用零售思维做新式茶饮，本质是把"餐饮业态"转化为"零售业态"，从"一杯一杯地卖"变成"规模化、全渠道地卖"，最终实现更大市场规模与更稳定现金 流。 截至2025年，全国（不含港澳台）现制茶饮门店总量已突破41.5万家，全国30个代表性现制茶饮品牌门店总量已突破13.1万家。头部品牌"巨无霸"效应显 著，蜜雪冰城以4.38万家门店稳居首位，古茗1.2万家位列第二，霸王茶姬以1.01万家屈居第三。 从梯队分布看，门店规模破万家的品牌有3个，5000-10000家的品牌5个，1000-5000家的品牌12个。放眼全球饮品，再没有别的市场，会竞争如此激烈、 迭代如此频繁，能迸发出这样丰富的灵感与创新，锤炼出这样高效的模式与组织。 2025年，中国零售赛道的细分领域中，新式茶饮行业无疑是最具话题性与变革张力的板块之一。这一年，行业既迎来资本狂欢的高光时刻，也经历存量竞 争的深度调整，更在零售思维的持续渗透下，完成了从"规模扩张"到"价值深耕"的关键转身。 作为「零售商业财经」年度盘点系列的核心篇章，本文将聚焦新式茶饮行业的2025年全貌，拆解其在资本、市场、模式、供应链等维度的核心变革，探寻 行业在喧嚣与沉淀中的发展本 ...

在社区团购与本地生活服务市场持续火热的当下，越来越多的创业者与投资者将目光投向了团购项目代理。选择一个专业、可靠、有实力的代理源头，是项 目成功起步与稳健发展的基石。本文旨在深度剖析当前市场格局，为有意入局者提供一份具备参考价值的专业代理源头分析指南，助您在众多选择中做出明 智决策。 引言：为何选择专业源头至关重要？ 团购代理并非简单的商品转售，它涉及供应链管理、系统技术支持、市场营销培训、售后服务保障等一系列复杂环节。一个非专业的源头，可能导致代理商 面临货源不稳定、价格优势缺失、培训支持不足、甚至法律风险等问题。因此，考察代理源头的综合实力，是入行前的必修课。 专业团购项目代理源头核心考察维度 以下将从多个关键维度，对市场上的专业代理源头进行综合评估分析。 1. 供应链整合与商品力 专业的代理源头必须具备强大的供应链整合能力。这不仅体现在与品牌方或源头工厂的深度合作，能提供具有市场竞争力的价格， 更体现在商品品类的丰富度、质量稳定性以及快速迭代上新能力。源头需要能覆盖生鲜果蔬、日用百货、美妆个护、家居用品等高频消费品类，并能根据季 节和地域特点灵活调整选品策略。 2. 数字化系统与运营支持 在数字化时代， ...

东吴证券发布研报称，蜜雪集团(02097)作为平价现制饮品龙头，高质价比单品及IP化品牌营销不断巩 固销售势能，单店盈利持续具备强竞争力，份额提升路径清晰。预计公司2025~2027年归母净利为 58.5、65.2、73.0亿元，同比+32%、+12%、+12%，对应PE为24、21、19x，维持"买入"评级。 东吴证券主要观点如下： 高质平价，1美元生意成就国民饮品龙头 现磨咖啡需求萌动，品牌竞发卡位争流 现磨咖啡是国内现饮增速最快的细分品类，目前尚处于市场教育阶段。此外，伴随互联网用户下沉、咖 啡文化普及，咖啡下沉需求萌动。"幸运咖"以低线市场为基本盘，及时切入成为小镇青年的"第一杯"咖 啡，在品宣、选址及供应链协同优势，对标蜜雪主品牌商圈选址，该行预计幸运咖中期2万店空间可 期。 风险提示：市场竞争加剧，消费需求增长不足，海外门店扩张不及预期，品牌价值和形象受损。 平价茶饮赛道，公司以高质价比大单品实现大规模销售上量，并在自有供应链建设、门店加盟管理、产 品研发更新等方面深耕积累10余年，从而逐步构建形成蜜雪特有的利基市场竞争护城河。市场前端，蜜 雪核心单品均以具有直觉反差的实惠定价点燃市场，"高质平价 ...

当前，美国各地圣诞节氛围正浓，但扫地机器人领域的开创者iRobot的投资者们或无心欢庆。因为公司自愿启动破产程序，纳斯达克已决定将公司普通股 退市。公司普通股交易将于12月22日开市时暂停。 与上述公告一同披露的还有，该公司已依据《美国破产法》第11章向特拉华州法院提交自愿破产申请，并与其代工厂兼债主中国企业——杉川机器人深圳 杉川机器人有限公司（下称"杉川"）达成财务重组协议。重组后，杉川将通过债转股方式获得iRobot 100%股权实现全资收购，程序预计于2026年2月完 成。 图源： iRobot官网 iRobot Corporation 三季报 唏嘘扼腕之余，外界更多是困惑：曾经引领行业数十载的龙头，何以走到如今这般境地？答案，或许早已藏在行业迭代与时代浪潮的浩荡变迁之中。 巨头的陨落 "未来的智能家居系统中可能会有亚马逊或谷歌的身影，但仍需要iRobot或与iRobot类似的公司来完善它。我不需要成为中心，但没有我们，人类的家庭就 无法实现智能化。" 这是iRobot创始人、前CEO科林 安格尔（Colin Angle）数年前为公司勾勒的笃定未来。他想不到的是，数年之后，公司迎来的不是智 能家居生态 ...

