以下文章来源于盐财经 ，作者任早羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 一边是，代言人。 一边是，性价比。 文 ｜ 任早羽 编辑 ｜ 江江 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ 顾芗·AI制图 冬季，羽绒服的主场。在冷空气的催动下，无数消费开始挑选服装品牌。为了在销售的黄金时段抓住消费者的心，羽绒服品牌们各出奇招。 其中，被称为"县城羽绒服之王""中国羽绒服鼻祖"的鸭鸭，它的招数是，在进入冬季的两个月时间里，接连官宣五位代言人，并在地铁广告位大量铺设代 言人图。 鸭鸭在地铁站的广告位 五名代言人分别是，王一博、梓渝、欧豪、孙颖莎和鞠婧祎。他们的title略有不同，合作时间也有长有短，但是从带动的消费结果上看是类似的。 代言人的粉丝发挥了预期中的购买力，比如，在相关产品的评价区里，为了支持某某而购买产品的评论屡见不鲜； 同时，社交平台上海掀起了对鸭鸭羽绒服的好评讨论，它们的数量庞大，甚至覆盖掉了过去有关产品质量的恶评。 不过，对于想购买一件薄款羽绒的陈衢来说，吸引他最终购买鸭鸭的原因，却不是代言人们。 在快手渠道，鸭鸭的销量也同样可观。同样是2025年双十 ...

Core Viewpoint - The article discusses the marketing strategies and challenges faced by the brand YAYA, known for its down jackets, particularly focusing on its use of celebrity endorsements and the impact of consumer perceptions on its sales performance [3][10][30]. Group 1: Marketing Strategies - YAYA has employed a strategy of signing multiple celebrity endorsements to attract consumers, announcing five endorsers in two months leading up to winter [3][24]. - The brand's endorsements have successfully driven consumer engagement, with fans actively discussing and promoting YAYA products on social media platforms [5][9]. - During the 2025 Double Eleven shopping festival, YAYA achieved significant sales, ranking first in women's fashion and sixth in men's fashion on Douyin [10][12]. Group 2: Consumer Perception and Quality Issues - Despite the successful marketing, YAYA faces criticism regarding product quality, with consumers reporting issues such as odor, insufficient filling, and poor workmanship [12][42]. - The brand's historical reputation as a budget-friendly option has attracted a new consumer base, but quality concerns threaten to undermine this trust [35][38]. - YAYA's pricing strategy targets consumers in lower-tier cities, offering products at competitive prices, but this has led to challenges in maintaining quality standards [36][38]. Group 3: Transition to Online and Offline Sales - YAYA transitioned to online sales in 2020, which significantly boosted its market presence after a period of stagnation [17][31]. - The brand is now exploring offline channels through franchising, aiming to enhance its market reach while managing costs [47][48]. - The challenge remains for YAYA to balance its low-price strategy with the need for quality assurance to sustain consumer loyalty and brand reputation [39][46].

Core Insights - Domestic brands are increasingly focusing on content-driven strategies on platforms like Douyin to attract consumers, moving away from gimmicky tactics [2][3] - Brands like Lilang and Yaya have seen significant sales success, with Yaya's single down jacket selling over 250,000 units during the recent Double 11 shopping festival [2][14] - The shift towards a long-term growth strategy emphasizes brand value communication and product innovation rather than short-term sales boosts [2][3] Brand Strategy - Lilang's recent product launch emphasized functional aesthetics, addressing modern men's commuting challenges with innovative materials and ergonomic designs [3][5] - The brand's strategy focuses on leveraging technology to reshape consumer perception, with a dedicated content team managing the entire launch process [5][6] - Yaya has successfully redefined its target demographic to younger consumers aged 25-35, significantly restructuring its e-commerce channels and product offerings [8][11] Market Performance - Lilang's online pricing ranges from 400-600 yuan, while offline prices are around 1,000 yuan, indicating a strategic move towards higher-value offerings [6] - Yaya's market share has grown dramatically, from a GMV of 80 million yuan six years ago to a 200-fold increase by 2023, highlighting the effectiveness of its new management team's e-commerce focus [12][14] - The recent Double 11 event showcased the effectiveness of these strategies, with Yaya achieving peak online engagement and sales [14] Consumer Engagement - Both Lilang and Yaya are utilizing Douyin's platform to create engaging content that resonates with younger audiences, enhancing brand loyalty and trust [17][28] - The brands are adapting their communication strategies to fit the online shopping experience, focusing on visual and experiential content to convey product quality [12][26] - The emphasis on high-quality content is seen as essential for building deeper connections with consumers and driving sales conversions [20][28] Industry Trends - The trend of traditional brands revitalizing their image through digital platforms is gaining momentum, with many leveraging Douyin to reach new consumer segments [17][18] - The shift towards content-driven marketing is becoming a common strategy among domestic brands, as they seek to enhance their value propositions and market presence [21][28] - The increasing importance of data analytics in understanding consumer preferences is reshaping product development and marketing strategies across the industry [18][23]

