周六福被热捧的外部因素之一，是老铺黄金股价屡创新高，市场寄望周六福成为下沉市场的"王者"复制 老铺黄金的奇迹，但它似乎"后劲不足"。上市仅两周余，周六福股价已经坐过山车一般，冲上过52.5港 元/股的高点又迅速回落。 周六福走的是与老铺黄金完全不同的商业模式。它的扩张主要通过加盟，而且没有自有工厂，对加盟商 是"合作"的关系，双方没有强绑定，加盟商的货品可以不全部从周六福采购，采取了一种完全"轻资 产"的卖品牌模式。 同时，从资本市场的实操角度，周六福股权过于集中以及上市前的突击分红，也为这家黄金饰品企业未 来的股价表现，罩上了不确定性。多重夹击下，周六福股价掉头向下。 21世纪经济报道记者吴抒颖 广州报道 上市之初威风了一阵的周六福，股价近期震荡下行。 2025年7月11日，周六福收于34.6港元/股，下挫7.49%，总市值为149.66亿港元。相比26.7港元/股的开盘 价，周六福当下的股价仍有不小涨幅，但与上市时被热捧相比，投资者的心态已然变化。 上市之前，周六福热度颇高。在认购阶段，周六福全球发售5382.92万股H股股份，香港公开发售占 43.48%，国际发售占56.52%。定价24港元/股，全球发 ...

（图片来源：视觉中国） 蓝鲸新闻7月10日讯（记者 邵雨婷）在多次冲A折戟后，老乡鸡也来到港股，冲击"中式快餐第一股"。7月7日，港交所官网显示，老乡鸡向港交所 主板递交上市申请，中金公司和海通国际为其联席保荐人。 值得注意的是，在两次冲击A股失败之后，老乡鸡的两家早期财务投资者选择"落地为安"退出了股东行列，完成股权回购后，老乡鸡成为一家典 型的家族型企业，创始人家族持有公司绝大部分股权，目前公司由创始人之子接棒。 尽管老乡鸡是中国最大的中式快餐店品牌，为了快速提升市场份额，老乡鸡通过开放加盟模式，近年来开店步伐明显提速，平均每年新增118家门 店。不过，加盟店的生意并不好做，老乡鸡加盟商中一半以上为前员工转化，加盟门店的各项关键指标表现要弱于直营门店。 平均年增118家门店，加盟店近半为前员工经营 据老乡鸡官网，其加盟费约5万/年，单店加盟授权期为5年，门店面积在100到150平方米，开店人员不低于8人参加培训并通过培训考核，当前仅 江苏省、浙江省、湖北省（大部分地区）可以加盟。 值得一提的是，老乡鸡加盟商中一半以上为前员工转化。2022年至2025年前四个月，分别有59名、101名、241名及272名加 ...

Core Viewpoint - The article analyzes the competitive landscape of the tea beverage industry, focusing on four major players: Gu Ming, Cha Bai Dao, Hu Shang A Yi, and Mi Xue Bing Cheng, particularly examining their business models and supply chain strategies to identify potential winners in the market [1][4]. Group 1: Business Model Analysis - Gu Ming, Cha Bai Dao, and Hu Shang A Yi were initially regional brands that expanded nationally through a franchise model, with nearly 10,000 stores each by 2024 [4][5]. - The core product offerings of these brands are similar, focusing on fresh milk tea and fresh fruit tea, with prices generally between 10-20 yuan [4][5]. - All four brands utilize a franchise model, generating revenue primarily through franchise fees and sales of ingredients and materials to franchisees [7][11]. Group 2: Supply Chain Comparison - Mi Xue Bing Cheng has the strongest supply chain, leveraging direct sourcing and self-production to minimize costs, while Gu Ming follows closely with a robust supply chain and its own cold chain logistics [13][15]. - Cha Bai Dao and Hu Shang A Yi have weaker supply chains, relying heavily on third-party logistics, which limits their cost control and can lead to quality inconsistencies [16][18]. - The supply chain capabilities significantly impact the brands' resilience during market pressures, with Mi Xue Bing Cheng and Gu Ming showing stability, while Cha Bai Dao and Hu Shang A Yi face declining same-store sales [16][18]. Group 3: Expansion Strategies - Gu Ming employs a unique regional densification strategy, focusing on achieving critical scale within provinces before expanding to neighboring areas, contrasting with the national spread of its competitors [19][20]. - This strategy allows Gu Ming to maintain a high density of stores in key provinces, enhancing supply chain efficiency and reducing logistics costs [24][25]. - Gu Ming's approach has resulted in a significant market share in its initial provinces, with over 25% in Zhejiang, Fujian, and Jiangxi, and a dominant position in the mid-range price segment [28][29]. Group 4: Product Development Strategy - Gu Ming adopts a fast-fashion approach to product development, quickly introducing and iterating on popular items while maintaining a high research and development investment [30][31]. - This strategy allows Gu Ming to respond effectively to changing consumer preferences, achieving a high acceptance rate for new products and a quarterly repurchase rate of 53% [31][32]. - The competitive advantage lies in the ability to provide high-quality products at competitive prices, driven by an efficient supply chain [32][36].

