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蜜雪冰城调整加盟政策,空白乡镇市场只招本地人
Nan Fang Nong Cun Bao· 2025-06-13 12:33
蜜雪冰城调整加 盟政策,空白乡 镇市场只招本地 人_南方+_南方 plus 6月11日,蜜雪 冰城正式实施新 一轮加盟政策。 根据蜜雪合作中 心发布通知,政 策将重点引导意 向加盟客户优先 选择景区、交通 枢纽站及高速公 路服务区等高流 量场景门店。针 对空白乡镇市 场,蜜雪冰城首 次提出新客户需 为本地户籍才可 开设门店。 图源蜜雪合作中心。 从加盟政策来 看,此次调整的 核心方向在于场 景化选址与精细 化运营。以景区 门店为例,点位 资源稀缺,同类 品牌入驻难度 大,竞争壁垒更 高,依托稳定的 旅游消费需求, 将提升单店销售 业绩。另一方 面,要求乡镇加 图源蜜雪合作中心。 蜜雪冰城加盟政 策的演变,始终 与行业周期紧密 关联。 2018-2023年, 蜜雪冰城以"极 致性价比+快速 盟商须为本地户 籍,加之此前出 台的驻店政策, 有助于进一步解 决异地管理导致 的品控漏洞问 题。 下沉"策略跑马 圈地,依托低价 产品矩阵和标准 化供应链,在三 四线城市及乡镇 市场掀起"开店 狂潮"。彼时, 新茶饮行业处于 高速增长期,下 沉市场消费升级 需求旺盛,蜜雪 冰城快速抢占空 白市场。 图源蜜雪冰城。 然而,随 ...
首开股份: 首开股份关于资产转让的公告
Zheng Quan Zhi Xing· 2025-06-13 12:14
Transaction Overview - Beijing Capital Development Co., Ltd. plans to transfer its entire stake in Beijing Shouxin Fengtai Management Consulting Partnership (Limited Partnership) to China CITIC Financial Asset Management Co., Ltd. The transfer price is based on the fair value of the partnership shares [1][2] - The transaction was approved by the company's board of directors with a unanimous vote and does not require shareholder approval [1][3] Financial Details - Shouxin Fengtai was established on April 21, 2025, with a total investment of 1 billion RMB. The company has a total asset value of approximately 7.16 billion RMB and total liabilities of about 5.92 billion RMB as of April 30, 2025 [2][5] - The estimated value of the partnership shares is approximately 400.70 million RMB, with a book value of about 406.20 million RMB, indicating a slight decrease in value [2][6] Purpose and Benefits - The purpose of the transaction is to collaborate with financial institutions, enhance asset liquidity, and improve the company's financial reserves, which aligns with the interests of the company and its shareholders [3][6] - The transaction is not classified as a related party transaction or a major asset restructuring, and it is expected to have no adverse impact on the company's profits [3][6] Counterparty Information - The counterparty, China CITIC Financial Asset Management Co., Ltd., was established on November 1, 1999, and has a registered capital of approximately 80.25 billion RMB. It is not classified as a dishonest executor and has no related party relationships with the company [3][4] Future Monitoring - The company will actively monitor the subsequent operations of Shouxin Fengtai and fulfill its information disclosure obligations as required by law [7]
中国人民银行:初步统计,2025年5月末社会融资规模存量为426.16万亿元,同比增长8.7%。
news flash· 2025-06-13 08:34
Core Insights - The People's Bank of China reported that as of May 2025, the total social financing scale reached 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [1] Summary by Category - **Social Financing Scale**: The total social financing scale in China stood at 426.16 trillion yuan as of May 2025, indicating a significant increase compared to the previous year [1] - **Year-on-Year Growth**: The growth rate of 8.7% year-on-year highlights a robust expansion in the financing environment within the Chinese economy [1]
【财经分析】地方国企积极布局 保租房REITs年发行规模有望超250亿元
Xin Hua Cai Jing· 2025-06-13 05:51
Core Viewpoint - The announcement by Shanghai Minhang Public Rental Housing Investment and Operation Co., Ltd. regarding the public acquisition of rental housing has garnered industry attention, indicating a trend towards expanding the supply of affordable rental housing and enhancing the REITs market for such properties [1][2]. Group 1: Public Acquisition Announcement - The announcement aims to optimize housing resource allocation and promote stable development in the real estate market by publicly soliciting real estate projects for use as affordable rental housing [2]. - Eligible projects must be legal new residential properties with a minimum total construction area of 7,500 square meters, located in the southern part of Minhang District, and free from ownership disputes [2]. Group 2: Benefits of Utilizing Existing Properties - Converting existing properties into affordable rental housing can significantly shorten construction timelines, typically requiring only 3 to 6 months for renovations [2][3]. - This approach not only meets the housing needs of low-income groups but also enhances the city's attractiveness and talent retention capabilities [2][3]. Group 3: Financial Innovation and REITs Expansion - The successful acquisition of existing properties for affordable housing, exemplified by the Guotai Junan City Investment REIT, demonstrates strong policy support for the development of the rental housing market [4][5]. - The REITs market for affordable housing is expected to expand, with projections indicating that the overall issuance scale could exceed 25 billion yuan by 2025 [6]. - Recent activities, such as the completion of the first public offering and expansion of the Huaxia Beijing Affordable Housing REIT, highlight the growing maturity and resilience of the affordable housing REITs market [6][7].
【立方债市通】2万亿置换债已发行超八成/郑州市投首次亮相信用债市场/机构称河南等地城投点心债投资价值较高
Sou Hu Cai Jing· 2025-06-12 12:45
Group 1: Debt Issuance and Replacement - The issuance of replacement bonds has exceeded 1.6 trillion yuan, completing over 80% of the annual quota for replacing stock hidden debts of 2 trillion yuan [1] - Local governments have cumulatively issued over 120 billion yuan in land reserve special bonds, indicating a significant gap between actual issuance and publicly announced figures [1] Group 2: Monetary Policy - The central bank conducted a 1,193 billion yuan reverse repurchase operation with a net withdrawal of 72 billion yuan, maintaining an operation interest rate of 1.40% [2] Group 3: Regional Debt Limits - The Ministry of Finance has allocated a new government debt limit of 111 billion yuan for Guangxi in 2025, including 30.3 billion yuan for general debt and 80.7 billion yuan for special debt [3] - Guizhou Province plans to issue 33.24 billion yuan in government special bonds to support existing government investment projects, with an increase in provincial revenue budget by 3.504 billion yuan [4] Group 4: Bond Market Developments - Zhengzhou City Investment Group made its debut in the credit bond market with a 1 billion yuan issuance, featuring a dual-term structure with low interest rates [5] - The first issuance of aerospace technology bonds in the country was completed, with a scale of 300 million yuan and an interest rate of 2.28% [6] - Xuchang City Investment Group issued a 1 billion yuan short-term financing bond at an interest rate of 1.83% [7] - Yuzhou City Guoyun Capital Operating Company completed a 20 million yuan corporate bond issuance at an interest rate of 2.90% [8] - Kaifeng Development Group issued a 600 million yuan corporate bond at an interest rate of 2.73% [10] Group 5: Corporate Financing - New City Development plans to issue senior unsecured US dollar bonds, marking a significant move for private real estate companies to re-enter the overseas capital market [11] Group 6: Market Sentiment and Investment Opportunities - The market is seeing an increase in interest in "dim sum bonds" and onshore RMB bonds, with a recommendation to focus on high-yield city investment bonds, particularly those issued with SBLC or cross-border guarantees [15][16]
城市更新进行时:旧空间里的新天地
Yang Shi Xin Wen Ke Hu Duan· 2025-06-12 07:48
Core Viewpoint - The recent announcement of the 2025 central government financial support for urban renewal actions marks the acceleration of urban renewal efforts in 20 cities, including Beijing, aiming for significant improvements in living environments and urban characteristics by 2030 [1] Group 1: Reasons for Urban Renewal - Millions of residents live in outdated spaces that require revitalization due to the rapid urban development over the past decades, leading to many residential areas built before 2000 becoming inadequate for modern living [1][2] - The definition of "old" residential areas includes those built before 2000 that are severely neglected, lacking essential amenities such as elevators, parking spaces, and proper management [1] Group 2: Funding Sources - Urban renewal projects often require substantial funding, sometimes exceeding hundreds of millions, necessitating innovative institutional approaches to attract more social capital beyond government financing [2][3] - Various cities are exploring sustainable financing models that involve government funding to stimulate private investment, creating a collaborative approach among government, enterprises, and residents [3] Group 3: Implementation Strategies - The current urban renewal efforts focus on