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A Brief Overview of Industry Dynamics: Daguan·Keweiwei Brand Value (China) Network Shares Insights After One-Year Follow-Up Study
2023-11-11 16:13:45 来源：www.bvrcn.com 品牌价值网
A Brief Overview of Industry Dynamics
Daguan·Keweiwei Brand Value (China) Network Shares Insights After One-Year Follow-Up Study
1. Consumer electronics:
The global consumer electronics market has experienced remarkable losses in 2022 due to a negative external environment. The global shipment of cell phones, flat panels and other products fell sharply, inventories piled up in factories, warehouses and retail warehouses. Its profit is lower than expected. At present, most institutes believe that the consumer electronics market is expected to reach the bottom and it may grow again in the year of 2024.
2. Semiconductor industry:
In 2022, the semiconductor industry in both China and the world declined because of multiple factors such as the COVID-19 Pandemic, the decline of the consumer electronics market, chip shortages, and U.S.export control measures. However, because the COVID-19 Pandemic is gone and the global market is recovering, the semiconductor industry is expected to rebound and grow in 2023.
In 2022, the artificial intelligence (AI) application market especially the ChatGPT is booming, leading to a huge rise in the demand for computing power, server CPUs, GPUs, AI chips, switching chips, optical model chips and other related chips. In 2023, with the release of higher level AI models such as GPT-5, the demand for computing power will continue to grow and the related chips will also become a semiconductor industry's growth point.
The media landscape is changing. New media including online video, live streaming and short video are becoming new growth points. Traditional media including newspapers, TV and radio are facing challenges and transformation. At the same time, the media industry is also facing problems such as content homogenization, vulgarization and copyright disputes. The media industry has to accelerate to embrace the new industries such as digital economy, cultural and creative industries, smart city industries, and continuously expand the media service chain, value chain and industry chain. It is worth mentioning that the global film industry made a strong recovery in 2023 with a rising box office.
In 2023, Chinese real estate market shows little signs of recovery despite a series of government adjustment and optimization measures. In terms of sales volume and prices, the market is lower than expected. Because the relationship between supply and demand has changed, many Chinese real estate enterprises are in financial trouble with weaker sales and less investment. Regional differentiation is the biggest characteristics of the future real estate market. Most of ordinary real estate developers will disappear in the future and strong real estate developers will dominate the future market. More and more real estate enterprises will begin to explore new development models after a bear market, focusing on improving cash flow and balancing light asset model and heavy asset model.
In the first half of 2023, the home appliance industry did not do well after the COVID-19 was officially over. The sales of air conditioners was confident of double-digit growth, but sales of color TVs, refrigerators, and washing machines was less than satisfactory. In addition to air conditioner sales that stood out and showed double-digit growth, color TVs, refrigerators and washing machines did not perform well and sales of kitchen appliances was relatively stable. Because the middle class people’s income is growing and the future is uncertain, sales of necessary home appliances is expected to better than that of overall home appliances.
In 2023, affected by multiple factors, the pressure of economic operation of the clothing industry increased significantly, with the overall development trend of a sustained slowdown.
In the first half of 2023, affected by the weak recovery of market demand, the traditional peak season order in the spring is lower than expected, the second quarter of the order shortage problem is more prominent, and the Chinese clothing industry continued to grow but at a lower rate. The industrial added value and output of the Chinese clothing enterprises with considerable scale displayed a negative growth rate, and the rate of decline continued to fall compared to the year of 2022.
Since 2023, a weak market demand triggered intensified competition on the supply side and clothing product prices are getting lower and lower. More and more clothing enterprises chose to sell their products at lower prices to deal with the rising inventory and tight cash flow. High cost of raw material affects the entire industiral chain, however it does not mean that consumers are willing to pay higher prices for their products. Chinese clothing industry is facing tremendous pressure.
According to the National Bureau of Statistics, there are 13,640 Chinese clothing enterprises with considerable scale (annual business income of 20 million Chinese yuan or more). From January to June, 2023, their revenue was 561.67 billion Chinese yuan, 8.1% decreased compared with last year. Compared with January to May, 2023, its revenue increased by 0.58%. Compared with January to March, 2023, its revenue narrowed by 1.01%. Their total profit of January to June, 2023 was 24.48 billion yuan, 3.11% decrease compared with that of 2022. Compared with January to May, 2023, its profit narrowed by 5.09%. Its profit narrowed by 10.43% compared with that of January to March, 2023.
Chinese clothing industry is becoming more and more difficult to make profits because costs are rising. 30.38% of Chinese clothing enterprises with considerable scale are losing money, 30.38% decrease compared with that of last year. Their operating margins were 4.36%, yearly increase of 5.43%. Compared with that of January to May, 2023, it increased by 0.58%. Compared with that of Janary to March, 2023, it decreased by 0.55%.
Chinese clothing industry is expected to have a smooth recovery against the backdrop of an improving domestic economic environment.
