Core Viewpoint - The company, Furuida, reported a strong performance in Q1 2025, with significant growth in its core brand Yilian and a focus on brand enhancement and technological innovation amidst a volatile external environment [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 876 million yuan and a net profit of 50.71 million yuan, aligning with market expectations [2]. - The cosmetics segment generated a revenue of 526 million yuan with a gross margin of 61.1%, indicating strong profitability [2][3]. Group 2: Brand and Product Development - The Yilian brand recorded a revenue of 250 million yuan, a 25% year-on-year increase, with spray product sales surging by 69% [2]. - The company plans to focus on its two main brands, Yilian and Aier Doctor, and enhance product lines in sprays, probiotics, and collagen to drive growth [2]. Group 3: Research and Development - The company invested approximately 42 million yuan in R&D in Q1 2025, focusing on new product development and technological breakthroughs across cosmetics, pharmaceuticals, and raw materials [3]. - The company has achieved 12 new patent authorizations and launched 47 new products in the first quarter [3]. Group 4: Pharmaceutical and Raw Material Business - The pharmaceutical segment generated a revenue of 108 million yuan, remaining stable year-on-year, with a gross margin of 54.8% [3]. - The raw materials and additives segment achieved a revenue of 86 million yuan, a 2.4% increase year-on-year, with a gross margin rising nearly 10 percentage points to 39.54% [3].

来源 | 贝多财经 撰稿 | 多客 曾经的网红零食品牌三只松鼠（SZ:300783），在港股上市推进的同时，也开始进入多事之秋。 4月29日，三只松鼠发布了2025年一季度报告，虽然营业收入小幅上升，但是净利润却仅为2.39亿元，同比下滑22.46%，扣 非净利润更是大幅下降高达38.31%，暴露出三只松鼠增收不增利的现状。 这给其港股上市的前景蒙上了一层"阴影"。尽管三只松鼠2024年营收重回百亿，但一季度净利润和产品质量问题高发，引 发了市场对其"高端性价比"战略可持续性的担忧。一季报发布后，三只松鼠A股市场连续下跌。 同时，根据三只松鼠的港股招股书显示，三只松鼠的饿线下门店数量，已经从2020年的1043家锐减至2024年的333家，线下 收入占比不足30%，和竞争对手良品铺子超过2700家门店形成鲜明的对比。 在这种情形之下，三只松鼠的港股上市前景能是一片光明吗？ 一、"高端性价比"战略濒临破产 如果单看三只松鼠的2024年年报，表面上看十分亮眼。2024年，三只松鼠的营业收入为106.22 亿元，同比增长49.30%，归 母净利润为4.08 亿元，同比增长85.51%。 | | 2022年 | | ...

以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 做餐饮，上红餐 ！关注我，干货多！ 烘焙赛道的"轮替周期"短暂，这次，海底捞能成吗？ 最近，海底捞旗下烘焙品牌"拾㧚耍·SCHWASUA" （下文简称"拾㧚耍"） 在杭州正式开业。 红餐网从店员处了解到，自五一开业以来，门店热度居高不下，部分热门产品在上午11点左右就已售 罄。 图片来源：小红书@碳水又贪睡 "火锅一哥"的烘焙店到底长啥样？海底捞跨界卖面包能不能成？ 海底捞跨界卖面包，面包5.8元起 拾㧚耍位于杭州西湖银泰百货1楼，主打"安心吃、放心耍"的品牌理念。 1、主打性价比，多款面包低于10元 拾㧚耍的产品定价相对亲民， 最便宜的面包仅售5.8元 ，不少消费者评价称，"价格好良心""性价比超 级高"。 大众点评显示，拾㧚耍的人均客单价在10+元，且 店内多款产品位于10元以下价位 ，如5.8元的黑麦蔓 越莓、6.8元的白芝麻海盐卷、8.8元的小熊面包以及18元5个的mini款麻薯、可颂等。 图 片来源：公众号@ 红餐网 据店员介绍， 目前门店面包产品有50余款 ，涵盖欧包、可颂、法棍、吐司等常见烘焙品类和核桃马里 奥、小熊面包等网红产品，门店还推出了 ...

