以下文章来源于剁椒Spicy ，作者剁椒团队 剁椒Spicy . 必胜客眼中「 唯一的对手 」。 文 ｜ 南唐枫谏 来源｜ 剁椒Spicy（ID：ylwanjia） 封面来源 ｜ 视觉中国 在当下的餐饮行业，平均每分钟关6家门店的「闭店潮」正在上演，达美乐却是一个「逆势开店」的特殊存在。 今年10月1日，达美乐徐州首店，开业当天日营业额68万元，刷新达美乐全球单店的日销售纪录；而同样在今年，达美乐在邯郸、沈阳等地，分别创下了首 店首日54万元、首店首日52万元营业额记录。 其中，沈阳首店单月营业额突破1000万元，各种庆功海报照片开始在行业流传。 与之相比，早已教育过中国市场的必胜客，一家成熟门店的周营业额为10~15万，月均营业额在40万元左右。 专注于电商、营销、流量生态，以及消费者洞察的全新商业自媒体 达美乐一张三十多块钱的披萨，让几百号人一边排着几小时的长队一边兴奋地拍着抖音「炫耀」。其他人看呆了：「达美乐真有那么好吃吗」、「像没吃过 披萨似的」…… 截至今年三季度，达美乐在中国大陆的直营门店数量已达1283家（必胜客为4022家），覆盖51个城市，门店网络持续向非一线城市下沉。 尽管早早就进入了中国 ...

Core Insights - Home Depot's stock dropped over 4% to $341.88 in pre-market trading due to disappointing third-quarter earnings and same-store sales figures [1] Financial Performance - Third-quarter net sales were $41.35 billion, exceeding the estimate of $40.97 billion [1] - Same-store sales increased by 0.2%, below the expected growth of 1.36% [1] - Adjusted earnings per share were $3.74, slightly lower than the forecast of $3.84 [1] Market Conditions - The overall real estate market is showing weakness, impacting demand for roofing, generators, and other categories [1] - Weather events, such as storms, have also contributed to reduced demand [1] Future Outlook - Home Depot expects full-year revenue growth to be approximately 3%, an increase from the previous estimate of about 2.8% [1]

Summary of Jiumaojiu (9922.HK) 3Q25 Operating Update Company Overview - **Company**: Jiumaojiu (9922.HK) - **Brands**: Tai Er, Jiumaojiu, Song Hot Pot Factory Key Industry Insights - **Same Store Sales Growth (SSSG)**: - Tai Er: -9.3% in 3Q25, improved from -13.7% in 2Q25, with a recovery ratio of 62% vs. pre-Covid levels [1][13] - Jiumaojiu: -14.8% in 3Q25, improved from -18.5% in 2Q25, with a recovery ratio of 63% vs. pre-Covid levels [1][13] - Song: -19.1% in 3Q25, worsening from -14.3% in 2Q25, primarily affected by weather and high base effects [1][13] Financial Performance - **Store Count**: - Tai Er: Closed 36 stores, total of 530 stores [3][13] - Jiumaojiu: Closed 4 company stores, total of 64 stores [3][13] - Song: Closed 5 stores, total of 71 stores [3][13] - **Average Selling Price (ASP)**: - Tai Er: Rmb74, stable from Rmb74 in 2Q25 [1][13] - Jiumaojiu: Rmb58, improved from Rmb57 in 2Q25 [1][13] - Song: Rmb100, slightly increased from Rmb98 in 2Q25 [1][13] - **Average Table Turn**: - Tai Er: 3.3x in 2Q25 [1][13] - Jiumaojiu: 2.5x in 3Q25, improved from 2.3x in 2Q25 [1][13] - Song: 2.4x in 3Q25, stable from 2.4x in 2Q25 [1][13] Management Strategies - **Store Format Conversion**: - Management raised the store conversion target for Tai Er to over 200 by year-end, up from 150 [1][9] - New store formats are outperforming old formats, expected to enhance sales performance and brand perception [1][2] - **Future Expectations**: - Anticipated margin improvement in 2026E due to new store formats and optimized store networks [2][20] - Management targets positive SSSG in 4Q25, with a lower base expected [2][13] Risks and Considerations - **Key Risks**: - Weaker-than-expected demand and SSSG recovery [20] - Challenges in rolling out new store formats sustainably [20] - Competition and pricing pressures [20] - Margin risks and potential removal from Stock Connect [20] Valuation and Recommendations - **Price Target**: Updated 12-month target price of HK$3.5, based on 8x 2025E-26E EV/EBITDA [2][18] - **Investment Rating**: Remain Buy, with a significant upside potential of 71.6% from the current price of HK$2.04 [21][18] This summary encapsulates the critical insights from the Jiumaojiu 3Q25 operating update, highlighting the company's performance, strategic initiatives, and market outlook.

Group 1 - Home Depot's same-store sales growth for Q2 was 1%, below the expected 1.39% [1] - Q2 sales revenue was $45.28 billion, compared to the forecast of $45.43 billion [1] - Adjusted earnings per share for Q2 were $4.68, slightly below the expected $4.72 [1] Group 2 - Home Depot continues to forecast an annual revenue growth of approximately 2.8% [1]

理想汽车毛利率重回 20% 之上。 今年三季度，理想（Li.O）交付 15.28 万辆新车，取得大约 413 亿元汽车销售收入和 86 亿元毛 利，对应大约 20.9% 的汽车毛利率，也是这一指标时隔两个季度重回行业一流行列。毛利率回升 的同时，理想季度平均车辆售价则进一步滑落至 27 万元，除了促销因素，还可能因为起售价 24.98 万元的 L6 占比进一步提升。 吉利称从未与欧委会单独谈判。 对于欧委会文件所示的情况，吉利控股发布声明，称吉利集团（包括但不限于旗下沃尔沃、smart 等品牌）始终在中国机电产品进出口商会指导下推进谈判工作，吉利提交方案均送机电商会备案， 从未私自与欧委会单独进行沟通谈判。 瑞幸三季度收入、净利润创新高。 瑞幸咖啡（LKNCY.F）今年三季度净收入 101.81 亿元，同比涨 41.4%，净利润 13.03 亿元，同比涨 31.8%，但同店销售额下降 13%。CEO 郭谨一说中国咖啡市场空间仍在加速扩容，瑞幸会加密高线 城市并保持下沉市场的拓展力度。10 月 29 日，媒体援引知情人士称瑞幸正筹备在美开店。 星巴克财年同店销售下降。 和瑞幸同天发财报的星巴克（SBUX.O）， ...