11月5日至10日，第八届中国国际进口博览会在上海举办，"全球化"再度成为焦点议题。作为植根中国 上海的大型消费产业集团，上海豫园旅游商城（集团）股份有限公司（以下简称"豫园股份 （600655）"）携旗下老庙、南翔馒头店、上海表、童涵春等多个品牌及豫园灯会等优质项目亮相本届 进博会，展示了公司在出海方面取得的成果，同时希望借助进博会这一平台找到更多全球化发展的机 会。 记者了解到，作为一家沉淀数百年历史文化底蕴的企业，豫园股份在出海实践中摸索出了独特的模式， 即以"零文化折扣"市场为切入点，以原汁原味的中国文化为内核，通过"文商旅"协同实现文化价值与商 业价值的双重落地。 所谓"零文化折扣"脱胎于学术界对品牌出海过程中"文化折扣"的思考，它指的是：因文化背景差异，会 导致异质文化产品在跨文化传播中出现受众吸引力下降、价值减损的现象。对此，豫国股份坚持"零文 化折扣"，不同于部分企业对自身的"本土化改造"，豫园股份不随意揣测海外消费者喜好，而是坚持原 汁原味的中国文化表达，通过创新呈现形式让海外受众更好地感知、理解中华文化的精髓。 比如，9月30日，豫园股份旗下核心珠宝品牌老庙马来西亚吉隆坡店正式开幕，标志着 ...

Core Viewpoint - The eighth China International Import Expo highlighted the globalization of Chinese enterprises, with Yuyuan Group showcasing its achievements and seeking further global development opportunities [1] Group 1: Globalization Strategy - Yuyuan Group has established globalization as a core development strategy, focusing on the international expansion of its brands, including the jewelry brand Laobian and the restaurant brand Songhelou [1][2] - The company has developed a unique "zero cultural discount" model, emphasizing authentic Chinese cultural expression in its overseas ventures [6][9] Group 2: Southeast Asia Focus - Southeast Asia is a primary target for Yuyuan Group's international strategy, with the opening of the Laobian store in Kuala Lumpur marking a significant step in its overseas expansion [2] - The Yuyuan Lantern Festival has gained traction in Southeast Asia, with successful events in Thailand and interest from multiple countries for hosting the festival [2][8] Group 3: Market Potential - Southeast Asia's growing middle class, projected to reach approximately 330 million by 2030, presents significant opportunities for high-quality cultural products [3] - The demand for gold in Southeast Asia has surged, with notable increases in consumption in countries like Singapore and Malaysia [3] Group 4: Expansion into Europe and the U.S. - Yuyuan Group is also targeting major international cities in Europe and the U.S., leveraging the presence of Chinese communities and diverse consumer demands [4] - The opening of Songhelou's first overseas location in London's Chinatown exemplifies the company's strategy to penetrate international markets [4] Group 5: Cultural Exchange and Recognition - The Yuyuan Lantern Festival serves as a cultural ambassador, enhancing the international visibility of Chinese culture and receiving recognition at diplomatic events [10][11] - The festival's success in various countries has garnered media attention, significantly boosting the global influence of Chinese culture [11][12] Group 6: Market and Social Value - Yuyuan Group's unique approach to cultural globalization has been acknowledged by capital markets, with several institutions expressing optimism about its international strategy [12] - The company's dual focus on cultural and brand globalization is expected to drive significant growth in overseas revenue, establishing it as a benchmark for Chinese cultural exports [12]

