茶饮 连锁游戏 的通关密码是标准化、效率和规模。喜茶恰恰站在它们的反面。 作者 | 肖思佳 编辑 | 杨轩 乔芊 眼前的11月，喜茶加盟商将面临关键抉择。 2022年11月，喜茶开放加盟。三年后的今天，首批合同即将到期。是否续约，成了每个"老合伙人"必须做出的决定。 另一边，喜茶早已主动踩下刹车：今年2月，喜茶突然宣布暂缓加盟，此前其加盟店超过7成；同时，大量业绩挂车尾的门店也被淘汰。 极海数据显示，截止今年10月底，喜茶 门店数为3977 家。而去年底，其门店数量为4477家——一年500家左右的关店率，高于行业内其他品牌。 "关店是踩在我们这些加盟商的尸体上完成的。" 喜茶加盟 商 陈林愤然对36氪说道。 双方矛盾一度激化。据陈林透露，一些加盟商因不满闭店和严苛管理，曾计划在5月初集体前往深圳喜茶总部交涉。然而人员信息被提前掌握，当天，不仅火车站有人被拦截，公司总部楼下甚至有执法人员驻守。 在 加盟商 看来，他们 希望对话的诉求，却被当成了潜在的威胁 。信任基础被加速动摇。 陈林 的视角中 ，这场闭店危机 ， 其实早在喜茶最初开放加盟时就埋下隐患。 "当时没做市场细分，就一味追求门店数量，没有考虑后期门店 ...

不愿把自己局限在火锅的海底捞，继布局烤肉、炸物等子品牌后，这一次，又将筷子伸向了寿司。 平价寿司赛道日渐拥挤。 作者 | 李小霞 编辑 | 乔芊 近日，海底捞 旗下全新寿司品牌"如鮨寿司"全国首店在浙江杭州龙湖金沙天街正式开业。 回转寿司， 这个听起来带着年代感的品类，曾在十几年前风靡一时，传送带上流转的彩色餐盘，是不少人对 "日料体验" 的初代记忆。 只不过后来热浪渐退，它一度淡出大众视野。却又在这两年强势回归，重新成为年轻人追捧的用餐新宠。 而这场潮流的引领者，正是被称为 "寿司界瑞幸" 、 "寿司界萨利亚"的寿司郎。 进驻中国内地市场 4 年、拥有 60 多家店的寿司郎，几乎每开一家新店都能掀起 "排队风暴"。去年北京西单首店开业时，排号近 2000 桌，等待时间超 10 小时。 夸张的排队需求甚至催生了黄牛产业链，一个线下排队号叫价 10 元到 80 元仍有人买单。 寿司郎的 "流量密码"，藏在极致的性价比与沉浸式体验中。它将寿司价格牢牢锁定在 10—28 元区 间，让年轻人人均百元内就能实现 "寿司自由"。 寿司郎的火爆，本质上是平价寿司赛道崛起的缩影。另外，同属该赛道的滨寿司也备受关注。 寿司的翻 ...

Core Insights - The article discusses the performance and strategy of JD's subsidiary, Jingxi, which has reached 370 million users and aims to capture the lower-tier market [6][5]. - Jingxi's new self-operated model has been in place for two years, focusing on direct procurement from factories to achieve lower prices [5][4]. - The company has reported a tenfold increase in transaction volume by 2025, contributing 150 million new users to JD [6][5]. User Growth and Market Strategy - Jingxi's mission is to penetrate the "lower-tier market," which has shown significant user growth, with active users increasing by over 40% year-on-year [6][7]. - The user base is primarily composed of price-sensitive consumers, with a higher proportion of female users [12][10]. - Jingxi's strategy includes a focus on cost optimization throughout the supply chain, aiming to reduce costs by at least 10% for factories [9][19]. Product Quality and Positioning - Jingxi acknowledges that its product quality may not match that of JD's main platform, but it targets a demographic that prioritizes cost-effectiveness over premium quality [10][19]. - The introduction of "Jingxi Selection" aims to offer higher-quality products at competitive prices, responding to the evolving demands of its user base [13][19]. Financial Performance and Future Outlook - Currently, Jingxi is not profitable, primarily due to investments in user acquisition and logistics subsidies [7][19]. - The company expects to achieve profitability through improved efficiency and increased average order value over time [19][20]. - Jingxi's core competitive advantage lies in its ability to provide superior cost, efficiency, and user experience compared to competitors [20].

