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Articles by 杨硕

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Capital, Earnings & M&A

2025 Consumption Review: 10,000 Stores No Longer Rare, 100 Billion Just Passing Grade

In 2025, China's consumer market saw moderate growth in total retail sales of consumer goods, while the baijiu industry underwent deep adjustment. Despite this, sectors like trendy toys, ancient gold jewelry, and 4-yuan lemonade attracted capital attention, with Pop Mart, Laopu Gold, and Mixue Bingcheng collectively surging in Hong Kong. Amidst this ice and fire, consumer companies are undergoing a quiet evolution.

杨硕
Consumer & Categories

Low-Alcohol Drinks: A Booming Category, Yet Profits Remain Elusive

The low-alcohol drinks market in China has grown rapidly, from 20 billion yuan in 2020 to over 57 billion yuan in 2024, attracting traditional liquor giants, retail chains, and startups. However, despite the category's popularity, most brands struggle with differentiation and profitability, as consumer fatigue and intense competition limit long-term success.

杨硕
Consumer & Categories

Children's Beverages: A Durable and Lucrative Business?

From Want Want milk to Nutri Express, children's beverages have evolved into a diverse and booming market. New products like honeysuckle and pomelo juice are gaining popularity, with some brands achieving sales of over 100 million bags in half a year. The industry is projected to generate 2-3 billion yuan in revenue for this single product this year, highlighting the enduring profitability of this sector.

杨硕