iBrandi品创获悉，10月1日，蜜雪冰城发布公告，官宣通过增资和股权受让方式，获得鲜啤福鹿家53%的股权。根据公告，此 次交易总对价约人民币2.97亿元。 雪王又干大事儿了。 这也意味着，继冰淇淋、奶茶、现制果茶、咖啡之后，蜜雪冰城又把触角伸向了啤酒，准确来说是鲜啤领域。 公告中指出，此次投资被蜜雪集团视为把握现打鲜啤行业的发展机遇，铸就更具影响力的全球化食品饮料品牌的重要举措。 据公开数据，2024年中国鲜啤市场规模达586.7 亿元（统计口径为现打鲜啤 + 瓶装鲜啤），同比增长 7.3%。 若聚焦精酿鲜啤细分领域，2025年市场规模预计突破800亿元，年复合增长率超30%，占啤酒市场整体份额从 2020年的不足 3%提升至6.3%。 而对于蜜雪冰城来说，其现在也需要找到一个比茶饮和咖啡更"新"的市场。 2024年，蜜雪冰城营收 248.3 亿元（同比+22.3%），净利润44.5亿元（同比+39.8%），虽保持增长，但茶饮行业整体增速已 从过去的20%以上降至12%左右。头部品牌如古茗、瑞幸通过低价策略和品类拓展抢占市场，蜜雪需突破单一茶饮品类依赖。 换句话说，对于蜜雪来说，茶饮其依旧有着无可比拟的优 ...

每经记者｜范芊芊 每经编辑｜张海妮 日前，蜜雪集团在港交所公告，拟通过"增资+股权转让"方式，以2.97亿元总价拿下福鹿家（郑州）企 业管理有限公司（以下简称福鹿家）53%股权，实现绝对控股，正式切入现打鲜啤赛道。公告披露，福 鹿家实控人田海霞系蜜雪集团执行董事兼首席执行官张红甫的配偶，且田海霞控制的麦浪同舟亦为标的 股东，因此此次交易为关联交易。 点评：蜜雪冰城斥资近3亿元控股关联公司，正式切入现打鲜啤赛道。此次关联交易可能引发市场对公 司治理透明度的关注，对投资者情绪形成一定考验。对新茶饮板块而言，头部企业探索酒饮多元化，为 行业开辟新的增长路径提供想象。整体来看，消费龙头跨界布局反映其寻求第二增长曲线的迫切性。 NO.1 10月1日至8日累计跨区域人员流动量预计24.32亿人次 交通运输部数据显示，10月1日至8日（国庆中秋长假），累计全社会跨区域人员流动量预计24.32亿人 次，日均3.04亿人次，同比增长6.2%。分方式来看，累计铁路客运量预计1.53亿人次，日均1924万人 次，同比增长2.6%；累计水路客运量预计1167万人次，日均146万人次，同比增长4.2%；累计民航客运 量预计1917万人 ...

就在一天前，蜜雪集团（HK.2097）于香港联交所发布公告称，其已在9月30日盘后与福鹿家(郑州)企业 管理有限公司（简称"福鹿家"）达成投资及股权转让协议——以约2.97亿元人民币的价格获得鲜啤福鹿 家53%的股权。 完成投资后，蜜雪集团的产品品类将从现制果饮、茶饮、冰淇淋和咖啡延伸至现打鲜啤，本次交易也被 视为蜜雪冰城正式切入现打啤酒赛道，补齐了其多样化产品生态的关键拼图。 10月2日，"蜜雪冰城要卖啤酒了"话题冲上热搜，"雪王"跨界卖啤酒或将改变现制鲜啤行业格局引发关 注。 双方实控人为夫妻 根据上述公告，此次交易分为两个部分。一是增资入股，蜜雪集团首先以2.856亿元现金，认购福鹿家 新增注册资本690.17万元，占其经扩大注册资本的51%。二是与鲜啤福鹿家原股东赵杰签订协议，以 1120万元受让其持有的2%股权。交易完成后，蜜雪集团将合计持有福鹿家53%的股权，一举成为控股 股东。 上述投资及股权转让完成后，福鹿家将成为蜜雪集团的非全资附属公司，其财务业绩将并入蜜雪集团的 财务业绩。这笔收购款，蜜雪集团拟从集团内部资源拨付，不涉及动用集团全球发售所得款项。 本次交易前，田海霞和麦浪同舟分别持有福鹿家 ...

