记者丨吴立洋 实习生涂玥 8月16日，徕芬创始人叶洪新转发该测评视频称"看来有瓜吃了，徕芬剃须刀竟然打不过飞 科？"并表示要扒一扒号称独立客观第三方的评测机构是怎么收费的，收钱办事没问题，但不 能没有良心。 编辑丨朱益民 近日，一则不同品牌电动剃须刀产品的对比测评，成为小家电产业的市场焦点。 而让本次事件关注度急剧上升的关键节点，则是身为 徕芬创始人、CEO的叶洪新亲自下场， 暗指测评博主收钱办事，并指责该博主的哥哥、身为徕芬前员工的潘坚离职后服务竞品打击徕 芬 ，与其展开隔空论战。 C EO亲自下场回应测评视频 在最初的争议视频中，测评博主楼斌Robin通过机身震动、一镜到底剃净度等对比测试，从性 价比角度得出飞科售价399元的产品优于徕芬699元剃须刀的结论。 此外，叶洪新还指出博主楼斌的亲哥哥潘坚，正是徕芬的前员工；随后在17日发文指控潘坚在 2022年离职后，持续"靠出卖和打击徕芬获利"。 针对上述言论，楼斌也给出了回应，其表示测试视频是如实呈现了产品体验，观众自有判 断："徕芬卖699，飞科才卖399，就算横评结果是徕芬更干净，那也是应该的。" 此次争论风波，最终以叶洪新在8月18日发文"翻篇。志不 ...

Core Viewpoint - The article discusses a public dispute between the founder of Leifen, Ye Hongxin, and former employee Pan Jian, triggered by a product review that questioned Leifen's pricing and technology compared to competitors like Feike. This incident highlights the challenges and controversies within the industry, particularly regarding third-party evaluations and the competitive landscape of affordable alternatives [1][2][3]. Group 1: Dispute Overview - The conflict began with a review by blogger Lou Bin, who claimed that Leifen's 699 yuan razor could not compete with Feike's 399 yuan model, citing Feike's technological advantages and Leifen's high pricing [2]. - Ye Hongxin responded aggressively, accusing Pan Jian of unethical practices during his employment, including inflating costs for collaborations and hinting at undisclosed financial arrangements behind the review [6][7]. - Pan Jian countered by alleging that Ye had promised him a 5% equity stake before the company went public, which he claims was not honored, leading to a cash settlement of only 5 million yuan [7][8]. Group 2: Market Dynamics - The article outlines the rise of Leifen in the high-speed hair dryer market, positioning itself as a cost-effective alternative to premium brands like Dyson, with sales reaching 1 billion yuan shortly after launching its first product [9][12]. - Leifen's marketing strategy focused on content-driven campaigns that emphasized affordability and technological accessibility, allowing it to capture significant market share and achieve sales of over 15 billion yuan by 2022 [12][16]. - However, the emergence of lower-priced competitors has intensified market competition, with brands like Feike and others introducing high-speed dryers at prices below 200 yuan, leading to a 34.4% decline in average industry prices [16][20]. Group 3: Challenges Ahead - Leifen faces multiple challenges, including quality control issues that have resulted in numerous consumer complaints and safety concerns, which could impact its brand reputation and sales performance [19][20]. - The company is attempting to diversify its product offerings beyond hair dryers, including electric toothbrushes and shavers, but these new products have faced criticism for lacking originality and quality [20]. - As the market shifts towards cheaper alternatives, Leifen must address quality and innovation to maintain its competitive edge, as consumer expectations evolve beyond just low prices to include reliability and safety [20].

