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 ...

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 ...

以下文章来源于那个NG ，作者黄瓜汽水 那个NG . 用关注决定视界｜复杂世界的策展人 出品 | 虎嗅青年文化组 作者 | 黄瓜汽水 编辑、题图 | 渣渣郡 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面 貌、故事和态度。 如果你的生活不如意，不妨来看看正在负债创业的孤勇者。 在全国各地，涌现了一批充满智慧的创业仙人。他们宁可负债几十万，也要在知名奶茶店隔壁开一家杂 牌奶茶店，立志拳打蜜雪，脚踢瑞幸。 看完餐饮创业视频才明白，原来上班领工资是一件多么朴素幸福的事。 创业连麦直播间变成了年轻人的新型解压乐子视频，每天下班之后来上这么一集，真是惬意极了。 @勇哥餐饮创业说，一个付费咨询创业信息的直播间，愣是变成了全网乐子人的春晚。 勇哥教人创业的课程无人在意，但连线创业神人的视频期期爆款。明明是教人创业的老师，摇身一变， 成了拦着普通人盲目创业的神医。 正所谓创业笑传，群贤毕至，少长咸集。你能看到国服目前最全版本的创业英雄。 奶茶店和汉堡店是重灾区，中招套路几乎全国一致—— 从加盟装修开业大吉，到连线勇哥"360度转一圈"，再到收拾收拾准备倒闭，拍摄视频" ...

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。 ...

华西证券股份有限公司 关于 成都红旗连锁股份有限公司 详式权益变动报告书 之 2025 年第三季度持续督导意见 暨 声 明 2023 年 12 月 20 日，商投投资与曹世如女士及其一致行动人曹曾俊先生签 署了《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红旗连锁股份有限 公司之股份转让协议》《表决权放弃协议》《业绩承诺协议》。曹世如女士、曹 曾俊先生拟通过协议转让的方式将持有的合计 93,925,000 股红旗连锁股份（其中 曹世如女士转让 81,855,000 股，曹曾俊先生转让 12,070,000 股）及其所对应的股 东权利、权益转让给商投投资，合计转让股份占公司总股本的 6.91%，在上述股 份转让完成后，曹世如、曹曾俊承诺在弃权期限内放弃其合计所持红旗连锁剩余 的 281,775,000 股股份（占公司总股本的 20.72%）的表决权；同日，永辉超市与 商投投资签署了《四川商投投资有限责任公司与永辉超市股份有限公司关于成都 红旗连锁股份有限公司之股份转让协议》，永辉超市拟通过协议转让的方式将持 有的 136,000,000 股红旗连锁股份及其所对应的股东权利、权益转让给商投投资， 占公司总股本 ...

Core Insights - The recent establishment of a joint venture "Burger King China" between CPE Yuanfeng and RBI Group marks a significant shift in the ownership structure of Burger King's operations in China, with CPE Yuanfeng acquiring approximately 83% control [1][2] - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support expansion, marketing, menu innovation, and operational improvements [1] - The joint venture aims to increase the number of Burger King outlets in China from around 1,250 to over 4,000 by 2035, representing more than a twofold increase [3] Company Background - Burger King entered the Chinese market in 2005 and has undergone several ownership changes, with RBI acquiring full control in 2025 before this latest transaction [2] - CPE Yuanfeng has extensive investment experience in the consumer services sector, with a total investment of approximately 10 billion RMB in various well-known brands [2] Market Context - The expansion plan for Burger King China comes amid challenges, as the brand currently lags behind competitors like KFC and McDonald's, which have over 12,000 and nearly 8,000 outlets in China, respectively [3][4] - The trend of foreign restaurant brands in China shifting to local capital partnerships is evident, as seen with Starbucks recently selling 60% of its Chinese operations to a local investor [3]

（文章来源：证券日报） 证券日报网讯红旗连锁11月10日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东总 数64083户。 ...

Core Viewpoint - Hongqi Chain's stock price has shown fluctuations, with a recent increase of 2.16%, while the company faces a decline in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - As of November 10, Hongqi Chain's stock price reached 5.67 CNY per share, with a trading volume of 1.49 billion CNY and a market capitalization of 77.11 billion CNY [1]. - The stock has decreased by 2.16% year-to-date, but has increased by 2.90% over the last five trading days [1]. - The stock's trading activity shows a net inflow of 16.64 million CNY from main funds, with significant buying and selling from large orders [1]. Group 2: Financial Performance - For the period from January to September 2025, Hongqi Chain reported a revenue of 7.108 billion CNY, a year-on-year decrease of 8.48%, and a net profit of 383 million CNY, down 1.89% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 1.562 billion CNY in dividends, with 926 million CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of October 20, 2025, the number of shareholders for Hongqi Chain is 64,400, a decrease of 1.58% from the previous period [2]. - The average number of circulating shares per shareholder is 17,786, an increase of 1.60% [2]. - The largest circulating shareholder, Hong Kong Central Clearing Limited, holds 35.2285 million shares, a decrease of 19.9774 million shares from the previous period [3].

Core Viewpoint - The report highlights the evolution of the Chinese restaurant industry over the past decade, emphasizing the shift towards chain operations and capital investment, while also outlining future trends and opportunities for growth in the sector [4][6][9]. Industry Overview - The chain rate of the Chinese restaurant industry has reached 23%, with revenue approximately 6.4 trillion RMB and nearly 9 million stores [4][6]. - The past decade has been characterized as the "chain era," marked by significant capital investment and the emergence of influential associations like the China Chain Store & Franchise Association [4][6][8]. Future Trends - The report anticipates that the chain rate will rise to 25% in 2025 and potentially reach 28% by 2026 [14]. - Key trends identified for the next decade include the evolution of chains, the globalization of Chinese cuisine, and a focus on cost reduction while maintaining quality [10][12][14]. Restaurant Categories Hot Pot - The number of hot pot restaurants in China is approximately 528,298, with a net increase of 62,000 stores [17][18]. - Haidilao has initiated the "Pomegranate Plan," which aims to empower new brands using its supply chain and operational capabilities, resulting in significant revenue growth [18][19]. Barbecue - The barbecue segment has around 413,682 operating stores, with a net increase of 16,029 [33]. - Brands like "Very Long Ago" and "Guan's Chicken Wings" exemplify different operational philosophies, focusing on quality and customer relationships [36][39]. Regional Cuisines - Hunan cuisine is experiencing a transformation into a national favorite, with brands like "Fei Chef" emphasizing fresh ingredients and healthy cooking methods [70][76]. - Sichuan cuisine faces challenges in scaling due to reliance on franchising and a lack of standardized operations, which hinders brand strength [79][84]. Cantonese Cuisine - Cantonese cuisine is expanding both nationally and globally, with brands like "Dian Dou De" successfully adapting their offerings to attract a broader audience [93][94]. - The focus on fresh supply chains and innovative dining experiences is driving growth in this segment [95][96]. Jiangsu-Zhejiang Cuisine - Jiangsu-Zhejiang cuisine, known for its delicacy and refinement, has around 110,463 operating stores, with a focus on cultural experiences and high-quality ingredients [104][106]. - The global appeal of dishes like soup dumplings is highlighted as a key opportunity for international expansion [108].