从轻资产模式的创新典范，到2023年濒临破产的危机时刻，再到2024年奇迹般地实现3000万美元 EBITDA盈利，发发奇（Farfetch）的商业历程堪称一部奢侈品电商的蜕变史诗。回望发发奇的崛起之 路，其创新的轻资产模式确实重塑了奢侈品电商的格局。不同于传统电商的重资产运营，发发奇巧妙地 扮演着"时尚连接者"的角色，不持有库存、不干预定价，而是专注于为全球精品店和奢侈品牌搭建数字 化桥梁。这京东、腾讯和阿里巴巴等巨头的接连投资，更是对平台模式的有力背书。 发发奇平台怎么样？不少奢侈品消费者在关注到这一平台时，或许都会产生类似的疑问。发发奇 （Farfetch）让消费者能够足不出户轻松选购全球正品奢侈品，安心无忧。更惊喜的是，许多本地难觅 的海外小众宝藏品牌，也能在此一键拥有。发发奇更是汇聚前沿潮流单品，不仅提供海量多样选择，更 能让时尚爱好者时刻掌握最新风尚动态，成为潮流见证者。 在行业内部人士看来，在发发奇平台崛起的背后，其实折射了整个奢侈品行业正在经历的深刻变革。发 发奇这个创立于2007年的全球时尚购物平台，用其独特的发展模式给出了一个令人惊艳的答案——它不 仅重新定义了奢侈品电商的运营方式，更为行 ...

Core Insights - Farfetch has experienced a dramatic transformation over the past two years, from a peak market value of $21 billion to near bankruptcy by the end of 2023, and then achieving $30 million in EBITDA profit in 2024, serving as a case study for innovation in the luxury e-commerce sector [1][6]. Group 1: Business Model and Market Position - Farfetch's innovative "technology platform + franchise" model has reshaped the luxury e-commerce landscape, connecting over 550 boutiques across more than 40 countries, with 98% being exclusive partnerships [3]. - The platform has attracted traditional luxury brands, including Prada, which opened access to over 70 warehouses, indicating industry recognition of its model [3]. - Farfetch has built a "triangular ecosystem" of digital platforms, brand operations, and physical retail through acquisitions like Off-White's parent company New Guards Group and the streetwear trading platform Stadium Goods [3]. Group 2: Financial Challenges and Recovery - In 2023, Farfetch faced a critical financial situation, requiring a $500 million investment from South Korean e-commerce giant Coupang to avoid bankruptcy [5]. - The investment led to a remarkable turnaround, with Farfetch achieving $30 million in EBITDA profit in 2024, a milestone not reached during its independent operation [6]. - Coupang's restructuring efforts included selecting efficient logistics partners, closing unprofitable business units, and selling core assets like Off-White and Palm Angels, resulting in significant cost savings [6]. Group 3: Industry Insights - The case of Farfetch highlights that while a light-asset model can facilitate rapid expansion, it also requires refined operations to sustain profitability [6]. - The luxury e-commerce sector's evolution shows that excessive expansion can become a burden, emphasizing the importance of operational efficiency over mere scale [6].