Core Viewpoint - The article highlights the challenges faced by the restaurant industry due to the recent "takeout war," which has led to a false sense of prosperity driven by heavy subsidies, resulting in declining profit margins and customer spending [6][10][16]. Group 1: Industry Challenges - 75% of new orders during the takeout war had a payment price below 15 yuan, while dine-in customer spending has returned to 2015 levels, indicating a significant drop in profitability for restaurants [6][10]. - The takeout war has created a vicious cycle of low-price competition, with 75% of consumers opting for cheaper takeout over dine-in options, further squeezing restaurant margins [14][15]. - Many restaurants are forced to participate in subsidy programs, leading to unsustainable business practices where they often lose money on each order [21][26]. Group 2: Impact of Subsidy Wars - The subsidy wars have consumed nearly 100 billion yuan, equivalent to three years of profits for the entire takeout industry, leaving many restaurants to deal with the aftermath [6][18]. - The competition has led to a significant increase in the recovery of second-hand restaurant equipment, with reports indicating a 100% year-on-year increase in the recovery of hot pot restaurant equipment [9][10]. - Despite the apparent growth in order volume, many restaurants are experiencing closures, highlighting the disparity between reported growth and actual business health [11][24]. Group 3: Responses and Strategies - Companies like Meituan are advocating for a "de-involution" approach, focusing on supporting restaurants rather than engaging in destructive price wars [5][28]. - Meituan has launched initiatives such as the "Prosperity Plan," allocating 28 billion yuan to help restaurants maintain profits and improve operations [29][30]. - Successful restaurants are finding ways to innovate their products and business models rather than competing solely on price, as seen with brands like Laoxiangji, which has accelerated product innovation during the subsidy wars [32][33]. Group 4: Future Outlook - The article suggests that the restaurant industry's core competitiveness lies in quality, service, and innovation rather than low prices, emphasizing the need for a sustainable business model [16][44]. - The return to fundamental business practices, focusing on product and service quality, is essential for long-term survival in the industry [44].

山姆依旧是山姆，但山姆也 将进化为 "新的山姆"。 今日，中国零售业迎来一则重磅人事变动。 沃尔玛中国宣布，刘鹏已加入沃尔玛中国并担任山姆会员店业态总裁，直接向沃尔玛中国总裁及首席执行官朱晓静汇报，即日生效。与此同时，山姆会员 店原代理业态总裁 Jane Ewing 将在 2025 年底如期结束外派任期与代理职责后，返回沃尔玛国际部，过渡期内刘鹏将与其完成全面交接工作。 作为国内会员制零售业态的标杆，山姆的一举一动始终牵动着行业神经，而其长期稳固的高增长基本面，更让此次人事调整备受瞩目。 目前 ， 山姆会籍 数量不断提升 ， 续卡率和活跃度都保持着稳定的上升趋势；城市和门店扩张持续推进，已在 30 多个城市开设了近 60 家门店，预计今年年底前还将有 约 5 家新店开业；另外，在全渠道建设端，山姆电商业务占比已超过 50% 。 这组亮眼数据与关键人 事调整的叠加，正向行业释放出一个强烈信号：国内会员制零售业的分水岭其实已经 到来。会员店们比拼的不再局限于 "谁引进 的品牌多、谁的门店客人多 、谁的购物形式更加便捷 "，还要增加" 精准锁定服务人群， 以 差异化的商品和服务，让客群 明显 地感知到会籍的价值 " ...