Core Viewpoint - The article discusses the key points from the "Suggestions for Formulating the 15th Five-Year Plan for National Economic and Social Development" released by the Central Committee, focusing on the implications for Chinese enterprises going global during the "15th Five-Year" period [6][9]. Group 1: External Environment and Challenges - The "15th Five-Year" period is characterized by significant changes in the historical context and external development environment compared to the "14th Five-Year" period [7]. - The international economic landscape is marked by slow growth, with the IMF predicting global GDP growth rates of 3.2% and 3.1% for 2025 and 2026, respectively, which are relatively low compared to the past decade [9]. - Geopolitical factors continue to negatively impact international trade, with rising protectionism and unilateralism posing challenges for Chinese enterprises seeking to expand abroad [8][9]. Group 2: Opportunities for Globalization - Despite challenges, the "Suggestions" highlight that Chinese enterprises possess favorable conditions to actively shape the international environment and expand globally [11][13]. - The report emphasizes the importance of cultural export, encouraging more cultural enterprises and products to reach international markets, thereby enhancing China's soft power [15]. - The traditional industries are expected to strengthen their global positions, with a focus on upgrading key sectors such as mining, metallurgy, and machinery [16][17]. Group 3: Infrastructure and Connectivity - The article underscores the need for improved international logistics and infrastructure, which is crucial for supporting trade during the "15th Five-Year" period [18]. - The "Suggestions" call for the establishment of a resilient international transportation system and the enhancement of initiatives like the Belt and Road Initiative [18]. Group 4: Service Trade and Financial Development - The "Suggestions" place greater emphasis on the development of service trade, aiming to expand market access and improve service trade standards [20][21]. - The plan also highlights the importance of advancing the internationalization of the Renminbi and building a self-controlled cross-border payment system, which is essential for facilitating trade and reducing risks for Chinese enterprises [22].

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of China's globalization efforts amid a complex international environment, highlighting both challenges and opportunities for Chinese enterprises in their overseas expansion. Group 1: External Environment and Challenges - The "15th Five-Year Plan" acknowledges the intensified international competition and challenges posed by unilateralism, protectionism, and geopolitical tensions, which affect Chinese enterprises' overseas operations [2][3]. - The International Monetary Fund forecasts global GDP growth rates of 3.2% and 3.1% for 2025 and 2026, respectively, indicating a relatively slow economic growth environment [2]. - Changes in trade policies, such as new tariffs imposed by countries like Mexico on imports from China, complicate the export landscape for Chinese companies [3]. Group 2: Opportunities for Globalization - The "15th Five-Year Plan" introduces new proposals for Chinese enterprises to actively shape international environments and leverage their advantages in global supply chains [4]. - Chinese enterprises are increasingly demonstrating strong global market competitiveness, particularly in sectors like electric vehicles and 5G technology, despite geopolitical pressures [5]. Group 3: Cultural and Traditional Industry Development - The plan emphasizes the importance of enhancing the influence of Chinese culture globally, encouraging cultural enterprises to expand overseas [7][9]. - There is a focus on optimizing and upgrading traditional industries, with specific mentions of enhancing the global competitiveness of sectors such as mining, metallurgy, and textiles [10]. Group 4: Infrastructure and Connectivity - The plan highlights the need for robust international logistics and infrastructure, aiming to improve trade facilitation through diversified and resilient transportation networks [12]. - The ongoing geopolitical factors affecting trade are acknowledged, yet the overall trend towards globalization remains strong, necessitating improved logistics to enhance competitiveness [12]. Group 5: Service Trade and Financial Integration - The "15th Five-Year Plan" places greater emphasis on the development of service trade, aiming to expand market access and improve service trade standards [15]. - The plan also stresses the importance of advancing the internationalization of the Renminbi and building a self-controlled cross-border payment system, which will facilitate trade and reduce risks for Chinese enterprises [16].

Core Insights - Yuyuan Group (豫园股份) reported a revenue of 28.4 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of approximately 20%, while the third quarter revenue increased by about 9% to 9.29 billion yuan [1] - The company's core jewelry fashion segment saw a gross margin increase of 0.66% year-on-year in the first three quarters [1] Financial Performance - The decrease in revenue is attributed to reduced gains from the disposal of non-core assets compared to the same period last year, impacting net profit and other financial metrics [2] - The jewelry segment, which accounts for over 60% of total revenue, achieved a gross margin of 7.73% in the first three quarters, up from 7.34% in the first half of the year [2] Strategic Adjustments - Yuyuan Group has adopted a strategic adjustment focusing on "core business, balanced offense and defense, and light assets" starting in 2024, transitioning from a diversified model to strengthening its main business [1] - The company has actively divested from projects such as Tomamu and Starlight Plaza Phase II to streamline operations [1] Business Transformation - The jewelry segment's gross margin growth is seen as a result of proactive transformation in product design, pricing strategies, and user expansion [2] - The Yuyuan Mall's innovative consumer experience initiatives, such as the "Mountain and Sea Wonder" themed lantern festival, attracted approximately 4 million visitors and boosted GMV by 62% year-on-year [2] Global Expansion - Yuyuan Group has made strides in global business expansion, with the Yuyuan Lantern Festival in Thailand attracting over 4 million attendees [3] - The company has showcased its lantern designs in countries like Vietnam, Japan, and Singapore, enhancing its global brand influence [3] - The restaurant brand Songhelou opened its first overseas store in London, and the jewelry brand Laomiao opened its first overseas store in Kuala Lumpur, with plans for further expansion in Southeast Asia [3]

