面对销量上的困境，凯迪拉克选用了最常见的"以价换量"之法，试图以"价格屠夫"的姿态在市场中寻找生存空间。CT5优惠超8万元，XT5降价13万元，GT4 售价跌破15万元，与合资家用车价格重叠。然而，这种"以价换量"的策略弊端明显。在消费升级与价值回归的市场环境下，高端汽车消费群体更看重品牌溢 价带来的身份认同和价值共鸣。频繁降价侵蚀了品牌最核心的无形资产，即消费者对豪华定位的心理认同。价格体系崩塌也引发了保值率焦虑，在中国汽车 流通协会和精真估联合发布的《2025年10月中国汽车保值率研究报告》中，凯迪拉克的保值率为45.4%，比一些自主品牌还低。 营销策略上，凯迪拉克也频频失误。2024年，其在社交平台发布的"椰树风"海报，用"不爱学习别人妆容""既不像保时捷也不像特斯拉"等口号，试图以"黑 红"路线博眼球，却因内涵竞品、风格土味引发舆论反噬。在IQ锐歌交付时，官方删除宣传视频以掩盖配置缩水货不对板的问题，也因此透支了消费者的信 任。此外，凯迪拉克频繁的高层变动暴露了内部管理混乱，3年更换3任中国区总裁，战略摇摆不定。 如今的凯迪拉克如果想突破重围，首先就是需在新能源转型上加大投入，提升智能化水平，推出符合 ...

酒店行业会议交流 20251203 摘要 2024 年以价换量策略使 RevPAR 提升约 2%，ADR 下降 1.5%，OCC 提升近 2.8%。11 月各周 RevPAR 数据震荡，首周受益于活动带动提升 4.1%，月底下降 1.5%。 休闲旅游、错峰旅游及疗休养团对酒店业有提振作用，有旅游资源的城 市通过赛事和活动吸引游客，提高酒店消费。君亭酒店与湖北文旅合作， 有助于抵御市场风险，类似首旅模式，但需观察 ADR 和 OCC 数据是否 真正提高。 连锁化率提高背景下，中档连锁酒店面临市场挤压，项目数量扩展受限 可能导致破窗效应。高端品牌受益于消费能力，中高端品牌依赖商务客 群及活动流量，恢复速度存在差异。 亚朵高线品牌恢复较好，萨和系列直营店及优质区位亚朵 4.0/3.6 产品 表现强势，但门店数量有限。中低端产品如全季、橘子水晶等老店数据 稳定，ADR 和 OCC 表现坚挺。 华北、华东地区酒店市场恢复明显，商务和休闲市场均有回升。云南连 锁品牌增长较好，但整体增速逊于华北和华东。展会及城市活动频率也 以华北和华东为主。 Q&A 最新的周评数据显示，酒店行业的 RevPAR、OCC 和 ADR 是否有 ...

"我看好的二手房价格比半年前低了不少。"正为孩子明年入学做准备的方女士说道。她本计划再观望一段 时间，但入学时限促使她果断决定。像她这样被特定需求推动的购房者，正成为年末楼市中一批积极的买 家。 11月份，京沪二手房市场迎来显著回暖。北京二手房住宅成交环比增长近两成，上海成交量则创下近7个 月新高，仅次于传统的"金三银四"。业内人士指出，部分刚需房源在价格调整后显现出"性价比"，直接带 动了成交量的上升。 北京：成交量环比上涨近两成，价格差扩大推动交易 根据北京市住建委发布网签数据，11月份二手房住宅成交总套数为14446套，环比上涨19.52%，同比下降 23.01%；整体来看，二手房住宅网签数据虽然同比有所下降，但环比呈上涨势头。这也意味着，11月份二 手房市场成交活跃度明显提升。 上海：成交量创近7个月新高，300万以下刚需房占主导 中指研究院供图。 对此，合硕机构首席分析师郭毅表示，11月份北京二手房成交量反弹，一方面是核心区学区房的成交量增 加，因为每年学区房的信息是在4月底收集，所以有适龄儿童的家庭就会在此时做规划，一般也是提前四 五个月筹划购房，因为要提前铺排付款流程、签约流程等。这也导致年底和 ...

