斯莫格推出与变形金刚联名产品。 一位东南亚达人让家人体验16头按摩仪。受访者供图 从上榜全球TOP1000企业榜单，到获人民日报权威媒体聚焦；从深耕欧洲市场，到引爆东南亚消费潮 流，再到攻克百年产业难题——随着APEC会议临近，深圳龙华区一批高科技企业凭借硬核技术实力强 势出圈，以多元化出海路径对接全球市场，为中国与世界经济的深度对话打开了全新窗口。 龙华已形成"龙头引领、中小协同"的企业发展格局。国家级单项冠军全市领先，2025年国家工信部认定 的国家级制造业单项冠军名单中，龙华企业5家，占全市新增总量的22.7%，新增数量位居全市第一， 累计达到15家，总量位居全市第三。各层级企业梯队持续进阶，累计培育创新型中小企业3378家，市级 专精特新企业1837家，国家级专精特新"小巨人"企业182家，国家级重点"小巨人"企业24家，各层级企 业数量跃升至全市前三。 去年本土机器人产业链企业中 汇川以1800亿元市值高居首位 胡润研究院最新发布的《2025胡润全球高质量企业TOP1000》榜单中，深圳以15家企业上榜在全球城市 中位列第11，来自龙华区的汇川技术股份有限公司(以下简称汇川技术)也在榜单内。此前，汇 ...

Core Insights - The sixth Tea House Industry Conference was held in Beijing, focusing on the theme of "Cultural Roots, Standard Guidance, Promoting High-Quality Development of the Tea House Industry" [1] - Experts suggest that the tea house industry should expand service boundaries through models like "Tea House + Cultural Creativity" and "Tea House + Experience" to revitalize traditional tea houses in the new era [2][3] Industry Development - The conference aimed to gather industry wisdom and outline a development blueprint, emphasizing the importance of collaboration among leading institutions and brands to create a stable platform for long-term development [1] - The first batch of strategic partners for high-quality development during the 14th Five-Year Plan period was announced, focusing on resource integration and complementary advantages [1] Consumer Trends - The tea house industry is seen as a crucial platform for connecting production and consumption, as well as for cultural transmission and service promotion, and is encouraged to play a more active role in the new development pattern [2] - There is a need to adapt to consumption upgrade trends by transforming traditional tea houses into new spaces that integrate cultural experiences, quality consumption, and modern services [2][3] Innovation and Digitalization - The industry is urged to deepen industrial chain collaboration and innovate business models to activate domestic demand potential, contributing to high-quality economic development [2] - The tea house sector should actively apply digital tools to enhance operational efficiency and continuously cultivate new growth points through organizational, marketing, and service innovations [3]

本文为IPO早知道原创 作者｜Stone Jin 据IPO早知道消息，海底捞国际控股有限公司（以下简称"海底捞"，6862.HK）于8月27日公布了截至 2024年6月30日中期业绩。 财报显示，2024年上半年，海底捞营业收入214.91亿元，同比增长13.8%；核心经营利润27.99亿元，较 2023年同期增长13.0%，收入与核心经营利润均创历史新高。受净汇兑损益变动和中国大陆增值税加计 抵减优惠政策取消的影响，海底捞净利润20.33亿元。 值得注意的是，海底捞在此次财报发布中补充披露了"核心经营利润"这一非国际财务报告准则计量数 据，该数据去除了利息及投资收益、税项加计扣除、汇兑损益等非主营业务相关及不可持续项目的影 响，展现了海底捞核心运营项目的业绩表现。 截至2024年6月30日，海底捞在大中华区共经营1343家餐厅，其中1320家位于中国大陆地区，23家位于 港澳台地区。大中华区上半年所有餐厅接待顾客总数超过2亿人次，翻台率4.2次/天，接近2019年的4.8 次/天，而彼时海底捞全球门店数量为768家。 从门店数量来看，海底捞上半年新开11家餐厅，同时关停了一些经营表现不达预期、增长潜力不足的 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 26 日 | 市场数据： | 2025 年 12 月 25 日 | | --- | --- | | 收盘价（元） | 272.11 | | 一年内最高/最低（元） | 336.50/208.8 | | 市净率 | 16.1 | | 股息率（分红/股价） | 1.84 | | 流通 A 股市值（百万元） | 141,501 | | 上证指数/深证成指 | 3,960/13,531 | | 注："股息率"以最近一年已公布分红计算 | | 能量饮料龙头迈向综合平台型公司 | 基础数据： | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 16.9 | | 资产负债率% | 63.24 | | 总股本/流通 A 股（百万） | 520/520 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与沪深 300 指数对比走势： ——东鹏饮料（605499.SH）首次覆盖报告 投资要点： 食品饮料 | 报告原因： | | --- | | 买入（首次评级） | -20% 0% 20% 40% 60% 12- ...

