十点人物志 . 在这里，遇见每一个值得被记录的人 以下文章来源于十点人物志 ，作者芝士咸鱼 吃饱穿暖靠努力，赚大钱真的是看命。 文 ｜ 芝士咸鱼 编辑 ｜ 野格 来源｜ 十点人物志（ID：sdrenwu） 封面来源 ｜ IC Photo 近年来，中国富裕家庭的数量正悄然减少。 据 "胡润研究院"《高净值人群消费心态及行为研究报告2025》显示， 资产超过 600万元的家庭数量已连续两年下降，资产超过3000万美元的国际超高 净值家庭，同样出现回落。约三成富裕家庭经历了不同程度的财富缩水，一些人因此跌出原有阶层。 35岁的真真，曾长期生活在高度富裕的家庭中。她的家庭资产一度超过十亿元，父母仅在澳门就持有四十多套房产，出行配有多辆豪车，家中雇佣四名 保姆和两名司机。然而近几年，随着家庭财富持续缩水，她的衣食住行全面降级，甚至开始变卖爱马仕包、百达翡丽手表以及翡翠、黄金首饰，用以支撑 家中的生意周转。如今，她在澳门一家商场地下层经营着5平方米的咖啡店，每天工作约12小时，自嘲为"负家千金"。 在接受 "十点人物志"采访时，真真回溯了家里破产后的经历。她的处境并非孤例，而是经济周期波动中，一部分富裕家庭正在面对的现实 ...

Core Viewpoint - The number of wealthy families in China is quietly decreasing, with a significant portion experiencing wealth shrinkage and some falling out of their original social class [4]. Group 1: Wealth Decline - The number of families with assets exceeding 6 million yuan has declined for two consecutive years, and about 30% of wealthy families have experienced varying degrees of wealth shrinkage [4]. - A case study of a 35-year-old individual named Zhenzhen illustrates the impact of wealth decline, as her family, once worth over 1 billion yuan, has faced significant financial challenges, leading her to sell luxury items to support family business operations [4][12]. Group 2: Lifestyle Changes - Zhenzhen's lifestyle has drastically changed from frequenting Michelin-starred restaurants to carefully budgeting for meals, reflecting the broader trend among wealthy families adjusting to financial constraints [5]. - The family's living conditions have deteriorated, moving from a large home to a small rented apartment, and the number of household staff has been reduced due to financial inability [17][30]. Group 3: Asset Liquidation - Zhenzhen has sold various luxury items, including a Hermès bag purchased for 400,000 yuan, which she sold for 500,000 yuan to cover business expenses, highlighting the struggle to maintain financial stability through asset liquidation [31]. - Over the years, she has managed to recover approximately 4 to 5 million yuan through the sale of luxury goods, but this has not alleviated the family's financial pressures [34]. Group 4: New Beginnings - Zhenzhen now operates a small coffee shop in Macau, working long hours and finding a sense of stability and fulfillment in her new role, despite the challenges faced [45][49]. - The experience of financial loss has led to a shift in Zhenzhen's understanding of wealth, emphasizing the importance of earning capacity over material possessions [41][52].

本文转自【新闻坊】； 开篇暴击！恋爱脑警钟敲响！ 以为找了个体贴男友 结果是个"高端小偷"？！ 胡某以"蚂蚁搬家"的方式 从女友家中盗走6只名牌包 近日闵行警方破获了一起盗窃案 12月3日 市民于女士在整理衣帽间时 发现6个奢侈品包及防尘袋 不翼而飞 于是前往莘光派出所报案 胡某还收到多家 二手奢侈品回收店的转账 因此有重大作案嫌疑 于女士表示 自己平时较少使用这些包 于女士：我目前能想起来的是2个爱马仕，2个香奈儿，2个LV。 近期唯一频繁出入其住所的 只有男友胡某 而胡某最近常有异常行为 ↓↓↓ 常以"房间停水""遛狗""健身"等理由 在凌晨时段出门 于女士：他跟我说他们小区房东通知他，隔天要停水，要回去接点生活用水，然后就背着运动包回去了。 于女士还告诉民警，她和男友已相识4年，当时男友提出借款周转，遭到拒绝后二人便分手，直到今年9月，二人才在机缘巧合下复合。 经调查，警方排除外部侵入作案的可能，而楼道外的公共视频显示，胡某多次凌晨时段背着鼓胀的包离开。 民警进一步调查发现 企图将假包放回原处瞒天过海 不料警方先行一步将其抓获 莘光派出所民警 朱积成： 每次都是通过他随身携带的健身包，将被害人的几只奢侈 ...

