值班编辑 | 宝珠 本文转载自投资界 以下文章来源于投资界 ，作者周佳丽 投资界 . 清科创业旗下创业与投资资讯平台 视觉 | 顾芗 PE正在围猎星巴克中国。 最新一幕，高瓴也来了——根据外媒援引知情人士报道，高瓴近日参与了星巴克中国区的反向管理层路 演，表达了对收购星巴克中国业务的兴趣。 投资界从知情人获悉，此次路演还吸引了凯雷投资、信宸资本等多家知名投资机构参与。据悉，星巴克 中国业务估值约为50至60亿美元（约合人民币350-430亿元）。 自1999年在北京国贸开出中国内地第一家门店起，星巴克已经进入中国26年，拥有超7700家门店。然而 最近几年，面临瑞幸咖啡、蜜雪冰城等本土品牌的激烈竞争，星巴克中国的危机感愈演愈烈。 高瓴角逐 星巴克中国要卖了 端倪始于半年前。 去年11月，星巴克首次被曝考虑出售中国业务股权的可能性。当时彭博社报道称，星巴克正在为中国业 务探寻多种方案，其中包括出售该项业务部分股权的可能性，并指公司已非正式评估了包括中国本土私 募股权机构在内的多个中国潜在投资者的兴趣。 在此数月前，星巴克新任命的首席执行官Brian Niccol在谈及中国市场曾表示，他正在努力更好地了解公 司在 ...

Core Viewpoint - Banu Hotpot, known for its premium ingredients and unique offerings, is attempting to differentiate itself in the competitive hotpot market by focusing on product quality rather than service or cost-effectiveness, but faces challenges in achieving sustainable profitability and scaling its high-end model [3][4][45]. Group 1: Market Position and Strategy - In 2024, Banu Hotpot holds a 3.1% market share in the high-end hotpot segment, leading in per capita spending at over 140 RMB, which is higher than competitors like Haidilao [3][6][18]. - Banu's strategy emphasizes "productism," focusing on the quality and uniqueness of its ingredients, such as its signature "papaya protease tenderized tripe," which aims to justify higher prices [3][4][10]. - The brand has established a reputation for being expensive, with incidents like the "sky-high potato" controversy highlighting consumer perceptions of its pricing [7][11][12]. Group 2: Financial Performance - Banu's revenue has shown significant growth, with figures of 1.433 billion RMB in 2022, 2.112 billion RMB in 2023, and projected 2.307 billion RMB in 2024, reflecting a compound annual growth rate of 26.88% [19][21]. - Despite the revenue growth, Banu's net profit margin remains low at 5.33% in 2024, compared to Haidilao's 10.99%, indicating challenges in cost management and profitability [18][19][22]. Group 3: Consumer Insights and Market Dynamics - Banu's target demographic includes consumers in lower-tier cities who may have higher disposable income relative to their expenses, making the premium pricing more acceptable [36][38]. - The brand has a strong customer retention strategy, with 75% of its customers being repeat visitors and a high membership rate of 94.6% among dine-in customers [31][34]. - Banu's focus on high-quality ingredients, such as its partnerships with local farmers for unique products, positions it as a brand that prioritizes quality over cost [28][29]. Group 4: Challenges and Future Outlook - Banu faces the challenge of scaling its high-end model while maintaining quality, as the capital market's patience may be tested by the slow growth associated with premium offerings [5][49]. - The company's cautious approach to capital investment and expansion, with a focus on direct ownership rather than franchising, reflects a desire to maintain control over its brand and operations [42][44]. - The future success of Banu will depend on its ability to convert brand recognition into scale and profitability, potentially following a path similar to that of Haidilao [48].

