作者｜ 李含章 统筹｜ 黄嘉翔 视觉 | 顾芗 当年轻人不再愿意为买一个书架专门开车去郊区、花上大半天时间，而是拿起手机下单"30分钟送达"时 ——宜家经典的仓储式大店模式，正在中国市场悄然"瘦身"。 2026年1月7日，宜家中国官方公布将关闭包括上海宝山商场、广州番禺商场在内的共七家线下门店。当 我们深入剖析这一决策，会发现此举并非公司对中国市场的退缩和简单的成本削减举措，而是一次面 向"碎片化日常"的主动转身。 宜家转型背后，恰恰是中国消费者逐渐进入一个讲求近距离、即时满足、高性价比的新阶段。昔日那种 以家庭为单元、开车前往远郊大店"一站式采购"的模式，正在被嵌入地铁上盖、社区商圈的"小店触 点"所补充甚至替代。 这不只是一家企业的战略调整，更是整个零售业从"规模导向"转向"精准联结"的缩影。 当商圈边界模糊、消费逻辑重构，宜家宣布关店进行转型升级，即将打开中国零售业未来全渠道融合的 新战场。 宜家关店真相，零售业正在重绘商圈地图 盒马的转型路径同样值得关注。从最初的大店模式到盒马mini，再到更小的盒马邻里，盒马也在探索如 何通过不同规模的业态组合，实现更高效的市场覆盖。 这些案例表明，零售业正告别"一 ...

"宜家对中国市场的承诺是坚定且长期的，这驱使我们采取前瞻性的战略来提升竞争力，这是我们践行承 诺、实现自身可持续发展并为中国市场和消费者持续创造价值的主动且必要的举措。" 近日，宜家中国总裁兼可持续发展官庞安泽（Po n t u s Er n t e ll）表示，"中国是宜家全方位的战略市场之 一。这是一个我们与之共同学习、发展和成长的市场。我们在这里拥有完整的价值链，并且随着时间的 推移，我们也在建立更多的实证，测试和尝试新的渠道形态，无论是线上还是线下。" 值得关注的是，此前，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成立一支专项不动产 基金，共同持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。而宜家中国将于无锡荟聚内开设并 运营一家新的门店。宜家无锡商场现有物业资产将作为交易的一部分，改造为无锡荟聚全新租赁空间。 庞安泽指出，"从消费者角度看，我认为顾客对于宜家的购物体验不会感觉到不同，宜家和英格卡购物中 心将持续保持紧密的合作关系。具体而言，我们在武汉和北京市场的运营基本是没有任何变化的。在无 锡，我们达成了一个共赢的合作方案，这将进一步增强宜家无锡商场与荟聚之间的连接。" 文/易佳颖 实 ...

Core Insights - The Chinese home furnishing industry is undergoing a significant value reshaping due to consumer differentiation and real estate cycle adjustments, with traditional business models facing challenges and new market opportunities emerging based on consumer needs and product innovation [1][10] - Electric sofas are highlighted as a key category driving home consumption upgrades and corporate growth, with the global market size exceeding $32 billion in 2023, and a projected penetration rate of 49.7% in the U.S. by 2024, compared to only 22% in China [1][3] Company Developments - Kuka Home (顾家家居) has been a pioneer in the electric sofa sector, continuously exploring market potential and recently launching three upgraded flagship products at a press conference in Hangzhou [3][4] - The new products address the traditional "impossible triangle" of electric sofas, achieving compatibility among "zero gravity," "zero wall," and "true high legs," while significantly enhancing user comfort [3][4] Technological Innovations - Kuka Home's new electric sofas feature a self-developed K-TRON Space Z framework, which resolves traditional pain points such as wall distance requirements and stability issues, thus enhancing user experience [7][9] - The "immersive floating" experience is achieved through innovative design principles that optimize body posture and support, addressing common discomforts associated with traditional sofas [5][6] Strategic Insights - Kuka Home's strategic foresight in identifying the growth potential of electric sofas as early as 2015 has allowed the company to establish a competitive edge and avoid later market homogenization [10][12] - The company has adopted a cross-industry innovation approach, integrating automotive engineering principles to overcome supply-side bottlenecks and achieve significant technological breakthroughs [12][13] Organizational Efficiency - Kuka Home has restructured its organizational framework to enhance decision-making efficiency and reduce product development cycles, ensuring rapid response to market demands [12][13] - The integration of various departments into cohesive units has facilitated quicker product iterations and innovation implementation [12][13] Industry Implications - Kuka Home's approach serves as a model for the broader home furnishing industry, illustrating a shift from scale competition to value competition driven by core technology and user-centric innovation [14]