Core Viewpoint - The acquisition of Ocean Park by Xiangyuan Holdings for HKD 22.95 billion marks a significant shift in the tourism industry, as it changes the ownership of China's largest marine theme park [1][2]. Financial Summary - Xiangyuan Holdings will acquire 5.1 billion new shares of Ocean Park at HKD 0.45 per share, representing a discount of approximately 46.43% compared to the closing price of HKD 0.84 on June 2 [1]. - Post-transaction, Xiangyuan Holdings will hold 38.6% of Ocean Park, becoming the controlling shareholder, while the current major shareholder, Zeqiao Holdings, will see its stake drop from 47.29% to 29.04% [1][3]. - The funding for this acquisition includes approximately RMB 12 billion and RMB 2 billion from two shareholders, with the remaining HKD 8 billion sourced from financial institutions [1]. Company Performance - Ocean Park has faced continuous operational losses, totaling nearly RMB 3 billion from 2020 to 2024, with a debt ratio peaking at 81.73% in 2020 [4][6]. - The company has attempted various self-rescue measures, including selling theme park projects to reduce debt, but liquidity pressures remain significant [4][6]. - In 2024, Ocean Park's total liabilities were reported at RMB 8.524 billion, with a debt ratio of 82.44% [4]. Strategic Implications - The investment from Xiangyuan Holdings is seen as a potential solution to Ocean Park's debt issues, but the company's heavy asset model and future project developments remain uncertain [2][7]. - Industry experts suggest that external capital intervention could provide a fresh start for Ocean Park, addressing deeper management and cultural issues [7][8]. - Xiangyuan Holdings aims to integrate its tourism assets with Ocean Park, creating a "land-sea-air" tourism experience, although skepticism exists regarding the feasibility of such synergies [8][9]. Market Reaction - Following the announcement of the acquisition, Ocean Park's stock price fell by 13% within two days, indicating market skepticism about the transaction's benefits [2][7]. - The company's operational model, heavily reliant on ticket sales and in-park consumption, has shown limited revenue growth despite an increase in visitor numbers [18][19]. Future Outlook - The transition to a lighter asset model is being explored by Ocean Park, with new projects being developed under this framework, although results have yet to be significant [21][22]. - The effectiveness of Xiangyuan Holdings in managing and revitalizing Ocean Park's operations will be closely monitored by the market, as the company seeks to enhance its operational efficiency and financial performance [22][23].

Group 1 - The company aims to expand its resort projects focusing on three main directions: destination resort complexes, rapid expansion of urban resort hotels, and new cultural tourism mall formats [2][2] - The Taicang Alps International Resort Phase II project has commenced construction, with a total investment of approximately 5 billion yuan, expected to be operational by June 2029 [1][1] - The first phase of the Taicang Alps International Resort opened in 2023, receiving over 1 million visitors, with a significant increase of nearly 6 times in visitor numbers during the 2024 Spring Festival compared to the same period in 2023 [1][1] Group 2 - The company plans to spin off its Sanya Atlantis project for independent REITs listing on the Shanghai Stock Exchange [2][2] - The CEO mentioned that the recent delisting from the Hong Kong Stock Exchange provides more flexible strategic and resource allocation opportunities, leading to adjustments in the company's development direction and product lines [1][1] - The company is accelerating its transition to a light asset model, with various business segments focusing on light asset expansion, such as the Mediterranean Club shifting to a leasing and management model [1][1]

Financial Performance - Atour Group reported total revenue of 1.906 billion yuan in Q1, a year-on-year increase of 29.8%, with adjusted net profit of 345 million yuan, up 32.3%, marking it as the fastest-growing company in the sector [2] - Huazhu Group achieved a net profit of 894 million yuan, making it the most profitable company [2] - Jinjiang Hotels experienced a dramatic net profit decline of 81% due to reduced government subsidies and losses from fair value changes of financial assets, making it the most pressured company in terms of performance [2] - Shoulv Hotels saw a revenue decrease of 4.34% to 1.765 billion yuan, yet net profit increased by 18.37% to 143 million yuan, driven by growth in net profits from its core hotel and scenic business [2] Operational Efficiency - Huazhu Group operated 11,685 hotels in Q1, with 45% in the mid-to-high-end segment and a franchise rate of 92%; however, its RevPAR was 208 yuan, down 3.9%, and occupancy rate was 76.2%, down 1 percentage point [3] - Atour Group had 1,727 hotels, with a RevPAR of 304 yuan, recovering to 92.8% of 2013 levels, and an occupancy rate of 70% [3] - Shoulv Hotels had 7,084 hotels, with a RevPAR of 141 yuan, down 4.6%, and an occupancy rate of 61.7%, indicating challenges in pricing power despite rapid network growth [4] - Jinjiang Hotels operated 13,513 hotels, with a RevPAR of 152.65 yuan, down 7.88%, and an occupancy rate of 63.1%, facing significant pressure in its transition to mid-to-high-end markets [4] Industry Trends - The industry is increasingly adopting a high franchise rate and light-asset model as mainstream strategies, while overall operational efficiency is under pressure ahead of the peak travel season [5] - The decline in consumer spending willingness and the loss of competitive vitality among companies are seen as more critical challenges than the current market conditions [5]

