炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：小基慢跑 之前发过一篇文章： 创金合信基金的灵魂人物 苏总确实很厉害，在公司成立时，就搞了员工持股，这对于核心成员稳定发挥了至关重要的作用，尤其 是在限薪的大形势下。 员工持股平台架构 创金合信基金的股权结构显示，公司由第一创业证券股份有限公司控股（持股51.07%），其余48.9%的 股份由7家员工持股平台共同持有。这些平台包括深圳市金合信投资合伙企业（持股23.3%）及其他6家 有限合伙企业（各持股约3.5%-4.9%）。 2019年5月，创金合信完成增资扩股，注册资本增额全部由新增的6家员工持股平台认购，使员工持股平 台的合计持股比例增至48.9%。这一架构为公司核心团队提供了长期利益绑定机制。 | 股东名称 | 持股数量 | | --- | --- | | 苏彦祝 | 2.025.00万元 | | 钱龙海 | 1.186.40万元 | | 黄先智 | 900.00万元 | | 苏彦祝 | 751.00万元 | | 苏彦祝 | 470.00万元 | | 黄越岷 | 445.00万元 | | 刘婧竹 | 410.00万元 | ...

12月22日，记者从公司方面获悉，今年12月，呷哺呷哺集团第二次启动"凤还巢"合伙人计划，在今年7 月推出第一轮合伙人门店的基础上，合伙人门店已增至13家，内部合伙人增至50余人。 呷哺呷哺集团创始人、董事长贺光启表示，集团推行"凤还巢"合伙人制，就是要搭建平台，让大家 从"职场打工人"变身"事业合伙人"，充分调动员工积极性，让员工在得到实惠的同时，更好地推动集团 整体业务发展。未来，希望吸引更多优秀员工加入这一计划，与集团共享利润、共同发展餐饮事业。 据记者了解，呷哺呷哺集团今年7月首次启动"凤还巢"合伙人计划，并与第一批合伙人签约以来，积极 听取合伙人的声音反馈，并对合伙门店的管理费率下调了2%，分红周期由季度发放调整为月度。 数据显示，首批合伙人门店实现了营业数据的强劲增长，截至目前，门店营收同比增长超30%，利润率 达30%以上。 贺光启表示："员工角色转变为合伙人后，工作积极性显著增强，主动延长打烊时间、精细化管控避免 食材浪费，并通过优化人员排班提高工作效率，提升了门店整体运营成效。" 在经营策略上，合伙制在保证集团对门店食材品质和服务体验的整体把控基础上，也给各门店下放了一 定的灵活经营权限，各 ...

Core Insights - The company, Xia Bo Xia Bo Group, has launched its "Feng Huan Chao" partner program for the second time, expanding the number of partner stores to 13 and internal partners to over 50 since its initial launch in July [1] - The founder and chairman, He Guangqi, emphasized the goal of transforming employees from "workers" to "business partners" to enhance motivation and drive overall business development [1] - The company has made adjustments based on feedback from the first batch of partners, including a 2% reduction in management fees and changing the profit distribution cycle from quarterly to monthly, which has encouraged more employees to join [1] Financial Performance - The first batch of partner stores has seen strong revenue growth, with a year-on-year increase of over 30% and profit margins exceeding 30% [1] - The transition of employees to partners has significantly improved work enthusiasm, leading to extended operating hours, better management of food waste, and optimized staff scheduling, enhancing overall operational efficiency [1] Selection Criteria for Partners - The selection criteria for partners include not only achieving set operational performance metrics but also emphasizing personal character and service spirit [1] - Key soft skills valued in potential partners include resilience, kindness, and the ability to empathize with customers, ensuring that partners can effectively manage operations while embodying the company's brand culture [1]

呷哺呷哺集团近期第二次启动"凤还巢"合伙人计划，在今年7月推出第一轮合伙人门店基础上，合伙人 门店已增至13家，内部合伙人增至50余人。一年之内两次推行"凤还巢"计划，这一人才激励机制的创 新，让企业和员工实现互利双赢和共同发展，树立了餐饮业人店共成长的新范式。 呷哺呷哺集团创始人、董事长贺光启表示，集团推行"凤还巢"合伙人制，就是要搭建平台，让员工 从"职场打工人"变身"事业合伙人"，充分调动员工积极性，让员工在得到实惠的同时，更好地推动集团 整体业务发展。未来，希望吸引更多优秀员工加入这一计划，与集团共享利润、共同发展餐饮事业。 充分让利员工：下调管理费率缩短分红周期 在经营策略上，合伙制在保证集团对门店食材品质和服务体验的整体把控基础上，也给各门店下放了一 定的灵活经营权限，各门店可结合当地市场需求灵活调整食材。例如，针对云贵川地区喜食辣品与动物 内脏的饮食习惯，门店可及时进行产品与食材的适配。在集团整体管理框架下，各门店可自主提议地方 特色食材，合伙人机制赋予一线更敏捷的经营决策权，可以根据市场变化迅速调整策略，大幅缩短应对 周期。以往内部流程需要半个月的审批调整，如今在合伙人机制下仅需一周即可落地， ...

