2026消费年度策略新消费无惧质疑，逆流而上

Summary of Conference Call Records Industry Overview - The new consumption sector shows higher growth elasticity compared to traditional consumption, particularly in high-end gold jewelry and IP retail segments, benefiting from structural track dividends and emerging categories [1][2] - Traditional consumption recovery relies on demand improvement and supply-side optimization, but current data indicates limited supply-side improvements [2] Key Companies and Their Performance Lao Pu Gold - Lao Pu Gold has increased prices three times in 2025, with a cumulative increase exceeding 40%, and expects further price elasticity in 2026 [1][6] - The company has improved user penetration among middle and high-net-worth individuals through local brand positioning and traditional cultural elements [1][4] - Membership growth has been significant, with a 74% increase in loyal members in the first half of the year, reaching 480,000, and expected to reach 600,000 by year-end [8] - The company faces cash flow pressure due to rapid expansion and rising gold prices, necessitating potential capital raising strategies [10] Luckin Coffee - Luckin Coffee has achieved same-store growth by increasing the proportion of private domain customer acquisition and core user repurchase frequency, although high delivery subsidies may negatively impact profit margins [3][15] - The company needs to assess the impact of delivery subsidies on profitability and same-store growth continuity for 2026 [3][15] Pop Mart - Pop Mart's North American market has shown a slowdown in growth but overall performance remains better than expected, aided by product channel adjustments and IP updates [11][12] - The company faces challenges in operational strategy adjustments and needs to optimize channel and product structures to improve market performance [12][14] - Future growth will depend on significant improvement signals from the North American market and the development of new independent product categories [14][13] Atour Hotel - Atour Hotel has integrated retail business operations, with retail accounting for 30%-40% of revenue, and expects revenue to approach 4 billion RMB by the end of 2025 [19][20] - The company focuses on member value experience and has successfully expanded its retail business through loyal user engagement rather than supply chain advantages [19][21] Market Trends and Future Outlook - The 2026 consumption market will focus on category dividends and the secondary utilization and monetization of user value, with growth continuity being crucial [3][22] - New consumption companies should demonstrate strong growth certainty to mitigate market uncertainties, with high-end gold jewelry and IP retail being key growth areas [5][22] - The overall consumer landscape is expected to show resilience, with potential growth rates of 20%-30% in certain sectors, particularly in low-frequency consumption industries [18][22]