来源：金吾财讯 金吾财讯 | 名创优品(MNSO)盘前涨超1%，截至发稿，报22.37美元。 消息面上，西部证券发研报指，名创优品25H1中国内地收入同比增长11.4%，其中第二季度同店销售额 实现四个季度以来首次正增长，显示运营优化与客流改善初见成效。公司战略重心已从数量扩张转向质 量提升，通过关闭低效小店、优化网络结构，截至25H1，门店总数达4,305 家，净增190 家。以 MINISO LAND和旗舰店为代表的大店业态，凭借沉浸式IP 场景与丰富SKU，显著提升客单价与坪效， 成为增长与品牌升级的核心动力。未来，国内市场将聚焦同店增长与大店拓展，计划净增100-150家门 店。 该机构表示，海外业务与TOP TOY 构成双增长引擎。25H1 海外业务收入同比大增29.4%，截至期末门 店数达3,307 家。北美市场为核心驱动力，门店数增至394 家，GMV 激增67.5%至14.1 亿元，同店销售 在第二季度取得个位数增长，得益于集群化布局与深度本地化运营。未来海外市场将转向精细化运营， 美国重点打磨大店模型，计划全年开店80 家，并依托本土化团队深耕加拿大、澳洲等高增长区域，目 标全年净增海外门店 ...

从"奈曼人家"看东北菜融合下的饮食业发展趋向 作者︱孙树恒 当"奈曼人家"的烟火气缠绕着东北菜的醇厚滋味，饮食业的发展脉络便在地域文化与市场需求的碰撞中逐渐清晰。这家扎根呼和浩特的饭店，不仅是老乡聚 会的情感驿站，更成为观察东北菜融合路径、预判行业趋势的鲜活样本。今天我跟奈曼人家老板李建华、饮食业资深人士青格乐图、企业界毕力格、张树明 等坐在一起，探讨在经济困境，不在盲目追逐潮流，而在以"地域基因"为根，以"食客需求"为壤，在融合中守住特色，在创新中做大做强。 一、东北菜融合：从"口味移植"到"在地共生" "奈曼人家"的菜单上，东北菜从未是简单的"复制粘贴"，而是与内蒙古本地饮食文化的深度对话，这种融合模式正成为地域菜破圈的核心路径。 东北菜的"豪放基因"与内蒙古的"游牧风味"本就存在天然契合点：东北铁锅炖的热烈，能容纳内蒙古手把肉的鲜嫩，于是有了铁锅炖大鹅与奈曼炖羊肉招牌 菜，既保留了原汁原味，又有铁锅炖的烟火气，成了老乡聚餐、外地客尝鲜的必点选项。针对呼和浩特干燥气候，解决了东北菜偏油腻的痛点，让本地食客 更易接受。 这种融合绝非"元素堆砌"，而是"在地化改造"：考虑到呼和浩特食客对"鲜"的偏好，"奈曼人 ...

（编辑 王雪儿） 证券日报网讯 步步高10月9日在互动平台回答投资者提问时表示，公司专注湖南市场，回归传统优势区 域，优化门店布局，集中优势资源做实做优湖南门店，追求"经营效益最大化与门店规模"的平衡，推动 精细化运营，扩大优势门店运营效益，同时发挥"胖东来"调改门店的示范效应，优化门店运营，稳定业 务发展。公司始终坚持双业态灵活组合，流量互通，价值共生，构建"高频+高质"的商业生态闭环，满 足消费者多元化需求，提供丰富的消费场景体验，不断提升公司核心竞争力。 ...

点击上图▲立即收听 " 网约车的意义早已跳出了 ' 把人送到目的地 ' 的工具初心，逐渐发展为将 ' 分散的时间、车辆和劳动力 ' 重新拼接的超级基础设施。 " 文 / 巴九灵（微信公众号：吴晓波频道） 武夷山特产大红袍， 这 里 几乎家家都有茶园。 像林姐这样的季节性劳动者，是网约车平台为解决劳动力错配重点吸纳的人群。她的出现，也意味着网约车司机的数量和多样性正不断扩大。 长久以来，网约车 行业 都是重要的就业蓄水池和缓冲垫。 一方面，它收纳了产业升级溢出的群体。《报告》显示，近七成被调研司机来自制造业、建筑业、餐饮业等传统蓝领工种；另一方面，新群体不断 涌入，且呈现中年化和女性化趋势。 每年四、五月份是采茶旺季，其余月份农闲。茶农林姐的生活由此被分成两季：茶叶旺季采茶，淡季跑滴滴。跑车一年赚的十几万，是她抵御季节 性农业不确定性的底气。 这样的故事，在无数滴滴司机身上上演。回流县城的下岗工人、突遭变故的城市中产、兼顾家庭的中年女性 ……他们手握方向盘，摸索着人生新 的可能性。 据中国新就业形态研究中心课题组新发布的报告《城市出行的就业韧性：网约车司机就业图景与职业表现（ 2025）》（以下简称《报告》）显 ...