Core Viewpoint - JD.com is aggressively entering the hotel and travel industry with a "0 commission" policy, aiming to compete with established players like Ctrip, Meituan, and Tongcheng [3][40]. Group 1: Market Dynamics - JD.com received nearly 50,000 applications from hotels within two days of announcing its entry into the OTA market [3]. - Ctrip holds a dominant position in the OTA market with a 56% GMV market share in 2024, particularly excelling in the high-end hotel segment [8]. - Ctrip's 2024 net revenue reached 53.294 billion RMB, a 20% year-on-year increase, with a net profit of 17.2 billion RMB, reflecting a 72% growth [9]. Group 2: Competitive Landscape - The online food delivery market, represented by Meituan, has a significantly lower profit margin compared to the OTA sector, with Meituan's projected net profit margin for 2024 at 2.8% [11]. - The OTA market is characterized by high customer acquisition costs and a power imbalance between platforms and hotel operators, leading to ongoing tensions [15][16]. - JD.com aims to leverage its supply chain capabilities to provide value to the hotel and restaurant sectors, addressing inefficiencies in the current market [18]. Group 3: Historical Context and Strategy - JD.com has been exploring the travel sector since 2011 but has struggled to gain significant traction [20][28]. - The company has previously made strategic acquisitions, such as the purchase of Tuniu in 2015, but faced challenges in maintaining a competitive edge [22][24]. - JD.com is now focusing on a new business model for food delivery that promises to address food safety issues, indicating a broader strategy to innovate across its service offerings [33][37]. Group 4: Future Outlook - JD.com is positioning itself to disrupt the OTA market by offering a transparent pricing model and eliminating bundled sales, which could shift the competitive landscape [50]. - The company is actively recruiting talent for its travel division, indicating a commitment to building a robust operational framework [47]. - The competitive environment includes not only traditional players like Ctrip and Meituan but also emerging platforms like Douyin and Xiaohongshu, which are entering the market with content-driven strategies [54].

Core Viewpoint - Sa Sa International Holdings Limited is exiting the offline retail market in mainland China by closing its last 18 stores by June 30, marking a significant shift for the Hong Kong beauty retailer [2]. Financial Performance - For the fiscal year ending March 31, 2025, Sa Sa International reported a revenue decline of 9.7% to HKD 3.942 billion [3][4]. - The net profit saw a substantial drop of 64.8%, amounting to HKD 77 million [3][4]. - The gross profit margin decreased by 11.9% to HKD 1.571 billion, with a margin of 39.8% [4]. - Core earnings per share fell to HKD 3.5 from HKD 7.1, a decrease of 3.6 [4]. - The final dividend per share was reduced to HKD 1.7 from HKD 5.0, a decline of 3.3 [4]. Company Background - Established in 1978, Sa Sa International is a leading beauty product retail group in Asia, listed on the Hong Kong Stock Exchange since 1997 [4]. - The company operates across Hong Kong, Macau, mainland China, and Southeast Asia, offering over 600 product brands in various beauty categories [4].