Group 1: Event Overview - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, organized by the World Green Design Organization (WGDO) and Sina Group, with support from the Shanghai Huangpu District Government [1] - The conference will feature discussions on sustainable development, focusing on Shanghai's industrial upgrades and new growth paradigms [1] Group 2: Cultural Exchange and Communication - Hu Junjie, Vice President of Yuyuan Group, emphasized the importance of cultural communication in overcoming stereotypes and building trust in international business [2][3] - The current core obstacle in international communication is not the lack of Chinese advantages but rather the stereotypes formed in information silos [2] Group 3: Yuyuan's International Expansion - Yuyuan Group has successfully hosted the Yuyuan Lantern Festival abroad, attracting nearly 200,000 attendees in Paris and showcasing Chinese culture [3][4] - The Yuyuan Lantern Festival will continue to expand internationally, with events planned in Thailand and Singapore, highlighting the cultural significance and appeal of Chinese traditions [3][4] Group 4: Brand Globalization Efforts - Yuyuan Group is actively pursuing international market expansion through various brands, including opening overseas stores for its jewelry and dining brands in Malaysia and the UK [4] - The company aims to promote Chinese culture and cuisine globally, enhancing the visibility of Chinese brands on the world stage [4]

Core Insights - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, focusing on sustainable development and global collaboration [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Yuyuan Group's Vice President Hu Junjie emphasized the need for cultural exchange to overcome international communication barriers and stereotypes about China [2][4] Group 1: Conference Overview - The conference aims to discuss topics such as creating a sustainable development model in the East and exploring new growth paradigms for Shanghai's five centers [1] - Shenneng Group is a global partner for the conference, hosting a special forum on Shanghai's actions in global transformation [1] Group 2: Communication Strategies - Hu Junjie highlighted that China's international communication faces significant challenges due to existing stereotypes and information silos [2][3] - The approach of "first making friends, then discussing principles" is proposed as a way to enhance global competitiveness and communication effectiveness [2][5] - Yuyuan Group has successfully promoted cultural events like the Yuyuan Lantern Festival in countries such as France, Thailand, and Vietnam to foster better understanding of Chinese culture [4][5]

Group 1 - The core viewpoint of the article highlights the structural transformation of Yuyuan Group amidst changing consumer demands and macroeconomic conditions, showcasing its resilience and strategic reforms [1][2] - In the first half of 2025, Yuyuan Group reported a revenue of 19.112 billion yuan and a net profit of 63 million yuan, with a significant increase in operating cash flow by 71% year-on-year, indicating strong financial health [1] - The company is actively embracing change by shifting its sales model from weight-based to piece-based in its jewelry business, redefining gold jewelry as art and emotional carriers, which aligns with the evolving consumer preferences for cultural and emotional value [6][7] Group 2 - The awakening of cultural confidence among contemporary Chinese consumers is reshaping the consumption landscape, with a growing preference for domestic brands that embody cultural significance and modern aesthetics [3][4] - Yuyuan Group's successful cultural events, such as the "Yuyuan Summer Fantasy Night," exemplify the integration of traditional culture with modern trends, attracting a younger audience and revitalizing traditional brands [3] - The company's "Eastern Lifestyle Aesthetics" development philosophy effectively captures the trend of cultural integration, creating a unique brand value system that resonates with consumers seeking lifestyle and cultural identity [5] Group 3 - The jewelry fashion segment is a crucial pillar for Yuyuan Group, with a revenue of 12.8 billion yuan in the first half of 2025, and a 47% quarter-on-quarter growth in Q2, reflecting strong market performance [6] - The company's proactive strategy in response to rising gold prices includes promoting emotional and cultural aspects of jewelry, which has led to successful collaborations and high sales figures for culturally themed products [7] - The shift in consumer mindset towards valuing emotional and cultural significance over mere functionality is transforming the competitive landscape of the Chinese market, favoring brands that prioritize cultural value and brand building [7] Group 4 - In the commercial real estate sector, Yuyuan Group's core projects are showing positive effects, with nearly 20 million visitors to Yuyuan Mall and a 55% year-on-year increase in GMV, indicating a recovery in its main business [8] - The development of the "Great Yuyuan" area is set to enhance the company's future growth prospects, integrating various functions such as culture, commerce, and tourism into a comprehensive cultural commercial complex [8][9] - The ongoing supportive real estate policies in Shanghai are expected to boost market confidence and facilitate the steady recovery of Yuyuan Group's property development and sales business [8][9]