substantial improvements rather than superficial changes, emphasizing the enhancement of infrastructure and community spaces [4][5] - Successful projects have demonstrated the importance of involving residents in the design and implementation processes, leading to higher satisfaction and community engagement [8] Group 4: Governance and Collaboration - The shift from government-led initiatives to multi-stakeholder collaboration is crucial, with various entities working together to ensure effective urban renewal [6][7] - Establishing a consensus among residents regarding project details is essential for fostering community ownership and maintaining the outcomes of urban renewal efforts [7] Group 5: Desired Outcomes - The ultimate goal of urban renewal is to create spaces that residents want to inhabit, focusing on sustainable operations and community integration rather than merely aesthetic improvements [9][10] - Successful urban renewal projects prioritize the creation of vibrant public spaces that enhance community interaction and cultural engagement, ensuring long-term vitality [9][10]
蜜雪冰城宣布放缓开店,乡镇市场只招本地人
3 6 Ke· 2025-06-12 06:33
蜜雪冰城加盟政策又调整了? 最近,蜜雪冰城的官方公众号"蜜雪合作中心"发布了一则新通知,宣布自2025年6月11日起,对新开门店进行调整。 一是优化门店布局,调整门店保护范围,并鼓励加盟商回归一线;二是强调"优中选优",名下已有门店的加盟商在申请新店时,对于经营表现优异的提供 更多发展机会;三是给新加盟商机会,名下有店的加盟商无法在空白乡镇开店,只有户籍是本地级市行政管辖范围的新客户才可以;四是鼓励开设多场景 门店,如景区、服务区、交通枢纽站等特殊场景。 这一调整,一方面是行业步入存量竞争,淘汰赛开始。2024年,壹览商业长期追踪的26个行业品牌门店存量为11.93万间,增速从去年的32.5%放缓至 11.12%,行业门店总数一年减少了1.6万间。 另一方面,是蜜雪冰城门店规模已达临界点,单店营收能力开始下滑。截至2024年12月,蜜雪集团内地门店数超4.1万家,刨去幸运咖,蜜雪冰城的门店 数量在3.6万家左右;单店日均GMV从2021年的4144元下降到2023年的4127元,加盟门店的毛利率也从2021年的32.03%下降到2023年的30.10%。 同店GMV下降、毛利率下滑,加盟商们能赚到的就变少了, ...
京东把补贴战火烧进OTA“老家”
Sou Hu Cai Jing· 2025-06-12 02:30
Core Viewpoint - JD.com is aggressively expanding into the travel and hospitality market, employing strategies similar to its previous entry into the food delivery sector, including high subsidies and talent acquisition from competitors [1][2][19]. Group 1: Business Strategy - JD.com has upgraded its "JD Travel" to "Life Travel," making it a primary feature on its app alongside food delivery and instant retail, indicating a strategic focus on local lifestyle services [1]. - The company is offering significant subsidies for hotel bookings, with reports indicating a per-order subsidy of 30 to 60 yuan, and new users receiving a 140 yuan welcome package [2][19]. - JD.com aims to replicate its food delivery success in the travel sector by emphasizing price transparency and no bundling in ticket sales, with a focus on quality selections [1][2]. Group 2: Market Competition - The competition in the travel market is intensifying, with JD.com directly challenging established OTA platforms like Ctrip and Meituan, leading to a fierce battle for market share [1][19]. - Despite JD.com's price advantages, many hotels remain cautious about joining its platform due to concerns over resource control and system reliability, as past issues with the food delivery system have raised doubts [4][5][21]. - The travel industry is shifting towards a focus on quality, experience, and efficiency, with major players like Ctrip and Meituan enhancing their service ecosystems [21]. Group 3: User Acquisition and Membership - The cost of acquiring new users in the internet platform space has reached over 3,000 yuan, highlighting the competitive landscape for user retention and loyalty [9]. - JD.com is looking to expand its PLUS membership benefits to cover a broader range of lifestyle services, similar to strategies employed by competitors [10][12]. - The company is also focusing on acquiring talent from competitors, notably hiring key figures from Meituan's travel division to strengthen its team [16][17]. Group 4: Financial Performance - JD.com's new business segment, which includes food delivery, has seen a significant increase in operating losses, with the loss rate rising from 13.8% to 23.1% [19]. - The travel sector is viewed as a high-margin opportunity, with Ctrip's gross margin reaching 80.32% and Meituan's travel business operating margin at 38.5% [13][14]. Group 5: Future Outlook - The upcoming summer travel season is expected to be a critical period for JD.com's travel business, with the potential for significant growth if the company can effectively implement its strategies [25].
