在格林豪泰、贝壳、布丁这些专注于下沉市场"小"酒店连锁化的品牌崛起之前，OYO已经在国内下沉市场"大杀四方"了。 OYO用了20个月的时间，迅速覆盖了300多个城市，加盟了1万多家门店，开店不到两年，规模远超如家、汉庭和7天这三家酒店的总和。 当年新闻中基本是这样描述的： 有江湖的 地方，就有搅动江湖的人。 继败退中国、连续亏损11年之后，OYO终于要上市了。 近日，知名印度连锁酒店巨头、有着"廉价酒店之王"之称的OYO被媒体曝出即将递交IPO申请的消息，并在过去的几周与承销商们的沟通中得到了积极的 反馈。 据知情人士透露，OYO的IPO将在今年11月进行，届时OYO的目标市值将高达80亿美元（约合人民币572亿元）。 随着IPO申请消息再度浮出水面，这只曾在中国下沉市场声名鹊起的独角兽再次浮出水面，引起业内广泛关注。 如果真的成功上市，OYO还会重返中国奋力一搏吗？ 昔日下沉连锁之王 "5年估值330亿，1年开店4600+，OYO是怎么吊打某天、某家、某星的。" 彼时，OYO势头正盛，平均每3小时开一家店。 据华尔街日报估算，2019年OYO酒店数量达到巅峰时，旗下共有大约120万间酒店客房，仅次于万豪。 ...

Core Viewpoint - Spring Airlines has emerged as the most profitable airline in China for the first half of 2025, despite a decline in net profit, while major airlines like Air China, China Eastern, and China Southern continue to report significant losses [1][2]. Financial Performance - In the first half of 2025, Spring Airlines reported revenue of 10.304 billion yuan, a year-on-year increase of 4.35%, and a net profit of 1.169 billion yuan, a decrease of 14.11% [1]. - Air China, China Eastern, and China Southern reported losses of 1.806 billion yuan, 1.431 billion yuan, and 1.533 billion yuan respectively, with Air China and China Southern experiencing losses for three consecutive quarters and China Eastern for 22 consecutive quarters [1]. Market Reaction - Despite being the most profitable airline, Spring Airlines' stock price fell after the earnings report, declining from 56.83 yuan at the beginning of the year to 53.32 yuan by September 10, 2025, a drop of 6.2% [1]. - In contrast, Air China's stock price increased by 2% following its earnings report, while China Southern also saw a slight rise [1]. Cost Structure and Strategy - Spring Airlines employs a low-cost model, focusing solely on economy class, which allows for a higher seat capacity compared to competitors that offer multiple classes [6][8]. - The airline's cost control is evident, with sales and management expenses significantly lower than those of major competitors, at 1.248 billion yuan and 1.485 billion yuan for the first half of 2025 [7][6]. - Spring Airlines has a high passenger load factor of 90.6% in Q1 2025, compared to 78.5%, 79.1%, and 80.3% for Air China, China Eastern, and China Southern respectively [3]. Pricing Strategy - The airline's pricing strategy includes extremely low ticket prices, with fares as low as 9 yuan, which has contributed to its high load factor [3]. - Spring Airlines has reduced ticket prices by 5%, the lowest among major airlines, while competitors saw declines of 9%, 11%, and 8% [3]. Ancillary Revenue - Spring Airlines generates additional revenue through ancillary services, such as charging for meals and baggage, which has become a significant part of its income [24]. - In 2024, ancillary services contributed 1.03 billion yuan to Spring Airlines' revenue, marking a 14.4% increase year-on-year [24]. Competitive Positioning - The airline's unique operational strategies, such as high proportions of red-eye flights and direct sales channels, have allowed it to maintain a competitive edge in a challenging market [8][24]. - Spring Airlines' business model aligns with current consumer trends, focusing on cost-effectiveness and catering to price-sensitive customers [21][25].