以下文章来源于Vista氢商业 ，作者陈颖 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 本文来自微信公众号： Vista氢商业 ，作者：陈颖，编辑：卢力麟，原文标题：《"LVMH在复旦招 人称福利是穿美美工服做富人生意？"大学生越来越觉得秋招宣讲会把自己当猴耍》，题图来自：AI 生成 秋，大自然的收获季，大学生的受难季。 低年级的一边忙着实习一边忙着观察前辈们的秋招态势，为日后积累经验；高年级的一边忙着实习一 边忙着写论文一边忙着秋招，宛如一块滚刀肉在招聘的砧板上被来回碾。 你在网申的艳阳里大雪纷飞，我在双选的寒夜里四季无春。 眼下秋招如火如荼，企业校招宣讲会随之又成了热门话题。 有的企业人手一份精致伴手礼被夸"豪气"，有的企业大讲特讲品牌理念被喷"假大空"；有人说去宣讲 会纯当"薅羊毛进货"，有人问宣讲会"不收简历不面试还有啥意义"。 存在感越来越强的校招宣讲会，有必要去吗？ Offer可以没有，羊毛不能不薅， 宣讲会成进货会了？ 最近，全球奢侈品巨头LVMH集团在复旦大学的一场宣讲会，就击碎了不少学生的滤镜： "没有干货只有公关话术""严重超时还索要学生2年肖像权"，奢侈奢侈，原 ...

秋，大自然的收获季，大学生的受难季。 低年级的一边忙着实习一边忙着观察前辈们的秋招态势，为日后积累经验；高年级的一边忙着实习一边忙着写论文一边忙着秋招，宛如一块滚刀肉在招聘 的砧板上被来回碾。 你在网申的艳阳里大雪纷飞，我在双选的寒夜里四季无春。 眼下秋招如火如荼，企业校招宣讲会随之又成了热门话题。 有的企业人手一份精致伴手礼被夸"豪气"，有的企业大讲特讲品牌理念被喷"假大空"；有人说去宣讲会纯当"薅羊毛进货"，有人问宣讲会"不收简历不面 试还有啥意义"。 存在感越来越强的校招宣讲会，有必要去吗？ Offer可以没有，羊毛不能不薅，宣讲会成进货会了？ 最近，全球奢侈品巨头LVMH集团在复旦大学的一场宣讲会，就击碎了不少学生的滤镜： "没有干货只有公关话术""严重超时还索要学生2年肖像权"，奢侈奢侈，原来"奢侈的只有空话和作秀"。 9月23日下午五点，诺曦和3个朋友提前1.5小时到达LVMH复旦校园分享会门外，排队等候。提前到达的不止她们，"五点到五点半这个时段，就排了有二 三十人。" 诺曦当时刚刚从楼上名创优品宣讲会上赶过来，想着这时间点正好，因为不管从自己的经验还是前辈的经验来看，雅诗兰黛、欧莱雅等同样与" ...

存在感越来越强的校招宣讲会，有必要去吗？ Offer可以没有羊毛不能不薅，宣讲会成进货会了? 最近，全球奢侈品巨头LVMH集团在复旦大学的一场宣讲会，就击碎了不少学生的滤镜： "没有干货只有公关话术""严重超时还索要学生2年肖像权"，奢侈奢侈，原来"奢侈的只有空话和作秀"。 9月23日下午五点，诺曦和3个朋友提前1.5小时到达LVMH复旦校园分享会门外，排队等候。提前到达的不止她们，"五点到五点半这个时段，就排了有二 三十人。" 秋，大自然的收获季，大学生的受难季。 低年级的一边忙着实习一边忙着观察前辈们的秋招态势，为日后积累经验；高年级的一边忙着实习一边忙着写论文一边忙着秋招，宛如一块滚刀肉在招聘 的砧板上被来回碾。 你在网申的艳阳里大雪纷飞，我在双选的寒夜里四季无春。 眼下秋招如火如荼，企业校招宣讲会随之又成了热门话题。 有的企业人手一份精致伴手礼被夸"豪气"，有的企业大讲特讲品牌理念被喷"假大空"；有人说去宣讲会纯当"薅羊毛进货"，有人问宣讲会"不收简历不面 试还有啥意义"。 诺曦当时刚刚从楼上名创优品宣讲会上赶过来，想着这时间点正好，因为不管从自己的经验还是前辈的经验来看，雅诗兰黛、欧莱雅等同样与"美 ...

