10年跑出一个"微醺样本"，中国"餐酒吧第一股"即将诞生。 一个周三下午，杭州自由职业者刘怡把"工位"搬进EFC欧美金融广场的COMMUNE幻师。 11点，用9.9元咖啡开启一天的工作（可免费续杯），下午3点，点芝士汉堡垫肚子，傍晚以薄脆披萨当晚餐，晚上7点，再点一杯手调鸡尾酒庆祝收工。 短短几小时，她在同一空间里体验了咖啡馆、西餐厅与酒吧三种场景。"这里vibe很chill（氛围很松弛），爵士乐轻柔，坐在餐吧看调酒师忙碌，特别放 松。" 靠着对碎片化社交的承接，与一天18小时在线的餐酒经营，COMMUNE在全国开出112家全直营门店，年入超10亿元，其母公司极物思维2026年初正式向 港交所递交招股书，冲击中国"餐酒吧第一股"。 在此之前，资本市场对"酒馆生意"的耐心已被消耗。曾经的行业老大海伦司股价蒸发超95%，市值从300亿港元跌落至如今的不足12亿港元。"平价加盟跑 量"的海伦司陷入亏损，走大店直营模式的COMMUNE却已跑通盈利模式，2025年前三季度赚了7863万元。 | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- ...

Group 1: Box Office Performance - "Zootopia 2" has achieved a single-day box office of over 700 million yuan, surpassing "Avengers: Endgame" to become the highest single-day box office for imported films in China's history and the highest for non-Spring Festival films [1] Group 2: Breakfast Initiative by Mixue Ice City - Mixue Ice City has launched a trial breakfast series in select cities, including Dalian, Xi'an, Nanning, and Hangzhou, with products priced at 5 yuan each, indicating a strategy to reuse supply chains and expand consumption scenarios [2] Group 3: Shareholder Benefits from Emei Mountain A - Emei Mountain A is offering free admission to its scenic area and cable car for shareholders holding 500 shares or more, aiming to convert shareholders into core consumers and enhance market engagement [3] Group 4: Beyond Meat Exits Chinese Market - Beyond Meat has announced the termination of its operations in China, reflecting challenges in global performance and product experience, which may undermine investor confidence in its global strategy [4]

Core Viewpoint - The company, Zhou Hei Ya, has successfully achieved significant growth in a competitive market by implementing systematic transformations that align with consumer trends, resulting in a notable increase in revenue and profit margins [1][8]. Financial Performance - In the first half of 2025, Zhou Hei Ya reported total revenue of 1.223 billion yuan and a net profit of 108 million yuan, marking a year-on-year growth of 228% [1]. - The company's self-operated store revenue contribution increased from 55.3% to 58.3%, indicating enhanced operational efficiency [3]. - The sales cost decreased to 506 million yuan, down approximately 9.9% from the previous year, while the gross profit margin rose to 58.6% due to lower raw material prices and improved supply chain efficiency [4]. Strategic Transformation - Zhou Hei Ya has shifted its strategy from "scale expansion" to "quality and efficiency enhancement," focusing on optimizing store structures and concentrating resources in core business districts and high-potential areas [3]. - The company has established a comprehensive quality feedback and traceability mechanism across its supply chain, which has contributed to improved product quality and customer satisfaction [4]. Market Positioning and Innovation - The company is redefining consumption scenarios and capturing user demands by breaking category boundaries and extending consumption contexts, thus creating new growth curves [5][6]. - Zhou Hei Ya has expanded its operational hours to include late-night snacks and developed new meal scenarios, significantly increasing its market reach [6]. - The introduction of innovative products, such as the "Gaga Xiang" series of compound seasonings and the "Yaya Ye" coconut water beverage, reflects the company's strategy to enhance user engagement and broaden its product matrix [7]. Consumer Engagement and Digital Strategy - Zhou Hei Ya has implemented a "store staff-private domain" linkage mechanism and a digital marketing system to effectively convert offline traffic into brand assets, resulting in the addition of 2.45 million registered members in the first half of the year [8][9]. - The company achieved approximately 3.8 billion yuan in sales through its delivery channels, demonstrating the effectiveness of its strategic partnerships and marketing initiatives [9]. International Expansion - Zhou Hei Ya is actively expanding into Southeast Asia and other regions while solidifying its presence in Malaysia and Singapore, aiming to become a global leader in the flavor industry [10].