LVMH, the world's largest luxury goods conglomerate, reported the third-quarter of 2023 revenue of 19.96 billion euros, up by 9% year-on-year, lower than 21.14 billion euros, which was expected by analysts. This is the first time in 2023 that LVMH's revenue was weaker than expected. Compared with 17% growth rate in the first quarter and the second quater, the 9% in the third quarter was too low, almost cut by half. LVMH is the frist luxury apparel giant to release its quaterly earnings for three quarters, which sounded the alarm bell for slower sales of the entire luxury apparel industry. As a matter of fact, the luxuary apparel industry has already shown signs of warning in the second quarter's earnings. LVMH's second quarter's revenue in America decreased surprisingly by 1%. For the first half of 2023, LVMH's sales in America decreased by 3%, less than 24% that of 2022.
For its full fiscal year, sports apparel giant Nike reported a revenue of $51.217 billion, up by 10% year-on-year and net income of $5.070 billion, down by 16% year-on-year. Adidas announced preliminary results. For the third quarter of 2023, Adidas' revenue fell by 6% to €5.999 billion, compared to €6.408 billion in 2022. Its profit for the third quarter of 2023 reached €409 million, down by 27.5% year-on-year. Adidas now expects an operating loss of around €100 million in 2023.
As for international clothing market, the financial reports of international clothing giant companies indicated that their sales all went down regardless of fashionable luxury apparel or sports apparel.
The Chinese and international clothing industries are all facing some challenges. After the international interest rate hike is over , inflation is expected to ease up, which may help consumers and the global clothing market.
1.Banking industry:
According to the People's Bank of China's Report on Financial Statistics for the first three quarters of 2023, at the end of September, China's broad money supply M2 stood at 289.67 trillion yuan, up by 10.3% year-on-year, 0.3% lower than August, 2023 and 1.8 % lower than that of 2022. The outstanding amount of M1, a narrow measure of money supply, was 67.84 trillion yuan, up by 2.1% year-on-year, 0.1% lower than that of August, 2023 and 4.3 % lower than that of 2022. China's supply of money in circulation M0 was 10.93 trillion yuan, up by 10.7% year-on-year. In the first three quarters of 2023, the People's Bank of China put in 462.3 billion yuan in cash.
On the international front, the global economy has shown a weak recovery trend since 2023, and the profitability of the banking sector has been put to the test. The European and American ecnonomies are facing downward pressure, and their inflation level remains high, and new economies are performing relatively well. Silicon Vally Bank and First Republic Bank went bankrupt and UBS acquired Credit Suisse, which have had a certain impact on the global banking industry. Major economies slowed down the pace of interest hikes and high interest rate hikes led to a stronger market and higher profit. Global financial regulation continues to tighten, strengthening the banking industry crisis response management. The development of financial technology is unfolding, and digital payment service is leading the global revolution in payments.
2.Insurance industry:
Chinese insurance industry operated smoothly in 2023, with an increase in asset size and insurance business. As for life insurance, its insurance premium increased significantly, reversing the downturn. It is generally believed that the 3.5% predetermined interest rate is a strong pull factor. Insurance solvency was heavily scrutinized in the first half of this year and 10.7% of insurance companies with insurance solvency reports failed to meet the standard.
From a global market perspective, the insurance industry has grown rapidly in recent years. The global insurance premium is predicted to exceed $7 trillion in 2023, with about 4.2% increase. Dealing with inflation in the future is still a topic facing the world, and insurance can protect us from inflation. With the growth of the global population, the public's awareness of death and health risks and the rise of emerging markets that have reasonable or lower insurance density, the insurance industry should be able to continue to grow in the future.
3.Securities industry:
In 2023, the securities industry operated steadily, and the statistics showed that the revenue and net profit of the securities industry in the first half of 2023 managed gains. In terms of business structure, the self-management business surpassed the brokerage business to become the first major source of income for the securities firms, and the securities industry's market share in the field of distribution of public funds continued to increase. In terms of business structure, self-operated business surpassed brokage business, therefore becoming the largest source of income. The securities industry is having a bigger share at the mutual fund product market by proxy. In the first half of 2023, the scale of financing and securities financing business was improved because of a rising market and other factors. The opening up of the Chinese capital market to the outside world continued to move forward, with "bringing in" and "going out" going hand in hand. "Bringing in" means injecting development vitality into the securities industry, and "going out" means introducing development vitality into the securities industry. "Going out" has improved China's international competitiveness and influence.
From January to August 2023, Chinese public utility industry including electricity, heat, gas and water production and supply industry realized total profits of 466.91 billion yuan, with 40.4% growth.
