机构：华西证券 研究员：唐爽爽/李佳妮 我们分析，（1）短期来看，消费降级趋势下361 度受益。跑鞋方面，飞燃、飞飚等跑鞋销售表现出 色，专业马拉松竞速跑鞋飞燃5、飞燃5FUTURE 上市，速湃家族3 代全面升级，速湃FLOAT3 以全新中 底科技实现更优缓冲保护和回弹加速；高性能双密缓震越野跑鞋凌刺1 代破界登场，为跑者在山地环境 中提供卓越抓地力与足部防护，为跑步爱好者打造升级脚感。篮球鞋方面，尼古拉约基奇第二代签名蓝 球鞋「JOKER2」于美国首发，搭载碳临界中底科技及前掌轻弹科技框架，满足多类型消费者实战需 求；阿隆 戈登第六代签名篮球鞋AG6上市，产品采用OARING-AREA 弹跳分区和C-FLOW 特调中底， 为篮球爱好者带来更强的启动感受。（2）超品店25 年开店超预期，且连带率、拉新率表现靓丽，26 年 超品店有望持续开店、并贡献店效增长；（3）奥莱、即时零售（与美团闪购及美团团购合作）有望为 公司业绩增长提供新增量；（4）ONEWAY 门店数量为6 家，未来有望持续开店， 为公司收入增长提供 新动力。维持盈利预测， 维持25/26/27 年收入预测116.16/133.53/153.17 ...

证券研究报告|港股公司点评研究报告 [Table_Date] 2026 年 01 月 12 日 [Table_Title] 超品店开店超预期，25Q4 终端流水维持稳健 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1361 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 6.7/3.83 | | 目标价格： | | 总市值(亿港元) | 119.72 | | 最新收盘价： | 5.79 | 自由流通市值(亿港元) | 119.72 | | | | 自由流通股数(百万) | 2,067.68 | [Table_Summary] 事件概述 公司公告 2025Q4 运营数据：361 度主品牌零售流水同比增长约 10%，361 度童装品牌零售流水同比增长约 10%，361 度电商平台零售流水同比录得高双位数正增长。 赛事方面，361°正式官宣获指定为 2025 WTCC 世界网球洲际对抗赛官方供应商，以丰富的大赛赞助经验 助力国际顶级网球赛事高标准呈现 ...

以下文章来源于餐企老板内参 ，作者内参君 餐企老板内参 . 餐饮头部新媒体平台！精准覆盖数百万餐饮产业高质量读者；财经作家吴晓波、源码资本等投资；业务 涵盖媒体传播、峰会、培训、游学餐访、中餐出海、"餐里眼"大数据、"72餐"供应链平台、行研报告 等…(更多资讯服务下载：餐饮老板内参APP) 呷哺集团旗下烤肉副牌趁烧批量倒闭后，2026开年，呷哺将目光盯上"自选模式"，推出全新副牌"呷 哺牧场自选小火锅"，全国首店于2025年12月31日在上海安亭财富广场开出，定位轻奢型自选小火 锅，其中时蔬为15.91元无限畅吃自助，饮品为5.91元无限畅饮自助，以及2.91元、5.91元、8.91元三 档百种菜品随心选，肉品则是自选模式9.91元起。 同时，呷哺集团旗下另一中高端火锅品牌"湊湊"，在近期于多家门店内进行产品、模式、定位的焕新 升级，新增自助选项，分为158元、198元和258元三档。 本文来自微信公众号： 餐企老板内参 ，作者：内参君，头图来自：AI生成 一、一家商场，15家自助餐厅 各大餐饮商圈，正在变成"自助餐"的天下。 根据餐里眼数据显示，截至2025年底全国自助餐品类门店总数接近7.9万家，其中近 ...

餐饮品牌恨不得夹起尾巴做人的日子里，寿司郎活成了最显眼的那个例外。 同一个商场里，预制菜们人人喊打，流水线的寿司郎却排起长龙。线上预约要到一个月后，高峰期现场 等位上千桌，黄牛甚至自研出了以假乱真的排队小程序。 寿司郎的最新战绩，是在去年12月开进遍地是日料的上海。饶是见惯了大场面的上海人，也创下排队 14小时的新纪录[1]。 2025财年（2024.9-2025.9），寿司郎母公司F&LC的销售收入创下4295亿日元的新高，整体营业利 润上涨54.4%。 其中，以中国为首的海外市场做出巨大贡献，收入整体增长42.6%，业务占比达到30%，领导随即立 下"2035财年在中国开店500家"的军令状，约等于萨莉亚花费23年才在中国打下的江山。 不同于昙花一现的网红餐厅，寿司郎主营的回转寿司品类已在中国餐饮界沉浮近30年。土生土长的禾 绿寿司，早在2010年左右就开出超过200家店，是寿司郎的近三倍；同为日本回转寿司巨头的滨寿司 也在2014年就进入中国。 然而，禾绿寿司目前的门店只剩不到50家；滨寿司入华6年才开出12家门店，而近年沾了不少同行的流 量，2024年一年就扩店35家[2][3]。 说好的风水轮流转， ...

