来源：北京青年报 体验式消费成为当前消费市场重要趋势 年轻人缘何愿为"体验感"买单？ "咔嗒——"当密室大门落下锁扣的瞬间，23岁的互联网实习生小马暂时放下了工作上的焦虑；在三里屯 某品牌快闪店前，00后大学生小林举着刚领到的限定周边，和朋友笑着拍照打卡；周末的Livehouse(音 乐展演空间)里，25岁的职场人小周随着音乐挥舞荧光棒，笑声中满是畅快。这些场景背后，是同一股 消费浪潮——以"沉浸式、强参与、情感共鸣"为核心的体验式消费，正成为北京年轻人的生活标配。 现象 追访 体验式消费在情绪消费中占比较高 消费需求升级 情绪消费火了 对于22岁的大学生小李来说，"捕捉小确幸"是她消费的主要驱动力："上个月去国贸的动漫快闪店，抽 到了喜欢的角色限定徽章，那种开心能延续一整周；偶尔一个人去手作工坊做香薰蜡烛，安静专注的那 两个小时，是属于自己的放松时刻。"像小李这样的消费者不在少数。最近一段时间，情绪消费越来越 被大众所接受和认可，尤其是年轻消费者。 什么是情绪消费？简单地说，就是消费者为满足情感需求、获得心理慰藉而进行的消费行为。举例而 言，情绪消费即买一些看起来"无用"的东西，如背包上的毛绒挂件、"放轻松 ...

Core Viewpoint - The article discusses the significant progress in the pilot program for new consumption formats, models, and scenarios initiated by the Ministry of Finance and the Ministry of Commerce to stimulate domestic demand and unleash consumer potential [1][2]. Summary by Sections Pilot Program Overview - The pilot program has officially announced a list of 50 cities, including all four direct-controlled municipalities and five cities with independent planning, covering major provinces across the country [2]. - The program will last for two years, with the central government providing up to 400 million yuan per city based on city size to enhance the consumption market [4]. Funding and Support Structure - Funding will be tiered based on city size: super-large cities will receive a total of 400 million yuan, large cities 300 million yuan, and other cities 200 million yuan, with funds distributed in two batches [5]. - The policy focuses on supply-side innovation, supporting the establishment of first-store economies, diverse service consumption scenarios, and collaborations with well-known IPs [5][6]. Key Support Areas - The program aims to create first-store centers and economic clusters, supporting the opening of flagship and concept stores for leading domestic and international brands [6]. - It encourages the development of diverse service consumption scenarios, enhancing cultural, health, and entertainment functions in shopping areas, and promoting night economy initiatives [6]. - The initiative also supports collaborations between local cultural resources and popular IPs to create innovative consumption experiences [6]. Economic and Employment Impact - The pilot program is expected to stimulate both consumption and employment, fostering high-quality, innovative supply to meet diverse consumer demands [7][8]. - It aims to create numerous job opportunities across various service sectors, including retail, dining, and tourism, thereby enhancing the employment absorption capacity of the service industry [7][8].

Core Viewpoint - The company has announced its financial results for the third quarter of 2025, including a plan for asset impairment provisions and a cash dividend distribution to shareholders [14][24]. Financial Data - The company reported a tax-prepared profit reduction of RMB 11.47 million due to asset impairment provisions for the first three quarters of 2025 [14][19]. - The company also reported a tax-prepared profit reduction of RMB 15.68 million due to credit impairment losses for the same period [16][19]. - The cash dividend distribution plan involves a payout of RMB 2 per 10 shares, totaling RMB 114.83 million (including tax) [5][6]. Business Development - The company is focusing on expanding its traditional Chinese medicine business, particularly in the areas of food and medicine integration, formula granules, and national standard products [7]. - The first centralized healthcare center has achieved breakeven within two years, and a second center is under construction, expected to open in the first half of 2026 [8]. - The company has revamped 805 stores in its non-pharmaceutical business segment, which includes health foods, medical devices, and wellness products, contributing significantly to overall performance growth [10].

Core Insights - The retail pharmacy sector in China is experiencing a transformation, with some companies reporting declines in both revenue and profit, while others are successfully evolving into community health hubs [1][2] Group 1: Market Trends - A recent market survey indicated that consumer satisfaction with pharmacy services reached 82%, a 27 percentage point increase over the past three years [1] - The number of pharmacies in China has grown significantly, from 381,400 at the end of 2009 to over 680,000 by the end of 2024, with an average of 4.6 pharmacies per 10,000 people [1] Group 2: Challenges Facing Retail Pharmacies - Retail pharmacies are facing operational pressures due to various factors, including reduced profit margins from drug procurement policies, the expansion of outpatient services, and changing consumer behaviors [1] - Younger consumers prefer online ordering and delivery services, while older consumers are attracted to online consultations and insurance payment options, diminishing the traditional advantages of physical pharmacies [1] Group 3: Evolution of Retail Pharmacies - Traditional retail pharmacies are recognizing the need to transform their business models, requiring both innovative service offerings and professional skill upgrades [2] - A survey revealed that 63% of respondents visit pharmacies not just for medication but also for health consultations, indicating a shift in consumer expectations towards comprehensive health services [2] Group 4: New Opportunities - Retail pharmacies are redefining their roles in communities, moving from being mere dispensers of medication to becoming partners in community health [2][3] - Policies from local health authorities are encouraging pharmacies to offer a wider range of services, including health monitoring and chronic disease management, thus creating opportunities for diversified business models [3] Group 5: Future Outlook - As the population ages and chronic diseases become more prevalent, retail pharmacies are positioned to play a crucial role in community health management, potentially reducing healthcare costs and promoting healthier consumption patterns [3]

