在竞争白热化的市场环境中，品牌需构建坚固的竞争壁垒。媒体报道凭借权威背书优势，成为品牌强化竞争力的核心 武器。 权威背书奠定信任基石 消费者面对多样选择时，对品牌可靠性的疑虑普遍存在。权威媒体的报道如同"信用证"，当企业新闻出现在新华社、 人民日报等主流媒体，消费者信任度会显著提升。这些媒体以客观公正形象深入人心，其报道在消费者眼中是经过严 格筛选核实的第三方认证，远非自夸式广告可比。基于权威背书建立的信任，能降低消费者决策成本，推动其优先选 择品牌产品或服务。 精准传播聚焦目标受众 不同媒体有特定受众群体，品牌可按定位精准选择合作媒体。高端时尚品牌选择《Vogue》等权威时尚媒体，能将信息 精准传递给高消费人群，这类读者对潮流敏感，易被高端品牌吸引，通过新品发布、理念解读等报道提升影响力。 针对年轻群体的潮牌则适合抖音、B站等新媒体，利用平台互动性强、传播快的特点，通过创意内容与年轻人深度互 动，传递潮流文化，在年轻市场建立竞争力。 危机公关稳固品牌地位 品牌发展难免遭遇危机，权威媒体报道是化解危机的关键。危机发生时，品牌通过权威媒体发布真实透明信息，说明 真相及应对措施，可避免谣言扩散，稳定消费者信心。 ...

Financial Data and Key Metrics Changes - The company reported a decrease in GMV from €356 million in Q1 to €296 million in Q2, indicating a decline in revenue during the second quarter [34] - The company expects a return on equity and return on capital employed to remain in the range of 18% to 28% for the year [56] Business Line Data and Key Metrics Changes - The company has acquired seven companies this year, with four already consolidated and three expected to be consolidated in the second half of the year [27] - The revenue model for the pharmaceutical segment is being evaluated, with a potential new segment being established due to significant revenue contributions from pharmaceutical companies [24] Market Data and Key Metrics Changes - The company has a strong focus on expanding its international footprint, currently generating around 75% of revenues from Germany, Austria, Switzerland, and the Netherlands [102] - The company is actively pursuing acquisitions in Southern and Eastern Europe to diversify its market presence [104] Company Strategy and Development Direction - The company aims to grow by acquiring new partners and expanding its product offerings, emphasizing that growth is driven by partners rather than industry performance [30] - The company is implementing AI across its operations to enhance efficiency and reduce costs, with all employees receiving weekly training on AI [89][90] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in certain sectors like automotive and furniture but emphasized that their growth is not dependent on industry performance [30] - The company is conservative in its approach to international expansion, preferring gradual steps to ensure profitability and risk management [104] Other Important Information - The company has shifted its auditor to Air Group, which is seen as a balanced choice between a large and small firm [21] - The company has a cash pooling system in place with its subsidiaries, allowing for efficient cash management across the group [63] Q&A Session Summary Question: What is the reason for the decrease in GMV from Q1 to Q2? - Management confirmed that the decrease is seasonal, with higher GMV typically seen in November and December due to holiday shopping [35] Question: Will the pharmaceutical segment become its own segment? - Management indicated that they are considering establishing a new segment for pharmaceuticals due to significant revenue contributions [24] Question: How does the company manage cash within the group? - The company explained that it does not require large cash reserves at the holding level due to cash pooling agreements with subsidiaries [63] Question: What is the turnover rate among partners? - The company reported a turnover rate of about 3% to 4% per year among partners [66] Question: What is the strategy for international expansion? - The company is focused on gradual international expansion, with recent acquisitions in the Netherlands and plans to enter Southern and Eastern Europe [104]

Core Insights - A recent survey reveals the strong appeal and market potential of Hong Kong brands among mainland consumers, with 78% having purchased Hong Kong products online in the past year, particularly among younger demographics and high-consumption areas [1][3] Group 1: Consumer Behavior - Mainland consumers average 9.4 online purchases per month, with higher frequency in first-tier cities; women shop slightly more than men, and the 30-49 age group has the highest frequency at 11.2 purchases per month [3] - Comprehensive e-commerce platforms are the preferred choice for consumers, significantly outpacing live-streaming, short video, and group-buying platforms [3] - Consumers expect delivery within an average of 3.2 days after placing an order, indicating that fast delivery is a key competitive factor for e-commerce [3] Group 2: Product Preferences - Consumer electronics and appliances are the most popular product categories among mainland consumers, followed by luxury and fashion items [3] - Consumers purchasing Hong Kong products tend to spend more on children's products, pharmaceuticals, health products, and pet products compared to the overall average, presenting new market opportunities for Hong Kong businesses [3] Group 3: Market Insights - The survey, commissioned by the Hong Kong Trade Development Council, involved 2,200 middle-class or higher consumers from various mainland cities, providing valuable market insights and data support for Hong Kong businesses looking to expand in the mainland market [4] - The Chief Economist of the Hong Kong Trade Development Council highlighted that the preference for Hong Kong brands extends beyond traditional high-quality products to a more diversified range of consumer goods, offering broader market space and development potential for Hong Kong businesses [3]

