飞鹤直播间联动母婴集合店 线上流量涌入线下 一个是深耕婴幼儿奶粉60余年的"国货之光"，一个是在全国拥有1600多家门店的连锁母婴百货，当"宝贝圈"两大巨头牵手，会产生什么样奇妙的化学反 应？ 打通线上线下两个卖场 Fast Reading 作者丨 胡新周 ■ 作为首个参与抖音生活服务"品牌联合经营"的母婴品牌，飞鹤奶粉在短短两个月时间里交出了一份漂亮的成绩单：直播单场销售额突破350万 元，冲刺到抖音全国品牌专卖榜第一名。 ■ 今年4月29日起，抖音生活服务针对优质、有一定线下销售体量，但没有独立门店的零售品牌推出品牌联合经营模式，并提供免（返）佣金、本 地推广告1:1对投等多项扶持。 ■ 品牌在直播间售卖爆款产品和代金券，引导用户去附近的商超和连锁母婴集合店进行核销，线上流量涌入线下门店，品牌完成了新用户的转化 和沉淀，从而实现品牌、渠道和用户的三方共赢。 6月11日，爱婴岛副总裁叶发朝和中国飞鹤营销副总经理陈晓东同时亮相飞鹤品牌母婴甄选号的抖音直播间，用团购代金券吸引了大批用户，以小米按 摩器、华为手机等实用礼品带动消费者的互动热情。 "高管带货+国风美学+超值福利"的组合，让这场直播的实时在线人数峰值 ...

Core Viewpoint - China Feihe's stock price plummeted significantly following a profit warning, indicating severe challenges in the high-end infant formula market due to various factors including demographic changes and increased competition [2][3][6] Financial Performance - For the first half of 2025, Feihe expects revenue between 9.1 billion to 9.3 billion yuan, representing a year-on-year decline of 8% to 10% [3] - The projected net profit for the same period is between 1 billion to 1.2 billion yuan, a staggering drop of 37% to 47% compared to the previous year [3][6] - In 2024, Feihe's revenue is anticipated to be 20.75 billion yuan, a 6% increase year-on-year, while net profit is expected to reach 3.65 billion yuan, an 11% increase [6] Market Challenges - The high-end infant formula market is facing multiple pressures, including a declining birth rate and changing consumer preferences, leading to a contraction in market size [7][8] - In 2023, China's birth rate fell to 6.5‰, with the infant formula market shrinking by 4% [7] - Although a slight recovery in birth rates is expected in 2024, the impact on the industry remains limited [7] Competitive Landscape - Feihe's pricing strategy is misaligned with consumer preferences, as the most popular price range for infant formula is 200-299 yuan, while Feihe's main products are priced at 350-450 yuan [8] - Competitors like Junlebao and Yili are gaining market share by offering products in more accessible price ranges, further squeezing Feihe's high-end positioning [8] Inventory and Channel Issues - Feihe has reduced channel inventory to maintain product freshness, which has contributed to revenue declines [10] - The company faces significant inventory pressure, leading to price discrepancies between online and offline sales channels [10] - A shift towards online purchasing among younger parents is necessitating a transformation in Feihe's distribution strategy [10] Strategic Initiatives - In response to the challenges, Feihe has announced a 1 billion yuan share buyback plan and committed to a minimum dividend of 2 billion yuan in 2025 to bolster market confidence [6] - The company is also diversifying its product offerings beyond infant formula, targeting areas such as maternal and child health, but infant formula remains its primary revenue source [10]

信达证券 2025 年 7 月"十大金股"组合 [Table_ReportDate] 2025 年 6 月 30 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [策略专题报告 Table_ReportType] [Table_A 樊继拓 uthor 策略首席分析师 ] 职业编号：S1500521060001 邮箱：fanjituo@cindasc.com 刘旺 传媒互联网联席首席分析师 职业编号：S1500522110006 邮箱：liuwang@cindasc.com 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮箱：kuangpeiqin@cindasc.com 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮箱：tangaijin@cindasc.com 程丽丽 食品饮料分析师 执业编号：S1500523110003 邮箱：chenglili@cindasc.com 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 李春驰 ...

