"'好生活'不应是极度物质化、无节制消费的狂欢，而需兼顾可持续发展、人文关怀与社会价值。""'好 生活'的核心应该是拥有更多的闲暇。"11月25日，在由新京报贝壳财经会客厅举办的以"新消费与好生 活"为主题的沙龙活动上，参会嘉宾围绕对"好生活"的理解、解码消费中的"美好生活"以及AI热潮下 的"真升级"与"伪需求"核心议题进行深度碰撞。 与会嘉宾包括中国旅游协会休闲度假分会副会长曾博伟、中国社会科学院财经战略研究院教授魏翔、华 略智库高级研究员王宁、优他投资董事长杨大筠、文博时空总裁毕家鸣、Nobaday创始人Rickey、中青 旅（600138）首席品牌官徐晓磊、首创郎园策划总监邵宁宁、北京铜牛科技分公司总经理助理马敏、美 妆护肤品牌咨询顾问及时尚节目主持人李铭泽，他们来自旅游、文博、美妆、服饰、户外运动等消费领 域。 好生活是多元因素的平衡与融合 什么是"好生活"？如何通过消费，让生活变得更舒心、更有品质？与会嘉宾的共识是其超越了物质丰裕 单一维度，是物质与精神、个人与社会、创造与享受的和谐统一。 杨大筠以《模式的革命》一书的观点阐述了自己心目中的"好生活"。快时尚在带来"便利与低价"的同时 也暗藏了巨大 ...

Core Viewpoint - Miniso Group reported a significant increase in revenue for Q3 2025, but net profit declined, raising concerns in the market about the sustainability of its growth strategy [3][4]. Group 1: Financial Performance - Total revenue for Q3 reached 5.8 billion yuan, a year-on-year increase of 28.2%, while net profit was 443 million yuan, down 32% from 648 million yuan in the same period last year [3][4]. - The revenue from the Miniso brand was 5.22 billion yuan, up 22.9%, with domestic sales increasing by 19.3% and international sales growing by 27.7% [3][4]. - Gross profit was 2.59 billion yuan, a 27.6% increase, with a gross margin of 44.7%, slightly down from 44.9% year-on-year [3][4]. Group 2: Cost Structure - Sales and distribution expenses rose to 1.43 billion yuan, a 43.5% increase, attributed to investments in direct stores, particularly in strategic overseas markets [4][5]. - Marketing and advertising expenses increased by 43.3%, while logistics costs rose by 23.3% [5]. Group 3: Global Expansion - As of September 30, 2025, Miniso had a total of 8,138 stores globally, an increase of 718 stores year-on-year, with 3,424 located overseas [6][7]. - The company aims to open 900 to 1,100 new stores annually as part of its five-year strategy, targeting a total of approximately 40,000 stores globally [6][7]. Group 4: Entry into the Toy Market - Miniso's TOP TOY brand generated 570 million yuan in revenue for Q3, marking a 111% increase, and has 307 stores globally as of September 30, 2025 [8][9]. - The global collectible toy market is projected to grow significantly, with a forecasted market size of 52 billion USD by 2025, indicating a potential growth avenue for Miniso [8][9]. Group 5: Competitive Landscape - The collectible toy market is competitive, with Miniso facing strong rivals like Pop Mart, necessitating a focus on IP development and brand differentiation to capture market share [9].

Core Insights - Experience-based consumption is becoming a significant trend among young consumers in Beijing, characterized by immersive, participatory, and emotionally resonant experiences [1][5][11] - Emotional consumption, defined as spending driven by emotional needs and psychological comfort, is increasingly accepted and recognized, particularly among younger demographics [2][4][11] Consumption Trends - There is a notable shift in consumer demand from material utility to spiritual satisfaction, with consumers focusing more on the emotional experiences gained during consumption [4][11] - Emotional consumption encompasses a wide range of products and experiences, including seemingly "useless" items that provide emotional comfort [2][4] Experience-based Consumption - Experience-based consumption is a prominent mode of emotional consumption, where consumers are willing to invest more time and money [5][11] - Activities such as attending live performances, participating in DIY workshops, and collecting unique items are examples of how young consumers engage in experience-based consumption [6][8] Social and Emotional Dynamics - Emotional consumption serves as a means for young people to achieve self-pleasure, capture small moments of happiness, and maintain social connections [8][11] - The rise of social media platforms has amplified the sharing of emotional experiences, creating a new form of social currency among young consumers [8][9] Market Impact - The growing trend of emotional consumption is reshaping the commercial landscape, prompting businesses to focus on the emotional and cultural value of their offerings [11][14] - The integration of emotional value into consumer experiences is driving innovation in service delivery and creating new employment opportunities [14][15] Future Outlook - As the Z generation becomes the main consumer force, spending on emotional experiences is expected to continue growing, reflecting a broader societal shift towards valuing emotional fulfillment [11][12] - The expansion of experience-based consumption is likely to enhance the vibrancy of urban commercial spaces, transforming them into venues that cater to emotional needs [14][15]