Core Insights - The article highlights a significant issue of fake marketing on Xiaohongshu, where a group was found selling counterfeit luxury bags through deceptive posts and comments [1] - Xiaohongshu has taken substantial measures to combat this issue, resulting in the removal of millions of fake accounts and content [1] Summary by Categories Fake Marketing Cases - A specific case involved a fake marketing group using "fishing posts" and comment manipulation to sell counterfeit luxury bags, leading to a public debate in the comments section [1] - The platform identified and cleaned up nearly 200,000 pieces of violating content related to this case [1] Actions Taken by Xiaohongshu - Since March of this year, Xiaohongshu has banned over 12 million fake accounts and dealt with approximately 13.76 million fake marketing posts [1] - The platform has also cleared over 360 million fake comments to maintain the integrity of its content [1] Types of Fake Accounts - Xiaohongshu is primarily targeting two types of fake accounts: 1. "Pseudo-influencer" accounts created by organizations that simulate real personas like doctors or professionals while promoting products [1] 2. "Crowdsourced" accounts that recruit ordinary users to generate and disseminate homogeneous fake marketing posts and comments [1]

Core Insights - A 90s-born female entrepreneur in Hong Kong possesses the largest collection of rare Hermès bags in Asia, showcasing her focus on limited edition items and unique finds [1] - She travels to nearly 30 countries each year, indicating a strong global presence and market engagement [1] - Despite having a small team of only three people, the company achieves impressive sales of 800 million [1] Group 1 - The entrepreneur specializes in scarce and limited edition products, including the unique "Himalaya" bag, which is extremely rare in the market [1] - The business model emphasizes exclusivity and high-value items, appealing to affluent consumers seeking unique luxury goods [1] - The success of the company highlights the potential for niche markets within the luxury goods sector, particularly in Asia [1]

Core Viewpoint - The article discusses the challenges faced by Laopu Gold, a brand positioned as the "Hermès of gold," despite reporting impressive financial results. The stock price has declined post-earnings report, raising questions about brand perception and market dynamics in the luxury goods sector [22][23][24]. Financial Performance - Laopu Gold reported a revenue of 12.354 billion yuan for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 285.8% [22]. - The sales performance, including tax, reached 14.18 billion yuan, reflecting a growth of 249.4% [22]. Market Reaction - Following the earnings report on August 20, the stock price initially surged but subsequently fell, remaining over 30% below its peak in July [23][24]. - The market's reaction indicates a disconnect between strong financial results and stock performance, challenging the notion that better earnings lead to higher stock prices [24]. Consumer Behavior - A recent price increase on August 25 did not generate the expected consumer rush, contrasting with previous price hikes that led to long queues [25][26]. - The decline in consumer interest is attributed to fluctuating gold prices and changing market dynamics, with a notable drop in foot traffic at Laopu Gold stores [26]. Brand Positioning - Laopu Gold emphasizes a pricing strategy that detaches its product prices from gold price fluctuations, aiming to position itself alongside luxury brands [31]. - The brand claims a 77.3% overlap in consumer demographics with major luxury brands like Louis Vuitton and Hermès, yet its cost structure remains heavily influenced by gold prices, which account for over 92% of its sales costs [31][32]. Brand Value and Market Comparison - In the second-hand market, Laopu Gold's products do not command the same premium as luxury brands, with recovery prices based on gold weight rather than brand value [36][38]. - The article highlights that Laopu Gold's pricing strategy does not align with luxury market standards, where products typically sell for 10 to 20 times their material costs [51]. Competitive Landscape - Competitors have begun to replicate Laopu Gold's unique selling propositions, such as traditional craftsmanship and fixed pricing models, diminishing its competitive edge [42][45]. - Other brands have successfully increased their profit margins through similar strategies, indicating that Laopu Gold's high gross margin of 38.1% may not be sustainable in the face of growing competition [41][47]. Conclusion - The article concludes that Laopu Gold must redefine its brand narrative and pricing strategy to truly position itself as a luxury brand, as its current approach does not sufficiently differentiate it from competitors [55][58].