以下文章来源于深水财经社 ，作者韩峻 深水财经社 . 挖掘资本市场价值，揭开资本市场内幕。 导语： 宜家中国线上销售占比已超30%，且仍在提升？ 1月7日，宜家中国宣布关闭7家门店！ 要知道，哪怕是现在，宜家依然是都市人周末打卡的"生活灵感圣地"，推着购物车穿过迷宫般的 展厅，坐在样板间里幻想未来之家，最后在出口处买一个2元的冰淇淋，心满意足地满载而归。 可如今却陷入了如此境地。 据了解，目前，宜家在中国大大小小共有41个线下顾客触点。 一下子关闭7家大型门店，也就意 味着缩减了近四分之一 ，这不是小修小补，力度之猛，前所未有。 逛过宜家的朋友都知道，宜家的商场面积动辄三四万平方米，货架堆得满满当当，员工少则上 百，多则两三百。 一口气在华闭店7家 根据宜家中国官方公告，此次关闭的7家门店分布于华东、华南、华北及东北，覆盖多个曾被视 为"潜力市场"的二线城市。 具体来看是，2003年开业的上海宝山商场，也是宜家在中国最早的一批门店之一；还有2005年 开业的广州番禺商场；2012年开业的天津中北商场；2010年后开的南通、徐州、宁波商场，还 有一个最近的2019年才开的哈尔滨商场。 突然关掉，人怎么办？货怎么 ...

Core Viewpoint - Scarcity is defined as the limitation in obtaining resources needed by people, with a focus on time as a crucial factor in both enhancing and destroying scarcity [2][4]. Group 1: Definition of Scarcity - Scarcity in investment refers to a situation where demand for a product remains stable or grows while supply cannot keep pace, often due to a lack of adequate substitutes [2][3][4]. - The definition emphasizes limited supply and the absence of sufficient substitutes [2]. Group 2: Types of Scarcity - Geographic scarcity occurs when a product is unique to a specific location, making it irreplaceable, such as Moutai liquor, which can only be produced in Maotai Town, Guizhou [4]. - Technological scarcity is characterized by monopolistic advantages, as seen with companies like NVIDIA, which have maintained a strong market position through innovation [5][6]. - Non-renewable scarcity refers to resources that are inherently limited and diminish with use, such as indium, which has a very low natural reserve [11]. Group 3: Impact of Time on Scarcity - Scarcity is not constant and can be altered by supply factors; for example, cocoa has seen increasing scarcity due to rising demand and limited production areas [13][14]. - The cocoa market is particularly sensitive to environmental conditions, which can drastically affect supply and prices [14][15]. Group 4: Market Dynamics and Investment Implications - The investment value of certain products can fluctuate significantly over time, influenced by market conditions and consumer behavior [4][17]. - Companies must adapt to changing market dynamics, especially during periods of consumer downgrading, to maintain their competitive edge [17].

Core Insights - The trend of "milk tea-ification" in the baking industry reflects a shift towards incorporating popular milk tea ingredients like taro and glutinous rice into baked goods, appealing to younger consumers [2][3][5] - This trend is not merely a superficial addition of ingredients but represents a deeper strategy to attract young consumers by merging the successful elements of milk tea with traditional baked products [2][12] Industry Trends - The baking industry is experiencing a significant transformation, with products now featuring a variety of ingredients that were previously exclusive to milk tea, such as taro and glutinous rice, becoming central to baked goods [3][5][7] - The introduction of diverse fillings in baked products, such as cheese, cream, and various sweet and savory ingredients, is becoming a key selling point, with consumers increasingly favoring items that are rich in fillings [8][11] Consumer Behavior - Despite a general trend of consumption downgrade, consumers are willing to spend more on innovative and high-quality baked goods, indicating a shift in spending habits towards frequent, enjoyable food experiences [20][22] - The rise in prices for popular baked items, such as bagels and ciabatta, reflects a willingness among consumers to pay for perceived value and quality, with average prices increasing significantly [20][24] Product Innovation - The concept of "doing addition" in product development is prevalent, where traditional baked goods are enhanced with unexpected ingredients, creating new flavor profiles and experiences for consumers [12][14][17] - Localized adaptations of products, such as ciabatta incorporating regional flavors, demonstrate the industry's responsiveness to consumer preferences and the desire for unique culinary experiences [14][17] Market Dynamics - The baking sector is witnessing a rise in average customer spending, driven by a growing demand for quality and health-conscious products, with an annual growth rate of 8% to 10% in customer spending on baked goods [24][26] - The phenomenon of "milk tea-ification" is reshaping consumer perceptions of baked goods, leading to a broader acceptance of innovative and cross-category products in the food market [19][26]