Core Viewpoint - The article discusses the challenges faced by Laifen Technology, highlighting its decline in sales and the limitations of the small home appliance market, as well as the impact of management decisions on its growth trajectory [2][26]. Group 1: Company Performance - During the 2025 618 shopping festival, Laifen's GMV was over 300 million, a nearly 40% decrease from 500 million in 2024, falling short of its annual target of 6 billion [2]. - Laifen's rapid growth from 2021 to 2024, where it achieved a GMV of 15.67 billion in 2022 and continued to grow by 10 billion in the following years, has now slowed down significantly [2][4]. Group 2: Market Positioning - Laifen capitalized on the "traffic dividend" and "market gap," becoming known as a "Dyson alternative" by offering high-speed hair dryers at a fraction of Dyson's price, which was around 1/5 of Dyson's cost [4][5]. - The company achieved 154 million in sales on Douyin in the first nine months of 2022, surpassing the combined sales of Dyson and Mijia [5]. Group 3: Legal and Management Challenges - Laifen faces a patent infringement lawsuit from Dyson, which has hindered its overseas market expansion and created a perception of being "light on technology, heavy on marketing" [7][8]. - The company's founder, Ye Hongxin, has a complex relationship with the hair dryer category, viewing it as a profitable but unfulfilling business, while he is more passionate about developing other products like electric toothbrushes [9][10]. Group 4: Product Development and Strategy - Laifen's focus on product detail has led to slow new product launches, with the electric shaver taking four years to develop, resulting in missed market opportunities [11][12]. - The company has struggled with marketing strategies, as seen in the failed "Storm Action" campaign, which resulted in significant financial losses and inventory issues [14][15]. Group 5: Industry Limitations - The small home appliance market has a natural revenue ceiling, with the domestic hair dryer market projected to reach around 120 billion in 2024, limiting Laifen's growth potential [19][20]. - Laifen's revenue from hair dryers is around 3 billion, capturing over 35% of the market, but the potential for further growth is constrained [20][21]. Group 6: Future Outlook - Laifen's attempts to diversify into electric toothbrushes and shavers face challenges due to limited technological innovation and strong competition in these categories [23][24]. - The article concludes that Laifen's current predicament is a result of the inherent limitations of the small appliance sector, shifting platform dynamics, and tactical missteps, raising questions about its ability to regain growth [26][27].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the small home appliance industry, particularly focusing on the impact of tariffs and production shifts from China to Southeast Asia. Core Points and Arguments 1. **Tariff Impact on Production Decisions** The company has not utilized temporary storage solutions in Canada to avoid high tariffs, indicating a long-term strategy despite the current U.S.-China tariff situation [1][2][3] 2. **Production Shifts to Southeast Asia** Due to significant tariff differences (e.g., 30%-40% for China vs. 10% for Southeast Asia), many products may no longer be viable to produce in China for the U.S. market, leading to a shift in production to Southeast Asia or Eastern Europe [2][3] 3. **Capacity Expansion in Southeast Asia** The company has noted that many leading brands have already established production capabilities in Southeast Asia, with some able to meet U.S. demand within a few months [2][3][4] 4. **Supplier Dynamics** The number of suppliers has decreased, leading to a focus on higher-quality suppliers in Southeast Asia. This shift is driven by the need for stability and reliability in supply chains amidst fluctuating tariffs [6][7] 5. **Market Demand and Inventory Issues** Since April, there has been a noticeable inventory crisis among major U.S. retailers for certain popular small appliance categories due to increased tariffs [9] 6. **European Market Stability** The European market has remained stable without significant fluctuations, with a steady demand for small appliances like coffee machines and kitchen products [10] 7. **Product Innovation and Market Acceptance** The company is observing trends in product innovation, particularly in smart appliances, and is assessing market acceptance in both domestic and international markets [11][12][25] 8. **Competitive Landscape** The company faces increasing competition in the high-speed hair dryer segment, where it has lost market share to brands like Dyson and Shark Ninja due to slower product development cycles [31][19] 9. **Supply Chain Considerations** The company emphasizes the importance of leveraging Chinese supply chains for cost advantages in producing small appliances, particularly in comparison to European manufacturers [14][15][21] 10. **Future Production Plans** The company is currently negotiating with suppliers in Southeast Asia to expand production capacity to meet future U.S. demand, although there are uncertainties regarding investment and capacity coverage [33][34] Other Important but Possibly Overlooked Content 1. **Regional Production Preferences** Vietnam and Thailand are preferred locations for production due to their maturity in manufacturing capabilities, while Indonesia is considered a potential third option if needed [34][35] 2. **Supplier Quality Improvement** The company is focusing on improving the quality of suppliers and expanding the range of products they can produce, indicating a strategic shift towards higher standards [7] 3. **Consumer Trends in Europe and the U.S.** There is a noted difference in consumer preferences between the U.S. and Europe, particularly regarding coffee machines, which influences product development strategies [23] 4. **Challenges in Product Development** The lengthy process of product development and approval from headquarters in the Netherlands is causing delays in bringing new products to market, impacting competitiveness [19][31] 5. **Market Share Decline** The company acknowledges a decline in market share in key categories like electric toothbrushes and hair dryers, indicating a need for strategic reassessment [31][32]

Group 1 - The core viewpoint of the article highlights the departure of Jiang Junqian from Lifeng, which is related to the company's business adjustments and changes [1][2] - Jiang Junqian, the former R&D director of Lifeng, is now starting a new venture focused on the outdoor sector and is in close contact with investment institutions [2] - Lifeng has undergone significant management changes over the past two years, leading to a turnover of engineers, particularly after the arrival of the new R&D director Liu Xuan, who previously worked at Apple [2][3] Group 2 - During his time at Lifeng, Jiang Junqian played a key role in the development of two major products: the high-speed hair dryer and the electric toothbrush [2] - Lifeng aimed for a revenue target of 6 billion in 2024 but only achieved 4 billion, with a 1 billion increase from 2023 primarily attributed to the electric toothbrush [2] - Lifeng is attempting to shift its brand image from being a "Dyson alternative" to adopting a more Apple-like approach with its product offerings, particularly with the launch of the shaver [3]