1. Electricity:
In the first three quarters of this year, the Chinese electricity industry did pretty well. Among the companies that published reports of the first three quarters of 2023, most companies achieved some profits. On one hand, fuel prices fell year-on-year, so fuel costs for generating electricity decreased year-on-year. On the other hand, electric power companies accelerated to develop green energy resources, use clean energy to increase power generating capacity and increase effiency. The economy of Chinese electricity company was closely related to the fact that China is using more and more electricity. Most Chinese electricty bills were spent on summer cooling and winter heating. Chinese economy can not grow without electricity.
In the first half of 2023, electricity production continued to grow, generating 4,168 billion KWHs, up by 3.8 % year-on-year. As for different kinds of powers, thermal power increases by 7.5% year-on-year, hydropower decreases by 22.9%, nuclear power increases by 6.5%, wind power increases by 16.0%, solar power increases by 7.4%. In terms of policy, China adopted policies to promote clean low-carbon technology innovation. New power transformation is an important way to realize the "dual carbon" goal.
2.Gas:
After the year of 2000, with the rapid development of China's sustained and rapid economy and acceleration of urbanization and industrialization, as well as the effect of environment protection on the structure of energy consumption, China's natural gas consumption and production grew rapidly, much higher than that of the world in average. In the first half of 2023 , the production of natural gas grew steadily and its import growth rate grew radily. In the first half of 2023, the production of natural gas was 115.5 billion cubic meters, up by 5.4% year-on-year. Imported natural gas is 56.63 million tons of natural gas, up by 5.8% year-on-year. In the June of 2023, the production of natural gas is 18.3 billion cubic meters, up by 5.5% year-on-year.
Since the "14th Five-Year Plan", Chinese "carbon peak" and "carbon neutral" development strategy continues to be enforced and the project of building Chinese national green renewable energy system continues to be advanced, so Chinese clean energy market is expanding at an accelerated pace. Bio-natural gas (BNG) is a green and renewable energy and China has the relevant technology. The BNG industry will become one of the development areas of Chinese natural gas market in the future, which will gradually make up Chinese natural gas industry production capacity, enhance the security of the national natural gas supply. The Chinese BNG industry has a great potential for development.
The International Energy Agency (IEA)'s Electricity Market Report 2023 predicts the global electricity demand will accelerate to grow at an average rate of 3% per year between 2023 and 2025, 70% of which will come from Asia region. Renewable resources are expected to dominate the growth in the global electricity supply to meet the new requirements together with nuclear energy. The coal and natural gas role of power generation will become less and less important.
The U.S. Energy Information Administration (EIA) predicts that U.S. electricity consumption in 2023 is expected to decline by 1.26% year-on-year, and U.S. natural gas consumption of 2023 is expected to increase by 1.3% year-on-year. In the year of 2023, natural gas' share in the U.S. electricty structure is expected to increase from 39% in 2022 to 42% in 2023, decrease to 40% in 2024.
Power equipment industry can be mainly segmented into different areas such as thermal power, hydropower, nuclear power, wind power, photovoltaic, energy storage, and so on. Different areas have different market demands, technology level, and competitive landscapes. Led by China's "dual-carbon" goals, new resources will usher in greater development space and opportunities, face challenges such as cost reduction, consumption guarantee, technological innovation and so on.
According to the statistics of National Energy Administration (NEA), Chinese PV newly installed capacity was 113.15GW from January to August, 2023, with 154.44% increase compared with that of 2022. In August, 2023, 16 GW was added, with 137% increase compared with that of August, 2023. Acccording to the statistics of China Customs, the module export reached 24.194 billion yuan in August, 2023, up by 16.7% year-on-year, and up by 6.8% month-on-month, which is an improvement. Between January and August, 2023, solar cell module exports reached 227.793 billion yuan, up by 6.5% year-on-year. As for wind power, between January and August, 2023, newly installed capacity reached 28.92GW, up by 79% year-on-year, among which 2.61GW was installed in August, up by 116% year-on-year.
The economy of Chinese photovoltaic industry performance is good with a slower growth rate. According to the statistics of 121 listed photovoltaic companies in 2022, total revenue reached 1.31 trillion yuan, up by 57% year-on-year, and the net profit in 2022 reached 121.6 billion yuan, up by 76% year-on-year. In the first half of 2023, the total revenue of listed companies in the photovoltaic industry was 746.358 billion yuan, and the net profit was 83.599 billion yuan, up by 32% and 35% respectively year-on-year with a slower growth rate.
It is expected that Chinese photovoltaic industry will restructure, eliminate backward production capacity, produce more and more big companies, and promote more competition.
In the first half of 2023, China accounted for 91% of the global growth in wind power generation and 43% of the growth in solar power generation. The next largest contributors were EU and India, which each contributed 12% of global solar power growth. 50 countries set new records for solar power generation. In the first half of 2023, wind power and solar power were the only energy resources to significantly increase their share of global electricity, up by 14.3% and 12.8% year-on-year. Among these engery resources, wind energy grew by 10% this year and 16% last year. Solar energy grew by 16% this year and 26% last year.