Core Insights - The live e-commerce industry is undergoing a significant transformation, shifting from traditional promotional tactics to a focus on professional knowledge and quality competition, driven by increasingly rational consumers [1][2][6] - This transformation is characterized by the integration of elements such as third-party testing reports, live demonstrations of production processes, and raw material traceability, which are becoming standard in live streaming sessions [1][2] Industry Trends - The industry is moving from a "traffic game" to "trust building," emphasizing the importance of professional content and user trust as core components of value creation [2][5] - Brands are enhancing their training systems for hosts and planning to introduce content related to raw material sourcing and factory visits to deepen trust with consumers [2][5] Content and Service Evolution - Live streaming has evolved from pure promotional activities to a comprehensive approach that combines content, service, and trust [3][5] - Brands are focusing on core products with technical barriers rather than low-priced items, enhancing the professionalism of hosts and upgrading content to include in-depth product explanations [3][6] Consumer Engagement - The use of scenario-based experiences in live streaming has significantly improved product presentation, allowing consumers to intuitively understand product utility and aesthetics [3][6] - The demand for professional content, such as styling advice and parenting knowledge, is becoming crucial for differentiation in categories like maternal and infant products [3][6] Policy and Market Dynamics - The transformation towards quality in live e-commerce is being accelerated by supportive policies, platform governance, and innovative business practices [5][6] - The Ministry of Commerce has indicated that the digital consumption scale in China is expected to reach 23.8 trillion yuan in 2024, highlighting the potential for diverse and quality consumption [5][6] Industry Maturity - The live e-commerce sector is transitioning from rapid initial growth to a more mature phase, which is essential for protecting consumer rights and enhancing manufacturing efficiency [6] - The shift from a "selling" model to a professional and content-driven approach is a natural outcome of market maturation and consumer upgrading [6]

Core Viewpoint - The future of Wanlin Logistics is overshadowed by a significant tax penalty, raising concerns about its operational viability and the reputation of its controlling shareholder, Fan Jibo [1][9]. Group 1: Tax Investigation and Its Implications - A tax investigation revealed that Shuqian Bifan E-commerce Co., Ltd. is facing penalties for tax violations, with potential liabilities exceeding 120 million yuan (approximately 18 million USD) [2][3]. - Fan Jibo, the actual controller of Wanlin Logistics, is linked to the tax case through connections to Shuqian Bifan, which raises questions about his business practices and the company's compliance [3][9]. Group 2: Profile of Fan Jibo - Fan Jibo, born in 1984, has a background in e-commerce and has successfully transformed Duck Duck Co. into a leading brand, leveraging his experience to drive sales growth during the pandemic [4][5]. - His investment in Wanlin Logistics, amounting to approximately 800 million yuan (around 120 million USD), has not yielded positive results, contrasting sharply with his success at Duck Duck [5][6]. Group 3: Wanlin Logistics' Operational Challenges - Wanlin Logistics specializes in wood import logistics but has faced declining revenues since Fan Jibo's acquisition, with a 2024 revenue forecast of only 41% of 2020 levels, reflecting a compound annual decline of 20.1% [6][7]. - The company reported significant losses, with net profits plummeting from 48 million yuan in 2020 to losses of 283 million yuan and 598 million yuan in 2021 and 2022, respectively, erasing a decade of accumulated profits [7][8]. Group 4: Future Prospects and Challenges - Despite the operational difficulties, there are suggestions that Duck Duck could potentially acquire Wanlin Logistics to alleviate its financial troubles, although management has denied any current plans for restructuring [8][9]. - The ongoing tax issues and previous warnings from regulatory bodies pose significant hurdles for any potential restructuring or asset injection, complicating Wanlin's path forward [8][9].