供应链方面，蜜雪集团采购网络覆盖全球六大洲、38个国家，门店核心饮品食材已实现100%自主生 产，并在国内设有29个仓库，配送网络覆盖超300个地级市，90%的县级区域可实现12小时内触达。 在品牌文化运营层面，其标志性的"雪王"IP已形成强大的影响力，通过推出多元联名周边、打造沉浸式 主题门店、布局短视频平台趣味内容矩阵等方式，持续强化与年轻消费群体的情感联结。 本报讯 （记者李静）12月26日，由《证券日报》社有限责任公司主办的2025证券市场年会暨2025金骏 马颁奖典礼在北京召开。蜜雪冰城股份有限公司（以下简称"蜜雪集团"）受邀参与本次年会，并凭借全 链路竞争力荣获"金骏马行业领军企业"奖项。 作为全球门店规模最大的现制饮品企业，蜜雪集团始终秉持"高质平价"的理念，通过其"供应链+品牌 IP+门店运营"三位一体的综合竞争力，不仅重塑了行业成本结构与商业模式，更推动了新茶饮的全民普 惠。 在资本市场，蜜雪集团于2025年3月成功登陆港交所，并创下超额认购纪录，市值位居行业首位。 2025年上半年，蜜雪集团实现收入148.7亿元，净利润27.2亿元，同比分别增长39.3%与44.1%。 总体来看，蜜雪集团 ...

2025年12月20日，洛杉矶好莱坞星光大道迎来了一位特殊的"明星"——蜜雪冰城美国首店正式开业。这 个红底白字的雪王招牌，在好莱坞的灯红酒绿中格外醒目，一场属于雪王的"甜蜜风暴"正悄然在美国市 场酝酿。 蜜雪冰城出征美利坚，第一步不是掀翻市场，而是把甜度直接加到致死量。国内口味分0糖、3分和5分 糖，海外菜单疯狂加糖，120%、150%，最高可选200%，一杯的含糖量直逼60克，精准投喂全球最嗜甜 的胃，3.99美元的一个套餐，差不多28块钱人民币，就能带走2杯奶茶+1个冰淇淋。此外，拿铁咖啡 2.99美元，珍珠奶茶3.99美元起，整体价格介于1.19至4.99美元之间，显著低于当地同类品牌。 这价格连星巴克的门都进不去，但在好莱坞星光大道的黄金C位，雪王就这么便宜卖了，哪个美国人看 了不迷糊呢？ 这其实不是蜜雪冰城第一次出海了，空降澳洲的第一天，当地老外都看懵了，一个从中国突然杀出来的 奶茶品牌人气火爆到队伍排到隔壁店铺，简直挤得水泄不通，买一杯奶茶要排一个小时的队，如此奇观 甚至还惊动了当地的电视台。 在东南亚市场，蜜雪冰城更是稳坐 "国民茶饮" 宝座。印尼雅加达的门店数量超 370 家，午后时段常能 ...

Group 1 - JD's quality dining platform, Qixian Xiaochu, opened 30 stores in Beijing within 4 months, achieving coverage in major urban areas within the Fifth Ring Road [1] - Qixian Xiaochu launched a promotional campaign from December 25 to 27, offering a chocolate gift box valued at approximately 18 yuan for orders placed through JD's food delivery service [1] - The platform emphasizes "freshly stir-fried" meals using high-quality pre-processed ingredients, ensuring that every meal is served hot and fresh [1] Group 2 - Qixian Xiaochu publicly discloses its ingredient suppliers, using top industry brands such as Jinlongyu non-GMO soybean oil and Northeast first-class rice from October [2] - The integration of JD's supply chain capabilities allows Qixian Xiaochu to control the entire process from raw material procurement to cold chain delivery, significantly reducing operational costs [2] - Qixian Xiaochu is changing the competitive logic in the food delivery market by focusing on supply chain integration and quality control, moving the industry from price competition to quality competition [2]

