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 ...

开放区域拓展，稀缺名额抢占先机 随着两广地区的开店名额逐渐减少，苍井寿司宣布新增开放湖南、江西、四川（绵阳除 外）、重庆这四个合作区域。此次新增的开放区域，皆具备巨大的市场潜力与发展空间。湖 南、江西、重庆，美食文化丰富多元，消费者对于新鲜、美味且高品质的寿司有着旺盛的需 求。而苍井寿司的入驻，将为当地带来全新的美食体验，推动寿司消费的新潮流。同时，四 川地区人口众多，消费市场庞大，苍井寿司的加入无疑会填补当地对于质价比寿司的市场空 白，迅速抢占市场份额。 限时优惠扶持，助力创业梦想起航 在餐饮行业的浪潮中，苍井寿司凭借着对品质的坚守与创新，不断书写着属于自己的辉 煌篇章。如今，苍井寿司满怀豪情地踏上了2025 红利新征程，诚邀各位有志之士共创新的 寿司蓝图板块！ 品牌势能强劲，两广辉煌引领扩张 苍井寿司在华南地区历经11年深耕，从0到1，目前已在全国开设400多家门店，深受的 顾客的信任与喜爱。今年6月，苍井寿司在广西市场连续开设15家新店，成功吸引了当地的 消费者，打响了品牌的知名度，广西市场的成功开拓，不仅进一步稳固了苍井寿司在两广地 区的地位，更为品牌的全国化战略布局注入了强劲动力。 为降低创业门槛， ...

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].

Core Viewpoint - The article discusses the cautious approach of Haidilao in opening its franchise model, emphasizing the stringent requirements for potential franchisees and the strategic aim to penetrate lower-tier markets in China [4][5][19]. Summary by Sections Franchise Application Process - Haidilao received over 20,000 franchise applications since announcing its franchise model in March 2024, but less than 0.1% of applicants successfully became franchisees [4][5]. - The franchise requirements include a minimum investment of 10 million RMB (approximately 1.4 million USD) and a strong financial foundation for multi-store development [4][5]. - The selection process involves multiple rounds of assessments to ensure alignment with Haidilao's corporate culture and long-term vision [4][8][17]. Target Market and Strategy - The majority (70%) of franchise applicants are from third-tier cities and below, indicating Haidilao's focus on expanding into lower-tier markets [5][19]. - The company aims to leverage franchise partnerships to tap into the significant consumer potential in these markets, where traditional expansion methods may be limited [19][22]. - Haidilao's revenue from third-tier cities has surpassed 40%, with performance in these areas exceeding that of first-tier cities [19][22]. Franchisee Profile - Applicants come from diverse backgrounds, including professional franchisees, property owners, industry transitioners, and institutional investors [11][12]. - The franchise model is seen as a tailored investment opportunity for affluent individuals in lower-tier cities, with a focus on long-term returns rather than quick profits [5][32][33]. Operational Control and Management - Haidilao employs a "strong management" model for franchise operations, meaning franchisees have limited control over daily operations, which are managed by Haidilao's experienced staff [27][30]. - This model aims to maintain brand consistency and quality across all locations, ensuring that franchisees can benefit from the established operational framework [30][31]. Market Dynamics - The article highlights the competitive landscape in lower-tier markets, where quality locations and capable franchisees are scarce [22][24]. - Haidilao's strategy of opening franchises is positioned as a means to gain a competitive edge in these markets, where traditional expansion methods may not suffice [26][30].

本报讯 （记者李静）6月24日晚间，连锁咖啡品牌Tim Hortons中国业务（以下简称"Tims天好中国"）公 布了2025年第一季度财报。财报显示，公司第一季度总营收达到3.007亿元人民币，系统销售额为3.763 亿元人民币。其中，第一季度公司自营门店贡献为1715万元人民币，自营门店贡献率为6.7%，同比增 长5.9%。 Tims天好中国CEO卢永臣表示："2025年第一季度以来，我们推出战略性新品——'轻体午餐盒'系列产 品，包括热烤贝果堡、充能午餐卷、有料能量碗等，持续巩固'咖啡+暖食'差异化优势，进一步推动系 统销售额增长和门店效益提升。本季度，公司持续推动加盟门店策略，巩固规模优势的同时实现盈利能 力的有机增长，自营门店贡献率同比提升5.9%，公司层面调整后Ebitda亏损大幅收窄接近一半。" 根据财报，截至2025年3月31日，Tims天好中国的加盟门店总数量增至455家，较去年一季度302家门店 增长153家，相当于每2天就有一家加盟门店开业。特别值得一提的是，今年1月份，江西省南昌市的第 一家加盟门店盛大开业。至此，Tims天好中国的业务版图扩展到中国34个省级地区中的27个。 今年以来 ...