Core Viewpoint - The article discusses the rise and challenges faced by Yaya Co., a prominent Chinese down jacket brand, highlighting its impressive sales growth and the quality issues that have emerged, potentially threatening its reputation and future growth [2][29]. Group 1: Company Background and Growth - Yaya Co. has a rich history, being the manufacturer of China's first down jacket since 1972, and has become a representative of domestic brands with significant sales growth from 80 million to nearly 20 billion in GMV from 2019 to 2023 [2][29]. - The brand has successfully positioned itself in the lower-tier markets, offering high-cost performance down jackets priced between 100 to 1000 yuan, which has made it a popular choice among consumers [2][29]. Group 2: Quality Issues and Consumer Feedback - Despite its success, Yaya has faced numerous complaints regarding the quality of its products, particularly concerning unpleasant odors and poor craftsmanship, which have raised questions about its quality control [6][12][13]. - Specific complaints include persistent duck odor, issues with seams, and inadequate customer service responses, leading to a loss of consumer trust [7][15][18][22]. Group 3: Regulatory Scrutiny and Compliance - Yaya has been subject to regulatory scrutiny, with multiple instances of its products failing quality inspections due to inadequate down content and other critical quality metrics [24][26][27]. - The company has also faced penalties for false advertising, indicating a pattern of quality and compliance issues that could undermine its market position [27][28]. Group 4: Marketing and Future Strategies - In response to market challenges, Yaya has initiated a restructuring plan with a total investment of 1.5 billion yuan, focusing on e-commerce and live-streaming sales to attract younger consumers [36][39]. - The company aims to solidify its online presence, enhance offline consumer experiences, and explore international markets as part of its growth strategy [45][46].

Core Insights - The market landscape has been reshaped over the past decade, particularly in the e-commerce sector, which has shown a trend towards decentralization rather than concentration, driven by diverse consumer needs [1] - The concept of "consumption equality" has evolved, particularly in lower-tier markets, where consumers are experiencing an upgrade in purchasing power and access to quality products at lower prices [2] - Duck Duck down jackets exemplify this trend, having undergone significant reforms to position themselves as a cost-effective option while maintaining high quality standards [2][4] Industry Trends - The first wave of consumption equality allowed lower-tier market consumers to purchase a variety of goods at lower prices, while the second wave, influenced by post-pandemic conditions, has enabled consumers to access previously high-priced goods and services at more affordable rates [2] - The brand Duck Duck has adopted a high fill power down (90%+) that exceeds industry standards, ensuring warmth and quality for consumers [2] - The brand is also the first to sign a contract for Icelandic goose down, enhancing its product quality [2] Quality Assurance - Duck Duck is enhancing its quality traceability system across all production stages, ensuring complete quality records and the ability to quickly trace and resolve issues [4] Consumer Behavior - In the current social media era, consumers prioritize "value for money" over brand prestige, challenging brands to control costs while upgrading quality [5] - Duck Duck has successfully aligned its offerings with consumer demand for high quality at competitive prices, leveraging technology to reduce costs and redefine brand value [5] Design and Innovation - The design of Duck Duck down jackets has significantly improved, moving away from outdated styles, with products featured in Milan Fashion Week and designed by renowned international designers [6] - The YAYA design platform supports the brand by gathering global design talent, ensuring a continuous flow of diverse styles and aesthetics [6] Marketing Strategy - Duck Duck employs a targeted marketing strategy through e-commerce and scenario-based channels, optimizing traffic acquisition and conversion rates [8] - The brand operates multiple store types on platforms like Douyin, catering to different demographics and styles, while dynamically adjusting marketing budgets based on real-time performance [8] - The shift from "mass production" to "precise creation" reflects a broader industry trend towards innovation driven by consumer demand, positioning brands like Duck Duck for sustainable growth [8]