1.Coal:
After January, 2023, the supply side of Chinese coal market has been plenty and coal prices have been shocked drastically and continued downward. Coal enterprises solidly promote the work of coal production and coal production capacity continues to be released. Coal production grew rapidly and coal imports also increased significantly. Therefore, coal supply has been adequate and supply and demand continues to be balanced and coal prices went down slowly. In the second half of 2023, the supply is expected to be better and coal prices are going up.
2.Petroleum and petrochemicals:
Oil prices changed frequently. Reasons included the imbalance between supply and demand, the Federal Reserve's monetary policy, exchange rate fluctuations, speculative activities, geopolitical conflicts and other factors. The volatility of oil prices is expected in 2023 with some fluctuations.
Big companies continued to play an important role in the global shipbuilding market. Top 10 enterprises in terms of shipbuilding compelted 67.9% of the work, and they got 62% of the total orders. In terms of shipbuilding completion volume, China has 5 enterprises that ranked in the world top 10. In terms of new ship orders, China has 7 enterprises that ranked in the world top 10. In terms of orders for hand-held ships, China has 5 enterprises that ranked in the world top 10.
As of August 2023, the three major indicators of China's shipbuilding industry, shipbuilding completion volume, new ship orders, and orders for hand-held ships, stay ahead globally and the Chinese shipbuilding industry is booming.
In the first half of 2023, China's shipbuilding enterprises' revenue and profit increased sharply.
According to a report released by the National Bureau of Statistics of China in August, 2023, ferrous metal smelting and rolling processing industry's added value increased by 14.5% year-on-year. Steel production was 116.52 million tons, up by 11.4% year-on-year. In terms of real estate market from January to August, 2023, its investment reached 7,690 billion yuan, with 8.8% decrease. However, there were not enought buyers.
Because of industry negative feedback and environment protection policies, steel mills are pushed to gradually cut steel production. Since September 15, 2023, a notice to prevent and control air pullution or "action program" was issued by Chinese Ministry of Ecology and Environemnt, some local goverments, which meant the relevant involved areas espeically those with high concentraion of steel works would have to cut steel production more frequently. Since October 7, 2023, some 7 steel enterprises in Yunnan Province announced that it cut steel production to prevent financial losses. Afer that, other steel producers including Hubei Baowu E Steel, Baowu Wu Steel, Jin Shenglan, Northwest Union Steel members also planed to take the lead in cutting steel production by 10-30%. The steel industry's communication channel was open, and therefore it is expected that cutting steel production will become more and more popular because steel mills are losing money.
In terms of inventory and demand, steel industry as a whole is experiencing downturns compared with machinery, automobiles, home appliances, construction and other related industries.
China and India are the world's top two steel producers, and the contribution of China and India to global steel increment will reach about 60% in 2023. As of today, the world's major steel producers experienced negative year-on-year growth except India.
In the year of 2022, machinery and equipment industry profit margin fell sharply because high prices of steel, sea freight and smaller scale. In 2023, profit margins opened a repair process because the above factors weakened. In the first half of 2023, China's construction machinery exports reached 180 billion yuan, up by 26% year-on-year. In addition, Chinese top enterprises increased their efforts to explore overseas market.
The Chinese machinery industry will accelerate the development of high quality and green industry, promote digitalization, networking and intelligent transformation, improve product quality and efficiency, and reduce engery consumption and emissions.
The Chinese construction machinery industry will benefit from the continued growth of infrastructure investment, especially the demand for rail transportation, oil and gas equipment, elevators and other areas. Overseas markets will also become an important increment of construction machinery. Thanks to the Belt and Road Initiative, Russsia, Saudi Arabia and Turkey need more Chinese construction machines, therefore Chinese construction machinery industry grows very fast.
Some construction companies stood out. The market value of Caterpillar Inc. from the U.S.A exceeded 1 trillion yuan, which broke a record. In the first half of 2023, its revenue increased by 19% year-on-year and its net profit increased by 52% year-on-year. In the first half of 2023, Chinese Sany Heavy Industry Limited make some profits, but it began to lost some money after the third quarter.
From January to August, 2023, profits of chemical raw materials and chemical products manufacturing industry fell by 51.1% year-on-year.
In the first half of 2023, Chinese chemcial industries continued to experience downturns because of the decline of raw material and product prices, unsatisfactory economic recovery after the COVID-19 Pandemic, and a weak Chinese and international market. Industries such as chemical materials and chemical products, chemical fibers, rubber and plastic products and petroleum exploration, experienced a negative growth. The CCPI index fell from 4,815 in January, 2023 to a minimum of 4,217 in June, 2023. In the first half of 2023, prices of chemicals fell, of which 14 prices grew year-on-year, so pure MDI grew by 21.31% year-on-year.
In the first half of 2023, the basic chemcial industries' revenue and profit decreased. The basic chemical industry in the first half of the year realized operating income of 1031.199 billion yuan, down by 7.18% year-on-year, and realized net profit of 66.602 billion yuan, down by 50.68% year-on-year.