2025 年 6 月 30 日 耐用消费品及服装: 中性 证券研究报告 / 首次覆盖报告 蜜雪集团 (2097 HK, 买入, 目标价: HK$660.00) 确定性源自对极致性价比模式的深刻理解 性价比定位确保广阔受众，合理利润分配成就万店加盟：蜜雪从最初的刨冰果断转向更具 规模且更易标准化的现制茶饮赛道，以及定位极致性价比紧抓下沉市场庞大需求无不体现 其独到的市场洞察力；平衡标准化与受众群体构造单店模型也为后续连锁扩张奠定了坚实 根基。作为首家突破万店的茶饮品牌，蜜雪的渠道扩张则演绎了加盟模式"持续寻求利润 分配最优解"的生意本质——初期尽量降低加盟商的准入成本与充分让利迅速展店，而后 随门店数量不断提升积极变革管理模式与渠道策略，确保门店运营高度标准化与单店盈利 相对稳定，持续调整利润分配方案。在管理没有跟上扩张速度的时候蜜雪暂停扩张、变革 管理，在选择多、粘性低的餐饮赛道依然可以迅速重拾品牌势能、重启扩张，展现了不俗 的纠错能力。公司四万余家加盟店的开拓与行业领先的盈利能力并非偶然，而是水到渠成 的必然结果。 高效撬动外部营销资源，供应链上延下伸降本增效：蜜雪先与深耕餐饮营销的华与华合作 打造视听记忆 ...

以下文章来源于中国企业家杂志 ，作者苗诗雨 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 "黄金热"之下，这家拥有超过4100家门店的连锁珠宝品牌商吃到红利。此前，作为珠宝行业公认的前五大品牌（周六福之外，还有周大福、老凤祥、周大 生、中国黄金）之一，它是唯一一家没有登陆资本市场的企业。三次尝试A股IPO失败之后，周六福创始人李伟蓬、李伟柱两兄弟此次终于在港股完成夙 愿。 但在20多年的发展史中，周六福和"李氏兄弟"的灵魂人物李伟柱一直饱受争议。 最大的争议点自然是其"重加盟、轻直营"的商业模式，这在极其讲究品牌历史沉淀和信誉度的珠宝首饰领域，被认为是"异类"。但无法否认的是， 周六福是 入行最晚的，也是拓店4000家最快的品牌商，后来居上势必对应着一些非常规手段。 李伟柱的营销天赋也是"双刃剑"。媒体但凡提到周六福，都会拿"周大福山寨版"打趣它。周六福以"周"姓开头，但创始人并不姓周。创立初期，港资品牌在 国内市场盛行。不得不说，李伟柱取的这个名字，"双押"周大福和六福珠宝两个品牌，在其最核心的目标市场——三、四线城市中，有很强的"引导"性。 这也让周六福在一个传统行业中势如破竹。行业内直到现在都在流 ...

Core Viewpoint - Zhou Li Fu has successfully completed its long-awaited IPO journey, officially listing on the Hong Kong Stock Exchange, marking a significant milestone for the company founded by the Li brothers [1][3]. Company Overview - Zhou Li Fu, established in 2004, is a prominent Chinese jewelry brand engaged in the research, design, production, and sales of jewelry, operating through both offline stores and online channels [5][9]. - The company originated from the Shenzhen Luohu area, known for its concentration of jewelry businesses, and has grown to become a major player in the industry [5][9]. IPO Details - The IPO price was set at 24 HKD per share, with the stock opening at 26.7 HKD, reflecting a rise of over 10% [3]. - As of 10:37 AM on the listing day, the stock price reached 27.45 HKD, marking a 14.38% increase and a total market capitalization exceeding 118.73 billion HKD [3]. Financial Performance - Zhou Li Fu's revenue has shown strong growth, with figures of 31.02 billion RMB in 2022, 51.50 billion RMB in 2023, and 57.18 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 35.8% [13][17]. - The net profit for the same years was 5.75 billion RMB, 6.60 billion RMB, and 7.06 billion RMB, with a CAGR of 10.8% [13][17]. - Despite the growth, the company experienced a significant slowdown in revenue growth from 66% to approximately 11% in 2024, indicating a potential decline in growth momentum [17]. Business Model - Zhou Li Fu primarily operates through a franchise model, with 97.8% of its 4,129 stores being franchisee-operated, which contributes to 90.5% of its total revenue [17][18]. - The company has been adjusting its business structure to reduce reliance on franchise income, with online sales contributing significantly to its revenue [18]. Market Position - Zhou Li Fu is the only major jewelry brand among its peers, such as Chow Tai Fook and Lao Fu Huang, that has not been publicly listed until now [20]. - The current market environment for gold and jewelry is favorable, with rising consumer demand, positioning Zhou Li Fu to potentially become a standout stock in the market [21].