Core Viewpoint - Duck Duck, a traditional Chinese down jacket brand, has transformed from a forgotten name to a leading player in the market, achieving over 20 billion in online GMV in 2023, a 200-fold increase from 2019, and is preparing for an IPO, positioning itself as the "Xiaomi of down jackets" [8][10][60]. Group 1: Brand Transformation - Duck Duck was once a low-profile brand with only 80 million in online GMV in 2019, but has now become a top player with over 20 billion in 2023 [8]. - The brand's resurgence is attributed to innovative marketing strategies and a strong online presence, including collaborations with over 50 e-commerce operators [24][28]. - Duck Duck has adopted a diverse endorsement strategy, featuring popular figures across different demographics, enhancing its appeal to a broad consumer base [21][22]. Group 2: Marketing Strategies - The brand has utilized unconventional marketing tactics, such as summer live-streaming from snowy mountains, to capture consumer attention during off-peak seasons [30]. - Duck Duck has also made a significant push into international fashion events, like Milan Fashion Week, to elevate its brand image [32]. - The brand's marketing approach has successfully redefined its image from a traditional label to a trendy, fashionable choice [34]. Group 3: Supply Chain and Product Strategy - Duck Duck's supply chain is highly digitized, allowing for rapid response to market trends, with a 90% sell-through rate and a 10-15 day reorder time [42][46]. - The brand maintains high quality standards, using 90% down in its products, exceeding national standards [44]. - Duck Duck aims to penetrate the high-end market by utilizing premium materials, such as Icelandic down, while keeping prices accessible [54][56]. Group 4: Future Prospects - Analysts predict that Duck Duck could reach a market valuation of 100 billion post-IPO, similar to the recent success of brands like Mixue Ice City [62][68]. - The company is actively planning international expansion into markets like Russia, South Korea, and North America, targeting high-demand regions for down jackets [73][75]. - Duck Duck is also focusing on revitalizing its offline retail presence, with plans to open flagship stores and modernize its sales network [85][88].

Core Viewpoint - Duck Duck down jacket aims to achieve a market value of 100 billion by leveraging its historical roots and strategic partnerships in the industry [1][3][17] Group 1: Company Growth and Strategy - Duck Duck down jacket has experienced a remarkable growth from 80 million GMV to 20 billion GMV over the past five years, marking a hundredfold increase [5] - The company is facing challenges such as industry ceilings, rising raw material costs, and a trust crisis, prompting a need for new strategies to navigate uncertainties and find a second growth curve [5][11] - The brand plans to enhance its offline market presence while solidifying its e-commerce foundation, focusing on creating a new retail ecosystem driven by customer experience [9][12] Group 2: Market Position and Competitive Advantage - Duck Duck down jacket is positioned as a national brand with a competitive edge in price-performance ratio, allowing it to capture market share even in a challenging economic environment [11][12] - The company is committed to digital transformation and technological innovation, aiming to reshape the traditional development path of the down jacket industry [13] Group 3: International Expansion and Strategic Acquisitions - The brand is looking to expand internationally by opening flagship stores in key markets such as North America, South Korea, and Russia, and by entering major e-commerce platforms [9][12] - Duck Duck down jacket aims to enhance its global presence through strategic acquisitions of overseas brands, integrating Chinese wisdom and business models into international markets [9][12] Group 4: Policy Support and Future Outlook - The Jiangxi provincial government's policies are providing strong support for the company's listing ambitions, aligning with regional strategies for industrial upgrading and brand internationalization [15] - Duck Duck down jacket is on the verge of a significant transformation, evolving from a single-channel brand to a comprehensive ecosystem, and from a domestic manufacturer to a global brand [17]

Core Viewpoint - Duck Duck has announced a strategic goal of "three years to go public, with a market value of 100 billion" during the 2025 global strategy release and ecological partner summit [2] Group 1: Strategic Goals - The company aims to accelerate its IPO process in collaboration with the Jiangxi government under the "Ying Shan Hong" plan, which supports outstanding local enterprises [2] - The market analysis indicates that the core logic of industry competition revolves around cost and efficiency, with Duck Duck claiming to have a more advantageous cost structure and operational efficiency compared to SHEIN [2] - The company has set its market value target at 10% of SHEIN's peak valuation, which translates to a goal of 100 billion [2] Group 2: Market Positioning - Duck Duck draws parallels with Anta, a leading domestic apparel company with a market value of approximately 260 billion HKD, attributing its success to strong product functionality and successful overseas expansion [2] - The company emphasizes its focus on product functionality while offering more affordable pricing compared to competitors [2] - Duck Duck plans to actively seek quality acquisition targets globally as part of its overseas expansion strategy [2] Group 3: International Expansion - Recent developments indicate that due to increasing trade protectionism in the U.S., many international brands have lowered their prices and are seeking to sell their brands, creating favorable conditions for Duck Duck's acquisitions [2] - The company has noted a significant increase in inquiries from international brands looking to collaborate or sell, which accelerates its acquisition process [2]