Core Insights - The article highlights the transformation of Huaqiangbei from a traditional electronics market to an international "check-in" destination for both local youth and foreign tourists, showcasing China's technological innovations [3][12][13] Group 1: Market Dynamics - Huaqiangbei's daily foot traffic reached 750,000 in the first half of 2025, a 50% increase year-on-year, with foreign visitors averaging over 7,000 daily, doubling from the previous year [4][13] - The market has attracted a new demographic of consumers, particularly the younger generation born after 2000, who prefer innovative gadgets over traditional electronics [6][7] - Foreign tourists view Huaqiangbei as a must-visit location, with many purchasing unique tech products that are not available in their home countries [8][9][10] Group 2: Consumer Experience - The appeal of Huaqiangbei lies in its "tangible technology" experience, allowing consumers to test products in real-time, enhancing their shopping experience compared to online shopping [7] - The market has evolved its physical space to resemble a shopping mall, improving the overall consumer environment with wider aisles and more public areas [14][15] - A multi-payment system has been established to facilitate international transactions, with a 95% coverage of card POS machines and currency exchange services for various currencies [16] Group 3: Business Strategy - Merchants are increasingly targeting foreign customers due to their shorter decision-making cycles and higher profit margins, aligning with Huaqiangbei's strategy to develop an international electronic commerce hub [13] - The market's management is focused on balancing foot traffic with merchant profitability, emphasizing the need for differentiation in product offerings and service quality to avoid price competition [17] - Continuous innovation and leveraging the complete supply chain from research and development to sales are essential for maintaining competitiveness and attracting both domestic and international attention [17]

Summary of Zhongke Lanyun's Conference Call Company Overview - **Company**: Zhongke Lanyun - **Industry**: Consumer Electronics, specifically focusing on Bluetooth audio products, smart wearables, and AI technology Key Financial Performance - **Q2 2025 Revenue**: 440 million CNY, up 3.83% YoY and 21% QoQ [1] - **Net Profit**: 86 million CNY, up 8.13% YoY and 92.10% QoQ [1] - **Net Profit Margin**: Close to 20%, up 7.18 percentage points QoQ [1][4] - **Non-GAAP Net Profit**: 74 million CNY, up 16.31% YoY and 101% QoQ [1][4] - **H1 2025 Revenue**: 810 million CNY, up 2.63% YoY [2] - **H1 2025 Net Profit**: 130 million CNY, down 2.61% YoY [2] - **R&D Expenses**: 75 million CNY, up 17.49% YoY [2] Product Performance - **Product Revenue Breakdown**: - Bluetooth Headphones: 60% of total revenue - Bluetooth Speakers: 18% - Smart Wearables: ~8%, up 40% YoY [1][5] - **High-End Products**: New BT897X and BT891X chips launched in June, contributing 14% to total revenue with a gross margin of 30-40% [1][6] - **Overall Gross Margin**: Improved across all product lines, with Bluetooth headphones at ~20%, speakers at 30%, and smart wearables also at 30% [7] Market Dynamics - **Market Challenges**: Slower growth in H1 2025 attributed to global consumer electronics market downturn and unfavorable consumption environment [1][8] - **Future Outlook**: Anticipation of a global consumption peak in H2 2025, with plans to launch new products and expand distribution channels [1][8] New Product Launches - **Upcoming Products**: AI glasses using the latest 896 chip, supporting real-time dialogue, translation, and voice recognition, expected to launch in September 2025 [10][17] - **Smart Toy Market**: Introduction of AI chips for smart toys, with expected launches in September 2025 [9] Strategic Investments - **Investments in GPU Companies**: Stake in domestic GPU firms, aiming for collaboration and potential investment returns from their IPOs [3][25] Technology and R&D - **RISC-V Architecture**: Full adoption of RISC-V architecture, offering advantages over ARM in terms of cost and optimization for IoT applications [3][22] - **Future R&D Plans**: Continuous product iteration and development across ten product lines, targeting high, mid, and low-end markets [26] M&A Strategy - **Acquisition Plans**: Focus on acquiring quality teams in the industry to enhance technological capabilities and performance growth [27] Conclusion - **Growth Expectations**: Zhongke Lanyun expects to maintain a growth trend into Q3 2025, driven by high-margin product launches and strategic market positioning [24]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The demand for audio and acoustic products is rapidly increasing, with product iterations and usage scenarios expanding beyond traditional home and entertainment settings into education, hospitality, healthcare, sports, and finance, which is expected to drive market demand and consumption upgrades [4]. - The integration of AI with hardware is leading to a surge in innovative smart hardware products, such as smart speakers and AI glasses, with the company leveraging its expertise in audio technology to secure new projects and orders from major clients [5]. - The automotive audio system is undergoing significant upgrades, with the number of speakers per vehicle doubling from 4-8 to 20-30, enhancing the value of in-car audio systems [6]. - The global market for small soft-pack lithium-ion batteries is experiencing a resurgence, with an expected shipment of 5.96 billion units in 2024, driven by innovations in consumer electronics [7]. Financial Projections - The company is projected to achieve revenues of 102.4 billion, 130.7 billion, and 165.2 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.4 billion, 3.3 billion, and 4.5 billion yuan for the same years [9][11]. - The revenue growth rates are forecasted at 33.17% for 2024, 29.63% for 2025, 27.60% for 2026, and 26.43% for 2027 [11]. - The company's earnings per share (EPS) are expected to be 0.45 yuan in 2024, increasing to 0.81 yuan by 2027 [11]. Company Overview - The latest closing price of the company's stock is 15.54 yuan, with a total market capitalization of 8.7 billion yuan [3]. - The company has a debt-to-asset ratio of 54.9% and a price-to-earnings (P/E) ratio of 33.78 [3]. - The largest shareholder is Shenzhen Zhidu Guoguang Investment Development Co., Ltd. [3].