以下文章来源于盐财经 ，作者李含章 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 "我们寻找的是认同海底捞企业文化，认同长期主义的加盟商。"海底捞董事会副主席周兆呈在接受 盐财经记者采访时表示，除了一些资金上的硬性要求，公司还会对申请的潜在加盟商进行三轮以上的 资质审核，来评估其是否与海底捞的经营理念一致。 根据海底捞提供的数据，截至2024年底，2万余份申请中，已有超过1万多个申请者走完了评审流 程，而完成交割的加盟店仅有13家，其中10家为老店转让，3家为新开店铺。 将投中网设为"星标⭐"，第一时间收获最新推送 县城隐形富豪，藏不住了。 作者丨 李含章 编辑丨 江江 来源丨 盐财经 手握千万资金，却未必能叩开海底捞的加盟大门。自2024年3月海底捞正式宣布开放加盟后，收到 了2万余份申请，而其中能通过评审成功加盟者，不足0.1%。 海底捞开出餐饮业几乎最为"苛刻"的加盟条件：不仅需要加盟者可投入资金不低于1000万元（不包 含贷款），还需要加盟商具备多店发展的财务基础，以及有地方物业资源具备企业管理经验等条件。 2024年3月4日，海底捞开放加盟 低通过率也表明海底捞面对加盟这一动作的谨慎 ...

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].

在托管行业，自营模式看似节省了加盟费，实则暗藏诸多隐性成本与风险。以下从品牌、运营、成本、发展四大维度，揭示自营模式为何对新手极不友好， 进一步佐证加盟模式的必要性。 托管行业的运营涉及数十个细节环节，自营者极易陷入"救火式管理"： 1. 师资管理难题：教师招聘、培训、留存全靠个人摸索。某自营机构因未建立教师考核体系，直接导致学生退费。 2. 服务标准化缺失：从接送流程到作业辅导，缺乏标准流程会导致服务质量波动。家长可能因一次不愉快体验（如孩子作业错误未被纠正）选择退费。 3. 安全风险高发：消防、食品、人身安全等环节需自行制定预案。某自营机构因未配备急救设备，发生学生轻微擦伤后遭家长投诉，最终赔偿。 自营机构需独自完成品牌从0到1的积累，这一过程充满挑战： 1. 市场认知度低：家长对陌生品牌天然警惕，自营机构需投入大量时间与资金进行口碑传播。某自营机构创始人曾坦言："开业前三个月，我每天站在校 门口发传单，家长接过传单的第一句话永远是'你们是正规的吗？'" 2. 获客成本高昂：缺乏品牌背书，自营机构需通过地推、线上广告等方式获客，但是转化率低。 3. 价格天花板明显：家长对非品牌机构的信任度低，导致自营机构 ...

说起名创优品，就不得不提其创始人叶国富的创业历程。2004 年，叶国富创立了饰品连锁公司哎呀呀，通过 「10 元店」的商业模式迅速占领市场。巅峰时期，哎呀呀在全国拥有 3000 多家门店。然而，随着电商的普 及，几乎所有商品都能从义乌进货，哎呀呀总部提供的商品缺乏差异化设计且价格偏高，加盟商逐渐脱离了哎 呀呀的管理和供应链体系。尽管 2012 年前后哎呀呀逐渐淡出人们的视野，但它为叶国富积累了美妆、饰品类 的供应链资源和一批加盟商追随者，这些都成为名创优品后续扩张的重要基础。 2013 年，叶国富将 10 元饰品店的模式应用到全品类家居店上，在广州开出第一家名创优品。凭借性价比优 势、高频推新品策略和加盟模式，名创优品迅速在全国遍地开花。吸取哎呀呀的经验教训，名创优品在供应链 建设上投入了更多精力，包括与供应商联合开发产品、买断版权以确保独家货源，并根据订单规模确定采购价 格。此外，公司在供应商履约的前提下承诺不压货款，以此稳定合作关系。2015 年，名创优品门店数量突破 千家，同年在东南亚开出第一家海外门店，随后向北美、欧洲市场扩张。截至今年 3 月底，名创优品的总门店 数达到 7488 家，其中海外门店超 ...