Group 1 - The core viewpoint of the article highlights a significant wave of closures in the Hong Kong restaurant industry, with many long-standing local brands shutting down due to various challenges [1][2][10] - The closure of "Sea Emperor Congee," a well-known chain, marks a notable event, as it was the first chain congee shop in Hong Kong, which had peaked with 30 locations and daily sales of 16,000 bowls [2][4] - Other notable closures include "Golden Milk Pudding," "Yuan Zhou Beef Noodles," and "Lo Fu Kee," indicating a broader trend affecting multiple established brands [5][9][10] Group 2 - The restaurant industry in Hong Kong is facing unprecedented challenges, with a combination of external factors such as local consumer outflow and weak tourist spending leading to a significant decline in restaurant consumption [11][15] - The influx of Hong Kong residents into mainland China for consumption has intensified, with 2024 seeing 81.91 million trips and a spending total nearing 55.7 billion HKD, reflecting a shift in consumer behavior [12][14] - High operational costs, including soaring rent, labor, and ingredient prices, are severely impacting profitability, with rent often accounting for 20%-30% of restaurant costs [16][17] Group 3 - The traditional restaurant models are struggling to attract younger consumers due to a lack of innovation and outdated practices, leading to a decline in foot traffic [18] - Many restaurants are still adhering to old-fashioned dining rules and menus, which do not resonate with modern consumer preferences, resulting in dissatisfaction among younger patrons [18] - The article suggests that the industry is beginning to adopt "mainland models," focusing on cost-effective dining options and self-service formats to adapt to changing consumer demands [19][20] Group 4 - Despite the overall downturn, there are signs of resilience in the market, with the total revenue for restaurants reaching 27.566 billion HKD in Q4 2024, marking a slight year-on-year increase [20] - Fast-casual dining options, particularly those offering high value for money, are gaining popularity, with some brands experiencing significant growth in revenue [20][24] - Traditional restaurants are also adapting by focusing on nostalgic elements to attract tourists, showcasing a shift in strategy to maintain relevance in a changing market [26][28]

冰块，夏日限量版热搜常客。 前有瑞幸因为冰太多被骂上热搜，后有打工人花钱买便利店4块冰杯研究各种DIY饮料，在饮料这行当，冰不能多不能少，不能贵不能便宜，大冰中冰小 冰凑齐一系列都满足不了所有人对冰的需求。 但显而易见，冰的花样是越来越多了。上周古茗推出1元1杯的冰水（部分地区3元），一杯500ml，不能另外加糖，只能选择"正常冰"，整杯成分简单只有 一氧化二氢（水的化学式）的两种形态，即冰加水。 1块1杯的冰水如今被称古茗最具性价比的单品，质地纯净，入口不苦不甜、不咸不淡、不酸不涩，从物理意义上实现了真正的0蔗糖0代糖0加糖。 "麦当劳、肯德基，乃至古茗自己，都可以免费要杯水，为啥还要花钱买？" 主要是免费的冰水不常有，况且水真的很贵。 《财经天下》此前报道：1元的饮用水正在消失。 伊利的"伊刻活泉"卖3元、良品铺子的"良品活泉"也要3元，可口可乐去年宣布冰露在上海等地的工厂已停产。元气森林当年把首款瓶装水产品"有矿"4元 时，还宣传"做水可以失败，但是要让天下水厂卷起来"。 肉眼可见，瓶装水赛道越来越火热，同样肉眼可见，你也越来越喝不起瓶装水。 这时候古茗拿着自家现有包材，挖出冰柜里的现成冰块，再接点水打 ...

十年磨一剑，红米Note系列在2025年迎来了一次"有点离谱"的大进化。Note14 Pro+这款新品，虽然挂着"Note"的名号，但从颜值到硬件，已经悄悄走上 了"卷翻同级"的不归路。它不是顶级旗舰，但在千元档里，它像是"穿着耐克打篮球"的小学生，一不小心就在一群中端机中成了MVP。 外观与质感：这颜值，不当偶像可惜了 说到性能，红米这次走的是"实用主义路线"。搭载的是第三代骁龙7s处理器，虽然不是旗舰级的"猛兽"，但胜在稳定省电。安兔兔跑分约79万，Geekbench 单核870分、多核3223分，足够满足日常使用甚至部分游戏需求。 《王者荣耀》开启120帧高清画质，实测帧率稳定在116fps左右，团队战斗不卡顿，手感酥脆。而面对"硬核"如《原神》《崩坏：星穹铁道》这些游戏，虽 然达不到满帧极致体验，但锁定在40~45帧左右依旧能保证可玩性，适合"轻度沉迷"的玩家。 先聊颜值，这次Note14 Pro+真的有点不讲武德。星沙青配色一出场，直接拿下"Note系列颜值巅峰"称号，实至名归。星沙纹理与光影的交织，让机身在不同 角度下呈现出通透的层次感，宛如手机界的"水晶球"，轻轻一转就能让人多看两眼。 正面采用 ...

