这是新消费智库第 2 6 2 2 期文章 新消费导读 "好吃"和"吃好"都重要。 编辑：竺天 审核： Single 来源： 巨量引擎 4 月 25 日，抖音生活服务 2025 年 " 心动榜 " 在北京正式发布，全国 40 座城市的 2117 家餐厅上榜。 相比去年首次发榜，此次 " 心 动榜 " 新增 18 个城市， 1689 家餐厅首次上榜， 428 家餐厅连续两年在榜。 榜单评选标准聚焦用户美好消费体验，在兴趣内容关注、 消费意愿、购买体验、购后反馈等环节设立衡量指标，让提供 " 心动 " 就餐体验的优质餐饮商家，获得更多被看见的机会和平台专项激励。 随着区域文旅和美食文化消费的不断发展，越来越多特色城市在抖音持续走红，今年的 " 心动榜 " 就新增了无锡、扬州、泉州、哈尔滨、淄 博、保定等抖音网友颇为关注的 " 网红 " 城市，深入市井街巷，挖掘 " 风味 "" 氛围 "" 人气 " 新特色商家，注重餐厅为消费者带去的真 实感受。 就餐体验成商家出圈亮点， 消费者期待心动体验 从把晋商文化融入菜品创新、一道非遗乔府醋鱼成为食客心中 " 白月光 " 的杏花堂，到拥有 8000 平全品类自助特色、用短视频 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.376 billion yuan in 2024, a year-on-year decrease of 41.44%, and a net profit attributable to shareholders of -135.45 million yuan, a year-on-year decrease of 147.97%. However, in Q1 2025, the company achieved a revenue of 382 million yuan, a year-on-year increase of 29.81% [7][8] - The company is actively expanding its consumer cultural tourism business and investing in IP incubation and technology, which has led to a decrease in gross margin by 6.90 percentage points to 22.98% in 2024. Despite this, the company has a significant increase in contract liabilities, which grew by 333 million yuan to 813 million yuan by the end of 2024, indicating potential for future revenue growth [7][8] - The company is focusing on the experience economy, integrating culture, technology, and consumption to create new business opportunities. Projects like the "Hefei City Memory Museum" have attracted many visitors, showcasing the company's innovative approach [7][8] Financial Summary - The company's total revenue is projected to be 1.805 billion yuan in 2025, with a year-on-year growth of 31.14%, and a net profit of 175.62 million yuan [1][8] - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with corresponding price-to-earnings (P/E) ratios of 32.11 for 2025, 22.17 for 2026, and 17.67 for 2027 [1][8] - The company’s gross margin is expected to improve to 28.01% in 2025, with a net profit margin projected to be 9.73% [8]

随着旅行者的脚步不断深入，湖南也悄然完成了从"网红打卡"到"深度体验"的进化。"好吃"不再是湖南最大的标签，长沙也不再是唯一的流量担当，去醴陵 感受瓷都魅力、去郴州高椅岭徒步探秘丹霞奇观、去芙蓉镇夜游感受不一样的"魔幻世界"，丰富多样的湖南新玩法正成为年轻人热衷探索的目标。 3月29日，由湖南省文化和旅游厅、共青团湖南省委、湖南省人力资源和社会保障厅、湖南省教育厅联合主办，各市州文化旅游广电（体育）局等多部门协 办的湖南文旅"新花YOUNG"生态大会暨青年主理人友好发展大会在长沙七彩盒子召开。大会聚焦文旅融合创新与青年主理人成长，会上发布了省文旅厅与 马蜂窝联合打造的《湖南文旅2024新花YOUNG旅游大数据报告》、《湖南"新花YOUNG"玩法宝典》及《主理人手册》。马蜂窝AI具身智能亮相大会，并 为与会嘉宾现场展示了其在文旅场景中的创新应用。 本次大会的另一大亮点是由马蜂窝旅行达人、青年主理人及文旅从业者组成的"株洲新玩法"体验团。团员们在专业人士的带领下，于株洲国际赛车场学习专 业赛车驾驶，在小周庄体验汉服文化并学习摄影技巧，在六八文创艺术空间感受工业风与艺术氛围完美融合，湖南小众目的地的新玩法，用鲜活生 ...

Core Viewpoint - The luxury watch market, particularly for Rolex, is experiencing a significant decline in second-hand prices, indicating a broader systemic crisis in the luxury goods industry [2][3][4]. Group 1: Market Trends - Rolex's second-hand prices have plummeted from 1.2 million to 500,000, a drop of over 58% [2]. - Other luxury watch brands like Patek Philippe and Audemars Piguet have also seen price declines of 6.5% and 7.4% respectively [3]. - The luxury goods sector is facing challenges, with Kering Group's revenue dropping by 15% in 2023 and Prada reducing the price of its classic nylon bags by 20% [3]. Group 2: Supply and Demand Dynamics - The primary reason for the collapse in the second-hand market is Rolex's mismanagement of supply and demand, which has eroded the perceived value of its watches as investment items [5][6]. - Rolex increased its annual production from 1 million to 1.24 million watches in 2022, leading to a significant reduction in the exclusivity that previously supported high prices [7]. - The introduction of officially certified refurbished Rolex watches has further disrupted the second-hand market by providing consumers with a safer purchasing option, thus diminishing the expected scarcity [8]. Group 3: Consumer Behavior and Economic Factors - The luxury market is witnessing a shift in consumer behavior, with middle-class consumers moving towards practicality and value for money, leading to a decline in luxury spending [11][14]. - High net-worth individuals are increasingly favoring gold as a more stable investment compared to luxury watches, reflecting a broader trend of declining confidence in luxury goods as investment vehicles [9][13]. - The financial pressures of housing, education, and healthcare are forcing consumers to cut back on discretionary spending, contributing to the overall decline in luxury consumption [15]. Group 4: Future Directions for Luxury Brands - Luxury brands may need to pivot towards experiential consumption and technological integration to attract consumers, as evidenced by Moncler's successful experiential marketing strategies [21]. - The potential for "light luxury" products, which offer high-end technology at lower price points, could be a viable strategy for brands looking to expand their customer base [20]. - The luxury goods industry must find new value anchors, as the traditional notions of scarcity and financialization are being challenged by changing consumer perceptions [22][23].