Core Insights - During the overseas Double 11 shopping festival, several leading brands on platforms similar to Amazon experienced stock shortages and began urgent restocking efforts [1] Group 1: Sales Performance - The cycling gear brand ROCKBROS saw its transaction volume double on the day of the Double 11 sales event on AliExpress [1] - The robotic vacuum brand ILIFE reported a 140% year-on-year increase in sales on AliExpress, leading to urgent restocking of popular models [1] - The electric sofa brand COMHOMA experienced a fivefold increase in sales compared to last year on AliExpress [1] Group 2: Market Trends - The leading smart cycling trainer brand ThinkRider achieved a fourfold increase in sales compared to last year's Double 11, with some high-end models selling out completely on the first day in Europe and Brazil [1] - Merchants indicated that with the onset of winter, cycling enthusiasts in certain countries are considering indoor training, prompting them to urgently add inventory for AliExpress [1]

Core Insights - The "Double 11" shopping festival is entering its final phase, with Taobao Tmall's home appliance and home goods transaction share reaching 47.9% and a growth rate of 12.5%, maintaining the highest market share and growth rate across all platforms [1][3]. Group 1: Market Trends - The consumption structure in the home scene has shifted from new home renovations to upgrading existing homes, driven by young consumers' pursuit of smart, self-indulgent, and quality living [3]. - The combination of national subsidies and the "Double 11" event has stimulated consumer activity, leading to high growth in core categories supported by national subsidies [3]. Group 2: Brand Performance - Major brands such as Haier, Midea, and Source Wood broke the 100 million mark in sales during the first hour of the "Double 11" event, with significant growth in home decoration and home goods categories [3]. - Over 4,000 brands saw their sales double, with brands like Source Wood, Lin's Home, and Jiumu achieving remarkable sales figures [3]. Group 3: Promotional Strategies - This year's "Double 11" features over 3,700 categories, 9,000 brand merchants, and 500,000 brand products participating in national subsidies, with discounts reaching up to 50% [3]. - The combination of brand discounts of 20%, platform subsidies of 10%, and national subsidies of up to 20% has created the largest discount event of the year [3]. Group 4: Technological Integration - The "Double 11" event marks the first full implementation of AI and the first participation of Taobao Flash Sale, which are becoming new growth engines for brands [4]. - AI has improved transaction conversion rates for home decoration brands, while the average daily order volume from Flash Sale increased by 680% during the event [4].

中国商报（记者 于佳鑫 文/图）11月5日，第八届中国国际进口博览会如期开幕。作为连续八年参会的"全勤生"，宜家此次不仅带来了新品与解决方案，更 借进博会的平台深化了其"在中国，为中国，与中国共创"的长期承诺。宜家中国副总裁阮林娟在进博会现场接受中国商报记者专访时，深入分享了进博会对 宜家的多重价值、宜家中国全新品牌定位的深刻洞察以及可持续理念的商业实践。 从"进博参与者"到"进博共创者" 谈及进博会对于宜家的意义，阮林娟首先强调了其超越产品展示的深层价值。 "进博会最大的意义在于它汇聚了众多人群，促成了许多极具价值的对话和交流。"阮林娟认为，这些对话不仅关乎产品与解决方案，更关乎社会热点、行业 趋势乃至经济发展方向，这些都为宜家提供了宝贵的市场洞察。 据阮林娟介绍，去年进博会期间，宜家展台接待了约4.5万名观众，并与政府部门、行业协会就展台着重强调的银发经济、循环经济等议题展开了深入交 流。"这些洞察直接影响着我们日常的业务战略尝试与探索。进博会是一个实现对话、交流与共赢的平台。"阮林娟说。 在阮林娟看来，宜家在进博会中的角色已从最初的"参与者"演进为"共创者"，进博会8年来持续演进，宜家也在与之共同成长。 ...

