时光淬炼匠心 双驱领航新消费 ——塞纳左岸二十一载深耕，解码咖啡连锁的"慢与快"哲学 当中国咖啡市场迈入"成熟期前夜"的深度变革期，资本涌入与消费迭代交织碰撞，有人追逐流量红利的"快节奏"扩张，有人坚守品质内核的"慢功夫"沉淀。 塞纳左岸，这个深耕咖啡赛道二十一年的品牌，在董事长汪新明的掌舵下，以"慢守匠心、快应时代"的辩证智慧，在经典与创新的平衡中构建起独特的品牌 护城河，既成为新消费浪潮中兼具温度与实力的匠心代表，更以全链路赋能体系，成为加盟商最坚实的合作伙伴。 （塞纳左岸董事长汪新明） 双品牌战略：在坚守与革新中锚定新消费需求 二十一年市场沉浮，塞纳左岸见证了中国咖啡行业从萌芽到蓬勃的完整历程，也精准捕捉到消费群体的代际更迭与需求升级。在新消费语境下，消费者既眷 恋经典品牌承载的情感记忆，又追求性价比、情绪价值与品质感的多元满足，双品牌战略由此成为塞纳左岸的破局关键。 作为品牌根基的"塞纳左岸"，以300㎡以上的咖啡西餐厅为核心载体，深耕机场、高铁、高校等核心商圈，目前门店数量已突破900家。它承载的不仅是咖啡 消费，更是一代人的社交记忆与情感归属，凭借稳定的品质与沉浸式空间体验，成为商务洽谈、家庭欢聚 ...

2025年12月22日，"新政启航·新机无限"御纯金品牌发布会在北京盛大举行。此次发布会齐聚税务权威、行业专家 及全国数百位核心合作伙伴，共同探讨在税收政策深化与消费升级双重驱动下，中国黄金珠宝行业的结构性机 遇，并正式发布了御纯金面向未来的双品牌战略，标志着其深耕价值、布局高端的系统性升级。 01/ 行业变革窗口期： 从"规模红利"迈向"价值深耕" 御纯金董事长刘裕琛先生 特邀专家进一步分析认为，市场分层加剧与专业化分工细化，为具备全产业链把控能力、并敢于进行品牌价值创 新的企业开辟了清晰的上升通道。 陈汉义先生在发布会现场分享 02/ 当前，中国黄金珠宝行业正步入一个关键转型阶段。税收新政的落地实施，不仅重塑了行业竞争规则，更推动了 市场从过往粗放式的规模扩张，向精细化、差异化、价值化的方向加速演进。消费者，尤其是高端消费群体，对 黄金产品的需求已超越传统的保值属性，日益注重其文化内涵、工艺美学、情感价值与品牌认同。 御纯金董事长刘裕琛先生在发布会上指出，这一变革并非挑战，而是行业走向成熟、品牌实现跃升的历史性机 遇。他强调，唯有深刻理解政策导向与消费心智变化，构建完整的价值链与差异化的品牌矩阵，企业才能 ...

日前，"新政启航·新机无限"御纯金品牌发布会在北京盛大举行。此次发布会齐聚税务权威、行业专家及全国数百位核心合作伙伴，共同探讨在税收政策深 化与消费升级双重驱动下，中国黄金珠宝行业的结构性机遇，并正式发布了御纯金面向未来的双品牌战略，标志着其深耕价值、布局高端的系统性升级。 行业变革窗口期：从"规模红利"迈向"价值深耕" 当前，中国黄金珠宝行业正步入一个关键转型阶段。税收新政的落地实施，不仅重塑了行业竞争规则，更推动了市场从过往粗放式的规模扩张，向精细化、 差异化、价值化的方向加速演进。消费者，尤其是高端消费群体，对黄金产品的需求已超越传统的保值属性，日益注重其文化内涵、工艺美学、情感价值与 品牌认同。 御纯金董事长刘裕琛在发布会上指出，这一变革并非挑战，而是行业走向成熟、品牌实现跃升的历史性机遇。他强调，唯有深刻理解政策导向与消费心智变 化，构建完整的价值链与差异化的品牌矩阵，企业才能在格局重构中占据先机。 特邀专家进一步分析认为，市场分层加剧与专业化分工细化，为具备全产业链把控能力、并敢于进行品牌价值创新的企业开辟了清晰的上升通道。 转自：新华财经 "御纯"聚焦高净值客群，以"古法高端黄金"为定位，融合传 ...

