The "new consumption trio" in Hong Kong stocks has shone brightly, spearheading the three major consumption trends: IP toys (Pop Mart), affordable tea drinks (MIXUE), and antique gold (Laopu Gold).

New consumption has transcended traditional paradigms, evolving into a realm of spiritual fulfillment. Essentially, it belongs to the "supply creating demand" industry, characterized by high demand elasticity, immense growth potential, and robust innovation. It seamlessly blends "emotional value" with "high cost-effectiveness," while also emphasizing "technological novelty."

Dissecting the Various Links in the New Consumption Industry Chain

Characteristics of New Consumption

Digital Consumption: Primarily driven by live streaming, this sector leverages cutting-edge technologies like 5G, AR, and AI to birth novel business models.

Customized Consumption: Tailors products or services to the preferences and interests of consumers, encompassing methods such as pre-sales of finished products, product differentiation customization, and service differentiation customization.

Experiential Consumption: Elevates consumer engagement and interaction through scenario-based and experiential consumption, including immersive, interactive, and cultural tourism experiences.

Green Consumption: Advocates nature and health in consumption, prioritizing resource conservation. Consumers increasingly opt for healthy, natural, and green products, emphasizing waste disposal to avoid environmental pollution.

Intelligent Consumption: Encompasses intelligent products and services, leveraging technology to digitize infrastructure, sales models, and service processes, making them smarter and "unmanned."

Industry Chain Links

Design End: For customized consumer products, manufacturers segment products or services into basic and personalized components. The basic segment is determined by the manufacturer, while the personalized segment is designed by consumers based on their needs.

Production End: Customized production emphasizes flexibility, characterized by intelligent manufacturing and agile organization. Raw material procurement adheres to green and eco-friendly standards to meet green consumption demands.

Consumption End: Sales occur through various online and offline channels. Online platforms include e-commerce and live streaming platforms, while offline platforms encompass smart and experience stores that showcase and sell products, offering intelligent and personalized services.

Taking the "grain economy" as an example, its industry chain comprises:

Upstream IP End: Encompasses IP production and operation, with IP popularity directly correlated to grain sales.

Midstream Product Development End: Primarily involves the R&D and production of grain products, including IP development and operation, product design, and production, which can be self-manufactured or outsourced (OEM).

Downstream Product Sales Links: Beyond directly operated online and offline stores by copyright holders/licensees, there are also grain stores specializing in procurement and selling grain products. The second-hand market and grain community are rapidly expanding, with emerging sales models like group buying, C2M, and C2B2C.

Profitability of Enterprises in the New Consumption Industry Chain

Corporate profitability is typically reflected in the amount and level of corporate income over a specified period. Profitability analysis delves deep into a company's profit margins.

This article is the [Profitability] chapter of the corporate value series, examining 44 enterprises across the new consumption industry chain. Evaluation indicators include return on equity, gross profit margin, and net profit margin.

Data is historical and does not predict future trends; it serves for static analysis only and does not constitute investment advice.

No. 10 AISHIDE

Industry Segment: Professional Chain Stores

Profitability: Return on Equity (ROE) 9.75%, Gross Profit Margin (GPM) 4.26%, Net Profit Margin (NPM) 0.99%

Performance Forecast: ROE has steadily declined to 9.75% over the last three years, with the latest forecast averaging 10.04%

Main Products: Communication products are the primary revenue source, accounting for 88.83% of revenue with a GPM of 3.82%

Company Highlights: AISHIDE's tea brand "Cha Xiaokai" surpasses annual sales of RMB 100 million, ranking among the top 10 in the sugar-free tea drink market share.

No. 9 CHAO HONG JI

Industry Segment: Watches and Jewelry

Profitability: ROE 5.45%, GPM 23.60%, NPM 2.60%

Performance Forecast: ROE has fluctuated between 5%-10% over the last three years, with the latest forecast averaging 12.24%

Main Products: Fashion jewelry products are the main revenue driver, accounting for 45.56% of revenue with a GPM of 28.76%

Company Highlights: CHAO HONG JI specializes in K-gold jewelry, with its core business focusing on the chain operation and management of the "CHAO HONG JI" and "VENTI" brands.