Core Viewpoint - The article highlights the recognition of Yaoshi Bang as the "2025 Annual Innovative Value Listed Company" due to its strategic foresight, digital innovation capabilities, and robust risk management and corporate governance [1]. Group 1: Company Overview - Yaoshi Bang, established in 2015, is one of the largest digital comprehensive service platforms in China's outpatient pharmaceutical industry, aiming to reconstruct the pharmaceutical distribution ecosystem through technological and model innovations [1]. - The company covers 98.9% of county-level administrative regions and 91.2% of townships in China, serving over 872,000 pharmacies and grassroots medical institutions [1]. - In the first half of 2025, Yaoshi Bang achieved a revenue of 9.843 billion yuan and an adjusted net profit of 122 million yuan, representing a year-on-year growth of 33.2% [1]. Group 2: Competitive Advantages - The core competitiveness of Yaoshi Bang lies in its strong digital capabilities and supply chain integration, having built a real-time B2B trading platform that enhances interaction between upstream suppliers and downstream purchasers [2]. - The platform allows pharmacies and clinics to access nationwide inventory, pricing, and sales information, breaking regional and temporal limitations [2]. - Yaoshi Bang has invested in technology R&D, resulting in 108 patents (including 12 invention patents) and 469 software copyrights, along with the development of key technological systems such as the Galaxy+ procurement management system and the IntelNex intelligent distribution system [2]. Group 3: Risk Management - Yaoshi Bang has established a comprehensive risk management system, optimizing supply chain management through digital means, which has reduced inventory turnover days to 32.2 days, significantly better than the industry average [3]. - The company utilizes big data and AI technology to enhance market demand forecasting, thereby minimizing market risks associated with supply-demand mismatches [3]. - Yaoshi Bang ensures compliance and reduces legal risks through an electronic exchange platform for first-time qualification, holding 22 pharmaceutical business licenses and over 40 qualifications, including GSP certification [3]. Group 4: Future Outlook - The recognition as the "2025 Annual Innovative Value Listed Company" not only acknowledges Yaoshi Bang's past achievements but also reflects expectations for its future potential [3]. - With ongoing reforms in the healthcare system and the deep integration of the digital economy with the real economy, Yaoshi Bang is positioned to lead the digital and intelligent transformation of China's outpatient pharmaceutical distribution industry [3].

Core Viewpoint - The acquisition of iRobot by Shenzhen-based company Shanjun is seen as a strategic move to revitalize the brand and leverage its legacy, despite skepticism regarding Shanjun's ability to manage a historically significant brand with substantial debt [2][4][10]. Group 1: iRobot's Decline - iRobot, founded in 1990, was a pioneer in the robotic vacuum industry, achieving over 80% market share at its peak with the Roomba model [5][6]. - The company faced challenges as Chinese brands advanced in technology, leading to a significant decline in market share, dropping to 7.9% by 2025 [9][10]. - Financially, iRobot was in dire straits with only $24.8 million in cash against $508 million in debt by September 2025, ultimately leading to its bankruptcy filing [9][10]. Group 2: Shanjun's Strengths - Shanjun, backed by strategic investments from major firms, has evolved from a contract manufacturer to a "hidden champion" with a valuation exceeding $1 billion and a revenue of 4.06 billion yuan in 2024 [12][14]. - The company boasts over 1,100 patents and a strong R&D team, allowing it to produce core components in-house, reducing costs by approximately 30% compared to iRobot [12][14]. - Shanjun's successful partnerships with international brands like Dyson and its rapid growth in the domestic market highlight its competitive position [14][18]. Group 3: Strategic Acquisition Benefits - The acquisition provides Shanjun access to iRobot's extensive patent portfolio, which includes over 2,000 patents, facilitating quicker product development and legal protection in international markets [15][16]. - iRobot's established brand and distribution channels in the U.S. and Japan offer Shanjun a valuable platform to expand its own brand, 3i, into global markets [16][18]. - The integration of Shanjun's advanced technology into iRobot's product line is expected to enhance product competitiveness and reduce costs, allowing for more aggressive pricing strategies [19][20]. Group 4: Future Outlook - Shanjun aims to revitalize iRobot through technological upgrades, cost-effective manufacturing, and a dual-brand strategy targeting different market segments [22][23]. - The acquisition signifies a shift in global manufacturing power, with Chinese companies increasingly taking control of technology and brand integration, as seen in Shanjun's strategic moves [24][25]. - The evolving landscape of the robotic vacuum market indicates that companies with core technology and supply chain advantages will emerge as leaders in the future [28][29].

年底了，奢侈品行业掀起了"开店潮"。 在上海，CHANEL恒隆广场精品店焕新开业，宝诗龙旗舰店落户上海新天地。在北京三里屯太古里，路易威登、迪奥、Tiffany&co.筹备多时的新门店拆掉 围挡露出真容，迪奥标志性的花瓣造型一亮相就成为三里屯潮人们打卡目标，新店未开先火。有网友调侃到："奢侈品行业已经很久没看到这种经济上行 时期的美了"。 宝诗龙上海新天地旗舰店图源：微博 奢侈品行业的复苏真的来了？业绩确实在好转： 然而，各大集团高管仍相当谨慎。开云集团CEO Luca de Meo强调"保持谦逊"，Prada集团CEO Andrea Guerra则表示现在只是"度过了最糟糕的阶段"。 谨慎的表态背后，是行业的一系列不确定性因素：从核心业务的变动到重点市场的起伏，再到渠道、营销策略的重构……留给奢侈品行业的问题还有很 多。 收复失地：亚太回暖，中日分化 头部奢侈品集团业绩回暖，亚太市场功不可没。但中、日两大核心市场的走势分化，让人不敢掉以轻心。 自上世纪80年代以来，爱马仕就坚持对日"长期投资"策略，不断加强渠道建设，建立本土人才队伍。爱马仕执行主席兼CEO Axel Dumas透露，"日本顾客 一直忠于品牌 ...