文 | 智见Time，作者 | 经纬，编辑 | 308 "所有命运赠送的礼物，早已在暗中标好了价格。"——茨威格 赚钱似乎比喝水更简单，这是拼多多在资本市场讲了快 7 年的故事。凭着远超同行的毛利率和真金白银的净利润，这个故事让拼多多给同行们上了一课： 原来扩张可以这么玩，原来消费降级可以有这么多市场。 但是所有扩张的故事，总有讲不下去的那天。 当拼多多也遭遇增长困境 5 月 27 日，拼多多公布了今年一季度财务情况：营收 956.7 亿元人民币，同比增长10%，净利润 147.42 亿元，同比下跌 47%。 拼多多今年一季度营收成本为 409.5 亿，也就是说上个季度毛利率有 57.2%。 作为对比，这个数字小于去年同期的 62.3%，更小于 2023 年一季度的约 75.5%。毛利率的持续下降，也越来越转化为外界对这家电商企业发展前景的疑 云。 因此，拼多多股价低开低走——财报发布当天，拼多多美股收盘时股价为 102.98 美元/股，下跌幅度高达 13.64%。而如今，拼多多股价已经回落到 100 美 元以下。 对此，拼多多 CEO 陈磊表示，生态系统投资影响了短期盈利能力。 对比阿里京东，拼多多一直以轻 ...

以下文章来源于时代财经APP ，作者梁争誉 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 万达加快资产处置， 年内将转让超50座万达广场。 文 ｜ 梁争誉 编辑 ｜ 黎倩 来源｜ 时代财经APP（ID：tf-app） 封面来源 ｜ 视觉中国 太盟领头， "熟人团"接盘48座万达广场 国家市场监管总局近日披露的信息显示，太盟（珠海）管理咨询合伙企业（有限合伙）、高和丰德（北京）企业管理服务有限公司、腾讯控股有限公司、 北京市潘达商业管理有限公司、阳光人寿保险股份有限公司直接或通过其各自关联方共同设立合营企业，并通过合营企业收购大连万达商管直接或间接持 有的48家目标公司的100%股权。 48家目标公司主要业务为大型零售商业地产运营，运营分布在全国39个城市的48座万达广场，既包括北京、上海、广州等一线城市，也有成都、厦门、武 汉、杭州、南京等核心二线城市，以及上饶、运城、绵阳、齐齐哈尔、延吉等三四线城市。 这笔交易由太盟投资牵头。 时隔8年，万达再现大规模资产出售。 近日，由太盟投资、高和资本、腾讯、京东、阳光人寿组成的"熟人"接盘团，以股权交易的方式一口气打包购 ...

作者丨铁手 编辑丨坚果 封面来源丨Unsplash " 近两年，但凡关于万达以及王健林的消息，几乎都不是什么好消息，近日，王健林再因出售48座万达广场而冲上热搜第一，引发了网友热议。 网友粗略算了一笔账，有消息称此笔交易总规模或达500亿元，相当于一座万达广场只售10亿元，假如按平方测算，甚至比周边住宅楼还便宜。 难怪网友戏称，"这哪是卖资产？分明是打骨折" ，当然，也有网友认为王健林这些年变卖了这么多资产还债，也算是一条汉子，至少"有债肯还"。 从2017年万达商管意气风发地筹备上市，到如今万达集团"卖楼还债"的狼狈，尽管王健林已经走过了风光与坎坷，但这场"断臂求生"的大戏，还远未到终 章。 1 王健林再割心头肉 " 国家市场监管总局信息显示，太盟珠海、高和丰德、腾讯控股、京东潘达、阳光人寿保险，将直接或通过其各自关联方，共同设立合营企业，收购大连万 达商管48家目标公司的100%股权。 | O | 请输入要查询的内容 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ll l 政务 | ♡ 服务 | ⇌ 互动 | 8= 专题 | 命 首页 ...