Core Insights - The conference highlighted the transformation of the Dezhi Home brand from a building materials brand to a comprehensive customization and renovation service brand, focusing on "smart living and intelligent stores" to reconstruct the new value chain of the home furnishing industry [3][8] - The chairman emphasized the importance of an agile supply chain, standardized service chain, and a healthy value chain for achieving long-term win-win outcomes [7][8] - The brand's future development paths include a "full-category, full-channel" layout, a focus on renovation services for existing homes, and a partner mechanism to replace traditional employment [5][8] Brand Mission - The brand's core mission is to drive growth through technology and service, transitioning from product management to providing lifestyle solutions for distributors [3][5] - The brand aims to achieve "product ecology," "organizational platformization," and "operational digitization" to enhance management efficiency and meet diverse user needs [12] Product Innovation - The conference showcased the launch of three core business segments: Kitchen Renovation, Whole Home Customization, and Commercial Flooring, each presenting new products and strategic reports [14][16] - The Kitchen Renovation segment introduced a "Kitchen Product 2.0 Version" focused on efficiency through standardized and modular design [14] - The Whole Home Customization segment emphasized integrated solutions covering various styles and materials, while the Commercial Flooring segment provided one-stop solutions for different commercial spaces [14][16] Collaboration and Strategy - The conference included a forum discussing industry trends, market opportunities, and business innovation, emphasizing the importance of a healthy channel ecosystem and long-term brand cooperation [19][22] - The company highlighted the need for channel rectification, anti-counterfeiting measures, and integrity in operations to maintain brand value [22] Recognition and Culture - The conference concluded with awards recognizing outstanding teams and individuals, reflecting the company's commitment to teamwork and collaborative spirit [25][27] - The awards included categories such as "Best Partner Award," "Brand Building Pioneer Award," and "Innovation Product Award," showcasing the company's focus on collective achievements [25][27] Conclusion - The conference served as a platform for brand consensus and team strength, focusing on mission, organizational mechanisms, product innovation, and channel order [29] - Dezhi Home aims to build a new pattern of whole-home customization through continuous innovation and collaborative efforts with national service providers and partners [31]

Core Viewpoint - The company reported a significant reduction in net loss for the first half of 2025, with revenue reaching 1.94 billion yuan and net loss decreasing by 71% to 80 million yuan compared to the same period in 2024 [1][2]. Financial Performance - The company achieved a notable improvement in profitability, with the core brand's net profit rising from 4.06 million yuan in the first half of 2024 to 29.73 million yuan in the current reporting period [2]. - The overall revenue for the food company reached 47.16 million yuan, marking a year-on-year increase of 4.8% [4]. Operational Strategies - The company implemented various operational improvements, including enhancing operational efficiency and optimizing internal management, which contributed to the significant reduction in losses [2]. - A focus on quality over quantity in store expansion was emphasized, with 32 new stores opened in high-potential areas, including 14 in first-tier cities [3]. Market Expansion and Innovations - The company made strides in overseas market expansion, with revenue growth of approximately 5% in international markets, leveraging targeted marketing strategies [4]. - The introduction of the "Feng Huan Chao" partner program has been successful, with five internal partner stores opened, achieving profit margins over 30% and rapid payback periods [5][6]. Membership and Digital Strategy - The company is focusing on membership economy and digitalization to enhance customer engagement, with gift card sales contributing over 252 million yuan in revenue from April to July 2025 [4].

Core Viewpoint - The article discusses the financial performance and strategic adjustments of Xiaobai Xiaobai, the "first stock of hot pot," highlighting its challenges and potential recovery in the competitive hot pot industry in China [4][5]. Financial Performance - From 2021 to 2025, Xiaobai Xiaobai accumulated losses of approximately 1.246 billion yuan [5]. - In the first half of 2025, the group's revenue was 1.942 billion yuan, a decrease of 18.9% compared to 2.395 billion yuan in the same period last year [6]. - The main brand, Xiaobai Xiaobai, saw sales decline by 13.5%, but profit increased from 4.06 million yuan in the first half of 2024 to 29.73 million yuan in 2025 [6]. - Despite revenue decline, the company managed to reduce pre-tax losses from 267 million yuan to 75.72 million yuan, a decrease of 71.6% [6]. - Net losses decreased from 274 million yuan to 80.83 million yuan, a reduction of 70.5% [6]. Cost Control and Operational Efficiency - The company achieved significant cost reductions, with raw material costs down by 22.5%, employee costs down by 18.1%, and property rental expenses down by 24.7% [6]. - Depreciation and amortization expenses decreased by 20.5%, and leasing costs were reduced by 24.7% [9]. - The total number of restaurants decreased by 135 compared to June 30, 2024, with a net reduction of 52 stores in the first half of 2025 [9]. Strategic Adjustments - The company is focusing on high-potential areas and closing inefficient stores, with an increase in the proportion of stores in first-tier cities from 39.7% to 42.6% [9]. - The average consumption per customer for Xiaobai Xiaobai decreased from 59.6 yuan to 53.7 yuan, a decline of approximately 9.9% [10]. - The average turnover rate increased from 2.3 times to 2.6 times, an increase of 13.0% [10]. New Growth Initiatives - The "Feng Huan Chao" partner program was launched in July 2025, allowing core employees to hold shares, which has improved operational efficiency and service quality [13][14]. - The program has already established five partner stores, primarily in the Beijing-Tianjin-Hebei region, with restaurant profit margins exceeding 30% [14]. - The membership economy is also on the rise, with gift card sales exceeding 160 million yuan and a significant increase in repurchase frequency among paid members [15]. Industry Trends - The article indicates a shift in the restaurant industry from extensive expansion to lean operations and deep organizational changes, with Xiaobai Xiaobai's initiatives reflecting this trend [16]. - The ability to convert initial successes from the partner mechanism and membership economy into sustained growth will depend on the company's management capabilities and market conditions [16].