To be specific, for titanium dioxide, Chinese market recovery is less than expected and supply exceeds demand. Semiconductor photoresist continue to improve. As for pesticides, prices continue to go down and profits also decrease. As for fluorine chemical industry, its revenue fell by 9.42% year-on-year. Prices of fluorspar grew by 14.22% year-on-year. As for potash, both its market and profit are not promising.
Digital economy construction, AI big model and intelligent driving have become new definitive directions for a new intelligent era. Among them, digital economy construction builds the overall framework of digital layout and provides policy support. AI big model and intelligent driving all have already became realities.These two techonolgies all became the core driving force to computing powers.
According to the latest statistics released by market research organization IDC, global personal computer (PC) shipments continued to decline in the 3rd quarter of 2023, at 68.2 million units, down by 7.6% year-on-year. However, shipments increased by 11% but its downward trend has eased compared with the first and second quarter of 2022. Lenovo shipped 16 million units, ranking first with a 23.5% market share, but down by 5% year-on-year. Dell was third, shipping 11.8 millio units. Apple was fourth, shipping 7.2 million units with a 10.6% market share, down by 23.1% year-on-year; and Asus was fifth, shipping 4.9 million units with a market share of 7.1%, down by 10.7% year-on-year. Only HP, in second place, realized positive growth. HP shipped 13.5 million units for a 19.8% market share, up by 6.4% year-on-year.
Market analysis suggests that the PC market has weakened in recent years as the global economy has continued to slow down, which led to a delcine of consumption. All industries are facing a difficult market environment, and consumers are less motivated to update their electronic products. The increase in shipments caused by the COVID-19 Pandemic still needs time to be corrected. With the arrival of smartphones, tablet PCs and other mobile, PC products are no longer the only choice for consumers. PC inventories have been reduced over the past few months, most of them are now in acceptable levels. According to the market, that PC industry will have a slow recovery. Sales of desktops and laptops are likely to increase because new products incorporate more artificial intelligence (AI) technology.
1. Building materials:
In 2023, the global cement industry's operation is difficult because of the overall weak demand. The cement industry is losing money. Therefore, the cement industry took turns to stop operation. Especially after the second quarter, weak market led many enterprises to stop their operations many times. According to the incomplete statistics from the Cement Data Research Institute , in the first half of 2023, a total of 14 provinces (municipalities) of China shut down their operations longer than expected, only four provinces (municipalities) avoided the rush time to shut down their operations. Therefore, the overall cement market contracted to a certain degree.
2. Building decoration:
In the first half of 2023, the contruction industry gained operating income of 4358.2 billion yuan, up 6.7% and narrowed by 2.9%, compared with that of 2022. It narrowed and achieved a net profit of 108.9 billion yuan, up 4.7% and narrowed by 1.6%.
From the point of revenue and new volume contract, 2023H1 Top Eight Chinese Construction Companies have achieved growth. In the year of 2023, SASAC (State-Owned Assets Supervision and Administration Commission ) began to implement the "one profit and five rate" assessment, including two indicators (net assets and cash flow), which have a greater impact on the construction industry and is expected to guide the construction enterprises to improve the level of ROE and the profit level.
The international construction industry is accelerating its digitalization, networking, and intelligent transformation, which aims to improve its quality, efficiency and project safety by using technologies such as mobile platforms, artificial intelligence and modular manufacturing. At the same time, the international construction industry is beginning to focus on environmental, social and governance (ESG) performance, promote workplace diversity, decarbon the construction value chain, and create sustainable buildings and infrastructure.
The investment direction of the construction industry is also changing from traditional highways, railroads, airports and other infrastructure to the comprehensive underground pipeline corridors, sponge cities, smart cities, and other "invisible" infrastructure transfer.
In the first half of 2023, the transportation economy continued to recover and improve as a whole, which can help move people faster. In addition, cargo volume，freight volume and port cargo, investment in fixed assets also increased rapidly, which provided a strong guarantee for driving the economy back up.
Delivery industry has been impressive this year, with the cumulative volume of business from January to August, 2023 growing at a rate of 15.9% year-on-year, but faces stronger competitiion.
In August, 2023, Civil aviation passenger traffic was 63.964 million, up by 98.0% year-on-year and 4.5% more than that of 2019. Among them, passenger traffic in China increased by 11.2% compared with that of 2019, while passenger traffic outside China recovered to 52% of that in 2019.
During the 2023 China National Day holiday, China's average daily collection volume increased by 122.6%. Compared with that of 2022, it is more than 18.7%. Passenger traffic on railroads and civil aviation achieved double-digit growth compared with that of 2019.
The transportation sector is in a period of steady recovery.
Market share of Joint Ventures falls as Chinese brands rise. Sales of fuel vehicles in Chinese auto market declined while sales of new energy vehicles increased.