Core Viewpoint - The Chinese hotel industry is experiencing a "ice and fire" scenario, with major players like Huazhu, Jinjiang, Shoulu, and Atour showing divergent performance and strategic choices amid overall industry growth [3][6]. Group 1: Performance Overview of Major Players - Huazhu Group leads with Q1 2025 revenue of 5.4 billion yuan, a 2.2% year-on-year increase, and a net profit of 890 million yuan, up 35.7% [4][8]. - Atour Group, with 1,727 stores, is the only one among the four giants to achieve significant growth in both revenue and profit, reporting a 29.8% revenue increase to 1.91 billion yuan and a 32.3% net profit increase to 350 million yuan in Q1 2025 [5][8]. - Jinjiang Group, despite having the largest number of stores (13,513), saw a revenue decline of 8.25% to 2.94 billion yuan and a staggering 81.03% drop in net profit to 40 million yuan [4][9]. - Shoulu Group reported a revenue of 1.77 billion yuan, down 4.34%, but net profit increased by 18.4% to 140 million yuan [4][10]. Group 2: Strategic Insights - Huazhu maintains a light-asset model with a high franchise ratio (94.7%), focusing on franchise growth while cautiously exploring retail [5][26]. - Atour's retail revenue has surged, accounting for 30.3% of total revenue, with a 66.5% increase in retail income to 694 million yuan in Q1 2025, although this has led to a 61.7% rise in sales expenses [24][25]. - Jinjiang and Shoulu are struggling with growth, with Jinjiang's core mid-to-low-end business declining and Shoulu's membership and "scenic + dining" strategy showing limited results [5][28]. Group 3: Industry Trends and Challenges - The hotel industry is facing a "volume increase, price decrease" trend, with overall RevPAR down 9.7% to 118 yuan, ADR down 5.8% to 200 yuan, and OCC down 2.5% to 58.8% [13][14]. - The competitive landscape is intensifying, with Huazhu and Atour maintaining operational efficiency through high occupancy rates, while Jinjiang and Shoulu struggle with both occupancy and pricing [5][17]. - The shift towards a light-asset model is prevalent, with franchise stores exceeding 90% across the industry, complicating brand management [41]. Group 4: Future Outlook - The key for Huazhu will be to enhance operational precision to counteract slowing growth, while Atour must maintain profitability amid retail expansion [5][41]. - Jinjiang and Shoulu need to find new growth avenues, focusing on improving membership conversion efficiency and expanding their presence in the high-end market [41].

Core Viewpoint - Wang Jianlin, once a real estate giant, is now frequently in the news for selling assets, indicating a significant shift in his business strategy and approach to debt management [1][9][17] Group 1: Asset Sales - On May 25, Wang Jianlin announced the sale of 48 Wanda Plazas, which were purchased by a consortium including Taikang, Tencent, and others, highlighting a collaborative approach among familiar business partners [3][4] - The 48 Wanda Plazas are located in prime areas of major cities like Beijing, Guangzhou, Chengdu, and Hangzhou, suggesting substantial rental income potential [6][9] - Wang Jianlin's asset sales have exceeded 100 billion yuan over the years, reflecting a strategic move to reduce debt and streamline operations [9][11] Group 2: Business Strategy and Transformation - Wang Jianlin's shift from a heavy asset model to a light asset operation model indicates a strategic pivot aimed at reducing risks and stabilizing cash flow [11][15] - The transformation of Wanda from being the "largest landlord" to a "light asset operator" suggests a focus on commercial operations and digital services, potentially unlocking larger market opportunities [15][17] - This approach is seen as a proactive response to the challenges faced by the real estate sector, positioning the company for future growth despite current market conditions [11][15] Group 3: Public Perception and Leadership - Public sentiment towards Wang Jianlin has shifted positively, with many viewing his asset sales as responsible and strategic rather than as a sign of defeat [11][17] - Wang's willingness to acknowledge challenges and actively address them has earned him respect, contrasting with other real estate leaders who may avoid accountability [13][17] - The narrative surrounding Wang Jianlin emphasizes his resilience and ability to adapt, reinforcing the idea that true leadership is demonstrated in times of adversity [16][17]