Core Viewpoint - The company, Xiaobai Xiaobai, has faced significant challenges in recent years, including substantial financial losses and operational difficulties, but has shown signs of recovery through cost control and strategic adjustments in its business model [1][2][3] Financial Performance - For the first half of 2025, Xiaobai Xiaobai reported revenue of 1.942 billion yuan, a decrease of 18.9% compared to 2.395 billion yuan in the same period last year [2] - The main brand, Xiaobai Xiaobai, experienced a sales decline of 13.5%, but its profit increased from 4.06 million yuan in the first half of 2024 to 29.73 million yuan in the first half of 2025 [2] - The company managed to reduce its pre-tax loss from 267 million yuan to 75.72 million yuan, a decrease of 71.6%, and net loss from 274 million yuan to 80.83 million yuan, a decrease of 70.5% [2] Cost Control and Operational Efficiency - The company achieved significant cost reductions, with raw material costs down by 22.5%, employee costs down by 18.1%, and property rental and related expenses down by 24.7% [2][4] - Depreciation and amortization expenses decreased by 20.5%, contributing to overall operational efficiency [4] - The total number of restaurants decreased by 135 compared to the previous year, with a focus on optimizing the restaurant layout and closing underperforming locations [4][6] Market Strategy and Brand Positioning - Xiaobai Xiaobai is focusing on high-potential areas and reducing low-efficiency stores, with an increased emphasis on first-tier cities [4][6] - The company has adopted different strategies for its two brands: Xiaobai Xiaobai aims to increase customer flow by lowering average spending, while the Coucou brand maintains a high-end positioning despite a decline in customer traffic [5][6] - The overseas market has shown growth for both brands, indicating potential for expansion [5] New Initiatives and Future Growth - The introduction of the "Feng Huan Chao" partner program aims to incentivize core employees and attract external talent, with initial results showing promising profitability and operational efficiency [8] - The membership economy is on the rise, with significant sales from gift cards and increased repurchase frequency among paid members [8] - Collaborations with popular IPs and new product offerings are part of the strategy to attract younger consumers and enhance brand appeal [9] Industry Context - The challenges faced by Xiaobai Xiaobai reflect broader trends in the hot pot industry, including consumer fatigue and intense competition, necessitating a shift towards lean operations and organizational transformation [9]

Group 1 - The core idea of the articles revolves around the successful initiative of Qufu City to attract talents back to their hometowns, leveraging emotional ties and clear investment opportunities [2][3] - Qufu City has effectively connected over 120 talents who have returned, utilizing a targeted approach that includes "targeted discussions" and "hometown attraction" models [3] - The city has created a clear "one town, one industry" industrial map, allowing returning talents to see the vast opportunities and specific paths for development in their hometown [3] Group 2 - Qufu City has established a "Creative Loan Home" service platform to provide comprehensive support for returning entrepreneurs, including policy consultation, loan processing, training, and project guidance [4][5] - The "Doctor's Courtyard," a pioneering platform, has connected over 200 experts to assist 84 villages, providing free and accessible solutions to local industrial challenges [5] - Successful projects, such as the upgraded "Five-Spice Pancake" and the "Yile Farm" complex, have significantly boosted local economies, with the latter achieving a revenue of over 40 million yuan in 2024 and creating over 500 jobs [6][8] Group 3 - The "One Piece of Land" model has transformed previously underdeveloped areas by consolidating over 1,600 acres of land, leading to increased efficiency and reduced costs for local farmers [7] - Qufu City has seen a flourishing of various industries, with initiatives like the "Common Prosperity Workshop" generating over 200 million yuan in sales and significantly increasing villagers' incomes [8] - The integration of talents, funds, and industries under the leadership of local party organizations has effectively addressed issues such as talent shortages and resource fragmentation, paving the way for rural revitalization [8][9]