Group 1: Economic Development and Investment - The Guangxi border port industrial park has attracted 150 companies and 155 cross-regional and cross-border industrial chain projects with a total investment exceeding 200 billion yuan by May 2025 [1] - The number of processing enterprises in Dongxing has increased from 6 in 2015 to 64 currently, covering various cross-border industries [2] - The overall GDP of ASEAN is projected to grow from 3.6 trillion USD in 2022 to 4 trillion USD in 2024, making it the fifth-largest economy globally [4] Group 2: Industry and Product Development - The Dongxing industrial park is transforming its port advantages into economic and industrial development benefits, focusing on processing high-quality raw materials from ASEAN [2] - The establishment of the Guangxi-ASEAN traditional Chinese medicine and spice industry park aims to create a comprehensive international industry chain for traditional Chinese medicine and spices [3] - New processing enterprises are expected to increase by 11 in 2024, with a projected industrial output value growth of 15.9% year-on-year [2] Group 3: Innovation and Emerging Industries - The new generation information intelligent manufacturing base in Pingxiang is producing electronic products like mobile chargers and Bluetooth devices for ASEAN markets [4] - The Guangxi border port industrial park is seen as an ideal base for high-tech companies to expand into ASEAN markets due to its transportation and infrastructure advantages [4] - The introduction of new production capacity projects in the region is aimed at enhancing the overall quality and competitiveness of industrial clusters [5] Group 4: Resource Optimization and Management Reform - Guangxi is implementing market-oriented reforms in industrial parks to enhance management and attract quality projects [6] - The "2+N" and "3+N" park co-construction models have successfully attracted over 90 cooperative projects with a total investment exceeding 230 billion yuan [7] - The focus on optimizing resource allocation and enhancing service capabilities is expected to improve the competitive edge of the border port industrial park [6][7] Group 5: Strategic Importance - The border port industrial park serves as a significant platform for deepening China-ASEAN industrial cooperation and advancing national strategies [8] - The influx of major enterprise projects and international orders is anticipated to drive the future development of the border port industrial park [8]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global soundbar market is projected to grow from USD 10.1 billion in 2021 to USD 30.4 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20% [6] - The Chinese soundbar market has significant growth potential due to rising consumer living standards and increasing demand for home entertainment [5] - The overall audio hardware market in China is expected to stabilize and grow in 2023, reaching 240 million units sold, a year-on-year increase of 9.1% [12] Summary by Sections Section 1: Global and Chinese Market Share Analysis - Soundbars are popular in developed regions, with North America, Western Europe, and developed Asia-Pacific accounting for 35%, 19%, and 22% of sales, respectively [4] - In contrast, the penetration rate in China and other developing regions is below 5% [4] Section 2: Upstream Raw Materials and Downstream Market Analysis - The Chinese Bluetooth audio market saw a decline in sales volume from 260 million units in 2021 to 220 million in 2022, a decrease of 16.2% [10] - The report anticipates a recovery in the Chinese soundbar market in 2023, with sales expected to reach 875,000 units, a growth of 2.9% [35] Section 3: Global and Chinese Soundbar Industry Chain Analysis - The soundbar industry chain consists of upstream component suppliers, midstream manufacturers and brand owners, and downstream channels and consumers [36] - The competitive landscape in the Chinese Bluetooth audio market is intense, with over 500 brands competing [23] Section 4: Industry Development Opportunities and Risks Analysis - The report highlights the importance of technological innovation and product upgrades to meet consumer demands for better sound quality and smart features [55] - The soundbar market is expected to benefit from the increasing popularity of home entertainment systems and advancements in audio technology [55] Section 5: Global and Chinese Soundbar Industry Development Opportunities and Barriers Analysis - The report emphasizes the need for soundbar manufacturers to focus on product differentiation and quality to capture market share [43] - The integration of smart technologies and the rise of AIoT are expected to drive new product developments in the soundbar market [55]