2025年11月，全国30个重点城市新房成交建面为815万平方米，前11个月累计成交10651万平方米。乍看之下数据平稳，实则暗流涌动——一线城市内部已现 明显分化。 广州成为一线中唯一环比微增的城市，成交建面63万平方米，环比增长2%。这背后是供应端的强力支撑：11月广州新房供应建面达61万平方米，环比翻 番。但值得注意的是，供应增幅远超成交增幅，反映出市场去化压力依然存在。 北京虽成交动能放缓，但前11月累计同比仍微增1%，展现一定韧性。而上海、深圳则双双陷入低迷，供应量处于低位，市场活跃度亟待提升。 | | | | | | 绿 | | 城市 | | | 前11月 | 留于同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 北京 | 24 | -40% | 408 | 18 | | 美州 | 21 | -24% | 304 | -22% | | | 上海 | 32 | -19% | 503 | -20% | | 用京 | 21 | - ਰੇਕੰ | 271 | -27% | | 第一 | 广州 ...

在"以价换量"的背景下，一线城市的二手房市场成交活跃度持续回升。 深圳市房地产中介协会最新的统计数据显示，11月深圳二手房成交共计录得5762套，环比增长3.9%， 同比下跌34.3%。从月度走势来看，自2025年2月录得低点后，市场成交量已连续9个月维持在5000套以 上，并于11月进一步回升至5762套，表明深圳二手房市场已逐步走出低谷，交易量进入企稳阶段。成交 量的持续稳定，有助于缓和市场情绪，为后续房价预期的稳定提供支撑。 从区域成交结构来看，11月深圳二手房市场格局保持稳定。龙岗、福田、罗湖、南山、宝安、龙华六区 仍为绝对成交主力，合计占比高达92.3%。从片区成交热度来看，当前深圳市场呈现出明显的刚需与豪 宅需求"两头热"的结构性特征。一方面，龙岗中心城片区以258套的成交量位居榜首，大幅领先其他片 区，同时龙岗区另有三个片区进入热度榜单，反映出以刚需为主的市场需求持续活跃。另一方面，定位 高端的南山区同样表现突出，共有三个片区上榜，显示出刚需型与高端置业需求同步升温的市场格局。 乐有家研究中心认为，深圳二手房交易活跃主要得益于所见即所得的现房优势，以及价格经过持续调整 后，市场上存在不少捡漏笋盘 ...

