出品/茶咖观察 作者/刘淑娟 编辑/蒙嘉怡 2025年10月，新茶饮行业整体拓店节奏放缓。壹览商业监测的30个连锁品牌合计现有门店总量13.38万家，单月新开3247家、关闭3062家，净增长186家，环 比增长0.14%。 | 品牌 | 开店(家) | 关店(家) | 净增(家) | 净增率 | 现存门店(家) | | --- | --- | --- | --- | --- | --- | | 蜜雪冰城 | 736 | 804 | -68 | -0.15% | 44166 | | 古名 | 441 | 226 | 215 | 1.69% | 12905 | | 沪上阿姨 | 416 | 143 | 273 | 2.64% | 10616 | | 茶白道 | 192 | 282 | -90 | -1.09% | 8189 | | 霸王茶姬 | 106 | 109 | -3 | -0.04% | 6986 | | 益禾堂 | 209 | 143 | 66 | 0.96% | 6962 | | 甜啦啦 | 181 | 341 | -160 | -2.67% | 5840 | | 书亦烧仙草 | 122 | 205 ...

" 外卖大战是电商补贴战的「复刻版」。 " 作者丨 成妍菁 陈溧水 编辑丨 董子博 十一月 的北京，气温 已跌破零点 ，路过茶饮门店的时候，发现很多当季产品从主打冰杯都变成了热饮推 荐。 淡季魔咒叠加平台补贴退潮，不少茶饮商家开始坦言 "怕撑不过这个冬天"。 有业内人士形容此场从暑假延续到今冬的战争： 茶饮就像百亿补贴里的 iPhone 手机，是 平台 用来 获取 流量、 撬动用户的。 当然，还有一个更精准的论断 —— 今之外卖大战，犹如十几年前的电商价格战的延续 ， 仍然是通过低价 补贴重构行业规则，简单、粗暴、速效。 高达 90% 的女装退货率、图书出版行业的凋敝，以及茅台经销 商频繁控诉破价，都是链条下游的电商商家所感到的压力。 外卖大战给商家带来的后遗症也与之类似。 " 1 元咖啡"，不仅改变了用户心智，对茶饮行业、茶饮品牌、茶饮单店，都有不可逆的损伤。 从瑞幸咖 啡财报看， Q3 配送支出高达 28.9 亿，高出去年同期近 20 亿，吃掉了当季瑞幸所有增量利润。 另一边，蜜雪冰城从一路高涨的 6 00 港元跌至 376 港元 ，管理层在路演中承认，外卖补贴的拉动效应 正在减弱。 据 GeoQ Dat ...

11月20日，红旗连锁跌3.26%，成交额2.16亿元。两融数据显示，当日红旗连锁获融资买入额2814.27万 元，融资偿还2256.29万元，融资净买入557.99万元。截至11月20日，红旗连锁融资融券余额合计3.16亿 元。 融资方面，红旗连锁当日融资买入2814.27万元。当前融资余额3.15亿元，占流通市值的4.11%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，红旗连锁11月20日融券偿还2100.00股，融券卖出1.22万股，按当日收盘价计算，卖出金额 6.87万元；融券余量16.81万股，融券余额94.64万元，低于近一年50%分位水平，处于较低位。 截至10月31日，红旗连锁股东户数6.41万，较上期减少0.44%；人均流通股17865股，较上期增加 0.45%。2025年1月-9月，红旗连锁实现营业收入71.08亿元，同比减少8.48%；归母净利润3.83亿元，同 比减少1.89%。 分红方面，红旗连锁A股上市后累计派现15.62亿元。近三年，累计派现9.26亿元。 机构持仓方面，截止2025年9月30日，红旗连锁十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

顾客在泡泡玛特英国伦敦牛津街店内选购。 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。" 像阮秋玄这样的越南年轻人不在少数。河内师范大学的学生陈氏梅甚至组建了"中国古装剧迷"社团，不 时举办观影活动。"《甄嬛传》里精致的宫廷礼仪，《知否知否应是绿肥红瘦》中展现的宋代美学， 《庆余年》里巧妙的诗词运用，都让我们着迷。"她说。 在英国伦敦卡姆登区，一名小女孩刚走出中国潮玩门店，就迫不及待地拆开手中的"拉布布"盲盒，脸上 绽放出笑容。身旁的父亲轻声问："是不是很开心？"小女孩用力地点了点头。 如今，在伦敦的地铁、街头，记者时常能看到背包上挂着"拉布布"、哪吒等中国潮流玩具的行人，每有 中国潮玩新店开业也总能吸引大量粉丝排队等候。 新华社记者 李 颖摄 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。 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 ...