2025年12月22日，"新政启航·新机无限"御纯金品牌发布会在北京盛大举行。此次发布会齐聚税务权威、行业专家及全国数百位核心合作伙伴，共同探讨 在税收政策深化与消费升级双重驱动下，中国黄金珠宝行业的结构性机遇，并正式发布了御纯金面向未来的双品牌战略，标志着其深耕价值、布局高端的 系统性升级。 01/ 行业变革窗口期： 从"规模红利"迈向"价值深耕" 当前，中国黄金珠宝行业正步入一个关键转型阶段。税收新政的落地实施，不仅重塑了行业竞争规则，更推动了市场从过往粗放式的规模扩张，向精细 化、差异化、价值化的方向加速演进。消费者，尤其是高端消费群体，对黄金产品的需求已超越传统的保值属性，日益注重其文化内涵、工艺美学、情感 价值与品牌认同。 御纯金董事长刘裕琛先生在发布会上指出，这一变革并非挑战，而是行业走向成熟、品牌实现跃升的历史性机遇。他强调，唯有深刻理解政策导向与消费 心智变化，构建完整的价值链与差异化的品牌矩阵，企业才能在格局重构中占据先机。 特邀专家进一步分析认为，市场分层加剧与专业化分工细化，为具备全产业链把控能力、并敢于进行品牌价值创新的企业开辟了清晰的上升通道。 为全面响应市场机遇，御纯金正式推出全新 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 汪地强讲话 汪地强指出，过去一年，大家都很不容易。但我们克服了很多意想不到的困难，推进了很多务实管用的 工作，取得了很多超过预期的突破，稳住了基本盘。这是省委、省政府坚强领导，省国资委有力指导的 结果，这是广大消费者朋友充分信赖和大力支持的结果，更是经销商家人和习酒团结奋斗、并肩前行的 结果。当前，习酒比任何时候都更有信心能够穿越周期，这份底气来自于习酒的基本盘已经稳固，更重 要的是习酒最坚实、最值得信赖的经销商家人，是你们的并肩前行，构筑起习酒最深的"护城河"；是你 们的长期信任，让我们穿越周期、走向开阔。这份珍贵的情谊，我们永远心怀感恩、倍加珍惜，也从中 深刻领悟到：穿越周期，需要我们坚定信心，心怀尊重，着眼长远价值。 12月20日，贵州习酒2026年全国经销商大会在贵阳召开，来自全国各地的800余名习酒经销商代表、合 作商代表齐聚一堂，全面梳理总结2025年营销工作，系统谋划部署2026年营销工作，为构建习酒营销新 格局凝聚共识、汇聚合力。 贵州习酒2026年全国经销商大会现场 习酒集团党委书记、董事长汪地强出席大会并以"坚定信心 厂商同行 共同 ...

