11月6日-7日，混沌创新院精心策划了一场大湾区校友企业参访活动，旨在搭建一个深度碰撞与实地感知 的场域。 本次参访走进了 瑞德制药 、 KK集团以及赫基集团（总部） ，业务分别涉及到宠物经济、新零售以及时 尚服饰零售。我们还分别邀请到这三家企业的创始人、CTO以及品牌CEO，和大家面对面交流，共同探寻 机遇与挑战并存的AI时代下的全新增长路径。 以下内容，为本次活动的精彩回顾。 参访第一站：瑞德制药 混沌创新院校友企业参访 当AI的浪潮快速涌向真实的产业场景，每一个行业都站在了创新与重构的十字路口。当下的我们比以往任 何时候都更需要回归到商业现场，在实践的土壤中寻找答案。 瑞德制药 是 宠物药品智造先锋 ，其旗下 宠药品牌 「 Dr.Red 瑞德医生」 ， 深耕 于 宠物药品、宠物功 能护理产品 领域， 并 建造了国内第一个高水平专注宠物药品的 GMP 工厂 。 瑞 德 制 药 在参访过程中，由 混沌 创新院 2025 级 2 班校友、瑞德制药创始人 王军军 为同学们带来了精彩的分 享。王军军此前还成立过宠物营养品赛道领导者品牌 「 R ed Dog 」 ， 率先开创 中国宠物营养膏剂品 类 ，旗下多款产品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 12.88 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 25.9%. The net profit attributable to the parent company was 1.42 billion yuan, up 130.6% year-on-year. In Q3 2025 alone, the revenue reached 4.20 billion yuan, a 29.3% increase, while the net profit soared to 440 million yuan, reflecting a staggering growth of 7160.9% [7] - The company's product matrix is expanding, with a significant increase in the sales of high-end products, particularly the "活水洗地" (water washing) products, which accounted for 64% of sales in the last three months of Q3 2025. The company is also successfully penetrating overseas markets, with notable sales growth on platforms like Amazon in the US and Germany [8] - The gross margin improved to 49.7% in Q1-Q3 2025, driven by the higher sales proportion of premium products and cost reductions in the supply chain. The net profit margin for Q3 2025 was 10.4%, an increase of 10.3 percentage points year-on-year [9] Financial Summary - For the fiscal years 2023 to 2027, the company is projected to achieve the following: - Revenue growth from 15.5 billion yuan in 2023 to 23.87 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.9% [10] - Net profit attributable to the parent company is expected to rise from 612 million yuan in 2023 to 2.32 billion yuan in 2027, reflecting a significant increase [10] - The earnings per share (EPS) is projected to grow from 1.06 yuan in 2023 to 4.01 yuan in 2027 [10] Market Position - The company's domestic sales for the 科沃斯 brand reached 760 million yuan in Q3 2025, a 122.6% increase, with a market share of 29.7%. The 添可 brand also showed growth, with sales of 630 million yuan, although its market share decreased by 5 percentage points [8] - The company is well-positioned to continue expanding its market share both domestically and internationally, particularly through its high-end product offerings [8]

Core Insights - In the increasingly competitive smart technology industry, technological innovation is essential for companies to maintain market presence and achieve sustainable growth, with talent reserve and patent accumulation being key indicators of a company's technological strength [1] Group 1: R&D Team and Investment - Coosea has significantly invested in building its R&D team, which now consists of nearly 1,000 members covering critical fields such as communication technology, optical engineering, software development, industrial design, and electronic information, forming a multidisciplinary collaborative technical system [3] - The core members of the R&D team average over 8 years of experience in the smartphone industry, providing them with a deep understanding of industry trends and the ability to predict future developments [3] - Coosea regularly organizes professional training and expert lectures to stimulate innovation and promotes cross-departmental and cross-disciplinary collaboration, creating an efficient platform for technical research and development [3] Group 2: Patent Accumulation and Technological Strength - Coosea holds over 100 patents that cover three core areas: smart hardware underlying technology, artificial intelligence-related technology, and mobile appearance and interaction design [4] - The proprietary smart operating system, didoOS, has undergone over ten years of continuous iteration since its launch in 2014, improving system performance by 5%-35% compared to the basic version, with a global user base exceeding 10 million [4] - Coosea has initiated vertical industry small model training for AI since last year, focusing on intent recognition, semantic understanding, and command execution capabilities, with successful bids for AI frame and desktop robot projects [4] Group 3: Synergy Between Talent and Patents - The advantages of talent and patents are interdependent, creating a synergistic effect that drives Coosea's technological iteration [6] - During the didoOS upgrade, the R&D team optimizes system performance while patent-protected underlying technologies ensure system stability and security [6] - Coosea has established three R&D centers in Shenzhen, Xi'an, and Yibin, which work in conjunction with the Yibin industrial park to create an efficient operation model that supports global customer demands [6]