Core Insights - Fosun International has achieved significant breakthroughs across multiple business segments in the first half of 2025, focusing on deepening its industry advantages and accelerating global market penetration [1] - The company's total revenue reached 87.28 billion yuan, with overseas revenue accounting for 53% at 46.67 billion yuan [1][3] - The core businesses of healthcare, cultural tourism, and financial insurance have shown steady growth, contributing to the overall performance [1][2] Financial Performance - Fosun International's four core subsidiaries generated a total revenue of 63.61 billion yuan, representing 73% of the group's total revenue [2] - Fosun Pharma reported a net profit of 1.7 billion yuan, a year-on-year increase of 38.96% [2] - The cultural tourism segment achieved a record revenue of 9.53 billion yuan, with an adjusted net profit growth of 42% [2] Strategic Focus - The company is committed to a strategy of streamlining operations and focusing on high-growth core industries while divesting non-core assets [2] - Innovation remains a core capability, with R&D investments reaching 3.6 billion yuan, supporting a global innovation ecosystem [2][3] - The financial strategy emphasizes resource concentration on potential industry leaders and aims to reduce interest-bearing debt to below 60 billion yuan [3] Global Expansion - Fosun International's overseas business revenue has increased, with international operations contributing significantly to overall income [3][4] - The company is expanding its global footprint through various projects, including lithium mining and energy initiatives in Africa and Southeast Asia [4][5] - Club Med's global performance reached a new high, with revenue of 9.25 billion yuan, reflecting strong demand for vacation services [5] Technological Integration - The company is embracing AI technology to enhance business innovation and operational efficiency, particularly in the cultural tourism sector [6] - A partnership with Alibaba Cloud aims to develop an AI-driven tourism assistant, expected to launch in late September 2025 [6]

Core Insights - The company reported significant growth in its global business, with a GMV of nearly 600 million yuan in the first half of the year, increasing its revenue share from global operations to 3.3% [1][2] - Cultural export is a key strategy for the company, with initiatives like the Yuyuan Lantern Festival serving as a flagship brand for promoting Chinese culture abroad [1] - The company plans to continue expanding its global footprint through cultural initiatives and business development, aiming to enhance brand influence and provide high-quality products to global consumers [2] Group 1: Global Business Expansion - The company's global business GMV reached nearly 600 million yuan in the first half of the year, with a revenue share of 3.3% from global operations [1] - The Yuyuan Lantern Festival has been successfully introduced in international markets, attracting significant local audiences, such as nearly 200,000 attendees in Paris [1] - The company is leveraging its cultural heritage to promote Chinese brands and products in foreign markets, establishing a solid foundation for future international expansion [1] Group 2: Restaurant and Retail Initiatives - The historic Songhe Lou brand opened its first overseas store in London's Chinatown, offering a new culinary experience for local consumers [2] - The company is accelerating its overseas business in the jewelry and fashion sector, focusing on enhancing product quality and expanding consumer reach [2] - Plans for new stores in Macau and Kuala Lumpur are underway, aiming to establish a standardized opening model for rapid replication [2] Group 3: E-commerce and Market Strategy - The company is actively expanding its presence on mainstream e-commerce platforms, with new stores launched in collaboration with duty-free channels [2] - The company aims to achieve substantial progress in duty-free channels in Hainan by the end of the year, with a focus on Southeast Asia and Hong Kong, Macau, and Taiwan regions [2] - The company emphasizes a dual approach of cultural export and business expansion to drive the global reach of its brands [2]