Core Viewpoint - The competition among the three major coffee brands in China—Luckin, Kudi, and Starbucks—has intensified, focusing not only on store numbers but also on operational efficiency, profitability models, digital capabilities, and financial health [4][6]. Group 1: Market Position and Expansion Strategies - Luckin Coffee has established a network of nearly 30,000 stores, utilizing a mixed model of self-operated and franchised stores to penetrate lower-tier markets, solidifying its market dominance [7][9]. - As of the end of Q3 2025, Luckin had 29,214 stores globally, with 99.6% in China, and a significant portion of its stores located in mid-range shopping centers [7][9]. - Starbucks has shifted its focus to lower-tier markets, with a new strategy involving smaller store formats to adapt to consumer habits, while facing challenges from its heavy reliance on a direct-operated model [10][13]. - Kudi has adopted a differentiated strategy focusing on lower-tier markets, with over 60% of its stores located in these areas, aiming to capitalize on the potential of coffee consumption in these markets [11][13]. Group 2: Revenue and Growth Dynamics - In Q3 2025, Luckin reported a total net revenue of 15.287 billion yuan, a 50.2% year-on-year increase, significantly outpacing Starbucks' revenue from China, which was only about 57 million yuan [13][14]. - Luckin's growth is driven by rapid store expansion, same-store sales growth of 14.4%, and a surge in monthly active users, which reached 112 million [14][17]. - Starbucks' same-store sales declined by 1% in FY2025, despite a 4% increase in transaction volume, indicating challenges in maintaining customer spending [20][27]. Group 3: Profitability and Financial Health - Luckin's net profit for Q3 was 1.278 billion yuan, with a net profit margin of 8.4%, although delivery costs surged, impacting profitability [22][23]. - Starbucks faced a significant decline in global net profit, with a 9.9% operating profit margin, reflecting the pressures from rising costs and strategic transformations [27][28]. - Kudi claims to have achieved profitability, but lacks transparency in its financial data, raising questions about the sustainability of its business model [28][39]. Group 4: Digital Capabilities and Customer Engagement - Luckin has over 100 million monthly active users, leveraging its app for customer engagement and digital marketing, establishing a strong competitive edge [29][30]. - The company has implemented a comprehensive digital operation strategy, enhancing efficiency and reducing costs in its supply chain [30][32]. - Starbucks' digital marketing efforts have shown limited effectiveness, with a modest increase in same-store sales and a decline in average transaction value [32][39]. Group 5: Future Outlook and Market Dynamics - The competition in the Chinese coffee market is evolving from a focus on store expansion to a battle for operational efficiency and value creation [40][41]. - Luckin's advantages in scale, efficiency, and digitalization position it strongly for future growth, while Starbucks must navigate its transformation challenges [40][41]. - Kudi's aggressive expansion strategy in lower-tier markets presents both opportunities and risks, with its financial health remaining uncertain [40][41].

中经记者吴静卢志坤北京报道 开盘两个多月，网签仅10套——北京大兴新盘"沐春墅"的惨淡业绩，与项目官方宣传的开盘热销形成巨 大反差，其实际成交均价比拟售价每平方米低了逾万元。 《中国经营报》记者了解到，该项目由大兴区属国企兴创置地开发，尽管围绕"好房子"做足了功夫：风 雨连廊、架空层、高得房率一应俱全，但在区域市场供过于求的背景下，难逃"以价换量"的命运。 另一宗位于大兴西红门的宅地，同样由兴创置地独立拿地，拿地至今已一年多，但仍未开盘。 开盘两个月网签仅10套 9月19日，项目正式开盘，随后官宣海报称成交52套，成交金额3.5亿元。 据了解，沐春墅拿地时间为2024年7月，当时大兴新城核心区DX00-0101-051、052和黄村七街DX00- 0201-0248、0255地块捆绑出让，总建筑规模约14.4万平方米，起始价32.17亿元，兴创置地以底价摘 得，住宅楼面价2.47万元/平方米，销售指导价5.9万元/平方米。 其中，核心区052地块和黄村七街0255地块为R2类居住用地，建筑面积分别为6.95万平方米、6.08万平 方米，容积率分别为2.5、2.0。两宗住宅地块直线距离不到1.5公里，但属于两个 ...

Core Viewpoint - The real estate market in China is experiencing significant changes, aligning with Jack Ma's earlier predictions about declining property values, as evidenced by current market trends and statistics [1][3][6]. Market Trends - The property market is cooling down, with national data showing a 3.5% decrease in sales area and a 5.5% drop in sales revenue in the first half of the year [12]. - In smaller cities, such as Fuxin in Liaoning Province, housing prices are extremely low, with some properties priced at only 400 yuan per square meter, indicating a lack of demand [8][10]. - Major cities are also witnessing price declines, with second-hand housing prices in Yanjiao dropping from 18,600 yuan to 14,100 yuan, and properties in Tianjin seeing prices plummet from 1.6 million to 390,000 yuan [11]. Changing Consumer Behavior - There has been a shift in consumer attitudes towards home buying, with younger generations preferring to rent rather than buy, reflecting a broader change in societal values [14]. - The aging population and declining birth rates are expected to further impact the housing market, with projections indicating a decrease of 120 million potential homebuyers by 2035 [16]. Strategic Responses - Real estate developers are adopting strategies like "price for volume" to stimulate sales, with cities like Xi'an reducing down payment ratios to 15% and offering significant discounts [18][20]. - The government is implementing measures to absorb unsold inventory, including a 4.4 trillion yuan special bond program to purchase existing homes and convert some properties into affordable housing [22]. Future Outlook - The golden era of real estate investment is perceived to be over, but new opportunities are emerging as the market adjusts to changing consumer needs and preferences [26].

