今天分享的是：2025年第五届CHWE出海网全球跨境电商展观展手册 报告共计：40页 第五届CHWE全球跨境电商展深圳启幕：链接全球供应链，解锁出海新机遇 9月6日至8日，第五届CHWE出海网全球跨境电商展（深圳）在深圳福田会展中心盛大开幕。作为中国跨境电商贸易领域的标杆展会，本届展会以"让跨境出 海更容易"为核心宗旨，打造了B2C+B2小B+DTC+DTB多元生态，不仅为中国优质供应链与全球消费需求搭建了高效对接桥梁，更成为跨境电商行业洞察趋 势、寻求合作的重要平台。 从规模来看，本届展会延续了往届的高规格，单场展览面积超10万平方米，汇聚了1500余家参展企业，涵盖15+跨境热门品类及全国100+产业带爆品，吸引 了全球2万+优质源头工厂参与。展会现场划分出家居日用百货、婴童玩具潮玩、鞋服箱包配饰、礼品节庆文具、美妆个护健康、热销综合品类及跨境服务 生态专区等多个特色展区，满足不同领域采购商与从业者的需求。其中，家居日用百货展区尤为亮眼，云南盖瑞花卉的永生花礼品、江门市嘉伊家实业的硅 胶厨具、深圳市康豪科技的记忆棉家居用品等产品，凭借新颖设计与高性价比，成为现场关注焦点；婴童玩具潮玩展区则聚集了汕头市灵鼠 ...

Core Insights - The core focus of the articles is on Pop Mart's strategy for globalizing its IP operations and enhancing cultural integration through diverse product offerings and experiences [1][2][4]. Group 1: IP Operations and Global Strategy - Pop Mart emphasizes that IP is the core driving force behind its operations, serving as an emotional connection with global consumers [1]. - The company has expanded its product categories from collectible toys to include building blocks, jewelry, desserts, and theme parks, showcasing a multidimensional approach to IP [1]. - As of June 2025, Pop Mart plans to have over 550 direct stores and 2,500 robot stores globally, with e-commerce networks covering over 30 countries, achieving over 100% growth in regions like the Americas, Asia-Pacific, Europe, and Greater China [2]. Group 2: Cultural Integration and Localized Marketing - Pop Mart actively integrates cultural elements into its products, launching region-specific items such as the UK punk-style SKULLPANDA and the Thai-dressed LABUBU, which reflect local cultural expressions [2]. - The company employs a "cultural adaptation + scene co-creation" strategy to penetrate different markets, participating in events like the 50th anniversary of China-Thailand diplomatic relations [3]. - Pop Mart's online and offline channels are continuously being enhanced to provide diverse consumer experiences, with its official online channels covering 37 countries and supporting multiple languages and currencies [3]. Group 3: Future Aspirations - The company aims to leverage IP as a core element to bring joy to global consumers through trendy toys and engaging experiences, with a vision to become a leading global cultural entertainment company [4].

Summary of the Conference Call on Pop Mart Industry Overview - The emotional consumption market is expected to exceed 2 trillion by 2025, driven primarily by Generation Z, who prioritize personalization and instant gratification through blind boxes and trendy toys, indicating a broad development prospect for the market [2][5][11]. Core Insights and Arguments - Pop Mart has successfully transformed niche products into mainstream offerings through innovative business models, including industrialized production of artist toys, channel promotion, and shifting the target demographic from males to females, enhancing user experience through meticulous detail management [2][6]. - The company ensures the sustainability of its IP by continuously launching new products, expanding into overseas markets, and operating IP in a group format, which includes updates to film content and theme park figures [2][7]. - Pop Mart is adept at commercializing world-class IP, accelerating the success of new products, such as the upcoming new figures by the end of 2024, demonstrating its capability to cultivate an IP matrix effectively [2][8]. - Future highlights for Pop Mart include new product launches, overseas market expansion, updates to film content, and the creation of a comprehensive ecosystem that extends from trendy toys to games and films, enhancing brand loyalty [2][9]. Key Differences in Consumer Behavior - The rise of self-indulgent consumption and emotional value enterprises is a significant trend from 2024 to 2025, primarily due to Generation Z becoming the main consumer group. This demographic focuses more on emotional satisfaction rather than just practical functionality, with over two-thirds of their total spending aimed at fulfilling emotional needs [3][5]. - Traditional companies rely on advertising, while emerging companies like Pop Mart utilize interpersonal communication and dynamic online-offline collaborations for promotion, highlighting a significant difference in competitive strategies and marketing approaches [4]. Market Dynamics - The emotional consumption market is thriving, with Generation Z leading the charge. This demographic not only seeks personalized experiences but also influences surrounding groups, indicating a broad consumer base and promising future growth [5][11]. - The global strategy of Pop Mart has shown strong performance, with overseas store profits surpassing domestic ones, prompting the company to accelerate its global expansion [10]. Investment Opportunities - The National Securities Hong Kong Stock Connect Consumption Index includes high-quality new consumption companies like Pop Mart, which are experiencing rapid fundamental growth and are undervalued compared to historical averages. This presents a favorable investment opportunity, especially with potential liquidity benefits from anticipated interest rate cuts by the Federal Reserve [3][14]. Additional Insights - Emotional consumption encompasses various sectors beyond trendy toys, including stress relief, cultural and tourism experiences, and the pet economy, which are expected to grow rapidly due to changing consumer demographics and preferences [11][12].