【酒店高参】随着中国酒店业告别野蛮生长的"增量时代"，全面迈入精耕细作的"存量时代"，投资逻辑正经历深刻重构。效率与稳定性，取代规模与速 度，成为衡量投资模型成功与否的新标尺。在此行业转折的关键节点，深圳亚铂酒店管理有限公司与携程旗下丽呈集团正式宣布达成深度战略合作，共同 推出聚焦于存量资产价值重塑的中端酒店品牌——丽呈安屹酒店（REZEN ANYI HOTEL）。 这不仅是双方资源与能力的强强联合，更是针对当前市场核心痛点所交付的一份系统性解决方案。丽呈安屹品牌的诞生，旨在破解存量酒店改造的效益难 题，以"国际标准品质"与"本土高效运营"的融合模式，为寻求稳健回报的投资人构筑一道坚实的护城河。 存量市场的结构性困局与破局者的使命 当前，中国中端酒店市场正身处一场深刻的范式转移之中。 丽呈安屹酒店的竞争力并非单一优势的体现，而是建立在四大相互关联、彼此赋能的基石之上，共同构成其在复杂市场中保持"安稳屹立"的深层逻辑。 团队基石：资深本土化团队的实战保障 品牌的核心运营团队由亚铂酒管的行业资深专家构成，成员平均拥有超过20年的酒店开发、运营及连锁品牌管理经验，对中国市场有着深刻的理解和丰富 的实战积累。创始人侯 ...

在传统线下服务业面临人力成本攀升与管理效率瓶颈的背景下，无人自助模式成为重要转型方向。其规 模化落地，依赖于成熟可靠的技术支持。鹰掌门无人自助系统作为该领域的代表性解决方案，其价值已 超越软硬件本身，成为驱动行业数字化升级的关键基础设施。 管理模式革新：推动经营从"经验驱动"转向 "数据驱动" 。系统提供的实时数据看板，赋能商家实现坪 效、客流、能耗的精细化运营。 商业扩张可能：其输出的标准化运营流程与统一数据接口，为品牌的跨区域连锁化管理与复制提供了坚 实的技术保障，提升了行业整体的专业化水平。 一、核心定位：提供标准化的数字基座 鹰掌门系统通过提供稳定、灵活的技术架构，不仅解决了商户的运营痛点，更深层次地推动了传统线下 服务业向高效化、数据化与可规模化的现代业态演进。它扮演了行业智能化转型中不可或缺的"推动 器"角色，其发展是观察实体经济与数字技术深度融合的一个典型样本。 该系统的根本价值在于，为分散的线下门店提供了一站式、可快速复制的数字化运营基础。它将复杂的 预约、管控、计费流程整合为自动化工作流，显著降低了单个商户的转型门槛与试错成本，使其能聚焦 于核心商业运营。 编辑：侯宜均 二、技术内核：以模块 ...

Core Viewpoint - The Huaan Bailian Consumption REIT is set to distribute dividends amounting to 34.46 million yuan, representing 99.98% of the distributable amount as of September 30, 2025, highlighting its strong cash flow and dividend capacity since its listing [1] Group 1: Fund Performance - The fund will distribute 0.3446 yuan per 10 shares, marking its second dividend distribution in 2025 and the fourth since its inception [1] - The annualized cash flow distribution rate reached 4.70% as of September 30, 2025, indicating robust performance in the secondary market for public REITs [1] Group 2: Underlying Asset Operations - The underlying asset, Bailian Youyi City Shopping Center, has demonstrated efficient operations, contributing to the fund's stable cash flow [1] - In 2025, the shopping center signed 55 new brands, including 17 regional first stores and 3 Shanghai first stores, with 12 new brands signed in Q4 alone [2] Group 3: Customer Engagement and Digitalization - The project has effectively targeted young consumers through events like the "Green Tree E-sports" first store and urban competitions, resulting in a daily footfall increase to 84,800, a 12.92% year-on-year growth [2] - A comprehensive upgrade of the customer flow analysis system in 2025 has enabled precise data capture and analysis, enhancing operational efficiency and brand performance [3] Group 4: Market Position and Future Outlook - The Huaan Bailian Consumption REIT aims to leverage its solid operational capabilities and digital management to provide sustainable returns for investors, playing a crucial role in the transformation of commercial real estate and boosting urban commercial vitality [4]

例如，某国有银行线上产品运用大数据技术，从无到有构建了批量获客、自动审批、自主授信、集中风 控的普惠线上信贷模式；在2025年举办的第14届中国（广州）国际金融交易 博览会（"金交会"）上， 某国有银行广州分行"数智金融体验馆"亮相——客户可随时随地线上预约取号，自主选择办理业务类 型、办理网点及时间，多种高频复杂场景提供完善信息预填、到店前预审、业务预办等；通过音视频远 程交互等，为客户高效解难，以对公开户为例，借助远程银行服务模式，最快仅需约15分钟即可完成。 在数字技术的加持下，普惠金融产品可以快速搭建，满足小微企业多元化需求。例如，基于标准化组 件，通过积木式拼装，推动数字普惠产品创新和小微信贷体系建设。 如果说线上化是数字普惠金融1.0版本，以智能化为中心的智慧银行建设就是数字普惠金融2.0阶段。目 前，国有银行已经通过人工智能技术等赋能产品智能组合和精准推荐。例如，在实现单一产品服务的基 础上，利用大数据技术，挖掘客户特征及客户金融需求，通过推荐算法、智能规则引擎，推动产品智能 组合与精准推荐。 在数字经济与实体经济深度融合的背景下，国有银行主动拥抱金融科技浪潮，重塑普惠金融服务模式。 南都"中国 ...