No. 8 Boxonlong

Industry Segment: Paper Packaging

Profitability: ROE 10.30%, GPM 33.47%, NPM 6.92%

Performance Forecast: ROE has steadily declined to 10.30% over the last three years, with the latest forecast averaging 12.46%

Main Products: Product packaging constitutes the primary revenue source, accounting for 93.02% of revenue with a GPM of 31.59%

Company Highlights: Boxonlong targets niche users such as collectors of cultural relics, games, trading cards, stamps, and more, launching innovative bestsellers in collaboration with popular IPs.

No. 7 Happy Family

Industry Segment: Soft Drinks

Profitability: ROE 12.11%, GPM 34.00%, NPM 7.95%

Performance Forecast: ROE has fluctuated between 12%-21% over the last three years, with the latest forecast averaging 13.51%

Main Products: Coconut juice drinks are the main revenue driver, accounting for 51.95% of revenue with a GPM of 40.18%

Company Highlights: Happy Family's beverage portfolio includes coconut juice drinks, lactic acid drinks, fruit juice drinks, and more.

No. 6 Tsingtao Brewery

Industry Segment: Beer

Profitability: ROE 15.38%, GPM 40.23%, NPM 13.98%

Performance Forecast: ROE has fluctuated between 15%-17% over the last three years, with the latest forecast averaging 15.81%

Main Products: Beer is the primary revenue source, accounting for 98.26% of revenue with a GPM of 40.11%

Company Highlights: Tsingtao Brewery offers a range of beers including Classic 1903, Whole Wheat White Beer, Craft Draft, Pilsner, and Tsingtao Beer.

No. 5 Guangbo Stock

Industry Segment: Cultural Supplies

Profitability: ROE 15.26%, GPM 15.94%, NPM 5.48%

Performance Forecast: ROE peaked at 19.71% over the last three years, with the latest forecast averaging 15.05%

Main Products: Office direct sales are the main revenue source, accounting for 61.06% of revenue with a GPM of 4.64%

Company Highlights: Guangbo Stock's Anime Cultural Creation encompasses three major businesses: external IP collaborations, self-owned IP cultivation, and grain development, having developed thousands of secondary light peripherals like badges, stands, and pain bags.

No. 4 Barone Riva

Industry Segment: Other Alcoholic Beverages

Profitability: ROE 16.57%, GPM 69.67%, NPM 23.50%

Performance Forecast: ROE has fluctuated between 13%-21% over the last three years, with the latest forecast averaging 15.90%

Main Products: Ready-to-drink cocktails (including sparkling water, etc.) are the primary revenue driver, accounting for 87.82% of revenue with a GPM of 70.03%

Company Highlights: Barone Riva specializes in the R&D, production, and sales of ready-to-drink cocktails, offering a diverse range of products under the "RIO" brand.

No. 3 Lotus Holdings

Industry Segment: Condiments and Fermented Products

Profitability: ROE 12.35%, GPM 25.30%, NPM 7.54%

Performance Forecast: ROE has steadily risen to 12.35% over the last three years, with the latest forecast averaging 16.18%

Main Products: Amino acid condiments like MSG are the main revenue source, accounting for 72.92% of revenue with a GPM of 26.98%

Company Highlights: Lotus Holdings' subsidiary, Lotus Water Industry, operates products such as natural soda water, natural mineral water, natural spring water, plant beverages, soda beverages, and sports beverages.

No. 2 Chuangyuan Stocks

Industry Segment: Cultural Supplies

Profitability: ROE 12.68%, GPM 31.26%, NPM 6.72%

Performance Forecast: ROE has fluctuated between 9%-13% over the last three years, with the latest forecast averaging 16.50%

Main Products: Culture, education, and leisure products are the primary revenue source, accounting for 63.17% of revenue with a GPM of 27.16%

Company Highlights: Chuangyuan Stocks has collaborated with Zhihu and the Dunhuang Museum, launching the "Stray Birds" notebook series and Dunhuang cultural and creative products.

No. 1 Yili Stock

Industry Segment: Dairy Products

Profitability: ROE 15.81%, GPM 33.88%, NPM 7.33%

Performance Forecast: ROE has fluctuated between 15%-21% over the last three years, with the latest forecast averaging 19.02%

Main Products: Liquid milk is the main revenue driver, accounting for 64.78% of revenue with a GPM of 30.98%

Company Highlights: Yili Stock has introduced Changyi 100% milk beer, an alcohol-free beverage imbued with emotional value.

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