Core Viewpoint - The Shenzhen real estate market showed a steady recovery in transaction volume in November, with luxury properties gaining significant attention, although buyer confidence still needs to be improved [1][3]. Group 1: Market Performance - In November, Shenzhen's new home transactions reached 3,624 units, a month-on-month increase of 8.1%, while second-hand home transactions totaled 5,495 units, up 4.2% month-on-month [3]. - The total online signing of new and second-hand residential properties in Shenzhen was 7,116 units, reflecting a month-on-month increase of 3.9% [3]. - The increase in market activity is attributed to a combination of policy benefits, urban advantages, and market dynamics, with recent policy optimizations continuing to release effects [3]. Group 2: Luxury Market Insights - The luxury market in Shenzhen has become a hot topic, with projects like Shenzhen Bay Luanxi launching 348 large units and achieving sales of 13 billion yuan, setting a record for the highest single-project sales in 2025 [3][4]. - The concentration of high-end luxury products entering the market is expected to drive both transaction volume and prices in the Shenzhen real estate market [4]. Group 3: Second-Hand Market Dynamics - The average transaction price for second-hand homes in Shenzhen was 57,000 yuan per square meter in November, reflecting a month-on-month decrease of 3.2%, influenced by an increase in the proportion of first-time buyers and greater negotiation space for sellers [5]. - Despite maintaining a certain level of transaction volume, the overall activity in the second-hand market and buyer confidence still require enhancement, with price reductions being a common strategy [5][6]. - The ability of second-hand home prices to stabilize is crucial, as new home price declines are largely linked to the expanding drop in second-hand home prices [6].

Core Insights - Teh Hai International (09658.HK) reported a revenue of $214 million for Q3, a year-on-year increase of 7.8%, but the operating profit decreased by 15.4% to approximately $12.6 million, although it showed a quarter-on-quarter improvement of 240.5% [1] - The net profit attributable to shareholders fell dramatically by 90.4% to $3.609 million, primarily due to a significant increase in exchange losses compared to the same period in 2024 [1] Revenue Breakdown - The core revenue driver remains the dining operations, contributing $201 million in Q3, a 5.1% increase year-on-year, driven by store expansion and increased customer traffic and table turnover [2] - The average customer spending decreased to $24.6, down from $25.8, reflecting a 4.6% decline, attributed to pricing adjustments and marketing strategies aimed at increasing customer frequency and traffic [3][4] Customer Traffic and Store Expansion - The total customer traffic for Q3 exceeded 8.1 million, a 9.5% increase from 7.4 million in the same period last year, with an average table turnover rate of 3.9 times per day, slightly up from 3.8 times [4] - The company opened 10 new restaurants this year, bringing the total to 126, with plans for more openings despite some delays due to property handover and construction timelines [5] Delivery and Other Revenue Streams - The delivery business showed significant growth, achieving $4.4 million in revenue, a 69.2% increase year-on-year, as the company expanded its delivery channels and product offerings [6] - Other business segments generated $8.9 million in revenue, up 74.5%, driven by increased sales of hot pot condiments and contributions from the "Pomegranate Plan" which incubates new restaurant brands [7] Brand Development and Localization - The "Pomegranate Plan" aims to develop independent new brands outside of the hot pot segment, with successful launches in Canada and ongoing projects in Indonesia, Vietnam, and Japan [8] - The localization rate of customers has been steadily increasing, with over 90% in Asian markets like Korea and Indonesia, while North America shows a localization rate of 40%-50% [9]