（来源：劳动报） 紧随其后，会员专属福利与线下品鉴体验接续展开。1月6日至1月19日，百联通会员前往上海世纪联华门店购买指定商品，单笔实付满88元，即可获赠5 张"88民生商品券"，以优惠好价购买到多款广受喜爱的品质民生好物。1月13日至1月18日，世纪联华中环店还将举办"好事发生新春品鉴会"，邀请消费者提 前品鉴马年新鲜好滋味。 1月14日起，活动将进入"恭贺新禧、马上有'钱'"阶段，并一直持续至2月10日（春节前夕）。此期间，消费者前往联华超市，使用100积分即可兑换一张"满 60元减8元"满减券，进一步降低新春采购门槛。 此次新年盛宴，联华深度融合线上线下消费场景。消费者不仅可在全国线下门店参与各类活动、选购百大爆款，也可通过i百联APP到家页面及百联到家小 程序，随时随地享受同步优惠与到家服务。联华还将通过多场新年主题直播，生动讲述年味故事，实现从云端到餐桌的便捷与新鲜。 联华方面表示，从保障日常的民生商品到提升生活品质的精选好物，从好玩好省的线下活动到随手可达的线上渠道，联华致力于以扎实的供应链基础与创新 的服务模式，为消费者筑牢消费品质基石，助力市民轻松囤好年货，过个温暖丰足的好年，同时也为全年消 ...

以下文章来源于字母PRO ，作者薛亚萍 不出意外，董宇辉在2025年依然保持了高速增长态势。 据第三方平台统计，2025年与辉同行累计直播421场，场均GMV（商品交易总额）为5000万-7500万元，据此估算， 其全年GMV约达210亿-315亿元。相 比2024年的约百亿GMV，至少翻了一倍不止。 另一家第三方平台统计显示，仅在2025年四季度，与辉同行便直播87场，场均GMV为5000万-7500万元，推算其三个月GMV约为43亿-65亿元。据此估 算，与辉同行全年GMV约为172亿-260亿元。 对于上述第三方数据，与辉同行方面回应称，公司内部数据不对外公布，一般情况第三方数据均不准确。 字母PRO . 了解互联网巨头们的一切。 与自己和解，与卖货和解。 文 ｜ 薛亚萍 编辑 ｜ 王靖 来源｜ 字母PRO（ID：molibang168） 封面来源 ｜ IC photo 但各方数据均一致指向其业绩在2025年实现了 大幅 增长。 数据增长的背后，是董宇辉对直播带货的态度发生了明显转变。 这一年以来， 董宇辉在个人IP塑造上更为从容和主动 ，逐渐摆脱早期"知识主播"与"卖货"之间的心理拉扯，不但不再拧巴， ...

一、明星品牌 1、周生生今日正式涨价，"一口价"金饰最高涨幅达1500元 从周生生北京多家门店获悉，今日起对部分定价类黄金饰品进行调价，涨幅在10%-13%。相关门店工作人员表 示，"一口价转运珠类饰品涨价已经生效，涨了200元左右"。另据21世纪经济报道，周生生此次涨价幅度在200- 1500元。调价产品除了转运珠之外，还包括定价联名款(如HelloKitty系列)以及金镶钻类饰品。周生生此次调价， 是2026年开年以来国内主流金饰品牌的首次公开价格调整。（界面） 2、马年生肖茅台上市首日遭热炒，1899元基础款黄牛喊价3000元 贵州茅台正式推出贵州茅台酒（丙午马年），生肖茅台由此进入第二轮。i茅台上的马年生肖茅台同样"秒空"。与 此前生肖茅台刚上市时的情景类似，马年生肖茅台上市后也被黄牛热炒，1899元的基础款有黄牛报出3000元的回 收价。但有专家指出，当前生肖茅台正在脱离投资和金融属性，长期难再现爆炒行情。 （第一财经） 3、泡泡玛特全球六大生产基地已全面落地 最新资料显示，北海牧场（北京）乳品有限公司股东发生变更。此前，在元气森林2025年经销商大会上，元气森 林公布，集团将剥离北海牧场业务，聚焦 ...