第一，对于君品习酒，将全力推动其突破百亿规模，成长为行业高端酱酒标杆； 第二，巩固习酒·窖藏1988百亿大单品地位，创新搭配5.2ml老酒与窖藏1988即兴自调； 第三，加快金钻系列全国化布局，打造为覆盖大众消费的百亿级品系； 第四，持续构建"君品顶天立地、窖藏宽天阔地、金钻铺天盖地"的产品格局； 新浪财经《酒业内参》独家获悉，12月20日，习酒召开2026年经销商大会，并披露了习酒新年的产品和 品牌战略规划： 新浪财经《酒业内参》独家获悉，12月20日，习酒召开2026年经销商大会，并披露了习酒新年的产品和 品牌战略规划： 第一，对于君品习酒，将全力推动其突破百亿规模，成长为行业高端酱酒标杆； 第二，巩固习酒·窖藏1988百亿大单品地位，创新搭配5.2ml老酒与窖藏1988即兴自调； 第三，加快金钻系列全国化布局，打造为覆盖大众消费的百亿级品系； 第四，持续构建"君品顶天立地、窖藏宽天阔地、金钻铺天盖地"的产品格局； 第五，继续推进"习酒+知交"双品牌战略。 责任编辑：郭建 第五，继续推进"习酒+知交"双品牌战略。 责任编辑：郭建 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 fiscal 2026 was $644.5 million, a decrease of 4.8% from $679.8 million in the prior year period, primarily due to weaker demand in domestic ag, construction, and Australia segments, offset by strength in Europe [16][18] - Gross profit was flat at $111 million compared to $110.5 million in the prior year, with gross profit margin expanding to 17.2% from 16.3% [16][18] - Net income for Q3 was $1.2 million, or $0.05 per diluted share, down from $1.7 million, or $0.07 per diluted share in the same period last year [18] Business Line Data and Key Metrics Changes - Domestic ag segment revenue decreased by 12.3% to $420.9 million, with pre-tax income increasing to $6.1 million from $1.8 million due to improved equipment margins and lower operating expenses [18][19] - Construction segment same-store sales decreased by 10.1% to $76.7 million, resulting in a pre-tax loss of $1.7 million compared to a loss of $0.9 million in the prior year [19] - Europe segment saw same-store sales increase by 88% to $117 million, with pre-tax income rising to $3.5 million from a loss of $1.2 million, driven by EU subvention funds [19][20] - Australia segment same-store sales decreased by 40% to $29.9 million, with a pre-tax loss of $3.8 million compared to a loss of $0.3 million in the prior year [20] Market Data and Key Metrics Changes - Domestic farmers face challenges from depressed commodity prices and a government shutdown affecting cash flow, leading to low equipment demand [11][12] - European performance was bolstered by temporary EU funding, but underlying demand remains soft [13] - Australia is experiencing industry volumes below prior trough levels, with expectations for fourth-quarter revenues to align more closely with the previous year [14] Company Strategy and Development Direction - The company is focusing on inventory optimization, having reduced total inventory by $98 million, with a new target of $150 million for the full fiscal year [6][22] - The company is divesting underperforming operations in Germany and optimizing its footprint to enhance service delivery and shareholder returns [9][10] - The dual-brand strategy is being expanded, particularly in Australia, to improve market share and customer service [10][42] Management's Comments on Operating Environment and Future Outlook - Management expects equipment demand to remain at trough levels without significant improvements in commodity prices or government support [12][15] - The company is positioned to benefit from a recovery in equipment demand when market conditions improve, emphasizing customer care and service excellence [7][15] - Future revenue expectations for construction have been adjusted to a decline of 5%-10%, while Europe is expected to see an increase of 35%-40% [24] Other Important Information - The company has reduced aged inventory by $94 million over the last five months, which is critical for returning to normalized equipment margin levels [22][23] - A non-cash valuation allowance is expected to increase reported tax expense by approximately $0.35-$0.45 per share in Q4 [26][27] Q&A Session Summary Question: Service revenue was down 4%, is this normal seasonality? - Management noted that service revenue is influenced by new equipment deliveries and overall stability is expected despite a challenging environment [30] Question: Why is construction same-store sales not recovering? - Management explained that last year was significant for catching up on wheel loader deliveries, and current comparisons reflect that backlog [32] Question: What is the outlook for Europe post-subsidies? - Management anticipates a pullback in Romania's performance but expects stable growth in Bulgaria and Ukraine, with a potential decline of 30%-40% in Romania [35][36] Question: Will there be another year of decline in fiscal 2027? - Management indicated that while industry volume may decline, they expect to maintain improved margins due to inventory management [39][40] Question: What is the contribution of Germany to the Europe segment? - Germany averaged about $40 million in top line revenue with a pre-tax loss of $4 million-$6 million, and its divestiture will positively impact the bottom line [61]

