1/4 好的商业模式 虽然巴菲特不常使用"商业模式"这个词，但他对企业"如何赚钱""为什么能持续赚钱"的看法，实际上就是对好的商业模式的判断。 巴菲特强调的好的商业模式主要是有两点：一是护城河，让企业的优势在竞争中被放大，另一个是可持续的自由现金流，比如不依赖新技术，不需要大规 模再投资，随着消费增长而自然扩大，高毛利、品牌忠诚度高，等等。 但A股上市公司目前的商业环境已不是巴菲特投资的全盛时期（1977~1997），中美商业环境的差异更大，很多当时看来固若金汤的护城河，在现在的中 国可能非常脆弱，主要原因在于： 1、竞争更加恶劣，对手常常不惜自己巨亏也要把你搞垮 2、市场环境变化更快，政府监管风险更大，对手不但是同行，还来自其他行业，来自监管部门 3、消费者和客户更缺乏忠诚度 在研究A股上市公司的商业模式时，要跳出巴菲特的经验，回到企业战略管理中第一性的问题，下面是我在商业模式研究中常常会问自己的三个问题： 问题一：企业的核心资源与关键业务是什么？ 问题二：公司如何取得、使用并保护这些核心资源？ 问题三：公司如何让这些生产活动更有效率？ 弄懂这三个问题，是理解一家公司商业模式的关键，本文先以现制茶饮行业两种 ...

相关企业：提姆（上海）餐饮管理有限公司、上海茵赫实业有限公司、咖世家咖啡（上海）有限公司、 浙江力醒科技有限公司、上海艾恰餐饮管理有限公司、皮氏咖啡（上海）有限公司、上海拉比卡咖啡有 限公司 关键词：现制咖饮发展历程、现制咖饮市场政策、现制咖饮产业链图谱、现制咖饮市场规模、现制咖饮 竞争格局、现制咖饮发展趋势 内容概要：随着我国咖啡消费市场教育的不断深化，消费者对咖啡的接受度和喜爱程度显著提升，越来 越多的人将咖啡纳入日常生活，现制咖饮作为品质体验更为出色的选择，受到众多消费者的青睐，据统 计，2024年我国现制咖饮行业市场规模达1177亿元，同比增长15.39%，未来，随着国民收入水平的不 断提升以及消费观念的转变，消费者从"尝鲜消费"转向"日常刚需"，对咖啡的消费动机从"提神功能"延 伸至"风味体验""日常佐餐"等，并且形成了"质价平衡心智""社交货币心智""品质追求心智""场景探索心 智"等主导心智，为现制咖饮行业发展带来更广阔的空间。 相关上市企业：星巴克（SBUX）、瑞幸咖啡（LKNCY.F）、蜜雪集团（02097.HK）、古茗 （01364.HK）、奈雪的茶（02150.HK）、茶百道（02555 ...

从中式新茶饮的美学浸润到中国潮玩的创意绽放，如今，越来越多中国品牌正通过创新设计承载文 化内核，以多元形态不断走进海外消费者日常生活，让世界更直接地触摸到中国文化的独特魅力。 中式新茶饮：从浓厚茶香中感受中国美学意境 午后时分，马来西亚吉隆坡市中心的中国新式茶饮品牌霸王茶姬门店前，人潮涌动。店内，几名正 在喝茶畅聊的当地女孩身着色彩鲜艳的马来服饰，与奶茶杯上的水墨图样相映成趣，构成一幅"中式奶 茶+马来服饰"的靓丽画面。 傍晚时分的越南河内古街，街角咖啡馆里飘出数年前中国热播剧《三生三世十里桃花》的悠扬旋 律，三五成群的年轻人正热烈讨论着当下热播剧《天地剑心》的剧情。在河内一家设计公司工作的阮秋 玄，每天下班后的第一件事就是打开视频网站，追看中国热播剧。 阮秋玄不仅能准确说出多部中国剧中人物的中文名字，还专门报名学习中文。"剧中人物的服饰、 礼仪都美得让人心醉。"她说，"更吸引我的是中国影视剧那些传承千年的价值观念——忠孝节义、家国 情怀。" 在阮秋玄看来，《琅琊榜》中梅长苏的坚韧与智慧，《长安十二时辰》里张小敬的担当与勇气，这 些人物形象所承载的精神内涵，能够"触动不同文化背景观众的心灵深处"。 像阮秋玄这 ...

| 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 02589 | 沪上阿姨 | (0) | 12.52% | 102.000 | 107.31亿 | -9.83% | | 02517 | 锅ड | | 6.02% | 4.400 | 116.1亿 | 147.22% | | 01318 | 毛戈平 | | 5.41% | 95.500 | 468.13亿 | 66.16% | | 02150 | 奈雪的茶 | | 4.17% | 1.250 | 21.31 Z | -8.09% | | 02097 | 蜜雪集团 | | 3.55% | 431.800 | 1639.19亿 | 113.23% | | 02555 | 茶白道 | | 3.28% | 7.560 | 111.71亿 | -27.98% | | 02145 | 上美股份 | | 1.94% | 84.150 | 335.01 Z | 151.22% | | 01364 | 古著 | | 1.64% | 23.500 | 5 ...

