过去的打法行不通了。 2025年，方便面行业不算好过。上半年，外卖大战的"跨界打劫"，直接分食了方便面市场的蛋糕。在此 背景下，出现了不少唱衰的声音。但是，这是行业的全貌吗？ 以康师傅为例，其最新财报显示，上半年营收134.65亿，占公司总营收的33.6%；方便面业务毛利率同 比提高0.7个百分点至27.8%；净利润在去年的高基数之上增长11.9%至9.51亿。在原材料成本普遍上涨 的背景下，实现逆势增利，且两项主要盈利指标均远高于同行水平。 销量下滑的行业寒冬里，康师傅凭什么能赚得更多？ 不是不吃，而是更会吃 曾经，方便面是大家的"应急刚需"。绿皮火车上的必备泡面、大学宿舍里的深夜加餐、加班族的速食救 星……它因快捷、便宜、管饱的属性，成为几代人的共同记忆。1993年至2011年，中国方便面市场持续 18年增长，年均增速达20%，2013年销量达462亿包峰值。 但随着外卖的普及、预制菜的崛起、健康饮食观念的强化以及精致一人食、代餐等行业的快速发展，传 统方便面的市场空间不断被挤压。 然而，从更宏观的视角看，这实则是市场走向成熟的必然——从野蛮生长的增量时代，迈入结构升级的 存量时代。 | 国家 | 202 ...

127 4 A 2 Line Bu 1 77 II A 7 最近开业的南京金陵天地，因网友在天台机位拍出"曼哈顿分顿"打卡照而迅速走红，吸引消费者到此瞰 夜景、逛市集；金陵中环（JLC）在地铁口打造《红楼回响》数字长卷，B1层构筑沉浸式艺术通廊，让 人流连忘返……在商业地产深度转型的当下，城市商业综合体的经营者为迎合年轻消费者喜好，在屋顶 和B1层这两大空间大做文章，开拓消费新业态、新场景，用舒心环境、便利设施、走心服务，让商场 留得住人、更留得住心。 屋顶及地下空间纷纷改头换面 新开业不久的南京金陵天地，开业3天累计客流超40万人次，其天台成为吸引年轻人的"流量磁场"。第 一次来屋顶公园打卡的南京市民金先生说，晚上到天台吹吹风，现在很流行。随后他又找到一间热带雨 林主题餐厅，餐厅从地面到屋顶都装饰着热带植物。"我们白天做西餐，晚上做酒吧，目标客群就是年 轻人。"餐厅店长徐千龙说。 如今，越来越多的商场拓展屋顶和露台空间，曾经空置的空间一改"素面朝天"，打造出屋顶花园、运动 场地、星空餐厅、露天酒馆。 主动求变"讨好"年轻人的，还有商场的B1层。不少B1层连接地铁站、停车场，是商场的枢纽，集结连 锁超市、休闲 ...

Core Viewpoint - A new era of public funds characterized by rationality, sustainability, and trustworthiness is emerging in the market [1] Market Overview - As of August 18, 2025, the A-share market has seen a historic total market value exceeding 100 trillion yuan, with the Shanghai Composite Index reaching a 10-year high, driven by themes such as AI innovation, robotics industrialization, and innovative pharmaceuticals [2] - Over 96% of equity funds have achieved positive returns in 2025, with more than a thousand products yielding over 30% [2][4] - Leading institutions like E Fund, Huatai-PineBridge, and GF Fund have shown remarkable performance [2] Investment Strategy Shift - The industry is transitioning from a focus on "star" fund managers to a systematic research approach, emphasizing long-termism over short-term fluctuations [3][8] - Trust is becoming the most valuable asset in the industry, replacing mere scale [3] Performance Drivers - Technology growth has emerged as a key performance driver, with AI and innovative pharmaceuticals leading the charge [4] - The proportion of active equity funds allocated to technology growth sectors reached 42.68% in Q2 2025 [4] Institutional Movements - E Fund has significantly increased its holdings in the TMT sector from 11.4% in 2019 to 21.4% in 2024, and in the industrial sector from 8.6% to 17.3% [5] - The asset allocation to the Sci-Tech Innovation Board and the Growth Enterprise Market has surged by 230% from 113.5 billion yuan to 374.8 billion yuan [5] Platformization in Fund Management - The traditional reliance on star fund managers is being replaced by a platform-based approach that integrates research resources and enhances team collaboration [7][8] - The industry is moving towards creating sustainable, replicable, and inheritable research systems [8] Long-term Commitment - The public fund industry is exhibiting restraint amid market excitement, with many high-performing funds implementing purchase limits [10] - As of August 18, 2025, 31 funds with over 50% returns have suspended subscriptions, reflecting a commitment to sustainable returns for investors [10][11] - Self-purchase by public funds has reached over 5 billion yuan, indicating a strong alignment of interests between fund managers and investors [11] Conclusion - The current practices in the public fund industry reflect a strategic commitment to long-term value creation, focusing on investment capabilities, risk management, and the interests of investors [12]