Core Viewpoint - The recent announcements from the Ministry of Finance and the Ministry of Commerce aim to stimulate consumption through new policies, focusing on innovative consumption scenarios and enhancing the international consumption environment [1][5]. Group 1: New Consumption Models and Scenarios - The Ministry of Finance and the Ministry of Commerce issued a notification to support around 50 cities in exploring new consumption models, particularly targeting large cities with significant population and development potential [2][6]. - The policy implementation period is set for two years, with a focus on enhancing the service system for new consumption models, including the establishment of launch centers and platforms for product releases [3][4]. - The initiative encourages innovation in service consumption scenarios, integrating digital technologies like AI and the metaverse into various sectors such as entertainment, tourism, and health [3][4]. Group 2: Financial Support and Incentives - Central financial support will be provided to pilot cities, with major cities receiving up to 4 billion yuan and other cities receiving 2 billion yuan during the implementation period [4][5]. - The funding will be distributed in two batches, with initial funds allocated based on performance evaluations [4][5]. Group 3: International Consumption Environment - A separate notification focuses on building an international consumption environment, with financial support for international consumption center cities and other cities with strong consumption potential [5][6]. - The initiative aims to enhance the quality of consumption supply, focusing on themes like digital, green, and cultural tourism, while also promoting local brands with international influence [6][7]. - Measures will be taken to optimize foreign payment services and improve the overall service level for international visitors, including multilingual support and enhanced payment facilities [7].

Core Viewpoint - The Ministry of Finance and the Ministry of Commerce are launching pilot projects for new consumption formats, models, and scenarios to enhance domestic demand and support high-quality economic development [1][2]. Group 1: Overall Requirements - The policy aims to boost consumption by supporting pilot cities in establishing a service system for new consumption formats, enhancing service quality, and promoting diverse consumption needs [1][2]. - Approximately 50 cities will be supported, focusing on large cities with significant population and development potential, with a two-year implementation period [1][2]. Group 2: Support Directions - The initiative will support the establishment of first-release economic service systems, including the creation of first-release centers and platforms for new product launches in various sectors [2][3]. - It encourages innovation in service consumption scenarios, integrating digital technologies in sectors like entertainment, tourism, and health to create new consumer experiences [3][4]. - The program will promote cross-industry collaborations leveraging quality resources and well-known intellectual properties (IPs) to develop immersive consumption spaces [4]. Group 3: Work Procedures - Local governments are responsible for organizing city applications, with specific guidelines for proposal submissions and a focus on optimizing consumption structures [5][6]. - A competitive evaluation process will determine the selected pilot cities based on their implementation plans and market potential [6][7]. - Financial support will be provided to pilot cities, with funding amounts varying based on city classification, and performance evaluations will influence future funding [7]. Group 4: Work Requirements - Provincial departments are tasked with coordinating efforts, establishing performance indicators, and ensuring effective management of pilot projects [8][9]. - There will be strict financial oversight to ensure funds are used appropriately and to prevent misuse [8][9]. - Promotion of the initiative will be conducted through various channels to encourage participation from industry stakeholders and the public [9].

Core Viewpoint - The article emphasizes the importance of the Guangdong-Hong Kong-Macao Greater Bay Area Cultural Investment Conference as a platform for connecting cultural enterprises with investment opportunities, highlighting successful collaborations and significant funding achievements in the cultural industry [5][6][8]. Group 1: Conference Overview - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Investment Conference is scheduled for November 26-28, 2025, at the Huangpu International Conference Center in Guangzhou, featuring a "1+8+N" series of activities designed to empower high-quality development in the cultural industry [3][5]. - The conference aims to facilitate interaction between cultural enterprises and investment institutions, providing a platform for effective investment and financing connections [5][6]. Group 2: Financial Achievements - Since its inception, the conference has announced cultural industry investment funds totaling approximately 250 billion yuan, with 20 billion yuan in intended investment signed in 2023 and 63.87 billion yuan in actual financing achieved for 2024 [5][6]. - Participating companies have seen an average market valuation increase of 23.6% after attending the conference, with specific examples like Jason Animation's valuation rising from under 600 million yuan to 2 billion yuan [5][6]. Group 3: Industry Trends and Focus - The conference has identified cultural technology integration as a key investment focus, with over 40% of financing in the first half of 2025 directed towards "AI + culture" projects, and significant interest in "VR + culture" and "embodied intelligence + culture" initiatives [8][9]. - The event is designed to support various cultural sectors, including digital creativity, animation, and cultural exports, encouraging participation from both established and emerging enterprises [6][9]. Group 4: Regional Significance - The Greater Bay Area is recognized as a cultural industry powerhouse, with Guangdong province leading the nation in cultural industry scale, generating 2.5 trillion yuan in revenue in 2024, accounting for about one-sixth of the national total [8]. - The conference serves as a bridge between projects and funding, with many investment opportunities arising from the event, as evidenced by significant investments made by firms like Haitong Creative [8].

