"不会去迎合消费者，我们走在教育消费者的路上。"就在这段言论引发热议不到两周后，百果园（HK：02411）发布了2025年中期业绩。结果 显示，公司上半年亏损3.42亿元，门店数持续收缩，现金流也转为负数。 净亏3.42亿元、现金流转负，核心付费会员锐减33% 这份财报，也让董事长余惠勇的"教育消费者"言论更显尴尬。 百果园2025年上半年的财务表现出现了问题。这份最新的中期报告，详细记录了公司在经营层面的困境。 核心盈利能力大幅下降。报告期内，百果园总收入同比下滑21.8%，降至43.76亿元。更能反映整体业务规模的零售总额（GMV）也从去年同 期的67.48亿元降至57.11亿元。利润下滑更严重，毛利润从6.19亿元降至2.16亿元，降幅达65.1%，导致整体毛利率由11.1%降至4.9%。 最终，百果园录得归属于股东的净亏损3.42亿元，去年同期则为盈利8851万元。从投资者角度看，每股基本亏损为23.43分，而去年同期为每股 盈利5.83分，业绩出现急剧逆转。 同时，财务健康指标出现预警。关键的经营性现金流，由去年同期的净流入2.78亿元转为今年的净流出1.23亿元，显示公司自身"造血"能力出 现问题 ...

以下文章来源于晚点Auto ，作者晚点团队 一场自上而下的失败 。 文 丨 魏冰 郭瑞婵 编辑 丨 龚方毅 从爆发到崩塌，哪吒汽车的兴衰不过三年。 2022 年，它是造车新势力中销量最高的一家；2023 年，又成为当年唯一销量下滑的造车新势力； 2024 年，接连裁员、缩编；再到 2025 年，停工、停产，留下数百起未解的欠薪纠纷。 哪吒汽车的失败几乎是中国电动车创业浪潮中最典型的一种：在行业上行期迅速做大，竞争加剧后， 产品短板与组织问题暴露，失速并迅速倒下。 2025 年 6 月中旬，我们来到哪吒汽车在上海闵行区的最后一处办公地。物业出示的告示显示其于 6 月 12 日搬离，我们没有在这处哪吒汽车半个月前才新搬入的办公室见到相关人员。 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 2022 年，凭借低价和尚可的产品力，哪吒汽车在 10 万元以下市场迅速走红，旗下小型 SUV 哪吒 V 成为爆款，公司一度登顶新势力年销量榜首。 这是一次顺势而为的战术胜利。哪吒汽车用 "大车打小车" 的策略切入低端市场，8 万元的小型 SUV 对位的是一众微型车，性价比优势明显。同时 ...

这家回转寿司店的火爆绝对是可以让没了解过的人大受震撼的程度。 最近在北京的朋友们注意到这个寿司郎了吗？ 线上预约取号放眼望去至少要等两周。 | < | 中关村大融城店 | | ... | O | | --- | --- | --- | --- | --- | | 1 用餐人数 必填 成人2 儿童0 | | | | V | | 成人 | | 0 | 2 | + | | 儿童 | | 0 | 0 | (+) | | | | | 2025年 8月 | | | > >> | | --- | --- | --- | --- | --- | --- | --- | | | | = | = | 四 | 五 | 六 | | 27 | 28 | 29 | 30 | 31 | 01 | 02 | | 03 | 04 | 05 | 06 | 07 | 08 | 09 | | | 11 | 12 | 13 | 14 | 15 | 16 | | 17 | 18 | 19 | 20 | 21 | 22 | 23 | | 24 | 25 | 26 | 27 | 28 | 29 | 30 | | 31 | 01 | 02 | 03 | 04 ...

回顾历史，奥克斯曾在2000年代初通过价格战迅速崛起，其"平价+免检+公布成本"的策略，加上对线上渠道的先行抢占，使其年销量实现了大幅增长。 然而，这种野蛮生长的方式也引起了业内大佬的注意，其中就包括董明珠。董明珠曾多次公开批评奥克斯挖人、偷技术，双方也因此陷入了旷日持久的舆 论战和诉讼战。 尽管奥克斯在舆论战和诉讼战中并未占据绝对优势，但其性价比策略确实在一定程度上赢得了市场。然而，随着美的、海尔等传统巨头以及小米等新兴势 力的加入，奥克斯的性价比之路越走越难。这些竞争对手凭借品牌、技术、规模优势，迅速在线上市场实现了反超。 在空调行业的激烈竞争中，奥克斯空调，这位曾被董明珠公开"点名"的对手，如今正站在港股上市的门槛上。这家以"价格屠夫"著称的企业，通过其高性 价比策略，在线上市场一度风光无限，甚至与格力等巨头展开了长达十年的法律拉锯战。 奥克斯的招股书揭示了其市场地位：按2024年销量计算，它位列全球空调行业第五，市场份额达到7.1%。然而，与格力、美的等行业龙头相比，奥克斯 的营收规模相对较小，且高度依赖于低端挂机空调业务。2024年，奥克斯总营收为298亿元，其中家用空调业务占比近九成，而挂机空调更 ...