Core Insights - The article highlights the success stories of two entrepreneurs from Henan, Yu Donglai of Pang Donglai and Wang Ning of Pop Mart, showcasing their unique business philosophies and achievements in the retail and toy industries [1][5][12] Group 1: Entrepreneurial Achievements - Pang Donglai's supermarket chain has become a "6A scenic area," emphasizing trust and sincerity in its operations, while Pop Mart has transformed its LABUBU brand into a global IP with a market value exceeding HKD 400 billion, achieving over 400% growth in overseas markets [1][3] - Pop Mart reported a revenue of CNY 13.88 billion in the first half of 2025, marking a year-on-year increase of 204.4%, with overseas revenue accounting for 40% of total sales [3] Group 2: Business Philosophy - Both entrepreneurs embody a long-term strategic vision, rejecting short-term speculation in favor of sustainable growth, with a focus on quality and customer experience [5][6] - Yu Donglai's approach includes closing unprofitable stores to maintain quality, while Wang Ning emphasizes the importance of time and cultural integration in expanding his brand globally [6][8] Group 3: Cultural and Ethical Values - The practices of both entrepreneurs reflect traditional values such as integrity and responsibility, which are integrated into modern business practices, like unconditional return policies and customer rewards [11] - Their success is attributed to a blend of traditional Henan business spirit and modern innovation, showcasing a commitment to social value and community engagement [11][12]

8月21日，越秀服务（06626.HK）披露2025年中期业绩报告。在行业回归理性增长的大环境下，公司交出了一份兼具韧性与创新的成绩单。报告期内，越秀 服务实现营业收入19.62亿元，账面现金及定期存款47.91亿元，充分展示公司在长期主义理念下持续锻造竞争力。 越秀服务非执行董事兼董事会主席江国雄表示，当前市场环境对物管行业在服务品质和经营质量上均提出了更高要求，越秀服务本身具备高质量发展的根 基。面向未来，公司将会坚持和落实"以客户满意为先"的理念，不断提升基础服务能力、增加区域深耕耐力、挖掘增值赛道潜力、强化市场综合竞争力，在 行业回归理性增长的共识下，静水流深，以坚守长期主义的理念和原则，持续穿越市场周期。 01 营收增长，现金充沛，以稳固底盘筑牢发展护城河 2025年上半年，越秀服务实现营业收入19.62亿元，始终保持增长势头，其中基础物业管理收入7.16亿元，同比增长19.2%，连续四年增速近20%，成为穿越 行业周期的关键支撑。 在物业行业转型变革的背景下，越秀服务展现出难得的韧性。数据显示，截至报告期末，越秀服务账面现金及定期存款为47.91亿元，较2024年末再增8900 万元，经营性现金流 ...

Core Viewpoint - Wang Xiaolu has achieved remarkable growth in the snack industry, particularly with its tiger skin chicken feet, which has sold over 1.2 billion bags and maintained the top sales position for six consecutive years in China [1][2]. Group 1: Growth Strategy - The company adopted a central kitchen and pre-packaging model, leveraging internet traffic to achieve significant sales in the early stages [6][7]. - After facing challenges, the company pivoted to focus on tiger skin chicken feet, which led to rapid growth, especially with the rise of live streaming and e-commerce platforms [9][10]. - The establishment of a physical sales system contributed to the company's status as one of the fastest-growing companies in the offline food category [10][11]. Group 2: Product Focus and Innovation - The decision to focus on tiger skin chicken feet was based on market research indicating high consumer interest and a lack of leading brands in this category [18][24]. - The company emphasizes the importance of high repurchase rates and low customer acquisition costs as key indicators of a successful product [30][31]. - Continuous product innovation, such as improving taste and convenience, is crucial for maintaining customer loyalty and satisfaction [49][51]. Group 3: Brand and Market Positioning - The company aims to become a brand expert in the tiger skin chicken feet category, focusing on user engagement and targeted marketing strategies [44][46]. - Brand penetration rates are currently low, indicating significant growth potential through enhanced marketing efforts and strategic partnerships [54][56]. - The company is committed to building a strong brand identity that resonates with consumers, aiming to provide not just food but also happiness and enjoyment [40][42]. Group 4: Operational Excellence - The company prioritizes data-driven decision-making to manage product, brand, and channel performance effectively [47][58]. - A focus on operational efficiency and cost management is essential for sustaining growth and profitability in a competitive market [74][76]. - The company recognizes the importance of a robust distribution network, particularly in underdeveloped markets, to expand its reach and sales [58][87].

越秀服务非执行董事兼董事会主席江国雄表示，当前市场环境对物管行业在服务品质和经营质量上均提 出了更高要求，面向未来，公司将会坚持和落实"以客户满意为先"的理念，不断提升基础服务能力、增 加区域深耕耐力、挖掘增值赛道潜力、强化市场综合竞争力，在行业回归理性增长的共识下，坚守长期 主义的理念和原则，持续穿越市场周期。 中证报中证网讯（记者 万宇）8月21日，越秀服务披露2025年中期业绩报告。上半年，公司在管面积和 合约面积均实现增长，实现营业收入19.62亿元，股东应占盈利2.40亿元，账面现金及定期存款47.91亿 元。越秀服务宣布维持50%的高派息率，将业务增长切实转化为投资回报，彰显对未来现金流的信心。 报告显示，上半年越秀服务营业收入为19.62亿元，商业收入3.70亿元，占18.9%，非商收入15.92亿元， 占81.1%。其中商业运营及管理服务收入3.12亿元，基础物业管理收入为7.16亿元，同比增长19.2%，这 是越秀服务连续第四年基础物业营收保持增速20%左右的高增长。 基础物管高增长来源于服务品质的升级。越秀服务围绕业主需求，持续进行客户研究，提升服务力，利 用数智科技驱动服务品质升级。上半 ...