Core Insights - The top ten foreign trade cities in China for the first half of 2025 have been released, showcasing a stable position for leading cities while new contenders are emerging [1] Group 1: Trade Performance - Shenzhen ranks first with a total import and export value of 2.17 trillion yuan, accounting for 9.9% of the national foreign trade value, despite a slight decline of 1.1% year-on-year [2][3] - Shanghai follows closely with 2.15 trillion yuan, showing a year-on-year increase of 2.4%, with a notable 9.5% growth in imports [2][3] - Beijing's trade value is 1.53 trillion yuan, down 16.4% year-on-year, but it has seen three consecutive months of record-high exports [2][3] - Suzhou's trade reached 1.3 trillion yuan, growing by 5.7%, benefiting from the Yangtze River Delta industrial chain [2][3] Group 2: Sector Contributions - Dongguan's trade value is 749.28 billion yuan, with a significant year-on-year growth of 16.5%, driven by the trendy toy industry, which accounts for 30% of national exports [4][5] - Ningbo's trade reached 721.8 billion yuan, growing by 6.1%, with traditional industries collaborating with emerging sectors [4][5] - Guangzhou's trade value is 605.05 billion yuan, with the highest export growth rate of 25.2%, supported by machinery and electrical products [4][5] - Yiwu's trade reached 508.68 billion yuan, growing by 20.1%, with the small commodity market playing a crucial role [4][5] Group 3: Market Dynamics - The competition between Shenzhen and Shanghai for the top position is expected to continue, influenced by global demand recovery in the second half of the year [6] - The combined trade value of Shanghai, Suzhou, Ningbo, and Jinhua exceeds 4.7 trillion yuan, representing 21.6% of the national total [5][6] - Emerging markets are becoming the main growth drivers, with significant increases in trade with ASEAN and Central Asia [5][6]

Group 1 - The core viewpoint of the article emphasizes that the economic half-year report of 31 provinces in China serves as a comprehensive assessment of the country's economic performance, influencing everything from national policy to local market prices [1] - The overall GDP growth rate for the first half of the year is reported at 5.5%, which is an increase of 0.5 percentage points compared to the first quarter, but the performance varies significantly among provinces [3] - High growth rates in provinces like Shaanxi and Inner Mongolia, exceeding 6.5%, are attributed to their strong energy resources, while provinces with lower growth rates must focus on sustainable development rather than just speed [3][4] Group 2 - The article discusses the importance of "new engines" for economic growth, highlighting that provinces with a high proportion of high-tech industries, such as Guangdong and Jiangsu, are better positioned for resilience against economic fluctuations [4][5] - The concept of "energy transition" is introduced, indicating a shift from traditional resource-based growth to technology and innovation-driven growth, with provinces adopting different strategies to achieve this [6] - Provinces like Zhejiang and Guangdong are leading the way in digital economy and manufacturing upgrades, while others like Shanxi and Hebei are transitioning from coal and steel to renewable energy and new technologies [6][7] Group 3 - The article emphasizes the significance of optimizing the business environment as a crucial economic catalyst, with various provinces implementing measures to streamline processes for businesses [9][10] - The focus on fairness in the business environment is highlighted, with examples of provinces ensuring equal treatment for all types of enterprises, which is essential for fostering a healthy economic ecosystem [10][11] - The need for stable policies is stressed, as frequent changes can deter investment and create uncertainty for businesses [11] Group 4 - Promoting consumption is identified as a key strategy for economic growth, with consumer spending contributing 77.2% to economic growth in the first half of the year [12] - The article argues that the root cause of low consumer spending is not merely a lack of incentives like coupons, but rather concerns about stable income and future security [12][13] - Strategies to increase consumer confidence include raising wages, reducing financial burdens, and creating new spending opportunities that align with changing consumer preferences [13][14] Group 5 - The article concludes that while there are challenges ahead, there is potential for economic improvement in the second half of the year, provided that local governments and businesses take proactive measures [15] - It emphasizes the importance of genuine efforts from businesses to innovate and adapt rather than relying solely on government support [15] - The overall message is one of resilience and collaboration, suggesting that with collective effort, economic conditions can improve significantly [15]