加盟业务的稳定扩张为Tims天好中国的收入增长提供了强劲动能。根据财报，2025年第一季度，公司 其他收入为4600万元人民币，较2024年同期的3580万元增长28.6%，其他收入的利润同比增长34.5%， 成为公司的第二增长曲线。 当前，Tims天好中国全国门店数达到1024家，其中自营门店569家，加盟店455家，已覆盖全国84个城 市。 截至2025年3月31日，品牌注册会员总数达2515万人，同比增长25.7%，平均每家店的会员人数超过 24500人，为品牌长期增长打下稳固的消费者基础。 Tims天好中国CEO卢永臣表示："2025年第一季度以来，我们推出战略性新品 ——'轻体午餐盒'系列产 品，包括热烤贝果堡、充能午餐卷、有料能量碗等，持续巩固'咖啡+暖食'差异化优势，进一步推动系 统销售额增长和门店效益提升。本季度，公司持续推动加盟门店策略，巩固规模优势的同时实现盈利能 力的有机增长，自营门店贡献率同比提升5.9%，公司层面调整后Ebitda亏损大幅收窄接近一半。" 根据财报，截至2025年3月31日，Tims天好中国的加盟门店总数量增至455家，较去年一季度302家门店 增长153家，相当于每 ...

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].

以下文章来源于盐财经 ，作者乔悦 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 2025年6月12日，汉堡王中国对外披露，将关闭部分选址不当、经营不善的门店。汉堡王方面表示，这 一调整预计会使2025年汉堡王中国的门店总数有所下降。 但事实上，早在这轮"主动关店"决策出台之前，系列加盟商的关门就已经将这一全球快餐巨头推向 舆论的风口浪尖。 2024年9月18日，慧芳站在山东某四线城市的万达广场旁，望着自己加盟的汉堡王门店，缓缓被工 人拆除。 门头被卸下、桌椅撤出，那批她曾花费130多万元购置的厨房设备，如今全都堆在朋友的仓库里， 无人问津。 "就连拆店的钱，都是我借来的。"她对盐财经记者轻声说，两三万元的拆除费用，像是给这段失败 的创业经历缴纳的最后一笔"赎金"。 这家汉堡王加盟店开张不到一年，投入了300多万元，面积200多平方米，是慧芳倾尽多年积蓄和 抵押房产换来的。 2022年，慧芳从服装生意退出，看准了餐饮赛道，并被"国际大品牌，3—4年回本，店铺能开10 年"的招商宣传吸引，坚定地选择了汉堡王。 但很快，她就发现，所谓的"品牌保障"只是一种幻象。从她的讲述来看，开业前，迟迟招不到 有 ...

[Table_Date] 2025 年 06 月 20 日 [Table_Title] 加盟扩张+国际酒店合作，强组合拳打破传统成长框架 证券研究报告|公司深度研究报告 [Table_Title2] 君亭酒店(301073.SZ)深度报告 [Table_Summary] ► 君亭酒店：中高端酒店运营管理方向佼佼者，依 托强运营能力打造商务/度假业务矩阵。 [Table_Author] 分析师：刘文正 邮箱：liuwz1@hx168.com.cn SAC NO：S1120524120007 联系电话： 分析师：邓奕辰 邮箱：dengyc@hx168.com.cn SAC NO：S1120525020001 联系电话： 君亭酒店是国内中高端酒店运营管理方向上的佼佼者，以 "一店一品"及东方文化特色为基底打造酒店项目，21 年 自创业板上市，22 年通过募集资金分别收购君澜/景澜的 79%/70%股权，当前旗下拥有君亭/君澜/景澜三大品牌。 ► 国际巨头合作：打开入境游渠道补充商旅需求弱 项，合作门店扩张有望带来新增长曲线。 君亭酒店于 24 年 11 月与希尔顿签署合作意向书，25 年 5 月 与精选国际签订合作 ...