Group 1: Core Insights - BYD maintains its position as the global leader in new energy vehicle sales, showcasing the strength of "Chinese intelligence" in the automotive sector [1] - Chinese brands are transitioning from "manufacturing overseas" to "branding overseas," reflecting a significant value leap in response to complex external environments [1] Group 2: Trade and Brand Strength - In 2024, China's total import and export value is projected to reach 43.85 trillion yuan, with a year-on-year growth of 5%, and self-owned brand exports accounting for 21.8% of total exports, an increase of 0.8 percentage points [2] - Companies are leveraging direct-to-consumer (DTC) models and social media marketing to establish deeper emotional connections with overseas users [2] Group 3: Brand Development and Market Presence - SHEIN has become the third-largest fashion retailer globally with a market share of 1.53%, utilizing a self-operated brand and platform model alongside flexible supply chain technology [3] - Yutong Bus has achieved over 10,000 total sales in the Central Asian market, attributed to a focus on technology, product, and service image building [3] Group 4: Quality and Innovation - High-quality development is fundamental for Chinese brands going global, with the manufacturing quality rate reaching 93.93% in 2024 [4] - The Chinese government supports over 1,000 key "little giant" enterprises to enhance innovation and product development capabilities [4] Group 5: Market Opportunities and Global Expansion - The rise of emerging markets and the demand for high-quality, cost-effective products present significant opportunities for Chinese brands [6] - Initiatives like the Belt and Road Initiative and the Regional Comprehensive Economic Partnership are enhancing trade connections and supporting brand expansion [6] Group 6: Cultural Exchange and Future Prospects - China's open market policies and international trade exhibitions are fostering a competitive environment for both domestic and global brands [7] - The integration of traditional Chinese culture with modern aesthetics is enhancing the global appeal of Chinese brands [7]

Group 1 - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Time-honored Brand (Cultural) Expo has officially started its preparation work, with the theme "New Momentum for Time-honored Brands, New Experience in the Greater Bay Area" [1] - The expo will take place from September 12 to 14, 2025, at the China Import and Export Fair Complex in Guangzhou, covering an exhibition area of 20,000 square meters and expecting over 400 exhibitors, including companies from Hong Kong and Macao [1] - The expo will feature five special exhibition areas, including a Guangdong-Hong Kong-Macao theme area, a national time-honored brand comprehensive area, an innovation achievement display area, an interactive experience area, and a specialty area [1] Group 2 - Guangdong's time-honored enterprises have shown increasing vitality and brand influence, with 281 brands recognized as the first batch of Guangdong time-honored brands last year [2] - Notable companies like Tao Tao Ju, Pan Gao Shou, and Foshan Lighting have been selected as typical cases for the "Top Ten Innovative Cases of Time-honored Brands" by the Ministry of Commerce for 2022-2024, showcasing leadership in various aspects such as product service and marketing [2] - The Guangdong Provincial Department of Commerce and the Guangdong Time-honored Brand Association have launched initiatives to collect "Top Ten Innovative Cases of Guangdong Time-honored Brands" and "Yue Hand Gifts" brand submissions, focusing on brand consumption and traditional craftsmanship [2]

Core Insights - SHEIN has surpassed Walmart and Nike to become a leading online fashion e-commerce platform, driven by its digital on-demand flexible supply chain and continuous platform upgrades for dual-engine development [1][2] - The "on-demand fashion" model reduces waste and meets diverse consumer needs, representing a sustainable trend in the fashion industry [1][2] - The fashion sector accounts for 27% of global e-commerce demand, highlighting its significance [1] Group 1: Business Model and Strategy - SHEIN's on-demand model allows for small batch production based on initial sales, enabling quick responses to market trends [2] - The company has deepened its platform model in 2023, allowing more global third-party merchants to sell on its platform, enhancing consumer choices [2] - SHEIN is pioneering the "cross-border e-commerce + industrial belt" model, launching a plan to support quality industrial belts and brands in entering international markets [2] Group 2: Investment and Technological Innovation - SHEIN is investing over 10 billion yuan in an integrated smart supply chain centered in Guangzhou, focusing on the "on-demand fashion" flexible supply chain system [3][4] - The company has empowered garment factories to undergo digital transformation, improving efficiency across the entire production chain [3] - SHEIN has established a Fashion Manufacturing Innovation Research Center, investing 170 million yuan to explore cutting-edge manufacturing technologies and enhance supplier capabilities [4] Group 3: Infrastructure and Future Prospects - The Xi Yin Bay Area Supply Chain Project in Guangzhou has a total investment of over 10 billion yuan, aiming to build a global delivery center that supports SHEIN's global sales [4] - Once fully operational, the project is expected to achieve an annual export value exceeding 100 billion yuan and attract around 100,000 industry talents [4]