Core Viewpoint - Pizza Hut, under Yum China, has launched a new module called "Pizza Hut Burger," with two independent stores opened in Shenzhen, targeting the single-person dining market and offering freshly made burgers with a unique pizza bread base [3][4]. Group 1: Company Strategy - The new "Pizza Hut Burger" stores are positioned next to existing Pizza Hut locations, indicating a strategic expansion within the competitive fast-food market [3]. - The average customer spending at Pizza Hut Burger is approximately 34 yuan, which is lower than Pizza Hut's average of 50 yuan but slightly higher than KFC and McDonald's at 28 yuan [3]. - This is not the first time Pizza Hut has ventured into the burger market, having previously introduced a burger product line called "Pizza Burger" in April 2024 [3]. Group 2: Market Environment - The Western fast-food market in China reached a scale of 297.5 billion yuan in 2024, with a year-on-year growth of 11.0%, and the number of fast-food outlets increased by 6.6% to 325,000 by March 2025 [4]. - The hamburger segment within the fast-food market is becoming increasingly saturated, with major international brands like KFC and McDonald's each operating around 10,000 outlets, alongside domestic brands such as Wallace and Tastin [4]. Group 3: Challenges and Insights - Experts suggest that the business environment for Pizza Hut Burger may be challenging due to a combination of consumer downgrading and the pursuit of value-for-money options [5]. - The strategy of Yum China involves using a multi-brand approach to mitigate the sensitivity of a single brand to external fluctuations [5]. - Future success in the hamburger segment will require balancing efficiency and customer experience, with operational metrics needing to be finely tuned to maintain quick service while enhancing customer engagement through localized flavors and limited-time offerings [5].

广州珠江新城一带，霸碗的3家门店，单月外卖量稳定在3000单左右；午饭时段的北京望京，农耕记门 前总有外卖小哥排长队取餐；深圳科兴科技园周边，德天顺、帝晚湘味一字排开，密度几乎不输奶茶 店。 刚过去的2025年，"最强牛马饭"的王座，悄悄完成了一次交接。 猪脚饭退居二线，盖码饭登堂入室。 这种"把现炒的肉菜直接盖在白米饭上"的组合，原本是湖南的快餐江湖里最常见的存在。谁也没想到， 它会在短短几年里，一跃成为北上广深打工人的新宠。 《中式米饭快餐品类发展报告》显示，盖码饭所属的中式米饭快餐市场中，有高达58.3%的消费者是上 班族。 某种程度上，盖码饭，已经不再只是食物，而是"上班"本身的一个具象化符号。社交平台上，网友自嘲 玩梗： "月薪3000，也能天天吃两菜一饭，除了爸妈，也就盖码饭会这么富养我。" 资本自然不会错过这股情绪与需求叠加的浪潮。 被称为"盖码饭头部品牌"的霸碗，2018年才创立，短短7年内门店数便超过1100家，跻身千店俱乐部， 规模直逼老乡鸡。耿大叔、状元派等盖码饭品牌，均在3-5年内迈过500店规模门槛。 年轻的打工人们，到底着了盖码饭的什么魔？ "吃快一点" "加个班吧。"在外卖平台下 ...

Core Insights - The article discusses the impact of rising unemployment and changing consumer behavior, highlighting a collective experience of financial strain and adaptation among individuals [1][4][5]. Group 1: Changes in Consumer Behavior - There is a noticeable shift in consumer spending patterns, with high-end dining and luxury brands seeing declines, while affordable options are performing better [3][5]. - Consumers are becoming more rational and cautious in their spending due to decreased income expectations, leading to a focus on essential purchases [3][4]. - The trend of "consumption downgrade" is not limited to the unemployed; even those with jobs are adjusting their spending habits due to a broader economic downturn [5][7]. Group 2: Psychological and Social Implications - The rise in unemployment has led to increased anxiety and feelings of inadequacy among individuals, as societal values often equate worth with employment and income [7][11]. - There is a growing sense of uncertainty that affects mental well-being, with many individuals feeling pressured to be financially cautious [8][11]. - The disparity in consumption patterns is widening the income gap, as lower-income groups are hit hardest by the economic changes [7][8]. Group 3: Positive Adaptations and Societal Responses - Despite the challenges, some individuals are finding new ways to adapt, such as pursuing simpler lifestyles, learning new skills, and exploring alternative income sources [8][9]. - Government and social initiatives are being implemented to support unemployed individuals through training and job placement programs [9][11]. - The article emphasizes the importance of maintaining dignity and hope during difficult times, suggesting that personal value is not solely determined by consumption levels [11][12].