红餐网 . 做餐饮，上红餐 ！关注我，干货多！ 以下文章来源于红餐网 ，作者红餐编辑部 本文来自微信公众号： 红餐网 （ID：hongcan18） ，作者：李金枝，编辑：方圆，题图来自：视觉 中国 上一代餐饮"王者"已经积重难返！ 2025年已经过去4个月，又一批知名的餐饮企业陷入倒闭、门店收缩的境地。 比如昔日"韩国烤肉界扛把子"姜虎东白丁烤肉，今年接连关闭了在成都、宁波、汕头等城市的门店， 门店数从高峰期的上百家锐减到如今的30多家。 再比如曾在全国开了数百家门店的知名连锁火锅品牌，这两年尝试调整店型、下调客单价，但依然未 见起色，门店数还在不断减少。 有资深餐饮人告诉红餐网，曾经风光无限的一批连锁餐饮企业如今都很焦虑，业绩不增长，想转型又 困难重重。 随着旧餐饮时代的终结，一批"吃"到时代红利的连锁餐饮企业，或将面临更大的生存压力，它们的体 量规模更大，商业模式、经营理念等曾收获了丰厚的回报，但在新周期下却不再适用，而 很多企业 已经到了必须"刮骨疗伤"的时候 。 一、时代造王，但时代已经变了 有句话叫"没有成功的企业，只有时代的企业。" 过去十多年餐饮行业的高速发展，除了三年特殊时期，每年以超过10% ...

上一代餐饮"王者"已经积重难返！ 2025年已经过去4个月，又一批知名的餐饮企业陷入倒闭、门店收缩的境地。 比如昔日"韩国烤肉界扛把子"姜虎东烤肉，今年接连关闭了在成都、宁波、汕头等城市的门店，门店数从高峰期的上百家锐减到如今的30多家。 随着旧餐饮时代的终结，一批"吃"到时代红利的连锁餐饮企业，或将面临更大的生存压力，它们的体量规模更大，商业模式、经营理念等曾收获了丰厚的 回报，但在新周期下却不再适用，而很多企业已经到了必须"刮骨疗伤"的时候。 时代造王，但时代已经变了 有句话叫"没有成功的企业，只有时代的企业。" 过去十多年餐饮行业的高速发展，除了三年特殊时期，每年以超过10%的增长速度高歌猛进，也涌现出一大批颇具规模的连锁餐饮新贵，其中的佼佼者海 底捞更是顺利登上王座。 当下，我们所处的时代已经变了，无论是国家经济单边增长的红利，还是人口红利、产业结构的红利……正在逐渐消失。这也意味着，成就了上一代餐饮 企业的空气、土壤已经不再。 从需求端来看，在产能过剩、有效需求不足、消费信心不足的三大背景叠加下，当下的时代特征正从第三消费时代向第四消费时代迈进——消费逐渐回归 理性，消费者倾向于选择简单、舒适的产品 ...

消费趋势变迁是驱动上市潮的内生动力。当前消费市场呈现三大特征：其一，情绪价值消费崛起，茶饮 品牌通过IP联名、国潮设计实现品牌溢价；其二，科技赋能消费体验，某盲盒龙头企业股价年内翻倍， 彰显数字技术对消费场景的重构能力；其三，供应链竞争白热化，餐饮企业上市募资首要投向均为供应 链升级与数字化改造。这种趋势下，上市成为企业抢占赛道、整合资源的必选项。 值得注意的是，在这波上市潮中，部分企业为兑现对赌协议仓促上市，可能透支长期发展潜力。例如， 某品牌在招股阶段创下港股认购纪录，但单店坪效、加盟商盈利周期等核心数据仍需持续观察。 站在消费变革与资本开放的交汇点，这波境外上市潮既是企业发展的里程碑，更是行业洗牌的分水岭。 唯有那些真正实现品牌升级、供应链整合与数字化变革的企业，方能在资本市场的惊涛骇浪中行稳致 远。对于监管者而言，在守住风险底线的前提下，如何通过制度创新引导资本流向实体消费领域，将是 未来更重要的命题。 2025年开年以来，消费企业境外上市呈现井喷态势。从蜜雪冰城、古茗等新式茶饮品牌扎堆港股，到老 乡鸡、遇见小面等餐饮企业密集递表，这波上市潮背后，既是资本博弈的激烈角力，更是消费品牌突围 的生存抉择。 ...

据报告研判，中国"Z世代"人口规模约2.5亿人，消费规模约5.97万亿元，在汽车消费市场的强大消费潜 力正日渐显现。如何更好地理解和把握"Z世代"的消费心理和特征，也将成为中国新能源企业未来持续 增长的关键。 里斯战略咨询中国区合伙人何松松表示："车企需以技术领先为基、场景化为矛、年轻化为锚，在'心智 争夺战'中建立差异化优势。"他分析了车企打赢新能源下半场的三大核心战场：心智之争、市场之争、 技术之争。 在心智之争层面，报告指出，汽车是全球性品类，率先成为全球品牌是快速突围的战略关键。此外，由 于北方市场呈现"新能源认知到位，纯电技术受限"的特点，插混、增程成为车企短期内突破的核心发力 点，推动新能源渗透率提升。 中新网上海5月14日电 (记者李佳佳)中国电动汽车百人会和里斯战略咨询14日联合在上海发布首份深度 聚焦年轻一代的新能源消费趋势报告《新物种新理念新趋势——新能源汽车消费洞察与预测(2024- 2025)》(以下简称"报告")。报告指出，全球核心汽车市场进入饱和期，中国汽车市场亦进入存量竞争时 代，但新能源汽车市场仍处于高速发展阶段。 机构认为，2025年新能源汽车销量(含出口)预计达1650万辆 ...