Core Viewpoint - The article discusses Haidilao's cautious approach to franchise expansion, highlighting the stringent requirements for potential franchisees and the company's strategic focus on tapping into lower-tier markets [2][3][7]. Franchise Conditions - Haidilao has set high franchise entry requirements, including a minimum investment of 10 million RMB, excluding loans, and the need for franchisees to have financial capabilities for multi-store development and management experience [3][22]. - The company conducts multiple rounds of assessments to ensure that potential franchisees align with Haidilao's corporate culture and long-term vision [3][10]. Franchise Application Process - Out of over 20,000 applications received, more than 10,000 have completed the evaluation process, but only 13 franchise stores have been established, with 10 being transfers from existing stores [4][7]. - The application process involves several stages, including online evaluations, interviews focusing on business plans and brand understanding, and final assessments by senior management [23][24]. Market Strategy - Haidilao aims to leverage franchise partnerships to penetrate lower-tier markets, where 70% of applicants are from third-tier cities and below [8][29]. - The company’s revenue from second and third-tier cities has outperformed that from first-tier cities, indicating a strategic shift towards these emerging markets [29][28]. Investment Appeal - The franchise model is perceived as a tailored investment opportunity for affluent individuals in lower-tier cities, with Haidilao's brand and operational support being attractive to potential investors [8][42]. - The company emphasizes that the franchise model is not about quick profits but rather about stable returns, appealing to investors looking for reliable opportunities [42][43]. Operational Control - Haidilao implements a strong management system for franchise stores, ensuring that operations, product standards, and employee training are consistent with company policies, thereby maintaining brand integrity [40][41]. - Franchisees have limited control over daily operations, which is managed by Haidilao to ensure quality and service standards are upheld [38][41].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 本文转载自侃见财经 值班编辑 | 宝珠 视觉 | 诺言 新能源汽车行业，竞争格局已经基本形成。 问界、理想、蔚来等车企几乎占据了高端新能源汽车赛道大多数份额，目前新能源汽车中低端的赛道竞 争依旧激烈，但比亚迪以及特斯拉等车企的领先优势，几乎难以撼动。 因此，尽管新能源汽车赛道未来空间很大，部分车企的护城河也很深，但新能源汽车行业已经成熟，市 场对其要求也已经越来越高。 根据香港联交所权益披露资料显示，6月10日至6月13日，王兴累计减持了573.7万股理想汽车，套现金额 共超6亿港元，持股比例从20.94%下降到20.61%。 需要注意的是，此次减持并非王兴年内首次减持理想汽车。资料显示，3月18日至3月21日，王兴在4个 交易日减持理想汽车650万股，套现约7亿港元。王兴持股比例由21.3%下降至20.94%。 作为理想汽车的重要股东，近两年以来，王兴曾多次减持理想汽车。早在去年减持时，理想汽车曾向市 场回应过王兴的减持行为。当时理想汽车称，交易股票为个人行为，交易占王兴总持股比例很小一部 分，不涉及美团持股部分。 从王兴的交易频次与 ...

交定金买法拉利 三年不能提车也无法退款 据封面新闻报道，赵先生向记者反映，他于2022年7月在该公司购买了价值400万元的法拉利跑车，交了 45万元预付款，迟迟无法提车。2024年3月，店方约他签订退款合同，但承诺的退款又迟迟无法兑现。 本文转载自21世纪经济报道 值班编辑 | 江江 视觉 | 顾芗 近日，武汉多名法拉利"准车主"反映，他们分别于2022年、2023年在武汉骏东汽车销售公司订车，因合 同逾期未交付车辆，与店家2024年签订退款协议，截至目前均未收到退款。 赵先生签订的退款协议 图源：封面新闻 另据澎湃新闻报道，来自长沙的李先生介绍，缴纳订金、签署订车合同后，截至2023年中旬，他尚未分 到车辆配额。6月17日，由于退款迟迟无进展，李先生从长沙再次前往武汉骏东汽车销售服务有限公司 催促退款。 还欠5位车主钱 帮忙卖一辆车款到退钱 据封面新闻报道，记者随赵先生前往骏东门店时，门店负责人坦言，店里的车卖不动，资金无法回笼， 门店账户原有资金全部被母公司运天（中国）投资有限公司抽走，"你在你朋友里找找，帮忙把店里的 车卖出一辆，一辆车卖500万，我们拿到卖车款马上给你退款。" 涉事法拉利门店 图源：封 ...

Core Viewpoint - The article emphasizes the potential of the HarmonyOS ecosystem as a fertile ground for developers, encouraging innovation and addressing diverse user needs through various applications [2][3]. Group 1: Developer Experiences - Developers enter the HarmonyOS ecosystem with specific problems to solve, often inspired by personal experiences or societal needs [5][12]. - Individual developers like Wang Weijie and Zhong Xianshen create applications that address everyday challenges, utilizing the unique features of HarmonyOS [10][29]. - Government developers, such as Tong Wei and Liu Fei, focus on enhancing public services and efficiency through the capabilities of HarmonyOS [12][32]. Group 2: Application Features - Wang Weijie's application, "Shilu," leverages HarmonyOS's distributed capabilities to create a flexible travel planning tool that allows users to visualize routes on a map [8][26]. - Zhong Xianshen's "Kuaishou Bi" utilizes HarmonyOS's distributed features for real-time data synchronization while ensuring user privacy through local data storage [10][31]. - Government applications like "Yukuaiban" and "Jinggangshan Yuan Service" enhance user experience by providing timely information and improving service efficiency through HarmonyOS's advanced features [32][33]. Group 3: Community and Support - Developers benefit from a supportive community and resources provided by HarmonyOS, which help them overcome challenges during the development process [15][22]. - The collaborative environment fosters knowledge sharing, with developers like Zhong Xianshen contributing back to the community by open-sourcing components of their applications [19][40]. - User feedback plays a crucial role in refining applications, creating a positive cycle of improvement and satisfaction [36][42]. Group 4: Future Prospects - The HarmonyOS ecosystem is positioned as a forward-looking platform that connects developers' creativity with user needs, promising ongoing innovation and growth [35][43]. - Initiatives like the Harmony Star Program aim to encourage more developers to explore and innovate within the ecosystem, highlighting its commitment to fostering a diverse and inclusive environment [44][45].