Economic Performance - Dongguan's GDP grew by 4.8% year-on-year in the first half of the year, with industrial added value increasing by 5.1% and foreign trade growth reaching 16.5%, marking a historical high for the same period [1][3] - The city's economic performance is significant on a national scale, showcasing resilience and vitality despite global economic challenges [1][2] Foreign Trade Resilience - Dongguan's foreign trade achieved a record high of 749.28 billion yuan in import and export value, with a year-on-year growth of 16.5%, leading the major foreign trade cities in Guangdong province [3][6] - The city's foreign trade dependency ratio has decreased to 113% in 2024, down from over 400% in previous years, yet it remains one of the highest among major cities in China [2][3] Market Diversification - Dongguan has successfully diversified its trade markets, with ASEAN becoming the largest trading partner, while the U.S. market share decreased from 14% to 12% [6][8] - The city has seen significant growth in exports to emerging markets, with increases of 43.5% to ASEAN, 21.5% to India, and 63.6% to Central Asia [6][8] Manufacturing Sector Growth - The industrial added value for Dongguan's manufacturing sector increased by 5.1%, with notable growth in electronic information manufacturing (9.2%), electrical machinery (8.8%), and chemical manufacturing (12.4%) [10][11] - Advanced and high-tech manufacturing sectors reported growth rates of 7.5% and 9.1%, respectively, indicating a shift towards higher value-added production [10][11] Innovation and New Industries - Strategic emerging industries and future industries are becoming key pillars of Dongguan's economy, with investments in advanced and high-tech manufacturing rising by 30.6% and 31.8% respectively [13][14] - The establishment of innovation consortia in various sectors is enhancing collaboration between enterprises and research institutions, driving technological advancements [14][15] Export Product Trends - Dongguan is the largest toy export base in China, with toy exports reaching 9.97 billion yuan in the first half of the year, reflecting a growth of 6.3% [9] - The city's export structure is evolving, with a focus on high-tech products and self-owned brands, leading to increased competitiveness in the global market [8][9]

Group 1: Company Overview - The company "Mingming Hen Mang" was formed through the strategic merger of "Snacks Busy" and "Zhao Yiming Snacks," establishing a network of 14,394 stores across 28 provinces in China within 8 years [1] - The company's GMV is projected to exceed 55.5 billion yuan in 2024, with an average of 21 new stores opening daily and over 1.6 billion transactions throughout the year [1] - Revenue surged from 4.286 billion yuan in 2022 to 39.344 billion yuan in 2024, demonstrating the effectiveness of its "low-margin, high-volume" business model [1] Group 2: Market Strategy - The company's success is attributed to its deep integration with China's urbanization process, particularly in capturing the county-level economic benefits [3] - By placing 58% of its stores in county and town areas, the company fills the gap between international brands and local small shops, addressing the high demand and low supply in these markets [3] - The company employs a pricing strategy that is 25% lower than traditional supermarkets, promoting consumption equality and offering products like sugar-free yogurt and imported snacks at urban-rural parity [3] Group 3: Business Model Innovation - Unlike traditional snack companies, the company has created a unique value chain by collaborating with 50% of the top food companies in China to reduce costs and enhance quality control [5] - The company utilizes a bulk sales model, with over 40% of sales coming from loose items, allowing for flexible packaging and a lower barrier to trial [5] - The revenue model is primarily based on product sales (99.5%), disrupting the traditional franchise model by leveraging scale to benefit franchisees [5] Group 4: Challenges Ahead - Despite its leading position in the snack retail sector, the company faces risks related to category expansion, as the introduction of new product lines in 2025 may dilute its core snack business [7] - The saturation of the county-level market is a concern, with the average population served per store dropping to 23,000, leading to increased internal competition among franchisees [7] - The company must balance the direct supply from manufacturers with the need for product differentiation, especially given its annual procurement volume exceeding 30 billion yuan [7] Group 5: Market Implications - The company's IPO journey reflects the capitalized demand for consumption upgrades in the lower-tier markets, as "quality-price ratio" becomes a key decision-making factor [8] - The company's approach to supply chain reconstruction is reshaping the landscape of China's fast-moving consumer goods market [8] - Maintaining a 25% price advantage at a large scale will be crucial for the company's long-term value assessment in the Hong Kong stock market [8]