Group 1: Dongpeng Beverage - Dongpeng Beverage's Q3 revenue reached 6.1 billion yuan, a year-on-year increase of 30.4%, with net profit at 1.39 billion yuan, up 41.9% [2] - For the first three quarters, revenue totaled 16.84 billion yuan, growing 34% year-on-year, while net profit was 3.76 billion yuan, an increase of 38.9% [2] - The company has surpassed its total revenue and net profit for the entire year of 2024 within the first three quarters [3] - Energy drinks generated 4.2 billion yuan in revenue, a 15% increase, while electrolyte drinks saw revenue of 1.35 billion yuan, growing 84% [3] - Dongpeng's sales model primarily relies on regional distributors, complemented by various sales channels, with over 3,200 distributors and coverage of over 4.2 million active retail points [3] Group 2: Coca-Cola - Coca-Cola's Q3 revenue reached 12.455 billion USD, a 5% increase, exceeding market expectations [4] - The company's net profit for Q3 was 3.683 billion USD, reflecting a 29% growth [4] - Global unit case volume increased by 1%, with flagship Coca-Cola brand sales growing by 1% driven by markets in Europe, the Middle East, Africa, and Asia-Pacific [4] - The company reaffirmed its 2025 earnings guidance, expecting comparable currency-neutral EPS growth of about 8% [5] Group 3: Deckers Brands - Deckers Brands reported a 9.1% increase in net sales for Q2, reaching 1.431 billion USD [6] - HOKA brand net sales grew by 11.1% to 630 million USD, while UGG brand sales increased by 10.1% to 760 million USD [6] - The company provided a full-year financial outlook, expecting net sales of approximately 5.35 billion USD, below analyst expectations [6] Group 4: Adidas - Adidas reported a 12% increase in brand revenue for Q3, reaching 6.63 billion euros [8] - The company's gross margin improved by 0.5 percentage points to 51.8%, with operating profit rising significantly to 736 million euros [8] - Based on Q3 performance, Adidas raised its full-year operating profit forecast to around 2 billion euros [8] Group 5: Wanchen Group - Wanchen Group announced a 77.37% year-on-year increase in revenue for the first three quarters, totaling 36.562 billion yuan [18] - The net profit for the same period was 855 million yuan, a staggering 917.04% increase [18] Group 6: Bama Tea - Bama Tea's IPO was oversubscribed nearly 1900 times, with subscription amounts reaching at least 85.3 billion yuan [19] Group 7: Wumart Group - Wumart Group's founder expressed optimism about the development of hard discount models in retail, with plans to expand AI new retail to 100 stores by year-end [20] Group 8: Jin Zai Foods - Jin Zai Foods reported a 6.55% increase in Q3 revenue, totaling 685 million yuan, but net profit declined by 14.77% [21]

Group 1 - Blue Noxxi completed a 8 million RMB angel round financing to support the development and market expansion of its teeth whitening and oral care project in collaboration with Shanghai Aimeiya Medical Technology Research Center [2] - Tongyou Network completed a 100 million RMB Series A financing, focusing on building a digital consumption ecosystem driven by technology and data, while empowering rural revitalization and promoting green consumption [3][4] - Punk Coding completed a new round of financing worth several tens of millions, focusing on the development of popular culture toys and IP innovation [5] - Qiye Bakery completed a Pre-A round financing of 30 million RMB, aimed at improving smart equipment channels and production lines [6] - Bangzhu Intelligent completed a 70 million RMB angel round financing to accelerate the nationwide layout of its "smart unmanned AI bar" product [7] Group 2 - Li Jiaqi responded to rumors of losing 2 billion RMB during Double Eleven, stating that the claims were false and part of a smear campaign against him [8] - Wa Xiaozhi's chairman made his first live appearance, announcing a promotional policy where purchasing 300,000 RMB worth of goods would reward buyers with an SUV [9] - Qian Dao clarified misunderstandings regarding a recent refund incident, emphasizing that the issue arose from personal transactions and not from platform policies [10] - Fengchao's IPO process is stalled due to disputes with investors, particularly regarding buyback issues [11] - Roma Technology's shares have been frozen, and the company has recalled over 160,000 power banks [12] Group 3 - Hongguo has initiated a small-scale internal test for short drama e-commerce, aiming to drive traffic to Douyin e-commerce [13] - Bawang Tea Ji opened a new store at Shanghai Oriental Pearl Tower, enhancing brand visibility at a major tourist site [14] - Guming announced a collaboration with the classic anime "Crayon Shin-chan," offering themed packages with various merchandise [15] - Guming launched a promotional campaign offering coffee at a limited-time price of 2.9 RMB during breakfast hours [16] Group 4 - Domestic tourism in China saw 4.998 billion trips in the first three quarters of 2025, a year-on-year increase of 18% [18] - Investment in silver bars is in high demand, with prices rising nearly 70% this year, leading to shortages in stores [19] - The smart glasses market experienced a shipment increase of over 64% in the first half of 2025, with expectations for continued growth [20][21] - Coffee prices in the U.S. have risen nearly 21% year-on-year due to tariffs imposed on coffee imports [22] - Korean literature saw a 130% increase in overseas sales last year, reaching a record high of 1.2 million copies [23] - In the first nine months, China's postal industry completed 158.26 billion deliveries, a 15% year-on-year growth [24]