证券之星消息，11月17日一般零售板块较上一交易日上涨0.63%，赫美集团领涨。当日上证指数报收于 3972.03，下跌0.46%。深证成指报收于13202.0，下跌0.11%。一般零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002356 | 赫美集团 | 3.94 | 10.06% | 180.43万 | 6.78亿 | | 600327 | 大东方 | 6.14 | 10.04% | 74.48万 | 4.56 Z | | 600693 | 东自集团 | 11.70 | 6.36% | 221.47万 | 25.85 Z | | 000417 | 合百集团 | 7.48 | 6.25% | 1 70.18万 | 5.14亿 | | 600828 | 成 商业 | 4.48 | 2.99% | 31.25万 | 1.39亿 | | 600280 | 中央商场 | 3.56 | 2.01% | 30.60万 | 260"I | | 000882 | 未联股份 | 2 ...

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 ...

Group 1: Chinese New Tea Beverage Industry - Chinese new tea beverage brands like Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, particularly in Malaysia, by combining cultural elements with their products to enhance their appeal [2][3] - The Malaysian market is witnessing a significant increase in the market share of Chinese tea brands, which are transitioning from passive followers to active participants in the global market, showcasing strong cultural attraction [2] - The incorporation of Chinese visual elements such as characters and traditional patterns into brand identity enhances brand recognition and consumer loyalty, reflecting cultural confidence and creativity of Chinese enterprises in overseas markets [3] Group 2: Chinese Television Dramas - Chinese historical dramas like "Journey to the West," "Empresses in the Palace," and "Nirvana in Fire" have gained immense popularity in Vietnam, with viewers discussing plots and characters passionately [4][5] - The cultural values portrayed in these dramas resonate deeply with Vietnamese audiences, fostering a better understanding of Chinese history and traditions [5] - The ongoing cultural exchanges between China and Vietnam are strengthening the ties between the two nations, enhancing mutual understanding and friendship [5] Group 3: Chinese Trendy Toy Industry - Chinese trendy toy brands such as Pop Mart are rapidly expanding in the UK, with plans to open additional stores, reflecting a growing market presence [6] - The sales of blind boxes from Chinese brand Miniso are increasing significantly, with a reported 63% growth in the past year in the UK [6] - Trendy toys are increasingly incorporating Chinese cultural elements, with brands like 52TOYS achieving success in Thailand by creating culturally inspired products that resonate with local consumers [6][7] - The success of these brands highlights the potential of Chinese creative products in the global market, showcasing the ability to connect emotionally with consumers [7]

Core Viewpoint - The article discusses the phenomenon of young entrepreneurs in China who, despite facing significant financial risks, are determined to start their own businesses, often leading to failure and debt. It highlights the common pitfalls and the influence of fast-track recruitment companies that exploit these aspiring entrepreneurs [5][101]. Group 1: Entrepreneurial Trends - A new wave of entrepreneurs is emerging, willing to incur substantial debt to open businesses, particularly in the food and beverage sector, such as tea and burger shops [5][11]. - Many entrepreneurs are drawn to the idea of starting their own businesses without conducting proper market research, leading to poor decision-making and financial losses [16][17]. - The article illustrates various entrepreneurial archetypes, including those who rely on loans and leverage to start their businesses, often resulting in significant debt [16][34]. Group 2: Common Pitfalls - Entrepreneurs frequently fall victim to fast-track recruitment companies that promise easy success but often lead to financial ruin [101][105]. - Many aspiring business owners lack basic business acumen, such as understanding market demand and competition, which contributes to their failures [17][94]. - The article provides examples of individuals who invested heavily in franchises without proper due diligence, leading to rapid financial losses [20][24][88]. Group 3: Case Studies - A case study highlights a woman who lost 900,000 yuan in just six days after opening a poorly chosen franchise, illustrating the risks of blind entrepreneurship [20][24]. - Another example features a man who invested 100,000 yuan in a lavishly designed tea shop but faced daily losses due to poor location and competition from established brands [34][36]. - The article also discusses a woman who opened a juice shop next to a popular brand, believing her product would attract customers despite the overwhelming competition [70][79]. Group 4: Market Dynamics - The article emphasizes the saturation of the food and beverage market, particularly in the tea and coffee segments, where established brands dominate and new entrants struggle to survive [111][105]. - It notes that many entrepreneurs are misled by the allure of trendy brands and fail to recognize the realities of market competition [89][120]. - The influence of social media and fast-track recruitment companies exacerbates the issue, as they promote unrealistic success stories that entice individuals to invest without proper understanding [120][121].

红旗连锁公告称，2023年12月20日，商投投资分别与曹世如、曹曾俊及永辉超市签署股份转让协议，受 让2.30亿股，占总股本16.91%；曹世如、曹曾俊还放弃2.82亿股（占20.72%）表决权。2024年11月11 日，标的股份过户完成，公司控股股东变为商投投资，实控人变为四川省国资委。持续督导期内，收购 人及公司依法运作，收购人履行承诺和后续计划，公司未为收购人及其关联方提供担保或借款。2025年 9月24日，公司聘任谭柳为董事会秘书。持续督导于2025年11月11日结束。 ...