以下文章来源于有数DataVision ，作者黄茜琳 有数DataVision . 数据表象与商业真相 前不久赴港递表的泰国椰子水公司IFHB，年营收规模11.6亿，差不多是光明乳业的4.7%，农夫山泉的 2.5%，可口可乐的0.3%。 但考虑到这家公司只有46名员工，其人均营收贡献高达2521万，是贵州茅台的5.3倍，椰树集团的30 倍，也是人效之王拼多多巅峰期的水平。 IF不是知名度最高的饮料品牌，也不是最赚钱的饮料公司，但他们绝对是最合格的大自然的搬运工。 轻资产标杆 IF在中国是一个知名度有限的品牌，在泰国却无人不晓。 创始人 彭萨克（Pongsakorn Pongsak） 今年45岁，父亲是当地知名集团Suwan的创始人，旗下三大块业 务完美展现了东南亚国家的产业结构[1]： 纺织生产加工，高端酒店，高尔夫球场。 作为一个有实干精神的富二代，彭萨克大学毕业后在家族公司短暂轮岗，在2011年创办了饮料代工公司 GB（General Beverage），2013年又创办了IFBH，专做IF椰子水。2017年，IF通过电商渠道进军中国大 陆市场。 （1）业务结构极其简单。 95.6%收入来自IF椰子水，唯 ...

Core Insights - The article highlights the vibrant consumer culture in Changsha during the May Day holiday, with over 8 million expected visitors, showcasing a shift towards experiential and culturally rich consumption [1][3]. Group 1: Consumer Trends - Tourists are increasingly favoring local cultural experiences and emotional value over traditional price-based considerations, indicating a trend from "cost-effectiveness" to "emotional value" in consumer choices [1]. - Popular attractions during the holiday included the East Mao Street Teahouse and "Big Snacks," which have become essential stops for visitors seeking unique experiences [1][6]. Group 2: East Mao Street Teahouse - The East Mao Street Teahouse, a reconstructed historical teahouse, sold over 3,000 cups of tea and 3,000 buns daily during the holiday, with an estimated daily foot traffic of 12,000 to 15,000 visitors [3][4]. - The teahouse appeals to both older and younger demographics, creating a lively atmosphere where traditional tea drinking meets modern social media engagement [4][5]. Group 3: Big Snacks - The "Big Snacks" store, located at the intersection of Jiefang West Road and Fusheng Road, saw a threefold increase in foot traffic during the holiday, with over 150 types of oversized snacks available [6][7]. - The store's unique selling proposition lies in its large packaging and creative displays, which cater to the emotional and social needs of younger consumers [7]. Group 4: Wellness and Relaxation - Foot massage and wellness services have become integral to the travel experience in Changsha, with many tourists incorporating these activities into their itineraries for relaxation after travel [8][10]. - The "Yierkang" wellness center offers a variety of services, including traditional Chinese medicine treatments, appealing to both individual travelers and families [10][11].

Market Overview - The paper and sanitary napkin industry is experiencing multidimensional growth, with the household paper market reaching a size of 157.1 billion yuan in 2022, growing at a CAGR of 8.1% from 2015 to 2022, indicating room for growth as per capita consumption is lower than in developed countries [2][7] - The sanitary napkin market reached a size of 99.1 billion yuan in 2022, with a CAGR of 5.9% from 2012 to 2022, suggesting a relatively stable growth with potential for increased per capita consumption [2][7] E-commerce Performance - E-commerce is a significant driver of industry growth, with the paper/wet wipes sector expected to achieve a CAGR of 16% from 2021 to 2024, reaching over 35 billion yuan by 2024; the sanitary napkin sector is projected to grow at a CAGR of 17%, exceeding 18 billion yuan by 2024 [2][16] - In Q1 2025, sales in the paper/wet wipes category are expected to surpass 29 billion yuan, with sanitary napkin sales experiencing a dramatic increase of 38% [2][23] Industry Structure - The household paper segment is the largest, while wet wipes are the fastest-growing category, with a relatively stable CR10 [2][28] - The sanitary napkin market shows a significant share for traditional napkins, while tampons are underperforming, driven by high prices [3][28] Consumer Trends - Consumers are increasingly seeking specialized products, with notable growth in cleaning paper products, female hygiene products, and swim diapers for infants [3][31] - There is a marked difference in demand for paper products across regions, with brand influence being significant during purchase decisions, and repurchase rates being closely tied to user experience [3][31] Challenges and Opportunities - The industry faces challenges related to trust and quality issues, but the implementation of new national standards in July 2025 is expected to drive quality upgrades and market reshuffling [3][12] - The potential for quality upgrades remains, as both paper and sanitary napkin segments have not fully transitioned to higher quality products, indicating further growth opportunities [10][12]