2025.11.12 | HK | (4) | 奈雪的茶 02150 | 1.240 | +3.33% | +0.040 | | --- | --- | --- | --- | --- | --- | | HK | (4) | 锅圈 | 4.350 | +4.82% | +0.200 | | | | 02517 | | | | | HK | (4) | 毛戈平 | 96.550 | +6.57% | +5.950 | | | | 01318 | | | | | HK | (4) | 沪上阿姨 | 106.800 | +17.82% | +16.150 | | | | 02589 | | | | 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：187，阅读时长大约1分钟 11月12日早盘，港股新消费概念股持续活跃。截至10:07，沪上阿姨涨逾17%，锅圈涨逾4%，毛戈平涨 逾6%，奈雪的茶涨3.33%。 ...

每经AI快讯，11月12日，港股新消费概念股持续活跃，截至发稿，沪上阿姨(02589.HK)涨13.07%、锅圈 (02517.HK)涨4.82%、毛戈平(01318.HK)涨4.14%、奈雪的茶(02150.HK)涨3.33%。 ...

Group 1 - The core viewpoint of the news highlights a strong performance in the new consumption sector in Hong Kong and A-shares, driven by multiple favorable policies and market dynamics [2] - Key stocks in the Hong Kong market, such as "沪上阿姨" (Hushang Auntie) and "泡泡玛特" (Pop Mart), saw significant gains, with increases of over 16% and 6% respectively, indicating robust investor interest [2] - In the A-share market, the consumer sector also experienced a strong rally, with stocks like "欢乐家" (Huanle Jia) and "会稽山" (Kuaijishan) hitting the daily limit, reflecting a broad-based enthusiasm for consumer goods [2] Group 2 - Guojin Securities identifies four main themes in the new consumption sector: 1) Brand expansion into emerging markets, 2) Growth in emotional value sectors such as toys and pet products, 3) Functional value driven by AI applications in e-commerce and education, and 4) Channel transformation focusing on instant retail and cost-effective dining [3] - According to Everbright Securities, the market is likely in a bull phase but may enter a period of wide fluctuations, with a focus on defensive and consumer sectors in the short term, while maintaining interest in TMT and advanced manufacturing sectors for the medium term [3]

Core Insights - The A-share market's consumer stocks have surged, positively impacting Hong Kong's new consumer concept stocks, with notable increases in various companies' stock prices [1] Group 1: Market Performance - Stocks such as "沪上阿姨" rose over 14%, "卫龙美味" increased over 7%, and "泡泡玛特" and "蜜雪集团" both saw gains exceeding 6% [1] - Other companies like "奈雪的茶," "古茗," and "毛戈平" experienced increases of over 5%, while "茶百道," "锅圈," and "老铺黄金" rose over 3% [1] Group 2: Economic Indicators - The National Bureau of Statistics released positive inflation data for October, indicating a 0.2% month-on-month and year-on-year increase in the Consumer Price Index (CPI), marking a shift from decline to growth [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, with the growth rate expanding for the sixth consecutive month [1] Group 3: Government Policy - The Ministry of Finance plans to continue implementing measures to boost consumption, including providing financial subsidies for personal consumption loans in key sectors [1]

Group 1 - The Hong Kong stock market for new consumption concepts showed strength at the beginning of trading on November 10, with notable gains in several stocks [1] - "Hushang Auntie" (02589.HK) surged over 10%, indicating strong investor interest [1] - "Pop Mart" (09992.HK) rebounded with an increase of over 6%, reflecting positive market sentiment [1] Group 2 - Other stocks in the sector, including "Weilong Delicious" (09985.HK), "Naixue's Tea" (02150.HK), "Chabaidao" (02555.HK), and "Mixue Group" (02097.HK), also experienced upward movement [1]

Group 1: Starbucks and Strategic Partnerships - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][20] - The joint venture is based on an enterprise value of approximately $4 billion, and Starbucks expects its retail business in China to exceed $13 billion [1][20] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 [1][20] Group 2: Market Trends and Performance - The trend of international restaurant brands, including Starbucks and Pizza Hut, focusing on lower-tier cities is becoming increasingly significant due to better revenue prospects in these markets [3] - Starbucks has reported that new stores opened in the last two years have contributed to same-store sales growth above average, with many of these new locations in lower-tier markets [3] - Yum China reported a 4% year-over-year revenue growth to $3.2 billion in Q3 2025, with KFC and Pizza Hut also showing positive revenue trends [3] Group 3: Consumer Behavior and Pricing - There is a noted decline in average transaction value for Starbucks, Pizza Hut, and KFC, which may benefit their expansion into lower-tier markets [5] - The overall dining market in major cities like Beijing and Shanghai is contracting, prompting brands to seek growth in less saturated markets [4]