Sales of joint venture cars declined and the market of fuel vehicles which joint venture cars rely on gradully shrank. Sales of Chinese fuel vehicles dropped from 24 million units in 2017 to 17 million units in 2022, and this trend is still continuing. In the field of new energy vehicles, joint venture car enterprises are gradually marginalized. In 2022, China's new energy vehicles had 27.8% of the total market. As for the penetration rate, Chinese new energy vehicles reached 40-50%, but the mainstream joint venture's new engergy vehicles was only 5%.
New energy vechiles and exports have become the two major engines driving the growth of the automobile industry. Despite the impact of the withdrawal of favorable policies (new energy vehicle subsidy policy) in the first half of 2023, new energy vehicles still achieved solid growth. The market structure of new energy vehicles has changed and cars with mainstream price and high quality is becoming the source of growth.
1.Cosmetics:
From January to July, 2023, total retail sales of cosmetics reached 231.5 billion yuan, a 7.2% increase. In July, this figure reached 24.7 billion yuan in July, a decrease of 4.1%. Total sales of 23H1 market totaled 207.1 billion yuan, a 8.6% increase. Chinese cosmetics industry experienced 22 years of negative growth and showed a steady recovery in the first half of 2023.
Revenue from cosmetics sector in the first half of 2023 increased by 2.8% and its net profit increased by 61.8%. Its profit increased faster than its revenue. Its second quarter revenue increased by 4.5% and its net profit increased by 49.3%. Its revenue's growth rate is still sluggish because of the weak market. Its profit increased significantly because of its lower starting sales and a recovering macro environment. As for its profit, cosmetics sector's gross rate of margin and net profit margin improved. At the same time, expense-to-sales ratio further increased, and management expense and R&D expense remained steady.
The momentum of China’s cosmetics development is unchanged. The share of international brands in the market is gradually shrinking and Chinese cosmetics market has more amd more opportunties.
2. Medical cosmetology:
Medical costometology in the first half of 2023 after the COVID-19 Pandmeic recovered pretty well, much better than cosmetics sector as evidenced by customers who returned. Non-surgical medical cosmetology increased gradully. Downstream medical institutes also recovered. Upstream medical institutes invested heavily on research and development of medical cosmetology suppliers, so medical supplies can meet the requirements. Premier medical costometology hospitals remained strong.
3. Baby skincare:
Because of the COVID-19 Pandemic, some skincare stores for mothers and children were closed and baby skincare industry suffered accordingly. After the COVID-19 Pandemic, Chinese economy gradully recovered and the overall market grew. China's baby skincare industry is expected to grow at a market rate of 14.6% in 2023, and the growth rate will remain around 8% in the next three years.
Pork supply at Chinese pork market outstripped demand. Because the pork industry is losing money, overcapacity caused by previous pork production is expected to deepen. Cutting overcapacity in the year of 2023 will be the "fundamental key".
Considering the downturn of pork industry, poultry industry, aquaculture industry, and cattle industry, the feed industry is expected to be better in 2023 than that of 2022. Meanwhile, industry consolidation continues to advance and strong companies are expected to be strong.
In the year of 2022, China introduced less ancestral white-feathered broilers and therefore meat supply at Chinese market contracted. It is expected that meat supply and meat demand will show an improving trend.
In 2023, retail sales of tobacco and alcohol increased by 9.8% year-on-year from January to September. The growth rate in the third quarter of 2023 was 14.1%. In the first quarter and second quarter of 2023, it was 6.8% and 2.5% respectively. From January to September, 2023, retail sales of beverages increased by 2%. It increased by 1.3% in the third quarter of 2023. The first quarter was 1.8% and the second quarter was -9.1%. In the year of 2023, soft drink industry changed as evidenced by high cost-efficient products whose sales increased. From January to September, 2023, retail sales of grain, oil and food products increased by 5.3%. It increased by 5.2% in the third quarter of 2023 and increased steadily.
Domestic Food & Beverage Companies 2023H1 (First Quarter) Operating Data:
International Food & Beverage Companies 2023H1 Operating Data:
Pepsi Co. reported the results of the first quarter and second quarter of 2023. Its net revenues was $40.167 billion, compared to $36.429 billion in 2022, a 10.28% increase. Its net income was $4.68 billion, compared to $5.69 billion of 2022, a 17.75% decrease.
The Coca-Cola Company reported first quarter and second quarter 2023 results. Its net revenue was $22.958 billion, compared to $21.853 billion in 2023, an increase of 5.21%. Its net income was $5.654 billion, compared to $4.686 billion in 2022, an increase of 20.05%.
Nestlé's H1 2023 sales were CHF 46.3 billion, up by 1.6% year-on-year.
Mondelez International reported net income of $17.7 billion for the first half of 2023, up by 17.5% year-on-year.
Danone reported sales of €14.2 billion in H1 2023, up by 8.4% year-on-year.