Group 1 - The core viewpoint is that the "self-indulgence economy" has transformed from a niche market into a trillion-yuan market, driven by rising income levels, changing consumption concepts, and the emergence of Generation Z as a key consumer group [1] Group 2 - The consumption market structure is being reshaped, shifting from "necessity" to "self-indulgence," with emotional consumption categories like pet products and high-end personal care gaining prominence. For instance, Pop Mart expects a revenue increase of no less than 200% year-on-year for the first half of the year, with profits expected to rise by no less than 350% [2] Group 3 - The "self-indulgence economy" is activating diverse demands, expanding consumption boundaries across different age groups. Young consumers are interested in subculture products, middle-aged consumers are focusing on fitness and wellness, and older consumers are pursuing experiences like travel and photography [2] Group 4 - Supply innovation is being driven by consumer demand, leading to industry upgrades and service optimizations. Companies are launching customized products and niche services, creating a virtuous cycle of consumption upgrading, industrial innovation, and job expansion [3] Group 5 - Challenges exist within the "self-indulgence economy," such as inflated prices and mismatched value propositions, alongside quality regulation gaps in niche categories. However, with improved market regulation and enhanced consumer awareness, the economy is expected to develop in a healthier and more sustainable direction [3]

Group 1 - Wang Ning has become the new richest person in Henan with a net worth approaching 146.7 billion yuan, holding approximately 48.73% of Pop Mart's shares [1] - Wang Ning's entrepreneurial journey began over a decade ago, showcasing a steady growth rather than a sudden rise to fame [2][4] - The story of Wang Ning reflects a commitment to long-termism and the original entrepreneurial spirit [6] Group 2 - The company believes that the trend of collectible toys (潮玩) is not a fleeting phenomenon but a long-term category, similar to established markets in Japan and the US [8] - Pop Mart is positioned as a global leader in the collectible toy industry, having developed a unique business model that combines art and commerce [9][11] - The company has spent ten years refining its operations and management, resulting in a high standard of customer experience [12][13] Group 3 - Pop Mart has created a new market for adult collectible toys, which was previously considered unrealistic, by establishing its own channels and infrastructure [15][16] - The company emphasizes the importance of a strong team built over years of collaboration and mutual understanding [25][26] - Wang Ning's leadership philosophy focuses on creating a great company that prioritizes ideals over mere profit [20][21] Group 4 - The company aims to maintain a grounded culture despite its financial success, encouraging team members to remain humble and focused [24] - Pop Mart's team consists of highly educated individuals, with a significant portion having long-term affiliations with the company [25][27] - The brand's value is built on a consensus among consumers, similar to how art gains value through collective recognition [30][31]