Core Insights - The article highlights the transformative impact of AI on marketing, showcasing how companies like Feihe and Shengchao Media are leveraging AI to enhance efficiency and creativity in their marketing strategies [1][3][4]. Group 1: AI in Marketing - Feihe's AI-generated advertising achieved a 93% retention rate, while Shengchao Media's short videos reached over 43 million views, demonstrating the effectiveness of AI in content creation [1][3]. - The collaboration between Feihe and Vidu platform reduced the production cost by over 90% and time by more than 60%, allowing for more agile marketing campaigns [3][4]. - Shengchao Media utilized AI to remix traditional songs into 20 stylized video templates, significantly increasing the visibility of local agricultural products, with blueberry sales rising by 320% [3][4]. Group 2: User Engagement and Co-Creation - Feihe's marketing strategy involved users in content creation, allowing parents to integrate their children into historical narratives, which fostered a sense of community and engagement [4][6]. - Shengchao Media's approach to digital co-creation transformed farmers into content partners, enhancing the cultural significance of agricultural products and creating a shared ecosystem among farmers, consumers, and the platform [4][6]. Group 3: Industry Transformation - AI is redefining the marketing value chain, with companies reporting a 65% increase in production efficiency and a 230% growth in follower counts after implementing AI solutions [6]. - The integration of AI in marketing is enabling rural areas to bypass traditional marketing infrastructure, directly accessing digital markets and enhancing their economic prospects [6]. - The article emphasizes that the true competitive advantage of AI marketing lies in its ability to connect technology with human emotions, elevating marketing from mere information dissemination to value co-creation [6].

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你是否曾好奇，全球那些令人瞩目的品牌背后究竟隐藏着什么成功的秘诀？ FBIF2025带来四十余个品牌案例，通过这一系列成功品牌，我们将带你一探究竟，揭密他们如何通过 创新、策略和独特的价值定位在市场上脱颖而出。 准备好从这些案例中汲取灵感了吗？ 全体大会 【案例一 ：东鹏饮料 】 国内纵深，国际横拓——双轮驱动韧性增长 【 分享嘉宾 】 胡亚军 ，集团副总裁， 东鹏饮料 【时间】 5月10日 14:40-15:20 【 场次 】 全体大会 2025年第一季度，东鹏饮料实现营收48.48亿元，同比增长39.23%；净利润达9.8亿元，同比增长 47.62%，展现出强劲的内生动力。在国内经营稳健的基础上，公司加速推进国际化战略。在全球地缘 格局深度调整、中国品牌加速出海的关键时刻，FBIF2025 全体大会将迎来一场对话：FBIF创始人贝拉 将对话东鹏饮料集团副总裁胡亚军先生，围绕 中国民族快消品牌出海的全球化探索之路 展开深度交 流。 作为中国快消出海的重要观察者与实战操盘者，胡亚军先生将分享他对海外市场变化的最新研判，回应 行业关注的"出海难题"背后的真正逻辑，并就东鹏如何从华南起步、布局中东、走向全球的路径 ...

着"价值链重构"。 DeepSeek在全球AI界引起轰动，动画电影《哪吒之魔童闹海》刷新全球动画票房记录…… 2025年以来，中国创新的多点突破引发国际社会广泛关注。近日，路透社、美联社等国际权 威媒体刊发评论文章聚焦中国创新力量，特别指出乳业领军企业飞鹤凭借连续四年蝉联婴幼儿 配 方 奶 粉 全 球 销 量 榜 首 的 成 绩 ， 刷 新 了 世 界 对 中 国 品 质 的 认 知 ， 上 演 了 中 国 制 造 又 一"DeepSeek时刻"。 美国东部时间4月4日-4月6日，第28届哈佛中国论坛在哈佛大学举行，飞鹤作为全球乳业标杆 企业亮相，成为全球媒体关注的焦点。作为海外学生组织中历史最悠久、规模最大的中国峰 会，本届哈佛中国论坛汇聚澳大利亚前总理陆克文、英伟达业务运营副总裁、美国科学院院士 罗伯特·温斯罗普等全球政、商、学界顶尖领袖，飞鹤董事长冷友斌受邀成为开幕式嘉宾，向 世界分享了中国乳业从"跟跑"到"领跑"的全球化发展思考。冷友斌在现场以飞鹤的跨越式成长 为例，向世界分享了探讨如何通过科技创新、品质提升和国际合作赋能企业发展，为全球行业 的高质量发展贡献智慧。 凭借过硬的品质和领先技术，飞鹤奶粉 ...