Investment Rating - The report indicates a positive investment outlook for the luxury goods industry in China, emphasizing the potential for sustained growth driven by high-net-worth consumers and evolving consumer behaviors [10][12][17]. Core Insights - The luxury goods market in China is undergoing a structural transformation, with a shift from "symbolic consumption" to "cultural recognition," reflecting deeper consumer values and preferences [41][44]. - High-net-worth individuals are increasingly viewing luxury goods as essential, with 43% indicating plans to increase their spending on daily luxury items in the coming year [21][24]. - The report highlights the role of Xiaohongshu (Little Red Book) as a critical platform for luxury brands, facilitating consumer engagement and decision-making through a unique content ecosystem [9][10][50]. Summary by Sections Chapter 1: Consumer Behavior Changes - The report outlines a behavioral map of consumers, noting that high-net-worth individuals exhibit resilience in luxury spending, even during economic downturns [17][24]. - Four new trends in luxury consumption among high-net-worth individuals are identified, including a focus on cultural values and experiences over mere materialism [24][25]. - The concept of "long-termism" is gaining traction, with consumers increasingly valuing classic designs and sustainable luxury products [30][35]. Chapter 2: Xiaohongshu's Role in Luxury Consumption - Xiaohongshu is positioned as a pivotal platform for luxury brands, acting as a "relationship incubator" that fosters trust and engagement between brands and consumers [64][66]. - The platform's unique search behavior, where 70% of users start their luxury product searches from a scene or category perspective, enhances brand visibility and consumer connection [54][55]. - Xiaohongshu's content-driven approach allows luxury brands to create emotional resonance and cultural narratives that align with consumer identities [49][50]. Chapter 3: Market Dynamics and Strategic Implications - The report emphasizes the importance of cultural empathy and storytelling in luxury branding, as consumers seek deeper connections with brands that reflect their values [44][45]. - The luxury market is characterized by a dual demand for both exclusivity and accessibility, necessitating a nuanced approach to marketing and consumer engagement [24][25]. - Brands are encouraged to leverage Xiaohongshu's ecosystem to enhance their market positioning and drive sustainable growth through targeted content strategies [66][74].

Core Insights - The article discusses the rapid rise of DHgate, a Chinese cross-border e-commerce platform, which has gained significant attention from overseas consumers due to its competitive pricing on luxury goods [6][19][31] - The platform has become a focal point for consumers seeking affordable alternatives to high-priced luxury items, highlighting a shift in consumer behavior amid rising tariffs and inflation [10][49] Group 1: Company Overview - DHgate, founded in 2004 by Wang Shutong, focuses on B2B cross-border trade, connecting Chinese manufacturers directly with overseas retailers [34][43] - The platform has over 2.54 million registered suppliers and an annual online product count exceeding 34 million, with registered buyers surpassing 59.6 million across 225 countries [20][19] - DHgate's business model allows it to charge commissions only after transactions are completed, streamlining the export process for manufacturers [43] Group 2: Market Dynamics - Recent tariff increases in the U.S. have led to heightened consumer anxiety regarding inflation, prompting a search for cheaper alternatives [10][49] - The trend of "unboxing" videos on social media has fueled interest in DHgate, as consumers discover the stark price differences between luxury goods and their factory costs [16][24] - The platform has benefited from a growing sentiment among consumers that they have been overpaying for branded products, leading to a surge in demand for unbranded or direct-from-factory items [14][19] Group 3: Consumer Behavior - Overseas consumers are increasingly aware of the cost disparities in luxury goods, with many expressing disbelief at the low production costs of high-end items [13][19] - The phenomenon of "DH girls" has emerged, with consumers proudly identifying as buyers of affordable products from DHgate, reflecting a shift in purchasing priorities [47] - The article notes that the appeal of DHgate lies in its ability to offer luxury-like products at a fraction of the price, even after accounting for tariffs [24][49]