape is intense, with foreign brands holding nearly 60% of the high-end market, while domestic brands focus on cost-effectiveness in the mid to low-end segments [15].

Company Overview - The brand "Duo Wei" launched by celebrity Huang Zitao achieved significant sales success during its live broadcast debut, with a gross merchandise value (GMV) exceeding 400 million yuan and over 800,000 orders placed [3] - Duo Wei's product offerings include a combination pack of 62 pieces, priced at 49.8 yuan, positioning it in the mid-range price segment compared to competitors [3] - The company behind Duo Wei, Zhejiang Duo Wei Care Products Co., Ltd., was established in June 2021 and has a registered capital of 10 million yuan [4] Market Context - The domestic sanitary napkin market is becoming increasingly competitive, with major players like Hengan International reporting challenges due to aggressive pricing strategies from both domestic and international brands [6] - The total investment in the Duo Wei brand has reached 275 million yuan, and the brand currently operates three production lines [6] - Quality and safety are critical in the sanitary napkin sector, and any quality issues can lead to significant risks for brands [6] Celebrity Influence - Huang Zitao's collaboration with Yao Wang Technology in 2021 facilitated the live-streaming sales channel for Duo Wei [5] - The trend of celebrities launching their own brands has been observed in various sectors, but the sustainability of such brands depends on product quality and market acceptance beyond their fan base [5]