Group 1: Market Overview - The Hong Kong stock market performed poorly in October 2025, with the Hang Seng Index declining by 3.5% and the Hang Seng Technology Index falling by 8.6% [5] - The average daily trading volume in October was HKD 211.3 billion, a decrease of 16.6% compared to September 2025 [5] - Value sectors outperformed growth sectors, with coal, oil and petrochemicals, electricity, and utilities leading the gains [5] Group 2: Fund Flow Analysis - Southbound capital saw a total net inflow of HKD 925 billion in October 2025, with a cumulative net inflow of HKD 1.26 trillion for the year, marking a 156% increase compared to 2024 [6] - The market value proportions of southbound funds, foreign capital, domestic capital, and Hong Kong capital as of October 28, 2025, were 21.49%, 58.86%, 12.66%, and 6.99% respectively [6] Group 3: Industry Insights Consumer Goods - The oral care market in China reached a retail scale of CNY 30.2 billion in 2023, with a growth rate of 0.2% year-on-year [16] - The sanitary napkin market is projected to grow to CNY 105 billion in 2024, with a year-on-year growth of 2.9% [17] - The global wet wipes market is expected to reach USD 18.4 billion in 2024, growing at 2.7% year-on-year [17] Military Industry - The demand for titanium materials in aerospace and naval applications is expected to reach 49,000 tons by 2027 [22] - The titanium material usage in the shipbuilding sector is projected to grow significantly, driven by national strategies for marine development [24] - Beneficiary stocks in the titanium sector include BaoTi Co., West Superconducting, and West Materials [26] Automotive Industry - SAIC Group reported a revenue of CNY 468.99 billion for the first three quarters of 2025, a year-on-year increase of 9.0% [31] - The company’s Q3 sales volume reached 1.1407 million vehicles, reflecting a 38.7% increase year-on-year [32] - The company is focusing on enhancing decision-making efficiency and optimizing resource allocation through the establishment of a new passenger vehicle division [33] Nonferrous Metals - Yun Aluminum Co. achieved a revenue of CNY 44.072 billion in the first three quarters of 2025, with a year-on-year increase of 12.47% [35] - The company’s net profit for Q3 was CNY 1.63 billion, a year-on-year increase of 25.31% [35] - The company plans to increase its dividend payout ratio, enhancing investor confidence [38] Semiconductor Testing - The company reported a revenue of CNY 737 million for the first three quarters of 2025, a year-on-year increase of 44.01% [40] - The company has successfully developed the first domestic open X-ray source, marking a significant advancement in high-end detection equipment [41] - The acquisition of SSTI is expected to enhance the company's performance in the high-end semiconductor testing equipment sector [42]

Core Insights - The company reported steady operational performance in Q3 2025, with total revenue reaching 15.012 billion yuan, a year-on-year increase of 8.77%, and net profit attributable to shareholders at 1.539 billion yuan, up 13.24%, indicating improved operational quality and efficiency [1] - In Q3 2025 alone, the company achieved revenue of 5.211 billion yuan, a 6.50% increase year-on-year, and net profit of 518 million yuan, growing by 11.99%, continuing the stable growth trend observed in the first half of the year [1] - The company demonstrated strong cost and expense management, with operating costs for the first three quarters at 10.151 billion yuan, a 7.69% increase, which is lower than the revenue growth rate, and total expenses of approximately 2.990 billion yuan, up 5.26%, also below revenue growth [1] Strategic Focus and Product Innovation - The company's steady performance is attributed to its ongoing investment in strategic focus and product innovation, emphasizing a "focus strategy" centered around user value [2] - The company has been advancing its focus on three strategic product categories: electric sofas, mattresses, and whole-home customization, addressing user needs and pain points through systematic innovation [2] - In the electric sofa segment, the company recently launched the "Cloud Comfort" flagship product, featuring the self-developed K-TRON Space Z function, which addresses long-standing industry challenges and enhances user experience with a "zero-gravity" feel [2]