Core Viewpoint - The return of Elliott Hill as CEO of Nike is seen as a critical strategy to address the company's stagnation in growth and declining stock prices, following a significant drop in revenue and market value [2][5]. Group 1: Financial Performance - In the fiscal year 2024, Nike reported annual revenue of $51.4 billion, a slight increase of 0.3% year-on-year, but the stock price plummeted by 20% after the earnings report, resulting in a market value loss of approximately $28.41 billion [2]. - For the first quarter of fiscal year 2026, Nike achieved revenue of $11.7 billion, a 1% year-on-year growth, although net profit decreased by 31% to $727 million, with revenue and profit exceeding market expectations [5]. Group 2: Market Challenges - Nike faced a 10% decline in revenue in the Greater China region, marking the fifth consecutive quarter of negative growth, which is significant given its previous role as a growth pillar during the pandemic [5][15]. - The company has been losing market share to local brands like Anta and Li-Ning, which have made significant advancements in technology and consumer engagement, capturing nearly 40% of the market share in 2025 [16][17]. Group 3: Strategic Changes - Upon his return, Hill implemented the "Win Now" strategy and made significant organizational changes, including restoring relationships with key wholesale partners and focusing on product innovation [5][12]. - Nike's product strategy has shifted to emphasize innovation, with new product launches in running and basketball categories, leading to a 20% growth in the running business in the first quarter of fiscal year 2026 [12][13]. Group 4: Future Outlook - Hill's leadership aims to reposition Nike as a creative-driven company focused on innovation rooted in sports, emphasizing the importance of the Chinese market and the potential for long-term growth despite current challenges [20]. - The appointment of Dong Wei as the chairman and CEO for Greater China indicates a strategic focus on enhancing Nike's presence in the outdoor segment and addressing the competitive landscape in the region [18][20].

Core Viewpoint - L'Oréal's third-quarter revenue increased by 3.4% year-on-year, with North Asia, including China, growing by 4.7%, surpassing analyst expectations of 3.2% [3] Revenue Performance - The mass cosmetics segment showed the lowest growth at 0.4%, while luxury beauty and professional hair care grew by 1.5% and 1.1%, respectively. The skin science beauty segment led with a growth rate of 6.1%, although this growth has noticeably slowed [4] - In China, all segments except mass cosmetics achieved growth exceeding market levels, with notable performances from brands like Lancôme, Helena Rubinstein, and YSL [4] Strategic Acquisition - L'Oréal announced a €4 billion acquisition of Kering's beauty business, which includes the luxury perfume brand Creed and the fragrance rights for Balenciaga and Bottega Veneta [4][5] - This acquisition is seen as a significant move for L'Oréal in the high-end fragrance market, which is expected to enhance its market share in this segment from 13.7% to potentially 19.7% [5] Market Dynamics - The luxury beauty sector remains competitive, with L'Oréal's luxury division still showing growth despite overall high-end consumption slowing down [4][5] - The global fragrance market's annual sales growth has slowed from 13% last year to 11% this year, with high-end fragrances experiencing a more pronounced slowdown [6] Challenges Ahead - The Gucci fragrance business, currently licensed to Coty until 2028, poses a challenge as L'Oréal will need to invest significantly to reshape the brand's image upon acquisition [6][7] - Creed, while a promising asset, currently generates approximately $400 million in annual sales, indicating that L'Oréal will need to invest heavily to expand the sales network for Creed and the other brands acquired [7]

Core Viewpoint - The article discusses the increasing prevalence of myopia among children and adolescents, highlighting it as a significant public health issue that requires innovative optical solutions to address the problem [6][22]. Group 1: Company Overview - Cheng Dewen, a leading figure in optical technology, founded Nidejia in 2015, focusing on optical design and becoming a representative of "Chinese optical hard technology" [5][11]. - Nidejia has established partnerships with global companies such as Lenovo, Xiaomi, and Qualcomm, providing optical module solutions that enable high-precision imaging [5][11]. - The company has developed over 300 optical technology patents and has participated in setting national standards for head-mounted displays [15][11]. Group 2: Technological Innovations - Nidejia has pioneered the Freeform Surface technology, which allows for unprecedented design flexibility in optical systems, enabling low distortion and high-quality imaging in compact spaces [8][9]. - The company has introduced the "Far Vision" technology, which projects images from close distances to a far-off view, helping to alleviate eye strain and combat myopia in children [18][21]. Group 3: Market Trends and Challenges - The myopia prevention market is currently saturated with ineffective products, necessitating scientifically validated solutions that address the root causes of myopia [17][16]. - Recent government initiatives have emphasized the importance of visual health, indicating a shift in public awareness and regulatory focus on myopia prevention [22][23]. Group 4: Future Directions - Nidejia plans to expand its product offerings with the launch of the DOT Reading Table Pro and Max, which aim to provide effective eye care solutions while being affordable for consumers [25][28]. - The company is also moving towards international markets and aims to establish itself as a global standard setter in optical technology [28][29]. - The integration of AI with optical technology is anticipated to redefine the interaction between humans and optical systems, with Nidejia positioning itself at the forefront of this evolution [32][33].