Core Viewpoint - The company, known as the "Duck Neck King," has faced significant financial and operational challenges, leading to a decline in its stock price and market value due to financial misconduct and poor performance in the competitive market [3][5][10]. Financial Misconduct - The company was penalized by the China Securities Regulatory Commission (CSRC) for underreporting revenue by approximately 724 million yuan from 2017 to 2021, resulting in a fine of 4 million yuan [3][5]. - The investigation revealed that the company failed to recognize income from franchise store renovations, leading to a systematic underreporting of revenue across multiple years [5][7]. Performance Decline - In the first half of 2025, the company reported a revenue decline of 15.57% year-on-year, with net profit dropping by 40.71% [4][10]. - The total number of stores decreased from 14,969 at the end of 2023 to 10,725 by September 2024, indicating an average closure of about 10 stores per day over the past year [4][10][14]. Market Position and Strategy - The company has shifted its focus from aggressive expansion to optimizing store performance and franchise management in response to market saturation [14][15]. - Despite previous growth, the company has faced increased competition and declining profitability, prompting a reevaluation of its business model and marketing strategies [10][15][17]. Investment and Brand Strategy - The company has invested over 5 billion yuan in various brands since 2017, but these investments have resulted in significant losses, totaling over 370 million yuan from 2022 to 2024 [15][17]. - In an effort to rejuvenate its brand, the company appointed a new global ambassador and introduced new store formats, although the effectiveness of these strategies remains uncertain [17][18].

Core Insights - New City Holdings (601155) demonstrates counter-cyclical growth amidst deep adjustments in the commercial real estate sector, indicating a profound change in its business operation logic [1] - The company introduced the "Wuyue Management Five-Step Method" and the "Yuelian Plan" during its annual conference, signaling a strategic shift from scale expansion to quality symbiosis [1][3] Industry Trends - The annual conference featured key insights from industry leaders, highlighting the need for commercial real estate to accurately grasp consumer demand changes amid a backdrop of consumption upgrading and segmentation [2] - Data analysis presented at the conference indicated that leading commercial operators have seen rental fee scales grow, with rental growth rates outpacing market expectations [2] Company Performance - In the first half of the year, New City Holdings achieved a total commercial operating revenue of 6.944 billion yuan, marking an 11.8% year-on-year increase [3] - The gross profit from property leasing and management reached 4.573 billion yuan, increasing its share of total gross profit from 57.21% to 77.06% compared to the same period last year, underscoring the commercial segment's role as a vital profit pillar [3] Strategic Initiatives - The "Wuyue Management Five-Step Method" focuses on five dimensions: building good spaces, organizing content, finding brands, increasing sales, and sharing profits, systematically constructing New City's operational framework [4] - The company has invested 400 million yuan in 88 projects for space renovation and quality enhancement, emphasizing the importance of quality space experiences for consumer retention and brand empowerment [5] New Business Models - The "Yuelian Plan" aims to create a sustainable resource connection and value co-creation platform by selecting quality brands and core agents, shifting from one-way recruitment to a three-way win model [5][6] - The first phase of the "Yuelian Plan" will involve the careful selection of 10 certified brands and 80 core agents, reflecting a focus on partnership quality rather than quantity [6] Future Growth Strategies - New City Holdings has established a presence in 141 cities with 205 integrated projects, with 175 already opened, covering over 16 million square meters [7] - The company is transitioning from a focus on scale growth to quality symbiosis, with plans for further refinement in residential and commercial operations [8] Regional Development - The launch of the "Gold Standard Wuyue Plaza" in Changzhou marks a significant step in enhancing commercial quality, with high foot traffic and sales figures reported shortly after opening [8] - Regional deepening strategies, such as the introduction of new Wuyue Plazas in Shandong, are expected to drive future growth through scale effects and brand synergy [9]

Group 1 - The core theme of the annual conference is "Two-way Pursuit, Co-drawing Happiness," aimed at enhancing industry chain collaboration and resource integration capabilities [1] - The company introduced the "Five Steps of Wuyue Management," which includes building space, organizing content, finding brands, increasing sales, and sharing profits, to systematically improve operational efficiency [2] - The "Yuelian Plan" was launched to create a resource symbiosis platform, emphasizing a win-win and link model among agents, Wuyue, and brands [3] Group 2 - In the first half of 2025, the company's commercial operations revenue reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.20% [4] - The company has established 205 comprehensive projects in 141 cities, with a total opening area of 16.0814 million square meters and an average occupancy rate of 97.81% [4] - The introduction of the "Five Steps of Wuyue Management" and the "Yuelian Plan" reflects the company's strategic focus on deepening commercial operations and enhancing ecological collaboration [4]