Summary of Conference Call Records Industry Overview - The conference call discusses the "New Consumption" sector, which differs from traditional consumption by focusing on emotional value, cost advantages, and innovative pricing strategies. Traditional consumption relies on economic growth and income increases, while new consumption is driven by consumer emotions and utility [1][2]. Key Insights - **New Consumption Growth**: Guotou Securities is optimistic about the continuous growth of the new consumption sector in 2025, despite potential volatility. Factors such as tax policies and domestic demand are expected to drive the development of emerging companies like Laopu Gold and Pop Mart [1][5]. - **Investment Performance**: The New Consumption 50 portfolio launched by Guotou Securities in early 2025 has shown good excess returns, indicating the investment potential in this sector [4]. - **Market Dynamics**: The current new consumption trend is not solely about new product cycles but is driven by changes in channels, scenarios, and customer groups. The market is characterized by a diverse range of offerings, supported by actual performance rather than speculative narratives [9]. Industry Trends - **Pet Food Sector**: There is a clear trend of domestic brands replacing imported pet food, with companies like Zhongchong and Guai Bao gaining traction. The focus is on higher-margin staple food products and reaching younger consumers through innovative marketing strategies [17][18]. - **Cosmetics and Medical Beauty**: The cosmetics market remains vibrant, while the medical beauty sector shows signs of weakness. Domestic brands are increasingly favored, with a notable shift towards cost-effective local products [14][15][13]. - **Tea Beverage Market**: The tea beverage industry is experiencing a shift towards low-cost, high-volume models, with brands like Mixue Ice City leading the way. The competitive landscape is evolving, with a focus on product differentiation and market expansion [20][24]. Investment Opportunities - **Emerging Brands**: Companies that align with the emotional consumption model, cost-effectiveness, and innovative pricing strategies are seen as potential investment opportunities. The ability to cultivate and leverage intellectual property (IP) is crucial for valuation [12][11]. - **Market Expansion**: New consumption brands are exploring international markets, particularly in Southeast Asia, where cultural similarities and geographical proximity provide a favorable environment for expansion [26][25]. Risks and Considerations - **Market Volatility**: The new consumption sector may experience fluctuations due to changing market sentiments and the potential for capital to shift between new technology and new consumption sectors [5]. - **Consumer Behavior**: The success of high-end brands like Nayue and Xicha is under pressure due to changing consumer income expectations and high operational costs, necessitating strategic adjustments [22]. Conclusion - The new consumption sector presents a dynamic landscape with significant growth potential across various industries, including pet food, cosmetics, and tea beverages. Continuous monitoring and strategic investment in emerging brands that can adapt to changing consumer preferences and market conditions are essential for capitalizing on these opportunities [27].

Core Insights - Shanghai's foreign trade import and export value reached 1.4 trillion RMB in the first four months of the year, marking a 1% increase year-on-year, with exports valued at 629.02 billion RMB, up 13.8% [1][2] Group 1: Trade Performance - In April, Shanghai's import and export value hit 399.35 billion RMB, with both year-on-year and month-on-month growth exceeding 10%, achieving a historical high for the month [1] - Exports in April grew by 17.2% year-on-year, while imports increased by 8.1% [1] Group 2: New Product Categories - The emergence of new productive forces in Shanghai's foreign trade is characterized by four key trends: "Heavy," "Green," "Smart," and "Transform" [1][2] Heavy - Exports of shield machines and petrochemical machinery surged by 8.5 times and 35.3% respectively in the first four months, supporting infrastructure development in Belt and Road Initiative countries [1] Green - Exports of electric vehicles manufactured in Shanghai reached over 26 billion RMB, expanding to 104 countries and regions, with a 11-country increase from the previous year [1] - The export of energy storage batteries achieved a breakthrough of 1.62 billion RMB, marking a new growth area for Shanghai's foreign trade [1] Smart - Exports of CNC machine tools rose to 880 million RMB, reflecting a 31.5% increase [2] - The robotics industry in Shanghai is rapidly developing, with surgical robot exports increasing by 2.3 times, accounting for over 80% of the national total [2] Transform - Labor-intensive product exports reached 60.94 billion RMB, with a year-on-year growth of 9.2%, including significant increases in furniture, toys, and plastic products [2] - The export of competition and mountain bicycles grew by over 80% as they transitioned from mere transportation tools to sports equipment [2]

Group 1 - The core viewpoint is that潮玩 (trendy toys) has evolved from being mere toys for young people to a cross-border cultural symbol, with Bubble Mart being a leading player in the Hong Kong stock market [1] - Bubble Mart's stock price reached a historical high on May 27, with a market capitalization of 300 billion HKD [1] - The Hengyue Fund has recognized the changing consumer trends and has made Bubble Mart its second-largest holding as early as June 2024, later increasing its position to the largest by the end of Q4 2024 [1] Group 2 - The fund manager, Song Jialing, views Bubble Mart as an "IP operation platform" rather than just a toy company, which may be a source of excess returns [1] - The trendy toy consumption sector is experiencing diverse development, with the fund employing a dynamic optimization strategy to track both mature companies like Bubble Mart and emerging firms with growth potential [1] - The fund adjusts its portfolio based on market changes and company fundamentals every quarter [1] Group 3 - Song Jialing argues that categorizing emerging consumption as a single investment track is inaccurate, as different segments like trendy toys, pet economy, and beauty products have distinct business logics and growth drivers [2] - Investment opportunities in emerging consumption are more about individual stock alpha rather than industry beta, with each segment having its unique valuation system and cyclical nature [2] - Public funds' overall allocation to the consumption sector is still significantly below historical highs, indicating market discrepancies in recognizing emerging consumption, which presents investment opportunities [2]