基于平等互利、优势互补的原则，双方在多个维度达成合作共识。康桥悦生活的标准化管理体系和科技 赋能能力，与GPI的本地市场资源及专业化运营经验形成深度协同，为合作平台的快速落地与长效发展 奠定了坚实基础。 二、股权合作锚定核心，明晰业务发展蓝图 根据备忘录条款，双方确定以"股权合作为核心"，共同构建长期稳定的合作模式：康桥悦生活拟通过直 接或间接收购GPI部分股权持有其不低于35%的股权，并在符合会计准则及相关监管要求的前提下，实 现控股及合并报表。具体核心细节，将在后续尽职调查完成后，由双方进一步磋商并在正式协议中予以 明确。 智通财经APP获悉，随着北美市场布局的启动和全球化发展战略的推进，2025年12月24日，康桥悦生活 服务集团有限公司（简称"康桥悦生活"）（02205）与美国多单元公寓资产管理公司 GPI Real Estate Management LLC（简称"GPI"）正式签署合作备忘录（MOU）。此次跨境合作将以股权合作为核心纽 带，通过整合双方核心资源优势，共同打造一家管理标准化、运营科技化且具备可持续成长能力的美国 多单元公寓资产管理与物业服务平台。 一、优势互补筑牢根基，协同赋能合作发 ...

"出海已经告别'大水漫灌'阶段。企业全球竞争力正从产品、口味、营销等表层竞争，下沉至科技赋能与合规基建的深层较量。"全球支付平台PingPong 创始人、CEO陈宇12月12日在杭州表示，数字变革正引领中国品牌全球化启动全方位"系统重构"。 尤其对于餐饮零售连锁品牌而言，出海已经从单纯卖货的1.0时代、"单店输出"的2.0时代，迈入由数字化中台驱动的3.0时代。在这一阶段，数字化基础 设施建设成为品牌规模化扩张的核心竞争力。全球连锁餐饮龙头杨国福CIO王林林指出，"海外区域POS（终端销售系统）系统统一、全球供应链数据对接、 跨国团队协作管理，是餐饮品牌规模化出海的三大数字化建设核心挑战。尤其在POS系统统一环节，需要对接海外多国的支付渠道，确保实时汇率转换和跨 境资金流通安全合规，这让连锁品牌的数字化建设难度呈现指数级增长。" | In Product of the Same of The Planet In | 100 | | --- | --- | | 东南亚市场由印尼、马来西亚、泰 | 張南 | | 国、越南、新加坡和菲律宾等多个 | 20%, | | 国家组成,各国在文化背景、消费 | 平。 1 | ...

Financial Data and Key Metrics Changes - Retail transaction volume reached 10,385 units, up 154% year-over-year and 38% quarter-over-quarter, indicating strong growth [4][12] - Retail revenue totaled RMB 610 million, an increase of 87% year-over-year and 31% quarter-over-quarter [13] - Gross margin for the quarter was 5.2%, down 1.2 percentage points year-over-year and down 1.8 percentage points quarter-over-quarter, primarily due to price competition in the new car segment [15] - Adjusted EBITDA loss for the quarter was RMB 16.5 million, representing a 51% reduction year-over-year [16] Business Line Data and Key Metrics Changes - Wholesale transaction volume was 1,221 units, representing a 19% decrease year-over-year but a 70% increase quarter-over-quarter [14] - Total revenue combining retail and wholesale reached RMB 658 million, a 64% increase year-over-year and a 31% increase quarter-over-quarter [14] Market Data and Key Metrics Changes - The used car market in China has been affected by aggressive price competition in the new car segment, but recent policy guidelines have moderated this competition [9] - The Wuhan superstore has shown significant margin improvement after six months of operation, with expectations for continued strong growth in retail transaction volume [9] Company Strategy and Development Direction - The company is focused on expanding its superstore model, with the recent opening of the Zhengzhou superstore, which is expected to strengthen market presence in Henan Province [8] - The company is enhancing operational precision and digital management systems to adapt to market conditions and improve efficiency [7] - Future expansion plans include targeting cities among the top 20 in China by vehicle ownership, indicating a strategic approach to market selection [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to raise sufficient capital to support expansion plans, given the consistent year-over-year growth and early signs of recovery in capital markets [24] - For the third quarter, the company expects retail transaction volume to be between 13,500 and 14,000 units, representing over 130% year-over-year growth, with total revenue projected between RMB 830 million and RMB 860 million [17] Other Important Information - The company has built a standardized management and operating system in its superstores, which has facilitated rapid ramp-up and operational maturity [5] - The net promoter score was 65, maintaining the highest level in the industry for five consecutive quarters, reflecting strong customer satisfaction [4] Q&A Session Summary Question: How does the company balance short-term profitability pressures with expansion needs? - Management emphasized careful planning for each new superstore to mitigate short-term profitability pressures, focusing on standardization and efficiency improvements [22][23] Question: What measures were taken in Wuhan to achieve rapid ramp-up? - The success in Wuhan was attributed to refined digital management systems, standardized business processes, and experienced management, which accelerated production and sales execution [26][29] Question: How does management view the competitive landscape in Zhengzhou? - The competitive environment in Zhengzhou is intense, but the company believes its superstore model offers clear differentiation and is confident in replicating success from Wuhan [31][33]

Core Insights - The enthusiasm for investment expansion among elderly care institutions has decreased, with some small and large projects seeking to sell off assets [2] - The industry is facing challenges such as tightening cash flow and declining profit margins, alongside adapting to stricter regulations [2][5] - Many elderly care facilities are undergoing significant renovations to meet new fire safety standards, leading to increased operational costs [3][4] Regulatory Environment - The transition to a more regulated prepayment model for elderly care services has increased cash flow pressure on institutions, as funds must now be managed in a tripartite account [6][7] - The new regulations require significant investments in fire safety, including staffing and infrastructure upgrades, which are particularly burdensome for smaller facilities [4][6] Financial Challenges - Many elderly care institutions are struggling to achieve a sustainable occupancy rate, with a reported average occupancy of only 38% in Beijing, far below the 50% threshold needed for profitability [5] - The tightening of prepayment regulations has led to a cash flow crunch, particularly affecting non-chain and smaller operators who may face risks of funding shortages [7][8] Technological Advancements - Companies are increasingly investing in digital management systems to reduce operational costs and improve efficiency, with one company investing approximately 60 million yuan [3][12] - The integration of artificial intelligence technologies is being explored to enhance operational safety and efficiency, despite initial cost increases [11][12] Workforce Development - There is a concerted effort to recruit young talent into the elderly care sector, with institutions recognizing the need for skilled management personnel to ensure long-term sustainability [10] - Training programs are being established to develop the next generation of leaders within the industry, emphasizing the importance of young professionals in driving future growth [10][11]