In June 2024, an article titled 'I’m a consumer investor, and I dare not casually comment on Chagee' went viral on WeChat Moments.
At that time, it had been less than a month since Chagee disclosed its latest figures at the '2024 International Tea Day: Modern Oriental Tea Innovation Forum,' reporting a GMV of RMB 10.8 billion for 2023. After seeing Chagee’s revenue numbers, the author—a consumer-sector investor—remarked, 'I don’t even dare look; I can only envy them.'
In those years, large consumer financing rounds with high valuations were rare in the private markets. Coupled with intense competition in the tea beverage sector and the emergence of industry giants, Chagee’s sudden rise surprised many—and left many others baffled.
No one can precisely explain how Chagee managed to achieve an annual GMV of RMB 10.8 billion in just seven years.
Interestingly, a year later, market sentiment shifted in the opposite direction.
In the second half of 2025, as Chagee proactively slowed its expansion pace and same-store GMV faced temporary pressure, voices emerged claiming 'growth has stalled,' 'the hype is fading,' and 'a midlife crisis'—even leading to unfounded remarks suggesting Chagee franchisees might be the most distressed players in the tea beverage industry.
However, these comments do not align with Chagee’s actual performance.
According to Caixin’s review of Chagee’s latest quarterly financial report, to some extent, those currently bearish on Chagee are making nearly the same mistake as the investors who missed out on it years ago.
01 Behind the Financials: Chagee’s True Essence—Long-Termism Built on Steady Profitability
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The consumer-grade 3D printing industry is entering its 'golden moment'—a period of high prosperity and explosive growth.
Data shows that the global market size for consumer-grade 3D printing reached USD 6 billion in 2025 and is projected to grow to USD 27.2 billion by 2030, representing a compound annual growth rate exceeding 35%. In the first four months of 2026 alone, domestic 3D printer production volume increased by over 50% year-over-year, with exports totaling 2.46 million units—double the figure from the same period last year.
In capital markets, China’s primary market raised nearly RMB 10 billion in funding for 3D printing in 2025, as venture capital firms and industrial investors rushed to secure positions. Once a niche topic among tech enthusiasts, 3D printing has now become a focal investment sector attracting intense interest across the investment community.
Amid this rapid industry expansion, an increasingly fierce debate has emerged over the ultimate market structure—
Will the endgame for the consumer-grade 3D printing industry resemble that of smartphones—with Apple, Samsung, Huawei, Xiaomi, and others competing on relatively equal footing—or that of consumer drones, where DJI dominates overwhelmingly while other players struggle to survive?
In other words, will the endgame for consumer-grade 3D printing be characterized by 'one dominant player with several strong competitors,' or 'one dominant player with numerous weak ones'?
The answer to this question will directly determine the return on the current hundred-billion-RMB level of invested capital—and even more significantly, guide the allocation of far larger pools of capital waiting in the wings.
A High-Growth Industry Moving Toward Consolidation: Prosperity on One Side, Elimination on the Other
In the first quarter of 2025, global shipments of consumer-grade 3D printers surpassed one million units in a single quarter. Over 90% of these came from Chinese companies—more precisely, four Shenzhen-based firms...

On May 21, Moutai engaged in discussions with S&P Global regarding the 'Sustainability Yearbook (China Edition) 2026.' On the same day, Kweichow Moutai was included in the yearbook for the first time and awarded the title of 'Industry Leader in Improvement.'
Out of 1,800 Chinese companies assessed, only 190 were selected—an inclusion rate of just 10.6%. Viewing this solely as an ESG accolade risks underestimating the underlying transformation.
In recent years, Moutai has significantly accelerated its progress within international ESG rating frameworks. In 2025, Kweichow Moutai became the first baijiu producer globally to achieve an MSCI ESG 'A' rating; its S&P Global Corporate Sustainability Assessment (CSA) score also rose to 60.
Behind this surge in scores, Moutai is entering a more standardized international evaluation framework.
Historically, capital markets have understood Moutai primarily through high gross margins, strong cash flow, brand premium, and dividend capacity. However, the true long-term moat of baijiu producers lies deeper—in the unique terroir of the Chishui River Valley, its microorganisms, raw materials, production techniques, fermentation cycles, channel discipline, and consumer trust.
While these factors are familiar to domestic investors, they are difficult for international capital markets to quantify or compare directly. ESG is now offering a new translation mechanism.
When water resources, climate risk, supply chain resilience, product quality, data security, consumer responsibility, and corporate governance are integrated into globally comparable frameworks like those of MSCI and S&P Global, Moutai’s traditionally culture-bound, brand-driven, and industry-experience-based long-term value begins to be translated into...