Kraft Heinz reported net income of $13.21 billion for the first half of 2023, up by 4.9% year-on-year.
General Mills (GM) reported operating income of $9,938 million for the first half of 2023, up by 3.91% year-on-year.
Hershey's reported operating income of $5,478 million for the first half of 2023, up by 8.71% year-on-year.
Tyson Foods reported revenue of $26,393 million for the first half of 2023, up by 1.32% year-on-year.
Kellogg's reported operating income of $8,094 million for the first half of 2023, up by 7.40% year-on-year.
1. Jewelry industry: According to National Bureau of Statistics of China, from January to August, 2023, the retail trade revenue of gold, silver and jewerly in China totalled about 218.8 billion yuan, up by 12.8% year-on-year, more than that of the total retail sales (up by 7% year-on-year), and gold's retail sales growth ranked first in the total retail sales. The gold jewelry industry had a strong performance，mainly thanks to two reasons : (1) gold prices continue to increase. (2) the proportion of gold jewelry sales increases.
2. Furniture industry: from Janaury to August, 2023, retail sales of furniture in China amounted to 94.1 billion yuan, up by 3.4% year-on-year.
On the international front, asymmetrical designs and statement pieces are becoming popular in the jewelry industry. In addition, jewelry companies are investing more in sustainability and embracing ethical fashion. The global jewelry market stood at USD 340.6 billion in 2022, and is projected to continue expanding at a CAGR of 4.6% from 2023 to 2030.
On the international market, there have also been a number of mergers and acquisitions in recent years. LVMH, the world's largest luxury goods company, acquired Tiffany & Co. The deal, which closed in 2021 and was valued at more than $15 billion, gave LVMH a significant foothold in the high-end jewelry market. Another deal was the merger of Richemont's online luxury retailer YOOX Net-a-Porter with online jeweler Watchfinder. The $254 worth million deal, gave Richemont a stronger position in the growing online luxury market. Other notable mergers and acquisitions in the jewelry market included Signet Jewelers' acquisition of Zale Corporation and Chow Tai Fook's acquisition of Hearts On Fire. Mergers and acquisitions give strong jewelry companies a more competitive advantage.
According to market analysis, the global furniture industry market is projected to grow from $691 billion in 2022 to $739.44 billion in 2023, at a growth rate of about 7%. Some people analyzed that the Russian-Ukrainian conflict had slowed down the industry's recovery after the COVID-19 Pandemic.
1. Retail industry: in the first half of 2023, total retail sales of consumer goods amounted to 2,275.88 billion yuan, up by 8.2% year-on-year. Among them, retail sales of consumer goods excluding automobiles amounted to 205,178.8 billion yuan, up 8.3%. By consumption type, in the first half of 2023, retail sales of goods amounted to 20,325.9 billion yuan, up by 6.8% year-on-year. In the first half of 2023, online retail sales in China amounted to 7,162.1 billion yuan, up by 13.1% year-on-year.
With the rapid development of the Internet and e-commerce, the retail industry has witnessed waves of innovation, which have put forward higher requirements on the goods, channels and services of traditional offline retailers, and digital transformation has become the key.
2. Trade industry: according to China Customs statistics, the total value of China's imports and exports in the first three quarters amounted to 30.8 trillion yuan, down by 0.2% year-on-year. Among them, exports were 17.6 trillion yuan, up by 0.6 % year-on-year; imports were 13.2 trillion yuan, down by 1.2% year-on-year.
3. Internet e-commerce industry: the rise of e-commerce channels, the proportion of online sales gradually increased. Competition in China's e-commerce platform market is fierce, and there are differences between major platforms in terms of user scale, transaction volume, category structure and number of merchants. Tik Tok e-commerce is growing rapidly. China Alibaba Taobao-based platforms are under pressure to grow, and the e-commerce landscape is changing.
Internationally, the commerce and retail industry continues to grow in 2023. Acccording to analysis,the industry develops because people demand for goods. Specifically, e-commerce is growing rapidly. According to market forecast, the global retail e-commerce market size will reach $6.31 trillion in 202 and 20.8% of retail business will be done online, and the share of online transactions will reach 24% by 2026. The e-commerce market in the U.S. will reach $1.1 trillion, with Amazon's market share reaching 37.8%, followed by Walmart, Apple, eBay, and Target. As for cross-border shopping, e-commerce has an even greater advantage. 57% of shoppers stated they choes to shop online internationally. The integration of social media and commerce has made shopping a new paradigm.This social media platform shopping spent about $992 billion in 2020 and is projected to reach $2.9 trillion by 2026. Because Chinese millennials favor social media platform shopping. The social media shopping platforms are Facebook, Picture Wall, YouTube, Tik Tok, Snapchat and Twitter.
1. Tourism industry: in 2023, the number of travellers increased significantly and the Chinese tourism industry sped up to recover.