作者 | 谭保罗 编辑 | 江江 新媒体编辑｜ 宝珠 视觉 | 顾芗 整个6月，全球科技界最受关注的事件，非Meta宣布收购Scale AI 49%的股权莫属。 如果不是担心美国越来越严格的反垄断法，这个股权占比或许更高。虽然没有绝对控股，但Meta志在掌 控，所以施以"双重保险"——股权和人，都收入囊中。 Scale AI的华裔创始人兼CEO Alexandr Wang将进入Meta工作，领导Meta的AI业务。 Scale AI创始人亚历山大·王/图源：视觉中国 比如，2023 年，微软和动视暴雪收购案，交易金额达690 亿美元。在Meta过去的收购案中，Scale AI也 只能排到第二。2014年，Meta于以190亿美元收购WhatsApp。考虑到两桩案子之间长达11年的通胀因 素，当年收购WhatsApp的交易规模，要大得多。 这桩案子最被关注的点，显然不在于交易规模，也不在于28岁华裔创始人的白手起家传奇故事，而是它 意味着全球科技界AI 突破方向，正在发生一次大转变。 以前，超级巨星是Open AI和英伟达，在各自赛道，它们如入无人之境；而在这次转变之后，所有人都 注定不会轻松。 数据很重要，但 ...

Core Viewpoint - The article discusses the recent listing of Haitian Flavor Industry Co., Ltd. on the Hong Kong Stock Exchange, highlighting the company's market performance and strategic goals for global expansion [2][3][9]. Group 1: Market Performance - On its first day of trading, Haitian's stock initially rose nearly 5% but later fell below the issue price, closing down 0.55% [3]. - The company raised approximately HKD 10.0096 billion from the global offering, with a final issue price of HKD 36.30 per share [5]. - The Hong Kong public offering was oversubscribed by 918.15 times, indicating strong investor interest [5][6]. Group 2: Strategic Goals - Haitian aims to enhance its global presence and brand image through this secondary listing, which is part of its broader globalization strategy [9][11]. - The funds raised will be allocated to product development, technological upgrades, and expanding sales channels, particularly in Southeast Asia and Europe [11]. - The company has already initiated overseas operations, establishing several international trade companies in 2023 and 2024 [10]. Group 3: Financial Performance - From 2011 to 2021, Haitian's revenue and net profit consistently increased, with 2021 figures showing revenue of CNY 25.004 billion and net profit of CNY 6.671 billion, reflecting year-on-year growth of 9.71% and 4.18% respectively [15]. - However, in 2022, the company faced challenges, including a decline in net profit for the first time since 2011, attributed to the "double standard" controversy [16]. - In 2023, Haitian reported a revenue of CNY 24.559 billion and a net profit of CNY 5.627 billion, marking a year-on-year decline of 4.10% and 9.21% respectively [17]. Group 4: Leadership Transition - In September 2024, Haitian underwent a leadership change with Cheng Xue taking over from the long-time chairman, Pang Kang [18]. - Cheng Xue, who has been with the company since 1992, is expected to lead the company towards recovery and growth [20][24]. - Under Cheng's leadership, the company reported a revenue of CNY 26.901 billion and a net profit of CNY 6.344 billion in 2024, showing a year-on-year increase of 9.53% and 12.75% respectively [24].