近期受美国关税政策的影响，越来越多的欧洲零售商和消费品牌正将重心从美国转向欧洲和其他市场，因为他们预计美国关税政策将引发价格上涨，从而压 低美国消费者的需求。美国关税政策的不确定性，也将使得他们在美国市场上的经营面临更多的压力。 总部位于德国的欧洲线上时尚产品零售商扎兰多公司6日表示，该公司目前正在大力拓展欧洲市场并且与潜在的新客户进行洽谈。 该公司首席执行官丹尼尔·格里德6日表示，该公司目前对美国消费者行为采取了相当谨慎的态度。该公司的一份报告称，公司的营收较去年同期有所下降。 △扎兰多公司联席首席执行官 大卫·施罗德 德国高端服装品牌雨果·博思目前也已将中国制造的产品转移到美国以外的其他市场，并表示由于经济不确定性加剧，第一季度美国消费者支出"明显恶 化"。 △德国雨果·博思公司 △扎兰多公司 扎兰多公司联席首席执行官大卫·施罗德当天表示，他看到该公司网站上的品牌和零售商确实更加关注欧洲市场，因为如果在美国市场拓展变得更加困难， 他们也可以通过这种方式创造额外的需求。 这一反应凸显了美国关税政策对全球消费品流通的影响，迫使企业改变长期以来形成的生产和销售模式，既增加了企业在美国市场经营的难度，也使得企业 ...

Financial Data and Key Metrics Changes - In Q4 2024, revenue was $45.7 million, down 23% year-over-year and down 2% on a constant-currency basis [30][31] - Adjusted EBITDA was negative $13.7 million for Q4 2024, compared to negative $0.6 million in Q4 2023 [15][39] - Cash burn for the quarter was $30.6 million, compared to $26.8 million in Q4 2023 [16] - The company ended 2024 with a liquidity position of $133.9 million, including $55.4 million in cash and cash equivalents [45] Business Line Data and Key Metrics Changes - Core marketplace business accelerated in Q4 2024, with physical goods orders growing by 18% year-over-year [9] - Marketplace revenue for Q4 was $22.8 million, down 31% year-over-year [32] - Revenue from first-party sales was $22.5 million in Q4, down 14% but up 8% on a constant-currency basis [33] Market Data and Key Metrics Changes - GMV declined 12% in USD but grew 13% year-over-year in constant currency [13] - Average order value for physical goods orders decreased from $45.5 in Q4 2023 to $35.5 in Q4 2024 [14] Company Strategy and Development Direction - The company is focusing on upcountry expansion and product assortment expansion to drive growth [19][21] - Jumia aims to improve operational efficiencies and achieve profitability by enhancing customer and seller experiences [24][27] - The company plans to leverage its logistics network and partnerships to reduce fulfillment costs [20] Management's Comments on Operating Environment and Future Outlook - Management noted macro headwinds affecting performance but expressed confidence in the company's growth trajectory [13][28] - For 2025, the company anticipates physical goods orders to grow between 15% and 20% year-over-year [50] - GMV is projected to be between $795 million and $830 million in 2025, reflecting a year-over-year increase of 10% to 15% [51] Other Important Information - The company streamlined operations by exiting non-strategic markets, consolidating warehouse footprints, and improving logistics capabilities [8][19] - The Net Promoter Score rose to 63 in Q4 2024, indicating improved customer satisfaction [12] Q&A Session Summary Question: What trends are being observed in Q1? - Management noted continued progress on order growth and usage, leading to confidence in the guidance of 15% to 20% growth year-over-year [54] Question: Is there anything preventing the company from increasing selection? - Management indicated that the challenge is more on the supply side than demand, focusing on increasing supply and improving value for money [57] Question: Can you elaborate on the mix between first-party and third-party sales? - Management acknowledged a decline in corporate sales affecting first-party sales and emphasized a pragmatic approach to the mix [62] Question: What is behind the physical order growth? - Growth is driven by country expansion, better assortment, and improved customer experience [66] Question: What efficiencies have been gained from consolidating the warehouse footprint? - Consolidation has led to better control over efficiency, staff productivity, and fulfillment costs [74] Question: What is the current fixed cost base as 2025 begins? - Management indicated that while costs have been reduced, there is potential for another 20% efficiency improvement [78] Question: How does the balance sheet look in terms of inventory strategy? - Management confirmed that working capital was increased to support better supply and vendor relationships, with expectations for moderation in future quarters [90]