Core Viewpoint - KK Group is involved in a legal dispute with Miniso regarding trademark infringement and unfair competition related to its brand "THE COLORIST," which is set to be heard in court on September 1. This case is significant for intellectual property protection in the beauty retail industry [2][4]. Company Overview - KK Group, established in 2015, is a leading new retail enterprise in China, owning multiple brands including "THE COLORIST," "KKV," and X11. The company has expanded to over 1,000 stores across more than 200 cities globally, including locations in Singapore, Thailand, and Malaysia [2][3]. Legal Background - The dispute began in 2019 when KK Group's brand "THE COLORIST" was registered by "Axin Technology" in China and by "Shenzhen Falaisheng" in several overseas countries, both of which are linked to Miniso. KK Group opened its first stores in Guangzhou and Shenzhen on September 26, 2019, quickly gaining recognition as a leading beauty retail brand [3][4]. Previous Legal Actions - Since 2020, KK Group has taken legal actions to protect its trademarks. The Beijing High People's Court ruled in favor of KK Group, stating that the registration by the infringing party constituted "unfair means of registration," leading to the cancellation of the trademark. Additionally, the Nanjing Intermediate People's Court found that Miniso's "WOW COLOUR" store design was highly similar to "THE COLORIST," ordering a cessation of infringement and a compensation of 2 million yuan [4][5]. Industry Context - The beauty retail sector in China has seen explosive growth, with the market size reaching 13 billion yuan in 2021 and projected to exceed 40 billion yuan by 2025. However, the industry faces challenges of homogenization, with many brands adopting similar business models and store designs, making it difficult for consumers to distinguish between them [5][6]. Market Trends - Recent reports indicate a slowdown in growth within the beauty retail sector, with some brands closing stores due to poor management. For instance, Sasa International announced the closure of its last 18 stores in mainland China in June 2025. In the first half of 2025, at least 34 domestic and international brands announced closures or exits from the Chinese market [6].

Core Viewpoint - The trademark dispute between KK Group and Miniso is set to be heard in court on September 1, highlighting ongoing legal battles in the new retail sector [2] Group 1: Background of the Dispute - The dispute originated in 2019 when KK Group's beauty retail brand "THE COLORIST" faced trademark registration issues in China and abroad, allegedly linked to Miniso [3] - KK Group initiated legal action in 2020 to protect its trademark rights, resulting in favorable court rulings against the trademark registrations by associated companies of Miniso [3] Group 2: KK Group's Business Development - KK Group was founded in 2015 and has rapidly expanded its brand portfolio, launching several retail brands including "KKV" and "X11" [4][5] - The company has raised over 4 billion yuan through multiple funding rounds, with significant investments from notable firms, including a recent $300 million round led by JD.com [6] Group 3: Financial Performance - KK Group's revenue showed growth from 16.46 billion yuan in 2020 to 47.69 billion yuan in 2023, with a turnaround to profitability in 2023 [6][7] - The average monthly GMV per store reached 734,000 yuan in 2023, reflecting a 43.8% year-on-year increase [7] - Despite the growth in revenue, the number of franchise stores has declined significantly, from 424 in 2020 to just 109 by October 2023 [7]

Core Viewpoint - The KK Group is suing Miniso and its affiliates for trademark infringement and unfair competition regarding its brand "THE COLORIST," with the trial set for September 1, which could significantly impact intellectual property protection in the beauty retail industry [2][3]. Company Dynamics - KK Group, established in 2015, operates multiple brands including "THE COLORIST," "KKV," and X11, and has expanded to over 1,000 stores across more than 200 cities globally, including locations in Singapore, Thailand, and Malaysia [7]. - The company has been actively pursuing legal actions against trademark infringement since 2019, achieving partial victories in previous cases [3][6]. - KK Group has submitted its IPO application to the Hong Kong Stock Exchange four times since November 2021, with the latest application now expired, but the company states that the IPO process is progressing as planned [7]. Industry Overview - The beauty retail sector in China has seen explosive growth, with the market size reaching 130 billion yuan in 2021 and projected to exceed 400 billion yuan by 2025 [5]. - The rapid expansion has led to increased competition and a rise in trademark disputes due to the high degree of similarity among brands, making it difficult for consumers to distinguish between them [5][6]. - The industry has experienced a slowdown in growth, with many brands closing stores or exiting the market, including the closure of 18 stores by Sa Sa International in mainland China by June 2025 [6].

Core Insights - Southeast Asia is emerging as a high-certainty area for new consumption, with growth rates projected at 4.5% to 4.7% for ASEAN countries compared to a global average of 3.2% [2] - Chinese brands are capitalizing on this consumption upgrade trend, establishing a strong presence in Southeast Asia through various sectors, including tea, toys, and electronics [2][5] - The rise of Chinese brands in Southeast Asia reflects a broader trend of globalization and the adaptation of brands to local markets [2][6] Group 1 - Chinese tea brand Mixue Ice City has become particularly popular in Southeast Asia, with over a thousand stores in Vietnam and significant market penetration in Indonesia [6][8] - The toy brand Labubu has sparked a "Chinese toy craze" in Southeast Asia, significantly boosting sales and tourism in Thailand and Vietnam [8][10] - KKV, a new consumption brand, has opened over 50 stores in Southeast Asia, collaborating with numerous Chinese brands to enhance market presence [10][11] Group 2 - The initial strategy for Chinese brands entering Southeast Asia focused on rapid market penetration, exemplified by Mixue Ice City's aggressive store openings [13] - The second phase involves capturing consumer mindshare, as the Southeast Asian market is still in its early stages of market education [13] - Challenges for brands include regulatory hurdles and the need for localized operations, which can complicate market entry [16][17] Group 3 - KKV has facilitated market entry for various brands by handling import regulations and reducing costs associated with entering local markets [19][20] - The collaborative approach among Chinese brands has proven effective, allowing them to leverage shared resources and market knowledge [21][22] - The success of KKV's model in Southeast Asia may serve as a blueprint for future expansions into other regions, including the Middle East and Europe [38][42]