跨境出海丨市场观察 本周看点： -长视频出海：中国平台与Netflix的东南亚激战； -从"中国造"到"全球跑"，新能源重卡新势力为何率先出海抢滩？ -2025年中国家居出海：新兴市场需谨慎探索，北美市场仍是首选。 行业环境 1.长视频出海：中国平台与Netflix的东南亚激战 关键词 ： 长视频,出海,东南亚,流媒体市场,本土化 概要 ： 东南亚流媒体市场竞争加剧，预计2030年市场规模将达68亿美元。中国平台（如爱奇 艺、WeTV、优酷）通过差异化策略挑战Netflix：爱奇艺主打高预算本土原创内容与灵活订阅 模式；WeTV聚焦偶像养成，增强用户粘性；优酷输出成熟综艺模式。中国平台凭借低价订 阅、深度本土化及本地支付优势抢占市场，尤其在泰国份额超40%。Netflix则依靠全球品牌、 高制作预算（如《鱿鱼游戏》）维持竞争力。新兴的短剧成为关键变量，中国平台快速布局低 成本高回报内容，而Netflix谨慎跟进。未来竞争将围绕生态与模式创新展开，短剧或成中国平 台弯道超车的机会。 2.从"中国造"到"全球跑"，新能源重卡新势力为何率先出海抢滩 关键词 ： 新能源重卡,海外市场,竞争压力,技术突破,环保意识 4 ...

Core Viewpoint - The domestic beauty brand Proya (603605.SH) is facing challenges as its stock price dropped significantly, and it is planning to issue H-shares for listing on the Hong Kong Stock Exchange, potentially becoming the first beauty company with both A and H shares [1][2][3]. Financial Performance - Proya reported a revenue of 5.362 billion yuan for the first half of 2025, representing a year-on-year growth of 7.21%, while the net profit attributable to shareholders was 799 million yuan, up 13.80% year-on-year [5]. - In comparison, the revenue growth rate for the same period in 2024 was 37.90%, and the net profit growth rate was 40.48%, indicating a significant slowdown in performance [6][15]. Strategic Developments - The company has initiated preparations for its Hong Kong listing and has appointed a new independent director with a strong investment banking background, which may aid in this process [4][7]. - Proya aims to secure more stable funding for core R&D, brand building, and overseas market expansion through the upcoming listing [8]. Brand Performance - The main brand "Proya" experienced a slight revenue decline of 0.08% to 3.979 billion yuan, with its revenue share decreasing from 79.71% to 74.27% [16]. - In contrast, the second-tier brands showed strong growth, with the makeup brand "Caitang" increasing revenue by 21.11% to 705 million yuan, and the hair care brand "Off&Relax" achieving a revenue of 279 million yuan, doubling its previous performance [16]. Market Outlook - Concerns have been raised regarding the future growth of Proya's main brand, but analysts believe that with the new R&D team and system, there is potential for recovery in growth [16]. - The upcoming Hong Kong listing is expected to enhance the company's international presence and facilitate overseas acquisitions, which is viewed positively for its long-term growth prospects [16].

Group 1: Prolayya - In 2024, Prolayya aims to become the first beauty company in China to achieve over 10 billion in revenue, with a 'Double Ten Strategy' to enter the top ten global cosmetics companies in the next decade [1] - The main brand Prolayya has room for market share growth in China, focusing on developing skincare, energy, whitening, and base makeup series [1] - The company plans to enhance its online product matrix and improve operational capabilities while exploring new formats in offline channels [1] Group 2: Taotao Automotive - In 2024, Taotao Automotive reported a revenue of 2.977 billion, a year-on-year increase of 38.82%, and a net profit of 431 million, up 53.76% [2] - In Q1 2025, the company continued to show strong performance with a revenue of 639 million, a 22.96% increase year-on-year, and a net profit of 86 million, up 69.46% [2] - The company is expanding overseas production capacity and optimizing its global supply chain to mitigate tariff impacts, with a projected net profit margin of 14.49% in 2024 [2] Group 3: Jiahe Food - Jiahe Food's total revenue in 2024 was 2.31 billion, a decline of 18.68%, with a net profit of 83.94 million, down 67.43% [3] - The revenue drop is attributed to a shrinking demand for plant-based cream and increased marketing expenses due to C-end expansion [3] - In Q1 2025, the coffee business grew by 58.63%, driven by increased domestic demand and market recovery [3] Group 4: Dinglong Co., Ltd. - In 2024, Dinglong Co., Ltd. achieved record revenue of 3.338 billion and a net profit of 521 million, representing year-on-year growth of 25.14% and 134.54% respectively [4] - The semiconductor business significantly contributed to growth, with CMP polishing pads and semiconductor display materials seeing substantial revenue increases [4] - The company is increasing R&D investment by 21.01% to support new business areas and ensure future market demand [4]