证券研究报告·策略报告·策略周评 策略周评 20250510 基于全球流动性视角看 A 股当前性价比 2025 年 05 月 10 日 [Table_Summary] ◼ 当前，全球流动性处于什么水平？ 从全球视角观察，主要经济体的货币总供应量（M2）同比增速是衡量流动 性水平的关键指标。目前，该指标处于历史中低位附近宽幅波动，显示出 全球流动性整体依旧偏紧。 可以发现，美元指数的强弱几乎主导了全球流动性的变化趋势。从历史上 来看，全球流动性往往顺应 4-5 年一轮的完整美元周期，呈现出周期性波 动的规律，背后反映出美元作为全球储备货币的核心地位。因此，观察美 元流动性的变化尤为重要。 当前各指标显示美元流动性总体偏紧，但暂无流动性冲击风险。美元流动 性可以从多个层级拆解，包括数量指标与价格指标，还可进一步区分在岸 和离岸部分。从数量角度看，以"美联储总资产 - 财政部一般账户余额 （TGA） - 隔夜逆回购"来衡量美国的金融系统净流动性，该指标自 2021 年以来逐步收紧，目前仍处在长期趋势线下方，提示流动性规模偏紧。从 价格角度看，分不同的融资主体，截至 5 月 9 日，国债市场 2 年和 10 年 美债 ...

Core Viewpoint - After four consecutive years of revenue decline, Three Squirrels is set to return to the "100 billion club" in 2024, bolstered by its upcoming IPO in Hong Kong, which would make it the first Chinese snack company to achieve dual listing in A+H shares [1][3]. Financial Performance - Three Squirrels reported revenues of approximately 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB for the years 2022, 2023, and 2024, respectively, with corresponding net profits of approximately 1.29 billion RMB, 2.2 billion RMB, and 4.07 billion RMB [1][2]. - The overall gross margins for the years 2022, 2023, and 2024 were 26.2%, 22.7%, and 23.8%, respectively, with a noted decline in 2023 attributed to rising raw material and logistics costs, while a recovery is expected in 2024 due to supply chain optimization [6][12]. Market Position - In the Chinese snack market, Three Squirrels ranked fourth in sales last year, trailing behind international giants Mars, Mondelez, and Pepsi, while being the top domestic snack brand [2][3]. - The company has diversified its product offerings, with nuts accounting for 50.5% of revenue in 2024, followed by fast-growing categories like comprehensive snacks, which increased from 12% in 2022 to 19% in 2024 [5][6]. Strategic Transformation - The company has undergone a strategic transformation under founder Zhang Liaoyuan, focusing on high-end cost performance and a "full-channel + full-category" operational model, which includes restructuring the supply chain and entering new sales channels [3][12]. - Three Squirrels is shifting from an OEM model to a self-owned brand model, enhancing control over product quality and cost management, which is expected to improve profitability [12][13]. Channel Strategy - The company has implemented a "D+N" strategy, combining short video platforms with traditional e-commerce, resulting in significant revenue growth from platforms like Douyin, which saw a compound annual growth rate of 99.27% from 2022 to 2024 [14][16]. - Despite challenges in offline retail, Three Squirrels aims to increase its presence in physical stores, planning to adjust its revenue structure from a 7:3 online-to-offline ratio to a 5:5 ratio over the next 2-3 years [21][22]. Future Outlook - The upcoming IPO is expected to provide the necessary capital for further expansion and to strengthen the company's supply chain and offline presence, as well as to explore new product categories such as beverages and pet food [11][23]. - The company plans to build new processing plants across various regions in China and Southeast Asia, aiming to enhance production capacity significantly [11][12].

以下文章来源于餐企老板内参 ，作者内参君 餐企老板内参 . 餐饮业首席经管新媒体！超500万餐饮老板、产业高端精准读者；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、行业报告等…(更多资讯服务下载：餐饮老板内参APP) 既是消费降级的无奈， 也是餐饮创业的浮躁。 文 ｜ 餐饮老板内参 内参君 编辑 ｜ 冯楚兰 来源｜ 餐企老板内参（ID：cylbnc） 封面来源 ｜ IC photo 2元面包，疯狂裂变 2025年即将过半，烘焙市场风起云涌，热度不断升温。 一边是"黄油年糕"在社交平台上强势刷屏，一边是去年开始风靡全国的"2元面包"悄悄以惊人的速度扩张。 早在2023年内参君就曾报道过2元面包，那时它的身影主要出现在二三线城市乃至县城。近2年时间过去，2元面包竟然从下沉市场开到了一线城市，甚至开 到了广州天河南一路这类较热门的商圈。 广州天河南一路新开的2元菠萝包 摄图：内参君 在这个过程中， 一些2元面包的新变种也应运而生，在主打产品、门店模式等方面延伸出了更多玩法。 例如，对于一些2元面包店， 不少门店根据不同偏好的顾客推出了" ...