Core Insights - The A-share market saw a collective rise in the three major indices on Tuesday, with the Shanghai Composite Index increasing by 0.87%, the Shenzhen Component Index by 1.53%, and the ChiNext Index by 1.77%. The total trading volume in the Shanghai and Shenzhen markets reached 1.8262 trillion yuan, a slight increase of 85.8 billion yuan compared to the previous day, with over 4,300 stocks rising across the market [2][7]. Important News - The Ministry of Finance and the State Administration of Taxation jointly issued an announcement clarifying the execution standards for resource tax policies. The announcement covers nine aspects, including circumstances under which resource tax is not payable, applicable tax categories for certain taxable products, and the calculation basis for taxable products under special circumstances [3][7]. - The Shenzhou-22 cargo spacecraft successfully launched to the Chinese space station on November 25, marking the first emergency launch mission in China's manned space program [3][8]. Industry Analysis - The IP (Intellectual Property) economy is rapidly developing, driven by changes in consumer demographics and the emphasis on emotional value. The Z generation, as the emerging consumer group, shows strong emotional attachment and active consumption of IP products, shifting consumer focus from functionality to emotional value [9][10]. - IP can be categorized into content-based IP and image-based IP, with both types capable of mutual conversion to explore higher value and enhance commercialization through derivative products [10][11]. - The derivative products of IP are crucial for materializing and monetizing the influence of IP, with the market for these products experiencing explosive growth, particularly among younger consumers [12][13]. Investment Recommendations - The report suggests focusing on companies with rich IP libraries and cross-media development capabilities, as well as content producers with strong IP creation abilities. Companies excelling in derivative product design, supply chain integration, and offline scenario operations are also highlighted as potential investment opportunities [13].

Group 1 - Beijing Huaten Group collaborates with the 1999 version of "Journey to the West" to create themed restaurants and launch themed set meals and blind boxes across various brands [1][2] - The collaboration is a continuation of the "Wuhua Tianbao · Journey to the West Feast" creative food market from the September service trade fair, aiming to attract younger consumers through immersive experiences [1] - The initiative includes a nostalgic element where consumers purchasing any themed set meal receive a random "Journey to the West Treasure Card" featuring characters like Sun Wukong and Pigsy, enhancing engagement through interactive zones [2] Group 2 - The partnership aims to establish emotional connections with younger consumers by leveraging a beloved animation IP, moving beyond traditional dining to create comprehensive consumption scenarios [2] - The strategy includes themed stores, limited-edition merchandise, and interactive experiences, transforming dining into a social sharing opportunity and refreshing the brand image of traditional restaurants in the digital age [2]

Core Insights - The rise of Generation Z as a consumer group and the emphasis on emotional value are driving the rapid development of the IP economy in the media industry [1] - The market for IP derivatives is experiencing explosive growth, with products like cards, blind boxes, and collectibles becoming increasingly popular among younger consumers [4] Group 1: Consumer Trends - The shift in consumer demographics and the highlighting of emotional value are propelling the rapid growth of the IP economy [1] - Generation Z, as the new main consumer force, shows strong emotional attachment and active consumption of IP products due to their scale, media habits, and value preferences [1] - The transition from "functional" to "emotional value" in consumer attitudes is creating broader conversion space for the commercialization of IP content and derivatives [1] Group 2: IP Development Strategies - Cross-media development of content-type IP is becoming a norm, with frequent transformations between literary and film IP, particularly with web literature leading the ecosystem [2] - Game IP serves dual roles as both a source and a carrier, with strong commercial potential and the ability to create diverse content matrices for comprehensive user engagement [2] - Anime IP focuses on long-term viability by transforming characters into emotional carriers through visualization, scenario-based engagement, and social interaction [2] Group 3: IP Derivatives - IP derivatives are key to materializing and commercializing the influence of IP, serving as emotional carriers for fans and crucial for monetizing content value [4] - The market for IP derivatives has seen explosive growth, with products evolving from simple items to complex collectibles, effectively meeting the social, entertainment, and identity needs of younger consumers [4] - Core categories like cards, blind boxes, and collectibles are identified as the most dynamic growth areas in IP commercialization, driven by their unique gameplay mechanisms and collectible attributes [4]