面对愈演愈烈的同质化竞争，餐饮行业亟需通过结构性创新引领行业发展，而袁小饺的发展路径正与这一趋势高度契合。从健康化产品布局到全场景消费覆 盖，从数字化供应链搭建到产业上下游协同，袁小饺以系统性创新成为中小餐饮企业转型的范本。 荣获"年度先锋品牌"荣誉的背后，是袁小饺对产品创新的探索以及在品牌数字化营销模式上不断推陈创新的成果。在产品端，袁小饺突破传统饺子、云吞的 品类边界，将产品品类拓展至面食领域，形成"一日三餐"全场景产品矩阵，为消费者打造"家门口食堂"的消费体验。同时，聚焦健康饮食需求，袁小饺推出 牛肉系列、鸡肉系列，契合消费者从"满足饱腹"到"健康定制"的消费升级。 近日，在美团第八届餐饮产业大会上，袁小饺凭借在产品创新、数字化运营及产业赋能等领域的突出表现，斩获"年度先锋品牌"奖项。 作为国内餐饮行业的风向标，美团餐饮产业大会的奖项评选以创新力、成长性与产业贡献为核心标准，此次荣誉不仅是行业对袁小饺发展成果的认可，更加 印证了其对后疫情时代餐饮高品质与健康消费趋势的精准把握。 数字化运营的深度布局更是袁小饺成为"年度先锋品牌"、构建核心竞争力的重要支撑。袁小饺建立了从采购到配送的全程食材可追溯系统，以 ...

Core Viewpoint - The market response to the IPO of "Yujian Xiaomian," the first listed Chinese noodle restaurant, has been lukewarm, with the stock experiencing a significant drop on its debut, indicating investor skepticism about its future prospects [3][31]. Group 1: IPO and Market Response - "Yujian Xiaomian" issued a total of 97.36 million shares, with a staggering oversubscription rate of 425.97 times for the public offering, while the international offering had a much lower rate of 4.99 times [4][31]. - On its first trading day, the stock price fell to HKD 4.98 per share, closing at HKD 5.08, marking a decline of 27.84%. By December 19, the stock further dropped to HKD 4.74, a cumulative decrease of nearly 33% from the issue price of HKD 7.04 [4][32]. Group 2: Shareholder Structure and Market Sentiment - The ownership of "Yujian Xiaomian" is highly concentrated, with the top 25 shareholders, including founders and major investors, holding 95.3% of the shares, leaving only 4.7% in public circulation [5][33]. - The significant drop in stock price has raised concerns among cornerstone investors, who collectively invested approximately HKD 171 million, facing potential losses of around HKD 9 million based on the first-day closing price [5][33]. Group 3: Financial Performance and Operational Efficiency - The company has expanded rapidly, with the number of stores increasing from 200 in July 2023 to 465 by November 2025, including 331 directly operated stores [6][7]. - Revenue surged from CNY 418 million in 2022 to CNY 1.154 billion in 2024, achieving profitability with a net income of CNY 60.7 million in 2024, while the first half of 2025 saw revenue of CNY 703 million, a 33% year-on-year increase [7][36]. - However, operational efficiency is declining, with average daily sales per store decreasing, and the average customer spending has also dropped from CNY 36.2 to CNY 31.8 over the same period [8][36][37]. Group 4: Debt and Expansion Challenges - The company's debt ratio has been high, reaching 95.8% in 2022 and decreasing to 89.9% in 2024, which is still above the typical range for the restaurant industry [9][38]. - The majority of stores are concentrated in first-tier and new first-tier cities, particularly in Guangdong, which poses risks related to regional dependency and limits national expansion [9][38]. Group 5: Market Strategy and Consumer Perception - "Yujian Xiaomian" relies heavily on a standardized pre-prepared food model, which may limit customer experience and brand perception in a market that values freshness and transparency [10][39]. - Customer complaints, primarily about food quality, have been noted, indicating potential issues with product consistency and service [10][44]. Group 6: Future Growth Potential - The company plans to use approximately 60% of the net proceeds from its IPO to expand its restaurant network and enhance market penetration, with plans to open 520 to 610 new stores from 2026 to 2028 [7][35][54]. - The digitalization of operations is a key focus, with a membership system and supply chain management aimed at improving efficiency and customer loyalty, which could support long-term growth [7][54][55].