According to media reports, South Korea's prominent entertainment company The Black Label recently announced the completion of its Series B funding round, co-led by Tencent Music Entertainment Group (TME) and Korean gaming giant Krafton.
The Black Label currently represents globally influential artists such as ROSÉ, Taeyang, and Jeon Somi. Its executive producer Teddy has played a key role in creating globally renowned K-pop acts including BIGBANG, 2NE1, and BLACKPINK. Following the successful debut of its girl group MEOVV in 2024, The Black Label launched the co-ed group ALL DAY PROJECT in 2025, further demonstrating its exceptional ability to discover and nurture new talent. Additionally, The Black Label strengthened its influence in the global music market by producing the soundtrack for the widely acclaimed animated film 'K-pop: Demon Slayer Girls.'
Tencent Music and The Black Label first entered into a licensing partnership in 2025. Following this strategic investment, the two parties will further deepen their collaboration. Industry insiders note that this move not only helps Tencent Music solidify its content advantage in the K-pop sector but also enables both sides to...

Baozun's e-commerce transformation over the past few years is now yielding clearer financial feedback.
In the first quarter of 2026, Baozun reported total net revenue of RMB 2.381 billion, up 15.3% year-over-year, with Non-GAAP operating profit turning around from a loss of RMB 669.1 million in the same period last year to a profit of RMB 81.1 million.
Specifically, Baozun’s return to profitability stems not merely from revenue-driven cost dilution but from concurrent improvements in business mix, cost efficiency, and cash conversion cycles.
Over the past few years, Baozun has been actively transitioning from a traditional e-commerce service provider to a dual-engine model combining e-commerce operations and brand management. In the early stages of this transition, the brand management segment was in an investment phase, weighing on group profitability; meanwhile, the e-commerce segment faced slowing industry traffic tailwinds, adjustments in service models, and margin pressure.
In the first quarter, both of Baozun’s business segments showed improved profitability: the e-commerce business (BEC), under a disciplined profitability focus, delivered an adjusted operating profit of RMB 129.6 million, while the brand management business (BBM) significantly reduced its losses thanks to revenue scaling and enhanced operational efficiency.
The value proposition of Baozun’s dual-engine strategy is now moving from narrative to financial validation.
01 E-commerce Profit Turnaround Starts with Efficiency
Baozun Group’s return to Non-GAAP operating profitability stems first from the stability of its e-commerce core, but more importantly, from the improved quality of growth in its e-commerce business.
In the first quarter, revenue from the Brand E-Commerce (BEC) segment increased by 10.4% year-over-year to RMB 1.886 billion, with distribution...

Following its presentation at the 2026 China Cosmetics Science & Technology Conference on May 21—featuring the 'Scientific Research Launch on Chinese Skin and Body Constitution · Guye Cell Secretome HME Series New Product Launch'—Guye made an even more strategically significant public announcement the next day at the 'Biopharmaceutical Industry Innovation and Development Forum,' part of its tenth-anniversary celebration series. The company revealed that its former 'Qingnang R&D Center' has been upgraded into 'Qingwen Pharmaceuticals,' a dedicated subsidiary for scientific research and raw material development, extending its R&D focus from cosmetics into life health sectors such as science-backed nutritional supplements and innovative pharmaceuticals.
Qingwen Pharmaceuticals embodies 19 years of scientific research achievements by Guye and its China Botanical Extraction Lab, established in 2007. It represents both a continuation of Guye’s research foundation and the cornerstone of its future high-quality growth. Additionally, Academician Lin Shengcai of the Chinese Academy of Sciences has entered into a deep collaboration with Qingwen Pharmaceuticals on anti-aging research, significantly reinforcing the scientific capabilities of both Guye and Qingwen. Under this deeply integrated industry-academia-research-application ecosystem, Guye’s ten-year R&D strategy is becoming increasingly clear: leverage a single R&D investment to enable cross-utilization of core ingredients and key technologies across three business tracks—cosmetics, science-backed oral nutrition, and innovative drugs—driving growth through cutting-edge technological strength and product excellence.
Within just two days, Guye has intensively unveiled its scientific research layout and industrial transformation achievements—an exceptionally rare move among domestic Chinese cosmetics brands. At an industry inflection point where China’s total cosmetics sales across all channels have surpassed RMB 1 trillion and domestic brands’ retail market share has exceeded 57%, why would a cosmetics company generating RMB 6 billion in annual sales...

