专题：《实战派》 野人先生创始人崔渐为在《实战派》栏目中表示，直营和加盟不是对立的，蜜雪冰城就活得很好。野人 先生创始人崔渐为：直营和加盟不是对立的，蜜雪冰城就活得很好 野人先生创始人崔渐为坚信直营与加盟绝非对立。他直言："野人先生早年开的那些店都是直营店。我 们是2024年才开始做加盟的，之前全是直营店。"崔渐为称："茶饮这些年的高速发展，让品牌方和加盟 者都已经变得成熟了。茶饮这么多品牌，这么多上市企业，无论蜜雪、古茗，这都是我们很好的老师， 那都多少年了？蜜雪二十七八年了得，对吧？不是做加盟吗？人家不是活的很好吗？哪有什么势能下 降，古茗上市以后表现非常好，我自己都想买古茗股票。所以本质上还在于说这个团队是不是用心地想 要把一个事做好，其他的并不重要，直营和加盟从来不是矛盾对立的，怎么合适都可以采用，都有好的 地方。" 野人先生创始人崔渐为在《实战派》栏目中表示，直营和加盟不是对立的，蜜雪冰城就活得很好。野人 先生创始人崔渐为：直营和加盟不是对立的，蜜雪冰城就活得很好 野人先生创始人崔渐为坚信直营与加盟绝非对立。他直言："野人先生早年开的那些店都是直营店。我 们是2024年才开始做加盟的，之前全是直营店 ...

Core Viewpoint - COMMUNE, a mid-to-high-end restaurant and bar chain, is set to challenge Helen's, the first stock of small taverns, as it files for an IPO in Hong Kong, with significant revenue growth and a different market positioning [1][2]. Company Overview - COMMUNE's parent company, Extreme Thinking Co., has submitted an IPO application to the Hong Kong Stock Exchange, with a projected revenue of 845 million yuan and 1.074 billion yuan for 2023 and 2024, respectively, and net profits of 50.52 million yuan and 53.98 million yuan, reflecting year-on-year growth rates of 27.1% and 6.8% [1]. - As of the first nine months of 2025, COMMUNE's 112 directly operated stores generated approximately 872 million yuan in revenue, a year-on-year increase of 14.2%, with net profit rising significantly by 46.9% to 66.70 million yuan [1]. Market Positioning - Unlike Helen's, which focuses on affordable taverns, COMMUNE targets the mid-to-high-end market with larger store formats ranging from 400 to 700 square meters, located in prime urban areas [2]. - COMMUNE's store distribution is concentrated in first and second-tier cities, with a significant increase in store numbers from 18 to 28 in first-tier cities and from 61 to 72 in second-tier cities between 2023 and 2025 [2]. Financial Performance - The average daily bill for COMMUNE's members decreased from 182.2 yuan to 167.9 yuan in 2023-2024 but rebounded to 169.9 yuan in the first nine months of 2025, with a notable 12.9% increase in first-tier cities [4]. - In contrast, Helen's average customer spending dropped from 112.9 yuan in Q1 2021 to 82 yuan and 71 yuan in 2023 and 2024, respectively, indicating a significant decline [5]. Business Model Comparison - COMMUNE operates on a direct management model, while Helen's has shifted towards franchising, which has led to operational challenges and declining same-store sales [5][7]. - Both companies have similar cost structures, with core expenses related to materials, labor, and depreciation accounting for 65%-70% of total costs [5]. Expansion Plans - Despite facing challenges, COMMUNE plans to aggressively expand, aiming to open 150-190 new stores from 2026 to 2029, which is 1.34 to 1.70 times the total number of stores opened in the past decade [7]. Valuation and Investment - COMMUNE's valuation has seen a dramatic increase, rising nearly 300% in three months, with a post-investment valuation reaching approximately 11.27 billion USD, indicating strong investor interest despite operational challenges [10][11]. - The competitive landscape in the tavern industry is intensifying, with numerous brands and varying levels of market penetration, raising questions about COMMUNE's ability to maintain its position in first and second-tier cities [11].