Core Insights - The travel market is expected to reach a peak in three years, with daily cross-regional flow predicted to exceed 270 million people during the May Day holiday [1][2] - Despite the surge in travel demand, hotel bookings have not shown explosive growth, indicating a shift in consumer preferences towards less crowded and niche destinations [1][3] - The dual rise in inbound and outbound tourism suggests that domestic hotels may not benefit as significantly from holiday travel as in previous years [3][4] Group 1: Travel Trends and Data - The number of domestic travelers during the May Day holiday is projected to be 274 million, a 70.8% increase from the previous year, with tourism revenue reaching approximately 1480.56 billion yuan, a 128.9% increase [5][6] - Inbound tourism orders have surged by 173%, and inbound tourist spending has increased sevenfold, indicating a strong recovery in international travel [2][3] - The travel patterns show a preference for less crowded options, with keywords like "less crowded" and "off-peak" gaining popularity among travelers [1][12] Group 2: Hotel Industry Performance - Hotel search interest for the May Day holiday remains flat compared to last year, suggesting that the hotel industry may not experience the same level of demand as the travel market [1][3] - High-end hotels in major cities like Beijing and Shanghai are seeing strong demand, but the overall market dominance of luxury hotels is diminishing as mid-range and budget accommodations gain popularity [10][11] - The average daily spending per traveler during the May Day holiday has decreased by approximately 12% compared to 2019, indicating a shift towards more budget-conscious travel [22][24] Group 3: Market Dynamics and Competition - The hotel industry is facing increased competition due to a significant rise in the number of new hotels, leading to a dilution of customer bases [22][23] - Non-traditional accommodations such as homestays and camping sites are becoming popular among younger travelers, further fragmenting the market [22][23] - The overall hotel occupancy rates and average room prices are under pressure, with many hotels needing to offer discounts or additional services to attract guests [22][24] Group 4: Future Outlook and Strategic Adjustments - The hotel industry is advised to focus on enhancing product offerings and services to attract customers in a more competitive environment [25][26] - There is a need for hotels to diversify their customer base and develop local market strategies to maintain occupancy rates throughout the year [25][26] - The industry is entering a phase where reliance on peak holiday periods is diminishing, necessitating a shift towards sustainable growth strategies [27][29]

证券研究报告 良品铺子 (603719 CH) 性价比趋势/量贩分流致经营承压 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 食品 | 考虑消费环境复苏偏弱、量贩分流影响持续，导致公司经营调整时间较长、 幅度较大，我们下调盈利预测，预计 25-26 年 EPS 0.02/0.26 元（前次 0.36/0.41 元），引入 27 年 EPS 0.42 元，考虑调整成果在 26 年能有更好体 现，参考可比公司 26 年平均 PE 54x，给予其 26 年 54xPE，目标价 14.04 元（前次 11.52 元，对应 24 年 36x PE），"增持"。 风险提示：行业竞争加剧，宏观经济表现不及预期，食品安全问题。 公司 24 年实现营收 71.6 亿，同比-11.0%，归母净利/扣非净利-0.5/-0.7 亿， （23 年为 1.8/0.7 亿）；对应 24Q4 实现营收 16.8 亿，同比-18.0%，归母净 利/扣非净利-0.7/-0.7 亿（23Q4 为-0.1/-0.6 亿），低于我们前次盈利预测（预 计 24 年收入/ ...

【环球时报赴上海特派记者 杨沙沙 王冬 环球时报特约记者 陶震】编者的话：作为全球最具影响力的车 展之一，第二十一届上海国际汽车工业博览会（上海车展）不仅汇聚了全球顶尖车企的科技成果，更是 观察中国汽车消费趋势与产业变革的窗口。近年来，中国汽车市场在自主品牌崛起、电动化加速渗透以 及智能化技术快速迭代的推动下，呈现出多元化发展趋势。为深入洞察消费者偏好变化，《环球时报》 于4月20日发起名为"今年，您最想买辆什么车"的调查。调查围绕"购车影响因素""车型与品牌偏好"等 核心维度展开，展示了当前消费者的真实需求。 七成受访者首选自主品牌 来源：环球时报 《环球时报》"今年，您最想买辆什么车"调查数据显示，在影响买车的因素中，"价格"与"使用成本"成 消费者的核心考量因素。其中，43.63%的受访者将"价格波动"列为影响购车的首要因素，"养车费用"以 42.81%的占比紧随其后，两者合计占比超八成。 自2023年下半年起，中国汽车市场经历了一轮价格战。今年3月，工业和信息化部副部长辛国斌强调， 汽车产业应从"规模增长"向"规模与效益并重"转型，以提升可持续发展能力。进入2025年，中国车市迎 来"开门红"。中国汽 ...