2. Hotel & food industry: according to global hotel industry statistics, the global hotel market size is expected to reach USD 600 billion in 2023. Main factors that drive the market include steady recovery of the global economy, sustained growth of the tourism industry, and rapid development of emerging markets. Continuously rising housing prices and higher spending are also driving the market size. In terms of statistics, there is expected to be 500,000 hotels in 2023, up by 5.8% year-on-year.
As for food and beverage consumption, from January to September, 2023, its cumulative revenue grew, up by 18.7% year-on-year, which is fast based on a low starting point. On a quarterly basis, food and beverage revenue grew at 13.9%, 29.9% and 14.0% respectively for quarter 1, quarter 2 and quater 3 of 2023. The food and beverage revenue was reduced in the third quarter of 2023, but it still maintained at a faster growth rate.
3. Education and training: Chinese leading education and training institutions are actively transforming their e-commerce business. Since the "double reduction policy" to reduce the workload of Chinese students by Chinese government, some institutions for K9 academic subject training were closed and other leading institutions had reached the point of transforming their business. In July, 2021, China's "double reduction policy" kicked off and K9 academic subject was strictly limited,and therefore many of off-campus training institutions got cut. Many Chinese traditional institutions have been greatly affected, and they were working hard actively to transform their training subjects. Some Chinese leading training institutions, such as New Oriental Education, TAL Education Group, Chalk Education are actively transforming e-commerce.
In the first half of 2023, the information and telecom industry maintained stable and rapid growth, providing a strong support for China to be a manufacturing power, a network power and a digital poweer. In the first quarter of 2023, the overall revenue of Chinese telecom industry grew steadily, and the three Chinese state-run companies and Chinese ZTE Corporation steadily improved their operating income and net profit. The Chinese telecom industry' s net profit rate improved driven by the enhanced profitability of the leading Chinese companies. In the subsectors, a horizontal comparison indicated that the industry's computing power sector performed well driven by the AI and the telecom industry tended to become divided.
In the first half of 2023, medical biotechnology industry's revenue achieved positive growth, but its net profit gained negative growth. While China continued to push the anti-corruption work forward, Chinese pharmaceutical market is expected to be further standardized, and the entire market is expected to develop in a healthy and stable manner.
Chinese obesity drug market was fierce. Novo Nordisk became the first company in Europe by brand value. Chinese pharmaceutical companies GLP-1 was leading in this market with many obesity drugs including CDMO, multi-target drugs with many varieties. Obesity drug market is so huge that it can bring considerable money to drug companies.
Internationally, based on operating income, the United States and Europe and others are still dominating the market. In terms of the global biopharmaceutical market revenue, North American is the highest with 49%, followed by Europe 23%, China 9% and Japan 6%. In the future, the global biopharmaceutical industry will have more intensified competitiion, more concentrated market, quicker industry clusters, a highly synergistic industrial specilization. The biopharmaceutical industry giants will reazlied the vision of "strong companies will always be strong" under the context of faster mergers and acquistions and quicker industrial clusters.
In the first half of 2023, the global pharmaceutical industry witnessed 9 mergers and acquisitions (M&A) , each worth US$1 billion or more.
The non-ferrous metals industry mainly consists of light metals (aluminum and magnesium, etc.), heavy metals (copper, zinc, nickel and cobalt, etc.), precious metals (gold, silver and platinum, etc.) and rare metals (lithium and titanium, etc.). From a macro perspective, the non-ferrous metals industry provides raw materials for many industries and is closely linked to other industrial sectors. On the industry side, the production of the non-ferrous metals industry is stable, and the market fluctuates upwards due to macroeconomic influences. After seasonal adjustment, production of 10 non-ferrous metals in July 2023 was 6.032 million tons, up by 4.2% year-on-year. In the same month, production of refined copper was 1.034 million tons, up by 14.5% year-on-year. Production of primary aluminum was 3.481 million tons, up by 1.5% year-on-year.
As for futures, Shanghai aluminum index has basically remained stable since 2023 with little volatility. Shanghai copper index has remained basically stable in 2023 with minor fluctuations after it was adjusted in 2022. Shanghai gold index has continued to go higher since 2023, and is still at a high level despite minor adjustments in the near future. Shanghai silver index has also shown an upward trend and has experienced a number of fluctuations.
Specifically, the non-ferrous metals industry is divided, in which precious metals showed an upward trend, copper and aluminum and other metals remained stable, while lithium metals and other metals continued to fall after experiencing a high level at the beginning of the year.
In the international market, the gloal economy is recovering. The market forecasts that the global market size of non-ferrous metals will grow from USD 146.83 billion in 2022 to USD 154.21 billion in 2023, with a growth rate of approximately 5.6%. Thanks to the increasing demand from industries such as automotive industry, electric power industry, construction material industry, home appliances industry, and machinery and equipment industry, the market predicts that the non-ferrous metals industry market will continue to grow in the future.
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作者：杨瑞安
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