导语：蓝月亮主力产品业绩缩水超1亿港元，还能拉动营收增长吗？ 在经历 2024年首次年度亏损后， "国民衣物洗护第一品牌"蓝月亮（6993.HK） 正在快速调整 营销策略，降低销售费用的同时，亏损也同比收窄。 但何时扭亏为盈，仍没有确定时间。 营销费被砍掉3个亿， 流量越来越贵？ 实际上，从 2020年到2024年，蓝月亮 的 "营销费用" 一直在增长， 从 18.44亿元持续增长到 46.16亿元，营销费用占营收比从 28.82% 上升至 59.01%，几乎翻倍 。 2024年 ，蓝月亮 的广告费用达到 2.12亿元，是2020年的3.87倍，广告费用占营收的比例从 0.86% 上升至 2.71% ； 推广费用 更是 高达 25.49亿元，相比2023年猛涨10亿港元，增幅高 达156%，而2020年至2023年的推广费用合计才增加了4.59亿元。 蓝月亮的财报中多次提到，渠道拓展、加大线上渠道投放、为推广新品而发展新电商渠道和品牌 建设，导致显著增加营销活动。 而线上渠道的投入更是有目共睹，蓝月亮的直播间常常被推送到 用户眼前。 在加大线上销售费用的推动下，蓝月亮 2024年线上渠道收益首次超过51亿港元 ...

衣物清洁护理产品收入为26.41亿港元，占总收入比重超过87%，仍是核心业务。个人清洁护理产品收 入同比增长12.4%，成为增长最快的品类。 线下分销商渠道收入同比增长15%。线上渠道虽收入占比略降，但核心品类在"618"大促期间销售额位 居主流电商平台第一。蓝月亮洗衣液、洗手液连续第15年蝉联中国品牌力指数第一。 下半年，公司将继续推进家庭清洁解决方案、全渠道销售效率提升及"科学洗涤"知识营销三大战略，并 深化数字工厂建设和绿色包装。 2025年上半年，蓝月亮集团总收益为30.37亿港元，毛利为17.64亿港元。期内亏损同比收窄34.4%，降 至4.35亿港元。拟派发中期股息每股8港仙。 （文章来源：证券时报网） ...

Core Viewpoint - Blue Moon, a leading brand in clothing care, is facing significant challenges as its marketing expenses rise sharply while its net profit declines, leading to concerns about its sustainability and profitability in the long run [2][3][5]. Marketing and Financial Performance - Blue Moon has significantly increased its marketing expenses since its IPO in 2020, with marketing costs expected to account for nearly 60% of revenue in 2024, doubling since 2020 [3][7]. - Despite rising revenues, Blue Moon reported a net loss of over 6 billion HKD in 2024, marking its first annual loss, raising questions about its strategy of prioritizing revenue growth over profitability [3][6][7]. - The company's promotional expenses surged to 25.49 billion HKD in 2024, a 156% increase from the previous year, contributing to the erosion of net profit [7][8]. Sales Channels and Revenue Breakdown - In 2024, online sales revenue exceeded 51 billion HKD, accounting for 59.7% of total revenue, marking a significant shift from previous years [8][9]. - The sales performance during promotional events like the "618" shopping festival was notable, with Blue Moon achieving top rankings in various e-commerce platforms, yet this did not translate into profitability [6][10][12]. Competitive Landscape - Blue Moon remains a top player in the clothing care market, but faces intense competition from both international giants like Procter & Gamble and Unilever, as well as emerging local brands [14][15]. - The market has evolved into a multi-category competition, with new product types and brands entering, which poses a risk to Blue Moon's market share [15][16]. Research and Development - Blue Moon has maintained a low investment in research and development, with expenses not exceeding 100 million HKD from 2021 to 2024, indicating a continued focus on marketing over innovation [13][16].

Core Insights - The rise of group broadcasting, exemplified by the "Leg Sweep Dance," has attracted significant viewership and engagement, leading to a new trend in live commerce [1][2] - Group broadcasts have become a substitute for traditional live selling methods, providing a fresh avenue for traffic generation amid declining viewer numbers for individual streamers [4][6] - Despite the initial success of group broadcasts, the sustainability of this model is questioned due to the need for diverse monetization strategies and the potential for viewer disengagement [9][11] Group Broadcasting Trends - The "Leg Sweep Dance" has garnered nearly 25 million views, with peak online participation reaching 311,000, showcasing the format's popularity [1] - The collaboration between top influencers and boy bands has resulted in significant increases in viewership and sales, with the Blue Moon-themed broadcast achieving an estimated GMV of 25-50 million, a 40.82% increase from previous events [2][4] - Group broadcasting is experiencing rapid growth, with the number of daily group broadcast rooms on Douyin increasing from 4,000 to 7,500 [4] Challenges in Live Commerce - The live commerce industry is facing a bottleneck, with top streamers experiencing a decline in sales performance and traditional traffic acquisition methods becoming less effective [2][7] - Brands are increasingly burdened by high costs associated with live commerce, including "pit fees" and "traffic taxes," leading many to establish their own live streaming channels [8][9] - The shift towards group broadcasting may alleviate some pressure on brands, but the integration of entertainment and product promotion remains a challenge [9][10] Market Dynamics - The overall e-commerce market in China is entering a stagnation phase, with negative growth rates observed in various segments, including live commerce [12][13] - The rise of near-field e-commerce is posing a competitive threat to live commerce, as it offers better pricing, efficiency, and consumer experience [14] - Brands are increasingly opting for direct-to-consumer strategies through their own live streaming, reducing reliance on influencer-driven sales [14][15]

