Core Viewpoint - The domestic service industry is undergoing a transformation, with a notable influx of younger individuals entering the field, driven by new job roles and changing perceptions of the industry [1][3][23]. Group 1: Industry Trends - The emergence of new roles such as "cooking aunties" and "male cleaners" reflects a shift in the domestic service sector, attracting younger workers [1][4][22]. - The average age of domestic service workers has decreased from the 50s to around 40, as the industry improves its image and offers better pay [3][23]. - The market for domestic services is projected to grow, with revenues expected to reach 1.16 trillion yuan in 2023 and 1.23 trillion yuan in 2024 [43]. Group 2: Worker Experiences - Young workers in the domestic service industry report higher incomes and greater job satisfaction compared to previous employment, with some achieving monthly earnings exceeding 10,000 yuan [7][17][51]. - Workers like Wei Li and Ma Ge have successfully transitioned from other professions to domestic services, finding fulfillment and financial stability in their new roles [10][17][22]. - The flexibility of work schedules and the ability to build trust with clients are significant factors attracting young people to the industry [38][42]. Group 3: Market Demand - There is a growing demand for domestic services, with clients increasingly willing to pay for professional help in household tasks [42][43]. - The industry is seeing a diverse clientele, including dual-income families and elderly individuals, which broadens the market for domestic services [32][38]. - Many new entrants into the field are leveraging social media and word-of-mouth for client acquisition, indicating a shift in marketing strategies within the industry [33][36]. Group 4: Skills and Training - Despite the low entry barriers, success in the domestic service industry requires hard work, emotional intelligence, and a willingness to learn [44][46]. - Training and skill development are essential, as evidenced by Ma Ge's investment in professional cleaning courses to enhance his service quality [45]. - The industry is evolving, with increasing expectations from clients for comprehensive and aesthetically pleasing service offerings [47][51].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is in a store expansion phase, with strong revenue and profit potential. The scale effect is gradually becoming evident, and cost reduction and efficiency improvement efforts are ongoing. The company plans to open 300 and 350 new stores in 2025 and 2026, respectively, with a target of approximately 3,000 stores by 2029-2030 [7] - The company has a strong brand and product offering, with over 21,000 global stores as of Q3 2024, leading in both store count and sales, achieving the highest market share globally. The product's convenience aligns with urban consumer trends, and the diverse menu caters to various price points [7] - The membership system is maturing, with 27 million members as of Q1 2025, enhancing customer loyalty and repeat purchase rates [7] - Revenue and profit forecasts have been adjusted to reflect strong growth, with projected revenues of 56.79 billion, 73.27 billion, and 90.51 billion yuan for 2025-2027, representing year-on-year growth rates of 31.64%, 29.01%, and 23.53%, respectively. Net profit is expected to reach 0.95 billion, 1.50 billion, and 2.39 billion yuan for the same period, with growth rates of 71.97%, 57.76%, and 59.29% [7] Financial Summary - Total revenue is projected to be 4,314 million yuan in 2024, increasing to 5,679 million yuan in 2025, and reaching 7,327 million yuan in 2026 [8] - The net profit for 2024 is expected to be 55.20 million yuan, growing to 94.92 million yuan in 2025, and 149.75 million yuan in 2026 [8] - The company’s earnings per share (EPS) is forecasted to be 0.42 yuan in 2024, increasing to 0.73 yuan in 2025, and 1.14 yuan in 2026 [8]

Core Insights - The "smoky economy" is evolving from version 1.0 to 2.0, driven by urbanization and upgraded consumer demand, transitioning from traditional street stalls to refined, scene-oriented community dining models [1] - The integration of community dining is creating new opportunities in the family dining sector, particularly for hot pot and barbecue, as it combines the necessity of home dining with trends like the "lazy economy" and "social economy" [1] Group 1: Community Dining Integration - Community dining integrates food retail, instant cooking, and social experiences, moving beyond traditional supply models [3] - The community dining model has led to a market size exceeding 200 billion yuan for family hot pot and barbecue ingredients in 2023, with community stores contributing over 60% of sales [3] Group 2: Supply Chain Revolution - The surge in hot pot and barbecue ingredients is fundamentally driven by supply chain efficiency upgrades, with centralized kitchens and cold chain distribution enhancing home dining experiences [4] - Consumers benefit from a cost-effective dining experience averaging 30-50 yuan per person, while enjoying quality comparable to restaurants [4] Group 3: Service Ecosystem Expansion - Leading brands are extending into service ecosystems by developing scene-specific products and hosting community events, transforming stores into local experience centers [5] - Innovative services, such as on-site cooking by chefs, can increase customer spending by 30% [5] Group 4: Challenges and Future Outlook - Community dining integration faces challenges such as regional taste differences, high spoilage rates of fresh products, and quality control issues with pre-prepared meals [6] - Future solutions may involve data-driven supply adjustments and deeper integration with community group buying and private traffic operations to create more agile business models [6] Group 5: Ecosystem Competition - The competition is shifting from product offerings to service ecosystems, emphasizing the need for balance between efficiency and customer engagement [7] Conclusion - The essence of the smoky economy 2.0 is leveraging community as a pivot to tap into the incremental market for family dining, with competition focusing on ingredient innovation and the reconstruction of local life service ecosystems [8]

以下文章来源于财经天下WEEKLY ，作者财经天下 来源丨 财经天下WEEKLY 凌晨三点，义乌的仓库仍亮着灯。 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 将投中网设为"星标⭐"，第一时间收获最新推送 "中国电商最卷之城"的地方，连垃圾袋都成了修罗场。 作者丨 易浠 编辑丨 吴跃 吴祥炬蹲在一堆印着卡通白兔的垃圾袋旁，用指甲反复抠着袋口的锯齿边缘。他的手指被塑料膜划出 细小的伤口，但也顾不上疼——"如果连撕垃圾袋的力气都省不了，用户凭什么选我？" 这是2022年的冬天。他的公司欧凯斯年销售额7000万元，净利润却只有26万元，库存积压如山， 已游走在破产的边缘。员工劝他放弃："垃圾袋而已，几毛钱的东西，能翻出什么花？" 当时，没有人能想到，这个"卷"在垃圾堆里的中年人，在短短两年后，成了电商江湖的"垃圾袋之 王"：不仅靠"免撕设计"横扫市场，年销售超过1亿元，还凭借过硬的综合素质，在1688百强牛商竞 赛中，夺得了冠军。 在义乌，这座被称为"中国电商最卷之城"的地方，连垃圾袋都成了修罗场。有人在这里血亏离场， 也有人默默爬上行业头部，成了闷 ...

证券简称： 鸿智科技 证券代码： 870726 广东鸿智智能科技股份有限公司 广东省湛江市坡头区官渡镇广湛路高速路口西 广东鸿智智能科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （上海市广东路 689 号） 1-1-0 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值， ...

证券简称： 鸿智科技 证券代码： 870726 广东鸿智智能科技股份有限公司 广东鸿智智能科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） 1-1-0 广东省湛江市坡头区官渡镇广湛路高速路口西 （上海市广东路 689 号） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值， ...