Investment Rating - The report maintains a "Hold" rating for the industry, indicating a stable outlook for investment opportunities [3]. Core Insights - The rapid development of the IP economy is driven by the transformation of consumer demographics and the emphasis on emotional value. The Z generation, as the emerging consumer force, shows stronger emotional attachment and consumption activity towards IP products, shifting consumption from functionality to emotional value [1][15]. - The report categorizes IP into two main types: content-based IP and image-based IP, both of which can be interconverted to explore higher value and enhance commercialization through derivative products [22][23]. Summary by Sections 1. IP Value and Emotional Economy - The IP economy is thriving due to the shift in content consumption dynamics, where emotional engagement and cultural identity play a significant role [1][15]. - The Z generation's consumption habits are characterized by a preference for emotional and experiential value, which broadens the commercialization potential of IP content and derivatives [1][15]. 2. Content-based IP - Content-based IP includes literary, film, game, and anime IPs, which are increasingly developed across multiple forms to maximize commercial potential [2][25]. - Literary and film IPs frequently convert between each other, with web literature being a primary source of creative value [2][25]. - Game IPs serve as both a source of supply and a medium for commercial realization, with strong potential for cross-form content derivation [2][40]. - Anime IPs focus on creating emotional connections through character visualization and social engagement, enhancing their long-term commercial viability [2][53]. 3. Image-based IP - Image-based IP relies on unique visual symbols and operational strategies to achieve commercial value and sustain longevity [3][64]. - The commercial success of image-based IP is influenced by its recognizability, audience coverage, and diverse monetization models [3][65]. - The lifecycle of image-based IP can be extended through structured character matrices and continuous content empowerment [3][73]. 4. Derivative Products - Derivative products based on IP are crucial for materializing its content or image value, creating a commercial loop between content creation and consumer markets [3][7]. - Key categories of derivative products include collectibles like cards and blind boxes, which resonate with the social and entertainment needs of younger consumers [7][29]. 5. Investment Recommendations - The report suggests focusing on companies with rich IP libraries and cross-form development capabilities, as well as those with strong content production abilities and effective derivative product strategies [7][29].

Core Insights - The article highlights the shift of younger consumers, particularly the "post-00s" generation, from online shopping to offline experiences, with a focus on the rise of "two-dimensional" themed shopping districts as new urban landmarks [2][3] - Traditional department stores are undergoing significant renovations to attract younger consumers, with 66% of surveyed companies indicating an increase in upgrade events for 2024 [2][3] - The emphasis on experiential retail and emotional engagement is becoming crucial for attracting consumers, as evidenced by the popularity of unique shopping experiences and themed events [4][5] Group 1: Market Trends - Many traditional department stores are enhancing their "IP density" and creating two-dimensional business formats to draw younger consumers back to physical stores [3] - In 2024, retail sales in department stores and brand specialty stores are projected to decline by 2.4% and 0.4%, respectively, indicating a need for innovative strategies to revitalize these businesses [3] - The Chinese government has initiated policies to promote urban renewal, focusing on upgrading commercial pedestrian streets and enhancing public space quality [3] Group 2: Consumer Experience - The success of shopping centers like Wangfujing Joy City is attributed to their focus on youth culture, trendy brands, and creating a vibrant shopping atmosphere, leading to significant increases in sales and foot traffic [2][4] - Consumers are increasingly prioritizing experiential and emotional aspects of shopping, with 64% of consumers valuing spiritual consumption, particularly among younger demographics [4] - Shopping centers are evolving from mere retail spaces to integrated urban lifestyle hubs that combine social, cultural, and shopping experiences [5] Group 3: Operational Strategies - Many shopping centers are extending their physical space functions, transforming into urban lifestyle centers that blend social and cultural elements with retail [5] - Enhanced service offerings, such as multilingual support and unique customer experiences, are being implemented to create competitive advantages [6] - The challenge remains for shopping centers to maintain competitive advantages and achieve sustainable profitability amidst high renovation costs and market saturation [6][7] Group 4: Innovative Approaches - The Minsheng Department Store in Xi'an is exploring a mixed-use model by combining commercial, office, and hotel spaces to optimize space utilization and attract more visitors [7] - The use of artificial intelligence and data analytics is recommended to better understand consumer preferences and improve operational efficiency [7] - The government is encouraging the use of financial tools to support the transformation and upgrading of urban commercial facilities [7][8]