Group 1 - The core viewpoint of the article highlights the rise of group live streaming (团播) on Douyin, with many top influencers and brands participating to leverage its popularity and drive sales [3][7][22] - The "Guangdong Couple" has successfully integrated group live streaming into their sales strategy, achieving significant viewer engagement and sales figures, with one session reaching 19.81 million views and estimated sales between 25 million to 50 million yuan [3][4] - Other influencers, such as "Pipi Pipi Pipi Zhu" and "Audrey Thick Ben," have also joined the trend, showcasing their unique styles and attracting large audiences, with "Pipi Pipi Pipi Zhu" achieving 11.99 million views in one session [12][15] Group 2 - Brands are increasingly recognizing the potential of group live streaming for driving traffic and sales, with examples like "Dongguan Shoe King" utilizing this format to significantly boost engagement and sales [22][26] - The collaboration between brands and popular boy bands for live streaming events has created a new sales model, where audience participation resembles voting in talent shows, enhancing viewer engagement [29][31] - The article notes that group live streaming is evolving from a simple reward-based model to a more sustainable "idol economy," appealing to a younger demographic and aligning with brands targeting similar audiences [31][34] Group 3 - The article emphasizes that group live streaming is a fresh take on the traditional "entertainment + e-commerce" model, which has been successful in the industry, as seen in other platforms like Kuaishou [35][37] - Despite its growth, the long-term sustainability of group live streaming as a marketing strategy remains uncertain, as brands may rely on repeated collaborations rather than continuous engagement [37][40] - Overall, group live streaming is identified as a burgeoning sector with potential for new business narratives, although its operational model is still being defined [40]

Core Viewpoint - The article discusses the recent legal victory of Xiaomi against a counterfeit brand "Xiaomi Zero Degree," highlighting the ongoing battle against trademark infringement and the prevalence of counterfeit products in the market [4][14][48]. Group 1: Legal Case Overview - Xiaomi sued "Xiaomi Zero Degree" for trademark infringement and unfair competition, resulting in a court ruling that awarded Xiaomi 30 million yuan in damages [4][14]. - The counterfeit brand generated 1.3 billion yuan in sales over two years by misleading consumers with a similar name and logo, as well as a confusing voice command [10][30]. - The court recognized the similarity in voice commands as a form of consumer confusion, which is protected under the Anti-Unfair Competition Law [13][14]. Group 2: Broader Implications of Counterfeiting - The case reflects a larger trend of counterfeit products in the consumer market, where brands often face challenges from imitators [19][20]. - Other notable cases include a 50 million yuan penalty against a manufacturer using the "Xiaomi Life" trademark and a 30 million yuan penalty for a company named "Shenzhen Xiaomi Trading Co." [17]. - The article emphasizes that the counterfeit phenomenon is widespread, affecting various industries, including household products and food [26][32]. Group 3: Economic Impact of Counterfeiting - Counterfeit products often have significantly lower production costs, leading to high profit margins for counterfeiters, which incentivizes their continued existence in the market [32][33]. - Despite legal victories, the ongoing battle against counterfeiting is costly and time-consuming for legitimate brands, as they must continuously invest in legal actions to protect their trademarks [43][47]. - The article suggests that while counterfeiting may never be completely eradicated, strong brand identity and product quality can serve as effective defenses against imitation [48][49].

Core Insights - Blue Moon has maintained the leading market share in laundry liquid and hand soap in China for 16 and 13 consecutive years respectively, from 2009 to 2024 and 2012 to 2024 [1][4] - The company has focused on continuous technological innovation for 33 years, driving the upgrade of the Chinese laundry industry [4][5] Group 1: Product Innovation - Blue Moon pioneered the "liquid" era in laundry products, successfully transitioning consumer habits from powder to liquid laundry detergent [5][6] - The introduction of the "Concentrated+" laundry liquid in 2015 marked a significant shift, with a 47% active ingredient concentration, three times the national standard, aligning with international benchmarks [5][8] - The company has expanded its product matrix to meet diverse consumer needs, launching various bio-tech series products, including the Supreme Bio-Tech Laundry Liquid in 2024 [6][11] Group 2: Market Strategy - Blue Moon has developed a scientific washing solution called "Washing Three Treasures" to address specific consumer pain points, enhancing user experience and promoting scientific washing knowledge [10][11] - The penetration rate of concentrated laundry liquids in China was only 9.2% in 2023, with a compound annual growth rate of 24.7%, indicating significant growth potential [10][11] - The company is positioned as a leader in the concentrated washing sector, with a strategic focus on technological breakthroughs and market cultivation [11][12] Group 3: Corporate Responsibility and Vision - Blue Moon demonstrates a commitment to long-term development and social responsibility, aligning with China's "dual carbon" strategy while investing heavily in product innovation [12][13] - The company aims to create sustainable value across the entire industry chain through technological advancements and by enhancing industry standards [11][13] - The Supreme series received high ratings in consumer evaluations, reflecting the company's dedication to quality and innovation [13]