Core Insights - The high-end consumer goods industry has entered a "deep winter" in 2025, leading to widespread price reductions across various brands, including luxury cars, beauty products, and alcoholic beverages, with price drops exceeding 20% from peak levels [1] - The dairy industry, particularly high-end products, has also experienced significant price cuts, with reductions ranging from 30% to 50%, and some products seeing drops as high as 70% [1][3] Group 1: Market Dynamics - The decline in demand for high-end dairy products is not due to a general aversion to premium goods, but rather a failure of traditional brands to engage consumers effectively [4][5] - Consumers have become more rational and discerning, focusing on product quality and effectiveness rather than marketing narratives [5][6] Group 2: Marketing Strategies - Traditional marketing approaches, such as high-profile sponsorships and storytelling, are becoming less effective in reaching today's consumers, who are more skeptical and have diverse media consumption habits [9][10] - Brands like 越秀辉山 and Blueglass have struggled with outdated marketing strategies, leading to penalties and diminished brand reputation [7][8] Group 3: Product Differentiation - The dairy sector faces challenges in product differentiation, as many offerings are similar in taste and nutritional content, making it difficult to justify premium pricing [13][14] - To succeed, brands must find ways to enhance perceived value, such as emphasizing unique nutritional benefits or superior sourcing practices [17][27] Group 4: Future Opportunities - The aging population is expected to increase demand for high-quality nutritional products, presenting a cyclical opportunity for brands like 越秀辉山 to innovate and improve their offerings [28][29] - Companies should focus on modernizing marketing strategies and ensuring product quality to remain competitive in a changing market landscape [18][26]

成熟的商业模式+全链路整合能力背书，渠道、供应链、品牌三重壁垒构筑竞争优势。 1）渠道：公司采取轻资产加盟模式拓张门店，截至2025Q3，公司门店覆盖31 个省份，数量达到10761 家，门店数量规模领先同业。公司在"山河四省"有着较高的渗透率，70%以上门店分布在三线以上的高 线城市，线下门店网络的深度和广度仍可向新地区及下沉市场渗透；2）供应链：依托上游持续的产业 建设和产业投资，以及对冷链物流体系的持续优化，锅圈已布局7 家自有食品工厂，覆盖牛肉、滑类、 丸类、水产、火锅底料等核心品种，并实现了全国大部分门店的"次日达"物流网络，兼具工业化生产能 力和零售响应速度的双重优势；3）品牌：公司坚持场景化营销，绑定娱乐、社交、运动等新消费场景 建立品牌心智。线上以抖音为核心阵地，用"爆品套餐+达人种草+明星直播+全民共创"的组合拳引流消 费者到线下门店履约兑现，线下聚焦"情感共鸣价值"，通过会员日、社区节等多样化的活动，持续激活 会员，创造增量收入。截至2025 年11 月，公司会员数量突破6000 万。 机构：中泰证券 研究员：何长天/熊欣慰/赖思琪 深加工食材，为消费者提供餐食解决方案。锅圈2015 年在 ...

Group 1 - The core event is the launch of the "2025 Zunyi Online Sales Quality Products Directory," which includes 1,000 products from 205 companies across six categories: specialty foods, liquor, tea, fresh produce, industrial consumer goods, and intangible cultural heritage creative products [3] Group 2 - The event features four themed exhibition areas with 48 booths showcasing over 1,000 quality products from Zunyi, including specialty agricultural products and liquor [4] - The two-day consumption season includes product displays, live streaming sales, and a sharing session for e-commerce industry experts [4] Group 3 - Experts and influencers from the Zhuhai e-commerce sector are invited to give talks on market insights, digital marketing for agricultural brands, and strategies for Zunyi products to enter international markets [6] - A roundtable discussion focuses on leveraging the Zhuhai channel to expand the reach of Zunyi products, facilitating one-on-one exchanges and product selection negotiations for e-commerce practitioners from both regions [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company, Guoquan, is positioned as a leading one-stop brand for home dining products in China, focusing on providing diverse meal solutions [11]. - The market for home dining products is projected to grow significantly, with a CAGR of 22.81%, reaching a retail value of 940 billion yuan by 2027 [6][30]. - Guoquan's competitive advantages include a well-integrated supply chain, extensive community store network, and a high-engagement membership system, which are expected to drive both short-term and long-term growth [7]. Financial Projections - Revenue is forecasted to grow from 6.1 billion yuan in 2023 to 10.27 billion yuan in 2027, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]. - Net profit is expected to increase from 240 million yuan in 2023 to 652 million yuan in 2027, reflecting a significant growth of 96%, 22%, and 19% in the respective years [3][7]. - Earnings per share (EPS) are projected to rise from 0.09 yuan in 2023 to 0.25 yuan in 2027 [3]. Business Model and Market Position - Guoquan operates a unique "community central kitchen" model, which combines food manufacturing and community retail, allowing for cost efficiency and high-quality product offerings [44]. - The company has established a robust store network, with over 10,761 stores across 31 provinces as of Q3 2025, positioning it as the largest one-stop home dining product retailer in China [47]. - The company has a market share of 3.0% in the home dining product sector, leading among competitors [34]. Growth Strategies - Guoquan plans to enhance its store performance through a dual approach of upgrading existing stores and expanding into rural markets, aiming to replicate its successful business model [7][39]. - The company is actively exploring new business formats, including outdoor dining and ready-to-eat meals, to capture additional market segments [7]. - Digital transformation initiatives are underway to improve operational efficiency and enhance customer engagement through data-driven decision-making [83]. Supply Chain and Logistics - The company has invested in seven proprietary food factories to ensure quality control and cost efficiency across its product range [66]. - A comprehensive cold chain logistics system supports the timely delivery of products to stores, enhancing customer satisfaction and operational reliability [70]. Marketing and Brand Strategy - Guoquan leverages celebrity endorsements and social media marketing to strengthen its brand presence and engage with consumers [72]. - The company has implemented a tiered membership system to enhance customer loyalty and increase repeat purchases [76].