Adam Foroughi doesn't like being in the spotlight.
During his first job interview after graduating from university, he walked in wearing a suit and came out drenched from nerves.
Fourteen years after founding AppLovin, when the company's market value once exceeded 200 billion US dollars, he still rarely appeared in public. He didn't attend industry summits, didn't manage social media, and didn't conduct routine investor communications. When the company’s stock price fell by 92% in 2022, and its market cap evaporated from 40 billion to 3.8 billion US dollars, he simply shut down the investor relations department:
"No one is buying our stock, so what's the point of me explaining at investor meetings? I'd rather spend the time on the business itself and more long-term oriented matters."
But in recent weeks, this usually low-key and introverted CEO has made rare appearances on several in-depth podcast interviews, talking about entrepreneurship, technology bets, organizational philosophy, and darkest moments — almost laying out all the key decisions of the past fourteen years.
In Q1 2026, AppLovin continued its impressive performance of 'high growth + high profitability': revenue reached 1.842 billion US dollars, growing 59% year-over-year; net profit increased 109% year-over-year; EBITDA margin hit a record high of 84.5%, making it a unique existence among US-listed tech stocks.
Since the iteration of its core advertising engine, this has been the twelfth consecutive quarter of rapid growth, with no signs of slowing down.
So why did he choose silence when the stock price fell by 92%, ...

In recent years, the 'cross-scenario expansion' of consumer brands has almost become a collective move.
Mobile phone brands are making cars, imaging brands are producing robotic vacuums, and home appliance brands are entering the beauty device market. More and more companies are trying to shed their original labels and enter broader consumer scenarios.
This is mainly due to the limited growth space for single product categories nearing its ceiling. Taking smartphones as an example, IDC data shows that China’s smartphone market shipments will be about 285 million units in 2025, representing a slight year-on-year decrease of 0.6%.
For consumer brands, 'moving upward' cannot rely solely on a single hit product; they must also increase the customer lifetime value by creating synergies in more life scenarios.
This is similar to the logic behind the later stages of internet industry development. When the dividend from a single entry point reaches its peak, enterprises must transition from standalone products to platform capabilities, moving from one-time transactions to longer-term customer relationships.
However, whether the boundary expansion will succeed depends on whether the new products can meet consumers' expectations based on the brand’s original experience standards.
Recently, Laifen launched a series of new products including the T2 Pro shaver, portable foldable fan, makeup mirror, curling iron, children's oscillating electric toothbrush, and floor-standing eye protection lamp.
(Laifen founder Ye Hongxin showcases new products such as hair dryers, curling irons, and makeup mirrors)
This is the first time in its seven-year history that Laifen has launched new products using a multi-category matrix approach.
This naturally raises questions: Is Laifen methodically expanding its boundaries, or is this an aggressive category expansion?
In fact, this is also a growth proposition faced by Chinese small home appliance brands after their breakout hits. When 'single product dominance' fades...

With the arrival of the 'May 15' investor protection milestone in 2026, the core issue of investor rights protection in the capital market has become increasingly concrete within the securities investment advisory industry.
Amidst the dual waves of stricter regulation and market volatility, the industry is embarking on an evolutionary path from eliminating falsehoods to transitioning from quantity to quality.
If the past few years were a period of 'land-grabbing' for the advisory industry fueled by the mobile internet boom, then 2025 was more akin to a 'trial by fire.'
This year, the advisory industry not only witnessed the ups and downs of the capital markets but also found new directions for development through self-renewal: shifting from the frenzy of traffic to a return to value fundamentals.
In 2026, the A-share market exhibited certain fluctuations and volatility, with increasing prominence of structural differentiation in market trends and faster sector rotation. This has led to a growing desire among investors for high-quality advisory services when facing complex market conditions.
While this presents a certain market opportunity for the advisory industry, it does not mean that all participants will be able to capitalize on this wave of benefits.
In the financial industry, risk control capabilities will always be the 'ballast stone' determining how far a company can go. Especially in the context where short videos and live streaming are reshaping the advisory ecosystem, the difficulty of compliance has increased exponentially.The moment to test whether an advisory firm truly implements 'investor protection in practice' has arrived.。
At this new starting point, only those who can keenly seize the service dividends brought by technological changes while maintaining a sense of reverence for market rules and integrating the protection of investors' legitimate rights throughout the service process...