Market Overview - The market is currently experiencing high customer traffic, with over 10 groups visiting daily, 80% of which are interested in the L90 model, indicating a significant shift in customer preference [2] - The L90 model is described as a "traffic magnet" for the dealership, leading to an unprecedented level of customer engagement [2] Sales Performance - The best-selling versions of the L90 are the Max and Ultra, each accounting for 50% of sales, while the Pro version has seen minimal interest due to its limited price difference and reduced comfort features [2] - Popular color combinations include a gold exterior with a black interior, and some configurations are available for immediate delivery [2] Financing Options - Financing options are readily available through the app, with a 0 down payment plan over 60 months at an annual interest rate of 2.59%, and a lower rate of 2.29% through the company's own financing [4] - Monthly payments for a loan of ¥299,800 amount to ¥5,569, with an effective annual interest rate of 4.35% [6] Customer Demographics - Buyers of the L90 tend to be older compared to those interested in the L60, with family-oriented customers frequently making purchasing decisions [10] - The customer base includes a diverse range of professions, from small business owners to mid-level government employees [10] Competitive Landscape - The main competitors identified are the Li Auto L9 and the Aito M9, although customers often mention the i8 as a significant alternative [12] - Some customers also consider the YL six-seat version, but space concerns lead them to explore other options like the Model X [13] Customer Feedback - Positive feedback highlights the L90's value for money and spaciousness as key selling points [18] - However, some customers express concerns about the perceived limitations in the vehicle's hardware capabilities and the interior's luxury compared to competitors like NIO and Li Auto [21]

我今天在CNBC看到一篇报道，说是英国的报纸提到，特斯拉在英国的合作伙伴（那些把车租给公司或 个人的租赁公司）正在被迫给出非常大的折扣，幅度据说高达40%。报道里还提到一个关键问题：现在 英国全国范围内，存放新特斯拉车辆的地方都快不够用了。 不过，报道里说的这个情况，CNBC（报道这条新闻的媒体）暂时没能自己找到证据确认。当记者第一 时间去问特斯拉官方怎么看这件事时，他们的发言人也没能马上给出回应。 这个情况发生的大背景是，包括特斯拉在内的汽车公司们，都在想办法阻止他们在英国、乃至整个欧洲 的汽车销量不断下滑。 他们不太计较价钱，愿意为尝鲜和理念买单。 特斯拉过去几年惊人的增长，很大程度上就是靠成功吸引了这批"低垂的果实"——最容易摘到的、最热 情的用户。 但是，经过这些年的高速发展，这批最容易打动、最愿意尝鲜的群体，很大程度上已经被特斯拉"收 割"得差不多了。该买的、想买的，很多已经入手了。 现在，电动车要真正大规模普及，就必须打动"主流市场"的普通消费者。 英国负责统计汽车销量的官方机构（SMMT）在8月5号公布了一个很能说明问题的数据：今年7月份， 特斯拉在英国只卖出了大约987辆新车。这个数字和去年7 ...

被董明珠"怼了"10年的奥克斯空调，终于要在港股上市了。 8月12日，奥克斯通过港交所聆讯，距离正式登陆港股只差临门一脚。在空调行业，奥克斯有"价格屠夫"之称，通过高性价比打法，一度成为线上渠道 的"销冠"。加上频频从格力挖人、挖技术，奥克斯曾让空调"一姐"董明珠头疼不已，也让两家陷入长达十年的诉讼马拉松。 在此次通过聆讯之前，奥克斯曾两度冲击IPO。早在2018年，奥克斯就接受过东方证券的上市辅导，筹备A股IPO，并于2023年6月完成辅导。但意外的 是，奥克斯中途决定换赛道，转投港股怀抱。今年1月，奥克斯首度向港交所递表，最终以失效告终。 董明珠狙击了10年，也挡不住奥克斯IPO，但奥克斯擅长的"线上+性价比"的打法正被小米等"新势力"改写，这场关于钱、技术和市场份额的商战将会如何 延续？ 用价格换增速 "二八定律"中的前20%，就一定安全吗？ "全球空调行业的市场参与者数量超过100家，按2024年销量计，我们是全球第五大空调公司，市场份额为7.1%。"奥克斯在招股书中如是说。排在奥克斯 前面的，是包括格力、美的、海尔等在内的行业龙头。 但跟头部大厂相比，奥克斯营收规模小了一个数量级，且对较低端的挂机空 ...