Core Insights - The article discusses the evolving landscape of e-commerce promotions, particularly the "6·18" event, highlighting a shift from price competition to a focus on quality growth and long-term brand operations [2][7][12] Group 1: Changes in Consumer Behavior - Consumers are becoming more rational and less impulsive during e-commerce promotions, leading to a reevaluation of the effectiveness of such events [2][7] - The trend of consumer fatigue towards promotional events is evident, with many opting not to participate in sales unless it aligns with their needs [2][4] Group 2: Simplification of Promotions - This year's "6·18" has emphasized simplicity, with platforms like Tmall adopting straightforward discount strategies, such as a flat 15% off [3][4] - The removal of complex bundling requirements has improved the shopping experience for consumers and reduced the burden of returns for merchants [5][6] Group 3: Brand Strategies and Long-term Operations - Brands are increasingly focusing on long-term customer engagement rather than just short-term sales boosts during promotions [7][10] - The shift towards understanding consumer insights and long-term brand operations is becoming a priority for many brands, as evidenced by the success of brands like MAMMUT during the "6·18" event [8][10] Group 4: Market Trends and Performance - Tmall reported significant growth, with 217 brands surpassing 100 million yuan in sales during the first phase of "6·18," a 17% increase from the previous year [7] - The overall sales in categories like home appliances and digital devices saw a 283% increase compared to last year's "Double Eleven" event [7] Group 5: Membership and Consumer Loyalty - Platforms are increasingly focusing on membership operations, with Tmall's 88VIP membership reaching 49 million, indicating a shift towards nurturing loyal customers [11][12] - Brands are recognizing the importance of building deep connections with consumers, as evidenced by the growing trend of brands treating their Tmall stores as official websites [10][11] Group 6: New Trends and Market Opportunities - The e-commerce landscape is witnessing a structural change, with platforms and brands focusing on quality growth rather than just GMV [12] - The 3C digital industry has emerged as a strong growth driver during "6·18," with significant consumer interest in new product launches and government subsidies [12][13]

Core Viewpoint - The success of new players in the electric hair dryer market demonstrates that innovation can disrupt traditional brands, highlighting the potential for smaller companies to thrive in industries typically dominated by large enterprises [1][5][14]. Industry Overview - The electric hair dryer market has evolved, with a significant shift from low-cost products under 100 yuan to high-end models priced above 1000 yuan, following the introduction of Dyson's high-speed hair dryer in 2016 [3][7]. - The core technology barrier in high-speed hair dryers is the high-speed motor, which has historically limited market entry for many brands due to high costs [3][5]. Company Insights - The company Reifeng, founded by entrepreneur Ye Hongxin, has successfully developed a high-speed hair dryer using a three-phase brushless motor, achieving comparable performance to Dyson's products while controlling costs effectively [5][13]. - Reifeng's pricing strategy has made high-speed hair dryers more accessible, with models priced at 599 yuan and 399 yuan, significantly lower than Dyson's offerings [7][14]. Marketing and Sales Strategy - Reifeng capitalized on the explosive growth of the Douyin platform for marketing, achieving rapid sales growth and becoming the top seller in the hair dryer category in 2023 and 2024 [7][14]. - The company emphasizes a comprehensive approach to product development, including R&D, production, quality, marketing, and service, to establish a competitive edge [7][8]. Product Development and Innovation - Reifeng focuses on addressing specific consumer needs, such as creating a compact hair dryer for travelers and fitness enthusiasts, which involves overcoming various technical challenges [9][11]. - The latest product, the Swift4 hair dryer, integrates advanced features for hair care, allowing users to apply their preferred essential oils during use, showcasing Reifeng's commitment to innovation [11][13]. Future Aspirations - Reifeng aims to expand its market presence beyond hair dryers, having already entered the electric toothbrush market and planning to launch an electric shaver, indicating a strategy of capturing significant market share across multiple personal care categories [14][16]. - The company is committed to maintaining high standards in product development, focusing on technology and quality to compete with industry leaders [16][17].