Core Viewpoint - The Chinese beauty brand Chando, after 24 years of establishment, is making its debut in the Hong Kong capital market, having recently completed a financing round that valued the company at over 7.1 billion yuan [1][2]. Group 1: Company Overview - Chando has received significant investments from L'Oréal's Meiting, which invested 442 million yuan for a 6.67% stake, and Huachuang Capital, which invested 300 million yuan for a 4.20% stake [1][2]. - The company is primarily controlled by the Zheng family, with the four family members holding over 80% of the voting rights prior to the IPO [1][4]. Group 2: Financial Performance - Chando's net profit has shown volatility, with a 117% increase in 2023 to 302 million yuan, followed by a 37.1% decrease in 2024 to 190 million yuan, and a recovery in the first half of 2025 with a net profit of 191 million yuan [5][8]. - The company's revenue heavily relies on its main brand, Chando, which accounted for over 94% of total revenue from 2022 to the first half of 2025 [3][5]. Group 3: Market Position and Strategy - Chando is the third-largest domestic cosmetics group in China by retail sales as of 2024 [4]. - The brand's online sales channel has been increasing, with its revenue share rising from 59.7% in 2022 to 68.8% in the first half of 2025, while offline sales have decreased from 32% to 16.9% [4]. Group 4: Investment and Governance - The entry of strategic investors like L'Oréal is expected to enhance market confidence in Chando, although investors will ultimately focus on the company's fundamentals and growth potential [3][8]. - Concerns exist regarding the governance structure of the family-controlled company, as the concentrated ownership may pose challenges for minority shareholders [8].

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 9月26日，涪陵榨菜发布公告，称董事、总经理赵平因工作调整，申请不再担任公司董事、总经理职 务，董事会聘任高翔为公司总经理。 赵平是涪陵榨菜元老，1995 年加入公司，历任技术科科长、副总经理等职，2011年5月起任公司董事、 总经理，在总经理一职务上已经待了15年，经历了涪陵榨菜的发展的崛起。而在2023年，掌舵23年的董 事长周斌全退休，"80后"高翔出任涪陵榨菜"一把手"。 元老的陆续离职背后，是涪陵榨菜业绩增长停滞的现实。2022年收入增速降到1.18%，2023年及2024年 连续下滑两年。2020年高峰时榨菜销售量为13.56万吨，2024年则降到了11.14万吨，减少近18%。 在这种情况下，公司能否依靠新品和对外并购培育起第二增长曲线呢？ 涪陵榨菜卖不动了 从近几年的销售来看，榨菜的确卖不动了！ 在2025年9月4日的投资者电话交流会上，管理层坦言，一方面，消费者对于佐餐类别的产品消费意愿发 生了变化，市场上涌现出更多可选择的其他品类替代产品；另一方面，城市人口出现回流迹象，公司主 要的销售渠道覆盖人群出现一定减少。 简单来说，榨菜行业已经 ...