Core Insights - The instant noodle industry in China is experiencing significant growth, with a notable increase in new product launches and consumer demand [1][3][4] Group 1: Market Dynamics - In 2024, China consumed 43.8 billion packs of instant noodles, a year-on-year increase of over 1.6 billion packs compared to 2023 [3] - The market for instant noodles is still expanding, especially when compared to per capita consumption in Japan and South Korea [3] - Major brands are actively innovating and launching new products, indicating a strong market enthusiasm [1][4] Group 2: Product Innovation - Master Kong has launched over 10 new products in the first half of the year, covering a wide price range from 3 to over 20 yuan [4] - The company has developed a patented "0-fried" noodle technology, enhancing the health profile of its products while maintaining taste [6] - New products like "Special Special" and "Fresh Q Noodles" have been well-received, showcasing the brand's commitment to health and flavor [6][10] Group 3: Consumer Engagement - Master Kong's mini bucket and "Little Full Cup" products cater to outdoor and weekend consumption trends, appealing particularly to younger consumers [8] - The brand has successfully launched limited products in membership stores, receiving positive market feedback [10] - The company emphasizes cultural resonance and emotional connection with consumers, integrating traditional Chinese culinary elements into its offerings [16][18] Group 4: Financial Performance - Master Kong's gross margin increased by 0.7 percentage points to 27.8%, with net profit growing by 11.9% to 951 million yuan [15] - The company has established a robust profit model through digital transformation and efficient supply chain management [13][15] Group 5: Brand Positioning - Master Kong has consistently ranked among the top three in Kantar's consumer index for 12 consecutive years, reflecting strong brand loyalty [21] - The brand's focus on cultural depth and health needs has helped it avoid price wars and maintain a competitive edge [21]

2025年的夏天，方便面行业格外热闹。 今年Q1以来，方便速食各重点类目中，方便面类目体量最大、上新活跃度也最高。Q1新品数量激增至高峰， Q2虽有所回落，仍处于高位。很显然，各大品 牌在推新上保持着很高的热情和执着。 你或许一定很奇怪为什么？再来看一组数据： 公开统计显示，2024年中国人一年吃掉438亿包方便面，同比2023年422亿包，年涨幅超16亿包；相较日韩的人均泡面指数，中国泡面的消费空间仍然很大。 在品牌频繁推新背后，不仅是看到了市场空间，更重要的是消费需求。 震惊同行的上新频率 俗话说得好，春江水暖鸭先知，热闹的方便面市场，自然少不了头部企业的身影。 据本尚书的不完全统计，上半年以来，康师傅至少上新了10+款产品，从3元价格带到20+元价格带的产品均有涉及，所以对于传言头部企业正在全面高端 化，抛弃消费者的言论实在难以站得住脚。 | 序号 | 产品名 | ■味 | 规格 | 价格带 | | --- | --- | --- | --- | --- | | 1 | 小饱杯 | 贵州红酸汤牛肉/奶油蘑菇汤/黑胡椒牛排/白胡椒猪肚鸡/山药猪骨汤 | 杯 | 3-4元 | | 2 | 鲜熟面 | 牛肉汤 ...

深度调整期是挑战，更是试金石和机遇期。2025年随着白酒深度调整的进一步持续，白酒企业的发展正 从追求业绩增速，转向构建可持续的高质量发展范式。8月18日晚，洋河股份公布了2025上半年业绩， 实现营业收入148亿元，归属于上市公司股东净利润43.4亿元，交出一份充满韧性的成绩单。 在业绩之外，2025年上半年，洋河管理团队深刻认识到本轮行业变迁的本质，以长期主义横渡周期，敢 于为长远牺牲短期利益，持续投入基础能力建设，维护健康生态，保持战略定力，也成为行业高质量转 型的白酒样本。 主动调整，业绩稳健 从业绩上看，洋河上半年的业绩增速有所下滑，但从财务数据上看，核心财务数据表现依然稳健。 上半年洋河实现收入148亿，从分地区看，2025年上半年洋河省内实现收入72.6亿元，占营业收入总比 例为49.1%，省外实现收入75.4亿元，占比为50.9%。其中，中高档酒销售依然占据主导地位，半年实现 收入126.7亿元，而面对上半年复杂的市场竞争环境，洋河中高档酒毛利率提升了近1个百分点，让整体 毛利率与上年同期持平。 面对目前市场上白酒供给过剩的局面，洋河主动调整了生产和发货进度，降低库存，上半年洋河生产白 酒4. ...