Core Viewpoint - The fourth China-Africa Economic and Trade Expo highlights the significant potential of the African market, as demonstrated by the success of Changweida Electric Co., Ltd. in exporting innovative products tailored to local needs [1][2]. Group 1: Company Performance - Changweida's foreign trade export value exceeded $21 million in the first five months of the year, with a solar fan alone generating sales of $2.111 million in Africa [1]. - The company successfully exported 48,000 units of a high-performance hairdryer to Africa last year, and sales of similar products have already surpassed last year's total in the first five months of this year [1][2]. Group 2: Product Innovation - The company has developed a high-speed hairdryer with an embedded negative ion generator to address the specific hair care needs of African consumers [2]. - A multifunctional solar fan was introduced to meet the demand for reliable power sources in regions with unstable electricity supply, capable of providing 48 hours of operation from a small solar panel [2]. Group 3: Industry Advantages - Changweida benefits from a unique industrial chain advantage in its location, with a concentration of four silicon steel production enterprises within a one-kilometer radius, facilitating efficient production processes [3]. - The vertical industrial chain model allows for significant reductions in logistics costs, enhancing product competitiveness by over 30% [4]. Group 4: Trade Facilitation and Growth - The local government has implemented policies to support enterprises in establishing overseas warehouses in key African ports, promoting trade facilitation [5]. - Changweida is planning to upgrade its industrial chain by attracting related enterprises to enhance local supply capabilities and strengthen market competitiveness [5]. - In the first quarter of this year, the city of Loudi saw the initiation of 11 new "three electrical" projects, further solidifying its industrial cluster advantages [5].

Core Viewpoint - The news highlights internal conflicts within a prominent smart home company, Chasing Technology, regarding employee work hours and management's expectations, which have sparked public backlash and concerns about the company's culture and financial stability [1][3][4]. Group 1: Employee Work Hours and Management Expectations - Management criticized employees in Shenzhen for shorter work hours compared to their counterparts in Suzhou, with Shenzhen employees reportedly leaving before 8 PM while Suzhou employees often worked until 10:30 PM or later [1][3]. - The management emphasized the importance of efficiency over mere hours worked, suggesting that employees should find a work-life balance that allows for productivity without unnecessary overtime [3][4]. Group 2: Public Reaction and Brand Image - The company's management comments led to negative public sentiment, with many users on social media calling for a boycott of the brand, labeling it as unfriendly to workers [6][4]. - There are reports of employees feeling pressured to work overtime voluntarily, with some even submitting "voluntary overtime applications" to improve their financial situations [8]. Group 3: Financial and Operational Challenges - Chasing Technology has not achieved profitability across its business segments, and there are concerns about cash flow pressures following a failed investment agreement, leading to speculation about potential salary cuts and layoffs [11]. - The company has not secured any new funding since its C+ round in May 2023, raising concerns about its financial health and ability to sustain operations in a competitive market [12][13].

Summary of the Small Home Appliance Industry Conference Call Industry Overview - The small home appliance industry is experiencing a recovery driven by national subsidy policies, with kitchen small appliances sales expected to grow by 5.8% year-on-year in Q4 2024, despite a 0.8% decline in total sales for the year. [1][2] - Online sales in Q1 2025 showed a significant improvement, with a year-on-year increase of 23.4%, indicating a market rebound influenced by a low base effect. [1][2] Key Insights - The kitchen small appliance market is anticipated to enter a replacement cycle, with essential products like rice cookers and air fryers seeing a resurgence in growth. New categories such as health-oriented products and Western-style cooking appliances are also growing rapidly. [1][4] - The personal care small appliance market is stabilizing, with Feike maintaining its market share while competitors like Philips are losing ground. This presents a potential opportunity for Feike to benefit from a more favorable competitive landscape. [1][5] - The competitive environment for small home appliances is improving, aided by platform optimization measures that reduce operational costs for merchants, thereby enhancing profit margins. [1][6] Financial Performance - In Q4 2024, the small home appliance sector saw a general improvement in performance due to enhanced demand, product upgrades, and better channel management. [3][9] - The first quarter of 2025 is expected to show continued revenue improvement, with profits projected to grow significantly due to low base effects in the first three quarters. [10][11] Investment Recommendations - The investment outlook for the small home appliance industry is positive, with expectations of continued demand improvement driven by policy support and a replacement cycle. [11] - Recommended companies include Supor, which has a strong fundamental outlook, and potential turnaround candidates like Bear Electric, Feike, and Beiding. [2][11] Additional Considerations - The average lifespan of kitchen small appliances is 3-5 years, suggesting a concentrated replacement cycle during the subsidy period. [4] - The introduction of new subsidy categories for small appliances is expected to further stimulate demand in retail stores. [4] - The trend towards differentiated consumption scenarios and new consumer groups is likely to drive innovation and price recovery in the personal care segment. [5]