Core Viewpoint - Yatsen E-commerce, the parent company of the cosmetics brand Perfect Diary, reported a significant narrowing of net losses in its financial results for the first half and second quarter of 2025, indicating potential for profitable growth despite ongoing challenges in the beauty industry [1][3]. Financial Performance - In the first half of 2025, Yatsen E-commerce achieved revenue of 1.92 billion yuan, a 22.4% increase from 1.568 billion yuan in the same period of 2024 [1]. - The net loss for the first half of 2025 was 25.08 million yuan, compared to a net loss of 210 million yuan in the same period of 2024 [1]. - For the second quarter of 2025, revenue reached 1.09 billion yuan, up 36.8% from 795 million yuan in the second quarter of 2024 [1]. - The net loss for the second quarter of 2025 was 19.5 million yuan, a significant improvement from a net loss of 85.5 million yuan in the same quarter of 2024 [1]. Business Challenges - The beauty industry is experiencing a slowdown, and Yatsen E-commerce has faced development bottlenecks since its peak performance in 2019, when revenue was 3.031 billion yuan, growing 377% year-on-year [3][4]. - The company's revenue has been on a downward trend since 2022, with figures of 3.706 billion yuan, 3.415 billion yuan, and 3.393 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year declines of -36.5%, -7.9%, and -0.6% [3][4]. Strategic Shifts - Yatsen E-commerce is undergoing a transformation, focusing on "self-sustaining" strategies and launching a "second entrepreneurship" initiative to adapt to external uncertainties [4]. - The skincare segment, which includes brands like "完子心选" and acquisitions of KORRES, EVE LOM, and DR. WU, has shown rapid growth, with skincare revenue increasing by 78.7% to 580 million yuan in the second quarter of 2025, accounting for 53.5% of total revenue [4][5]. Marketing and Brand Image - The company's heavy reliance on marketing has led to increased costs, with marketing expenses rising from 309 million yuan in 2018 to 3.412 billion yuan in 2020, a growth of over 1004% [6][7]. - Despite high marketing expenditures, consumer fatigue with advertising has diminished the effectiveness of these strategies, leading to a decline in brand reputation and increased complaints regarding product quality and customer service [9][10]. - The stock price of Yatsen E-commerce has significantly dropped, losing 63.7% from its peak, reflecting declining investor confidence due to prolonged losses [7][8].

Core Viewpoint - The company, Yingstone Innovation Technology Co., Ltd., has announced its first stock incentive plan since going public, aiming to enhance employee motivation and loyalty through the granting of restricted stock to key employees [1][2]. Group 1: Stock Incentive Plan - The incentive plan proposes to grant a total of 1.3871 million restricted shares, accounting for approximately 0.35% of the company's total share capital of 401 million shares at the time of the announcement [1]. - The grant price for the restricted shares is set at 148.92 yuan per share [1]. - The plan targets 695 key employees, representing 21.48% of the total workforce of 3,235 employees as of mid-2025 [1]. Group 2: Performance Assessment - The performance assessment period for the first grant is set for the fiscal years 2025 and 2026, with revenue growth targets of no less than 30% for 2025 and 50% for 2026, based on the 2024 revenue of 5.574 billion yuan [2]. - According to the performance targets, the company needs to achieve revenues of at least 7.246 billion yuan in 2025 and 8.361 billion yuan in 2026 [2]. - The incentive plan is seen as a strategy to drive future growth and align employee interests with company performance [2]. Group 3: Growth Potential - The company aims to stimulate market demand through blockbuster products rather than competing in existing markets, having already achieved cumulative sales of millions of panoramic cameras [3]. - Yingstone Innovation is expanding its product offerings beyond panoramic cameras to include video conferencing cameras and smartphone gimbals, with plans to launch a new line of consumer drones [3]. - The introduction of the "Antigravity" brand for consumer drones is expected to tap into a larger market potential, addressing unmet needs and creating new usage scenarios [3].

杭州土壤、浙大基因 "杭州是东方的硅谷，而浙大则是东方的斯坦福。"这样的比喻，流传已久。 今年2月，英国《经济学人》在一篇关于DeepSeek 的专题报道里，点名浙江大学是这家公司的背后推手之一，并直接拿"杭州与浙大"类比"硅谷与斯坦 福"。 这一比喻迅速在国外科技圈蹿红。 浙大实验室是技术源头，教授和学生一茬茬走出去，把实验室里的技术变成落地的产品； 杭州则提供试错的市场环境、愿意买单的产业客户和充足的资本资源。技术、人才、资本、场景在这里相互咬合，形成了独特的创新飞轮。 这不仅造就了名声在外的新兴互联网和AI公司，也造就了大半个储能BMS江湖。 一个引人注意巧合是： 华塑、高特、协能，这三家头部公司，都同处杭州，浙大是他们的共同"母校"。 高特电子创始人徐剑虹毕业于浙大半导体专业，曾在杭州国营厂磨练了十年； 协能科技创始人周逊伟本科和硕士毕业于浙江大学，后在美国弗吉尼亚理工获得电力电子博士学位； 华塑科技其董事长、实控人杨冬强毕业于浙江大学（原杭州大学）电子工程专业，曾在杭州的松下、摩托罗拉等公司的多个技术岗位任职。 它们的成长路径，正是"浙大基因"与"杭州土壤"结合的结果。 两年前，华塑科技创始人杨冬强 ...