年内土地储备专项债券发行超千亿元
Zheng Quan Ri Bao· 2025-06-11 16:42
Group 1 - The issuance of local government special bonds for acquiring idle land is accelerating, with a total issuance scale exceeding 100 billion yuan, reaching 108.35 billion yuan as of June 11, involving 442 projects and 24 special bonds [1] - The proportion of funds used for "land reserves" in the newly issued special bonds this year is 7.75%, indicating a significant focus on land acquisition [1] - The issuance of land reserve special bonds is seen as a crucial financial tool for local governments to revitalize idle land and mitigate land-related risks, contributing positively to the real estate market [1][2] Group 2 - The Ministry of Finance allowed the use of special bonds for land reserves to address the issue of idle undeveloped land across various regions, supporting local governments in recovering eligible idle land [2] - The issuance mechanism for land reserve special bonds has been continuously optimized, with recent notifications clarifying the requirements and processes for issuing these bonds [2] - Provinces like Hunan have successfully issued land reserve special bonds, with a scale of 94.15 billion yuan, marking a significant step in revitalizing idle assets and optimizing land resource allocation [2] Group 3 - Gansu Province has also initiated the issuance of land reserve special bonds, with a scale of 27.54 billion yuan aimed at recovering idle land and new land reserve projects [3] - Major provinces such as Beijing, Guangdong, Sichuan, and Hunan have taken the lead in reissuing land reserve special bonds, with expectations for other provinces to follow suit [3] - The anticipated increase in the issuance scale of land reserve special bonds is expected to accelerate inventory reduction in the real estate market and stabilize market expectations [3]
郑煤机20250611
2025-06-11 15:49
郑煤机 20250611 郑煤机管理层积极持股,股权激励计划增加股权比例,分红比例不断提 升,增强投资者信心,提高公司治理水平,计划 2030 年收入翻倍至 400 亿元。 Q&A 郑煤机在 2025 年 6 月被推荐为东方财富月度金股的投资逻辑是什么? 摘要 A 股煤炭板块涨幅超 10%,煤炭行业盈利稳健性显著提升,当前周期以 存量替代需求为主,需求结构稳定,煤炭产量持续创新高,多数煤企保 持盈利,保障资本开支。 当前周期与上一轮周期相比,需求结构由新增产能需求转为存量替代需 求,设备更换比例稳定,煤炭产量持续增长,企业盈利能力较好,生产 积极性高。 煤机设备开支占吨煤成本比例小,经济压力对设备更换周期影响不大, 仅在全面亏损时可能延长更换周期,但目前大部分企业仍保持盈利。 2024-2025 年龙头企业市占率提升明显,规模和质量优势使其维持较 好盈利,中小企业经营压力大,兼并重组增多,龙头企业订单稳定甚至 增长。 预计 2025 年煤炭行业需求将稳健回升,主要原因是存量产量不断提升, 预计该趋势将持续到 2030 年,龙头企业市占率将继续提升,业绩稳定 性高。 郑煤机汽车零部件业务预计 2025 年迎来收 ...