Group 1: Research Basic Information - The research object is Leguo Co., Ltd., belonging to the household light industry, and the reception time was on October 24, 2025. The listed company's reception staff included the board secretary Yu Haoying and the securities affairs representative Qu Qilong [16] Group 2: Detailed Research Institutions - The research institutions included fund management companies (Huaxia, Guangdong Zhengyuan Private Equity, Huisheng, etc.), asset management companies (Qingrong, Yangtze River Securities (Shanghai)), investment companies (Guangdong Yuancheng Private Securities Investment, Shenzhen Hunt Investment Capital), securities companies (Guoxin Securities, Tianfeng Securities, Shanghai Securities, etc.), insurance asset management companies (China Life, Pacific), and others (Development Research Center, Guangdong Hengjian) [17][18][19] Group 3: Main Content Overseas Warehouse - In Q3, the gross profit margin of the company's overseas warehouse business was basically flat quarter - on - quarter. The current average utilization rate of overseas warehouses exceeded 70%, and the profitability of new non - US warehouses in Germany, the UK, and Canada had been continuously improving. The company will continue to invest in automation and informatization to improve storage operation efficiency and cost control capabilities [24] - As of the end of September 2025, the company had 19 self - operated overseas warehouses globally, with a total area of 650,000 square meters. The revenue of the overseas warehouse segment maintained a high growth rate. In the first three quarters, it had served 1,932 overseas enterprises, and the parcel volume increased by over 100% year - on - year. In the future, with the commissioning of self - built warehouses, the scale effect will gradually appear, and the profit margin is expected to further increase [26] US Terminal Demand under Sino - US Tariff Disturbance - The uncertainty in the Sino - US trade environment remains high. For optional consumer goods and products in offline supermarket channels, tariff adjustments and cost increases have led to price hikes, affecting the sales volume of OEM customers and putting periodic pressure on the company's OEM business. However, cross - border e - commerce has maintained steady growth, with the core category of intelligent lifting desks stable and rising, and the revenue of electric sofas and ergonomic chairs increasing significantly. It is expected that with the Fed entering the interest - rate cut cycle, consumer confidence will be boosted [25] OEM Business Development Trend - Affected by tariff policy adjustments, the offline supermarket OEM business is facing certain pressure on price transmission and sales volume. The company expects this business to gradually recover after the industry demand stabilizes. Meanwhile, the company is actively expanding emerging markets in Asia, Africa, and Latin America through brand agency and cooperation models to disperse trade risks and cultivate new performance growth points [25][26] Cross - border E - commerce Business - During the reporting period, the company's cross - border e - commerce business maintained steady growth. The sales revenue of independent websites accounted for over 40% of the total cross - border e - commerce revenue, with a year - on - year increase of about 12%. Independent websites have significant advantages in new product promotion, scenario - based marketing, and brand building. The Amazon channel has intense industry competition and obvious price involution. The company will continue to strengthen brand differentiation positioning and product innovation capabilities [27]

Group 1: Overseas Warehouse Operations - The gross margin of the overseas warehouse business remained stable in Q3, with an average utilization rate exceeding 70% [2] - The company has established 19 self-operated overseas warehouses covering a total area of 650,000 square meters as of September 2025, with revenue from this segment continuing to grow significantly [4] - The company served 1,932 outbound enterprises in the first three quarters, with shipment volume increasing by over 100% year-on-year [4] Group 2: Impact of Tariffs and Market Trends - The ongoing uncertainty in the China-U.S. trade environment has led to varying impacts on different consumer categories, particularly affecting optional consumer goods and offline supermarket products [3] - Despite challenges, the cross-border e-commerce sector remains robust, with core categories like smart standing desks showing steady growth [3] - The company anticipates a recovery in demand for its OEM business as the industry stabilizes post-tariff adjustments [4] Group 3: E-commerce Performance - Independent site sales accounted for over 40% of total cross-border e-commerce revenue, growing approximately 12% year-on-year [5] - The independent site channel demonstrates strong customer loyalty, with higher repurchase rates and average transaction values compared to platform-based channels [5] - The company aims to enhance brand differentiation and product innovation to maintain market share while focusing on profit quality in a competitive landscape [5]