Investment Rating - The report maintains an "Outperform" rating for the mass catering industry [5] Core Insights - The mass catering industry is experiencing a slowdown in growth, with new engines emerging from lower-tier markets and online services [1][14] - Health and cost-effectiveness are becoming key consumer demands, necessitating adjustments in brand strategies to meet these evolving preferences [1][22] - The report draws parallels with Japan's restaurant industry, highlighting that even during economic downturns, leading companies can achieve growth through efficiency and value [1][27] Summary by Sections Industry Changes - The mass catering industry has seen a decline in growth rates, with a reported 4.3% year-on-year increase in total catering revenue for the first half of 2025, and a mere 0.9% increase in June [14] - Lower-tier markets are becoming significant growth drivers, as they show stronger consumer activity compared to high-tier cities [14][17] - The online food delivery market is expanding rapidly, with a projected market size of 1.3 trillion yuan in 2024, growing at a rate faster than the overall catering market [17] Strategies of Leading Companies - Domestic catering leaders are shifting from scale expansion to efficiency improvement, focusing on optimizing store operations and enhancing supply chain value [2][38] - Companies like Xiaocaiyuan and Green Tea Group are expected to see significant profit growth through operational efficiency and strategic expansion [3] Investment Value of Leading Companies - Xiaocaiyuan is projected to achieve net profits of 7.7 billion yuan in 2025, while Green Tea Group is expected to reach 5.1 billion yuan [3] - The report recommends focusing on companies that are effectively balancing same-store sales growth with steady expansion, particularly Xiaocaiyuan, Green Tea Group, Guoquan, and Jiumaojiu [3][5]

Core Viewpoint - The recent comments by the chairman of Baiguoyuan, Yu Huiyong, regarding "educating consumers" have sparked significant public backlash, highlighting a crisis of consumer trust that is more severe than mere financial losses [2][4][5]. Company Overview - Baiguoyuan, once labeled as a "fruit assassin," is now facing its toughest survival challenge since its listing, with a notable decline in consumer trust and market share due to rising competition from community group buying and fresh e-commerce platforms [2][9]. - Despite a trend of "consumption downgrade," Baiguoyuan maintains its high pricing strategy, which has led to increasing consumer dissatisfaction and negative discussions about its fruit quality and pricing [2][4]. Financial Performance - Baiguoyuan's financial results reveal a significant downturn, with 2024 revenue at 10.273 billion yuan, a decrease of 9.8% year-on-year, and a net loss of 386 million yuan, marking a 206.7% decline compared to a profit of 362 million yuan in 2023 [10][12]. - The company's gross margin has dropped to single digits, from 11.5% in 2023 to 7.4% in 2024, indicating a severe compression of profit margins [10]. Market Dynamics - The competitive landscape is increasingly challenging, with traditional retail being pressured by low-cost fruit vendors and online platforms offering faster delivery services, leading to a decline in Baiguoyuan's customer traffic and average transaction value [9][10]. - The number of Baiguoyuan stores has decreased significantly, with a net reduction of 966 stores from the end of 2023 to the end of 2024, averaging 2.6 store closures per day [10]. Consumer Sentiment - The backlash against Baiguoyuan's "educational" stance has alienated consumers, who feel patronized and are increasingly vocal about their dissatisfaction with the brand's perceived arrogance and quality issues [4][5][14]. - The company's attempts to position itself as a high-end fruit provider are undermined by repeated quality control failures and negative consumer experiences, leading to a loss of trust [7][14]. Strategic Challenges - Baiguoyuan's ambition to achieve 100 billion yuan in revenue and expand its store count to over 10,000 is now in jeopardy due to the current crisis [11]. - The company's reliance on a franchise model complicates quality control, and its high pricing strategy is increasingly at odds with consumer expectations for value [12][14].

Core Insights - The company, HeFu Noodle, has achieved remarkable growth in revenue and membership despite market pressures, with a reported revenue of nearly 1.3 billion yuan in the first half of the year, setting a record for the past five years [1] - Membership numbers have surged from over 20 million in early 2024 to over 37 million within just a year and a half, indicating strong consumer engagement [1] - The company has maintained a high consumer satisfaction rate, with an average monthly rating of approximately 98% on public review platforms, reflecting an increase of about two percentage points from the previous year [1] Product Innovation and Pricing Strategy - HeFu Noodle has focused on product innovation, launching new items at a frequency of 1.33 times per month in the first half of 2025, leading the noodle market [2] - The company has adjusted its main price range to 20-30 yuan in 2024, enhancing consumer appeal through competitive pricing [3] - In 2025, the classic beef soup noodle series was re-priced to 29 yuan, further improving the quality-price ratio and attracting more consumers [3] Membership and Service Enhancement - The company has implemented a sophisticated membership system, utilizing data analytics to create personalized marketing strategies, thereby increasing member engagement [4] - HeFu Noodle has achieved real-time monitoring of all its stores, ensuring a consistent and high-quality customer experience [5] - The company emphasizes customer feedback and service improvement, contributing to its high satisfaction rate and loyalty among consumers [5][6] Future Outlook - HeFu Noodle aims to continue focusing on consumer needs, enhancing product innovation, and improving membership services to adapt to changing market trends [7] - The company is committed to maintaining its growth trajectory and setting a benchmark for long-term development in the restaurant industry [7]