Core Viewpoint - Luckin Coffee's major shareholder, Dazhong Capital, is considering acquiring Costa Coffee from Coca-Cola, which is in preliminary discussions to sell the brand, with an initial valuation of approximately £1 billion (around $1.3 billion) [1][2]. Group 1: Acquisition Interest - Dazhong Capital may choose to make an independent offer or acquire Costa Coffee through Luckin Coffee, potentially leading to a "dual-brand" coffee strategy for Luckin [1]. - The sale of Costa Coffee has attracted interest from multiple private equity funds and strategic investors [1]. Group 2: Coca-Cola's Coffee Strategy - Coca-Cola's CEO, James Quincey, highlighted the attractiveness of the coffee category, noting its large scale, strong profitability, and growth potential [1][2]. - Quincey acknowledged that Coca-Cola has explored various paths in the coffee sector, with Costa being the latest attempt, and mentioned that the business has shown good performance and sales recovery [2]. Group 3: Costa Coffee's Market Presence - Costa Coffee operates in over 50 countries, with more than 2,700 stores in the UK and Ireland, and over 1,300 stores in other global regions, including 341 stores in China [3]. - The potential appeal of Costa Coffee for Dazhong Capital and Luckin Coffee lies in its established presence in the UK and European markets, which could facilitate quicker market entry [3]. - Costa's strategic locations in high-traffic areas in China complement Luckin's focus on efficiency and lower price points, creating a balanced value proposition [3].

Core Viewpoint - The article highlights the opening of the first OPPO | OnePlus flagship store in North China, located in a historical building in Tianjin, showcasing a blend of technology and cultural heritage, while transforming the space into a dynamic cultural hub for the youth [2][11]. Group 1: Historical and Cultural Integration - The OPPO flagship store preserves the historical architecture of the former Shengxifu Hat Store while integrating modern technological elements, creating a dialogue between past and present [4][10]. - The restoration process adhered to the principle of "repairing the old as the old," maintaining the original design style and using traditional materials and techniques to restore the building's historical appearance [7][10]. - The store features a unique suspended OPPO sign that does not damage the original structure, emphasizing the respect for historical integrity [7][10]. Group 2: Youth Engagement and Experience - The flagship store is designed as a "city park for young people," combining local culture with gaming trends, providing a space for social interaction and leisure [9][10]. - The store includes product display areas, gaming interaction zones, and event spaces for activities like live broadcasts of esports, aiming to create a deeper emotional connection with the youth [10][11]. - OPPO's strategy involves transforming retail spaces from mere sales points to vibrant social environments, as evidenced by successful sales records in other flagship stores [10][11]. Group 3: Future Expansion Plans - OPPO plans to open 50 new OPPO | OnePlus flagship stores in core cities across China over the next three years, focusing on high-density commercial areas [11]. - The company aims to enhance its retail presence by adding 1,000 mall stores annually and optimizing the structure of street-side shops [11].

Core Insights - The article highlights the strategic launch of the new product "Mengzi's Way" by Jingshan Distillery, which has received a five-star quality rating in the Shandong liquor industry, marking a significant step in the company's efforts to penetrate the mid-to-high-end market [1][2]. Group 1: Company Background and Challenges - Jingshan Distillery, with a history dating back to 1887, is recognized as a key grain liquor producer in Shandong and holds the intangible cultural heritage of "Steel Mountain liquor traditional brewing techniques" [2]. - The company faces significant challenges in a competitive "stock era," identifying three major bottlenecks: having resources but lacking premium pricing, possessing culture but lacking empowerment, and having quality but lacking benchmarks [2]. Group 2: Strategic Product Launch - The launch of "Mengzi's Way" is not merely a product introduction but represents a comprehensive strategic upgrade for Jingshan Distillery, focusing on three core aspects: cultural empowerment, quality assurance, and a dual-brand strategy [3]. - The brand name "Mengzi's Way" leverages cultural heritage, aiming to transform the brand from a regional product to a cultural icon, thereby capturing a higher value position in the market [3]. - The "Mengzi's Way" series utilizes aged liquor over ten years from the Sacred Spring Cave, introducing a unique "composite strong aroma" style that combines rich flavors with a refreshing finish, enhancing the drinking experience [3]. Group 3: Future Outlook - The recent government guidance on promoting historical classic industries, including liquor, presents new opportunities for growth in the white liquor sector [4]. - Jingshan Distillery plans to deepen its dual-brand strategy while embracing digital transformation and cross-industry integration, aiming to create diverse consumer experiences that reflect its rich cultural heritage [4]. - The introduction of "Mengzi's Way" not only signifies a rebirth for the company but also serves as a model for other traditional liquor enterprises facing transformation pressures, showcasing a dual-driven approach of technology and culture [4].