Core Insights - The article highlights a shift in consumer behavior among the "post-00s" generation, moving from online shopping to offline experiences, with a focus on innovative shopping environments and cultural engagement [1][2]. Group 1: Transformation of Traditional Malls - Many traditional department stores are enhancing their appeal by increasing "IP density" and creating "two-dimensional" business formats to attract young consumers back to malls [3]. - The Wangfujing Joy Shopping Center has successfully transformed its space into a "two-dimensional theme district," resulting in significant increases in sales and foot traffic [2]. - The Chinese government has initiated urban renewal actions aimed at upgrading commercial pedestrian streets and old shopping districts, enhancing public space quality and diversifying commercial offerings [3]. Group 2: Consumer Experience and Engagement - Malls are focusing on providing upgraded experiences, such as unique merchandise and immersive environments, to attract consumers [4]. - The正佳广场 in Guangzhou exemplifies this trend by creating a mini-city experience that combines social, cultural, and shopping elements, enhancing the overall consumer experience [5]. - Enhanced service offerings, such as multilingual support and convenient payment options, are being implemented to create a more welcoming environment for both local and international consumers [6]. Group 3: Challenges and Sustainability - Despite increased foot traffic post-renovation, malls face challenges in maintaining competitive advantages and achieving sustainable profitability [8]. - Some malls struggle with unclear positioning and excessive similarity in offerings, leading to potential market saturation and eventual decline [8]. - The Ministry of Commerce is working to provide long-term support for urban commercial transformation through financial tools and guidance for optimizing commercial facilities [8].

Group 1: Marriage and Family Trends - The number of marriage registrations in 2024 is 6.106 million pairs, a decrease of 1.574 million pairs or 20.5% from the previous year, marking the lowest level since 1980 [2] - The marriage rate has dropped to 4.3‰, with over 240 million single adults, indicating a trend of young people delaying marriage due to economic pressures and high living costs [2][5] - The demand for wedding-related services has decreased significantly, with wedding orders down by 40% compared to five years ago, leading to the closure of many wedding-related businesses [2] Group 2: Consumer Spending and Economic Sentiment - Overall consumer spending is declining, with the 618 shopping festival experiencing its first negative growth, and a significant drop in the consumption confidence index to 88.5 points, the lowest in ten years [4][5] - 62% of individuals aged 25 to 35 are only purchasing necessities, with discretionary spending dropping from 28% to 19% [4] - The average monthly savings rate is 35%, and there is a notable decrease in the use of credit card installments by 10% [4] Group 3: Emerging Consumption Trends - Five new consumption sectors are thriving despite the overall decline in traditional consumption: pet economy (300.2 billion), outdoor sports (over 400 billion), aromatherapy (12 billion), health and wellness (80 billion), and emotional economy (1200 billion) [9][11][13] - The pet economy is growing at 7.5%, with 80 million pet-owning households, while the outdoor sports sector has seen a rise in new participants, reaching 520 million [9][11] - The emotional economy, driven by trends in collectibles and toys, is projected to grow significantly, with blind box sales expected to reach 58 billion by 2025 [13][15] Group 4: Market Dynamics and Future Outlook - The shift in consumer spending from traditional family-oriented purchases to individual experiences is evident, with a focus on emotional and experiential value [7][15] - The total market size of the five emerging sectors exceeds one trillion, indicating a robust potential for growth in these areas [15][17] - The trend of low desire for traditional consumption is not indicative of a lack of spending power but rather a shift towards more meaningful and emotionally resonant purchases [17]