Core Insights - The mobile banking app has become a core platform for commercial banks to serve users, optimize experiences, and enhance competitiveness in the context of national digital transformation and financial technology innovation [1] - The market for mobile banking apps is entering a stage of stock competition, with user flow stabilizing between 650 million to 700 million from 2023 to 2025, indicating saturation [2] - User engagement with mobile banking apps is declining, necessitating refined operational strategies for banks to retain customers [4][6] User Flow and Behavior - The overall user flow of mobile banking apps in China is projected to fluctuate between 650 million and 700 million, with a change rate of -1.2% to 4.6% from 2023 to 2025, indicating market saturation [2] - User stickiness has significantly decreased, with average daily effective usage time dropping from 4.93 minutes to 2.70 minutes and daily usage frequency from 4.54 times to 2.86 times [4] Operational Strategies - Refined operations are essential for banks to break through in a saturated market, focusing on precise user insights and intelligent technology applications [6][7] - The strategy involves three layers: foundational user insights, scenario-based and differentiated operations, and establishing emotional connections with users [7] AI Integration - AI technology is recognized for its potential value across industries, aiding banks in refining operations by enhancing interactive experiences, risk management, and data efficiency [9] Rankings and Performance - The top 50 rankings show that state-owned banks dominate, with Agricultural Bank of China leading with an average MAU of 24.8 million, followed by Industrial and Commercial Bank of China and China Construction Bank [11][12] - Among joint-stock commercial banks, China Merchants Bank leads with over 7 million MAU, while many others face declining user engagement [16][17] - City commercial banks have shown strong performance, with Jiangsu Bank leading at 3.5 million MAU, and several banks achieving significant growth rates [19][20] Case Studies of Successful Apps - Agricultural Bank of China continues to lead the industry with a 4.8% increase in MAU, focusing on integrating financial services with daily life scenarios [28][29] - China Merchants Bank is recognized for its innovative digital services, maintaining its position as a leader among joint-stock banks [31] - Jiangsu Bank emphasizes the integration of digital capabilities with wealth management, enhancing its app to meet customer needs [33] - Beijing Bank's app showcases a digital transformation strategy that combines technology, scenarios, and services to create value [35]

Group 1 - Wanchen Group has officially submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [1] - The company initially focused on edible fungi and went public on the Shenzhen Stock Exchange in April 2021. It has since acquired several regional snack brands and consolidated them into the "Haoxianglai Brand Snacks" in 2023, forming a significant presence in the snack market [1] - As of the first half of 2025, Wanchen Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with net profit attributable to shareholders reaching 472 million yuan, a staggering increase of 50,358.8% [1] Group 2 - The snack retail industry is experiencing rapid growth, characterized by a "two super, many strong" competitive landscape, with leading companies expanding through a franchise model. Wanchen Group's store count reached 14,196 by the end of 2024, while its competitor, Mingming Hen Mang, had 14,394 stores [2] - By June 30, 2025, Wanchen Group's store count increased by 1,169 to 15,365, while Mingming Hen Mang surpassed 20,000 stores by September 2025 [2] - Both companies are competing for the title of "first snack stock in Hong Kong," with Wanchen Group's IPO application and Mingming Hen Mang's ongoing IPO process aimed at funding store expansion and supply chain optimization [2] Group 3 - Wanchen Group anticipates entering a "refined operation" phase in the snack industry, with a slowdown in store growth and a focus on supply chain efficiency and proprietary brands as key competitive factors [3] - The company has begun launching new store formats and developing its own brands, such as "Haoxianglai Super Value" and "Haoxianglai Selection," to cater to diverse consumer needs [3] - Experts suggest that Wanchen Group's IPO strategy is aimed at enhancing brand recognition and industry standing, attracting more consumers and partners, and securing additional financing channels to strengthen its competitive position [3]

Core Viewpoint - Wancheng Group has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for expanding and upgrading its store network, enriching its product portfolio, enhancing logistics efficiency, and upgrading digital infrastructure [2] Company Summary - Wancheng Group initially focused on edible fungi business and was listed on the Shenzhen Stock Exchange in April 2021. The company has acquired several regional snack brands and consolidated them under the "Haoxianglai" brand in 2023, forming a significant presence in the snack market [2] - As of the first half of 2025, Wancheng Group reported revenue of 22.583 billion yuan, a year-on-year increase of 106.89%, with a net profit of 472 million yuan, up 50,358.8%. Revenue from the snack business accounted for approximately 99% of total revenue [2] - In July 2023, Wancheng Group underwent a management change, with founder Wang Jiankun stepping down as chairman and Wang Liqing taking over. Wang Jiankun's son, Wang Zenning, was appointed as the new general manager [2] Industry Summary - The snack retail sector is experiencing rapid growth, characterized by a "superior price-performance ratio" product positioning. The competitive landscape is dominated by a few strong players, with Wancheng Group's store count reaching 14,196 by the end of 2024 [3] - By June 30, 2025, Wancheng Group's store count increased by 1,169 to 15,365, while a competitor, Mingming Henbang, surpassed 20,000 stores [3] - Both Wancheng Group and Mingming Henbang are competing for the title of "first snack stock in Hong Kong," with Wancheng Group's IPO application indicating a strategic move to enhance brand recognition and industry position [3][4] - The industry is expected to transition into a phase of "refined operations," with a focus on supply chain efficiency and proprietary brands becoming key competitive factors [3][4]