12月30日，三江购物盘中下跌2.07%，截至13:29，报13.75元/股，成交1.37亿元，换手率1.80%，总市值 75.31亿元。 今年以来三江购物已经8次登上龙虎榜，最近一次登上龙虎榜为11月26日。 资料显示，三江购物俱乐部股份有限公司位于浙江省宁波市海曙区环城西路北段197号，成立日期1995 年9月22日，上市日期2011年3月2日，公司主营业务涉及社区生鲜超市。主营业务收入构成为：食品 53.56%，生鲜34.99%，日用百货8.90%，其他(补充)2.03%，针纺0.53%。 分红方面，三江购物A股上市后累计派现13.62亿元。近三年，累计派现3.29亿元。 资金流向方面，主力资金净流出893.92万元，特大单买入375.06万元，占比2.74%，卖出323.25万元，占 比2.36%；大单买入1840.10万元，占比13.46%，卖出2785.83万元，占比20.38%。 机构持仓方面，截止2025年9月30日，三江购物十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股381.67万股，相比上期减少87.82万股。 三江购物今年以来股价涨28.75%，近5个交易日跌6.14% ...

服务升级贯穿消费全流程：生鲜区提供免费切片、绞肉、杀鱼等加工服务，推行7天无理由退换货政 策；全体员工经过专业培训，强化服务意识，主动提供温馨导购服务。数字化与人性化服务并行，卖场 配置完善的基础服务设施，同时注重售后保障，为顾客提供售后咨询指导，让购物体验更具温度。 开业优惠来袭 商报讯(通讯员林海秋记者汪晓筠)杭州人熟到不能再熟的华润万家濮家店，终于要以新面貌回归了。自 2007年开业以来，华润万家杭州濮家店已陪伴市民走过18个春秋。为更好地满足消费者日益多元的购物 需求，门店历经全面调改焕新升级，将于12月31日以全新面貌盛大开业。本次改造围绕商品、价格、环 境与服务四大核心维度深度优化，致力于为市民打造"好品质更超值"的一站式购物新体验。 商品全面升级品类丰富度更高布局优化购物体验更便捷舒适 本次焕新聚焦商品体系迭代，大幅引进超3000款新品，同时汰换近70%老品，精选9500+款优质商品覆 盖日常所需。重点扩容生鲜区，创新打造"美食一条街"场景，新增现制烤炸、烘焙、轻食便当等14个特 色档口，涵盖烤肠、关东煮、钵钵鸡、汉堡、披萨、现包水饺、烤牛羊肉串等多元风味，更开辟50平方 米堂食休息区，设置30 ...

12月29日，三江购物盘中下跌2.03%，截至13:13，报13.98元/股，成交1.63亿元，换手率2.11%，总市值 76.57亿元。 资金流向方面，主力资金净流出1912.02万元，特大单买入106.26万元，占比0.65%，卖出868.85万元， 占比5.32%；大单买入2187.08万元，占比13.39%，卖出3336.51万元，占比20.43%。 三江购物今年以来股价涨30.90%，近5个交易日跌6.61%，近20日跌14.39%，近60日跌0.36%。 今年以来三江购物已经8次登上龙虎榜，最近一次登上龙虎榜为11月26日。 三江购物所属申万行业为：商贸零售-一般零售-超市。所属概念板块包括：阿里概念、预制菜、小盘、 新零售、社区团购等。 截至9月30日，三江购物股东户数4.84万，较上期增加61.74%；人均流通股11311股，较上期减少 38.17%。2025年1月-9月，三江购物实现营业收入29.88亿元，同比增长0.59%；归母净利润1.14亿元，同 比减少5.42%。 分红方面，三江购物A股上市后累计派现13.62亿元。近三年，累计派现3.29亿元。 机构持仓方面，截止2025年9月30 ...