Core Viewpoint - Company plans to change the use of approximately 622 million yuan of raised funds originally intended for an automotive audio project to invest in a sound product production project in Vietnam, aiming to enhance its ability to respond to future trade risks and accelerate capacity construction in Southeast Asia [1][8]. Group 1: Fund Allocation Changes - The original investment for the automotive audio project was 630.43 million yuan, with 621.71 million yuan planned to be raised, while the new investment for the Vietnam production project totals 661.05 million yuan, with the same amount of 621.71 million yuan allocated [2]. - The company has raised a total of approximately 1.384 billion yuan through a directed issuance, which was fully received by the end of 2023 [8]. Group 2: Business Overview - Founded in 1951 and listed in 2005, the company specializes in acoustic technology, focusing on audio electronics and lithium battery businesses, with major products including speakers, Bluetooth speakers, smart speakers, AI headphones, and automotive audio systems [3][4]. - In 2024, the company reported revenue of approximately 7.901 billion yuan, a year-on-year increase of 33.17%, marking a historical high, while net profit attributable to shareholders was approximately 250 million yuan, a decrease of 29.87% [3]. Group 3: Export Business and Trade Risks - The company's export business accounts for 79.47% of its total revenue, with significant contributions from various regions, including 29.48% from mainland China, 27.14% from the United States, and 17.50% from Europe [3][4]. - The company has indicated that international trade environment changes pose risks to its export business, potentially leading to increased costs and reduced orders [5][6]. Group 4: Production Capacity in Vietnam - The company has already invested nearly 1 billion yuan in its Vietnam production base, with ongoing projects showing significant progress [6][8]. - The new project in Vietnam aims to establish 44 production lines, with an expected annual revenue of approximately 2.683 billion yuan and a net profit of about 144 million yuan upon reaching full capacity [11].

Core Viewpoint - The unprecedented increase in tariffs on Chinese imports to the U.S. is causing significant disruption in the cross-border e-commerce industry, forcing many Chinese sellers on platforms like Amazon to either raise prices or exit the U.S. market entirely [1][2]. Group 1: Impact on Chinese Sellers - The president of the Shenzhen Cross-Border E-Commerce Association stated that the tariff situation is not merely a tax issue but a severe blow to the entire business model, making it extremely difficult for companies to operate in the U.S. market [1]. - A survey of five Amazon sellers in Shenzhen revealed that three are considering raising export prices, while two plan to withdraw from the U.S. market [1]. - Approximately half of the sellers on the Amazon platform are from China, with over 100,000 registered Amazon businesses in Shenzhen alone, generating total annual revenue of $35.3 billion [1]. Group 2: Shift in Market Strategy - Sellers are facing a dilemma as global markets struggle to absorb the large production capacity previously directed at the U.S., while intense price competition is eroding profit margins [2]. - A seller specializing in bags and Bluetooth speakers has raised U.S. market prices by 30% and is shifting resources to markets in Europe, Canada, and Mexico [2]. - Another experienced seller predicts significant price increases as existing inventory runs out, with production costs for certain products rising from $3 to $7 due to tariffs, necessitating a price hike of at least 20% to maintain profit margins [2]. Group 3: Broader Implications - The president of the association warned that the tariff-induced shockwave could lead to deeper social impacts, as the global supply chain undergoes significant restructuring [2].