Investment Rating - The report gives a "Cautious Recommendation" rating for the company [6]. Core Viewpoints - The company has transformed into the "first stock in higher education," with its higher education business becoming the core revenue source, contributing significantly to its financial stability [1][4]. - The independent college transformation is underway, with good enrollment prospects due to high tuition fees and a favorable market environment [2][4]. - The company is strategically focused on its higher education business, with future growth expected from the ongoing construction of the second phase of the urban college project [2][3]. Company Overview - The company, originally engaged in application software and industry solutions, has evolved into a higher education provider through its partnership with Xi'an Jiaotong University, establishing the urban college in 2005 [1][10]. - The urban college has approximately 11,800 students and offers a diverse range of programs, with a strong emphasis on engineering and management disciplines [1][10]. - The company is actively advancing the second phase of the urban college project, which will increase enrollment capacity and improve educational offerings [1][10]. Industry Analysis - The independent college sector has seen significant growth, with over 106 independent colleges undergoing transformation from 2020 to 2025, primarily converting to private institutions [2][30]. - The high number of college entrance exam candidates in recent years supports the demand for independent colleges, which typically charge higher tuition fees [34]. - The independent colleges benefit from their association with well-known public universities, enhancing their attractiveness to prospective students [34]. Financial Analysis - The company has a relatively high asset-liability ratio, with figures of 60.86%, 63.94%, and 61.23% from 2023 to 2025 [3][51]. - The cash flow situation is strong, with a cash collection ratio exceeding 100% in recent years, indicating effective cash management [3][53]. - Profitability is improving, with gross margins around 51.55% to 52.94% and net margins between 12.19% and 16.28% from 2022 to 2025 [3][19]. Earnings Forecast and Investment Suggestions - Revenue projections for 2025-2027 are estimated at 3.13 billion, 3.38 billion, and 3.61 billion yuan, with corresponding EPS of 0.54, 0.63, and 0.69 yuan [4][5]. - The company is expected to maintain stable growth in its higher education business, supported by enrollment increases and tuition hikes [4][48].

头部房企中，华润置地与龙湖集团展现了较强的抗周期韧性，其营收结构呈现多元化特征，轻资产及运 营服务业务贡献了更高的利润。下半年头部房企经营策略主要是，加快存量去化、优化增量质量；加速 产品迭代，建设好房子；打造第二增长曲线。 上半年业绩表现：营收下降、负债率上升 盈利表现不容乐观，行业净利润均值跌至-8.3亿元，亏损规模呈现逐渐扩大的趋势，约六成上市房企出 现不同程度亏损，部分高杠杆房企面临债务重组压力。这一数据背后，既折射出行业面临深度调整期去 库存、寻找新增长点等多重挑战，也预示着房企转型与风险化解仍需较长时间。 当前房企普遍面临融资渠道收窄、融资成本高企的困境，部分企业不得不通过资产处置、债务展期等方 式艰难维持现金流平衡。 从利润贡献看，华润、龙湖非开发业务贡献超过六成的利润。2025上半年，华润置地开发销售业务贡献 净利润占比为39.8%，非开发销售业务贡献净利润超过60%。龙湖集团开发销售业务贡献利润占比仅为 1.3%，非开发销售业务贡献利润占比超过90%。 2025年上半年财报显示，在典型房企代表中，华润置地与龙湖集团展现了较强的抗周期韧性，其营收结 构呈现多元化特征。从营收结构看，华润、龙湖持 ...