Core Viewpoint - The rental rights for commercial spaces within universities in Xi'an are experiencing high premiums, driven by stable foot traffic from students and faculty, leading to significant interest from companies, including publicly listed firms [1][12]. Group 1: High Premiums in University Rentals - Recent auctions for rental rights in universities like Xi'an University of Technology have seen prices exceed initial listings by over 1000%, indicating a strong demand for these commercial spaces [9][11]. - A notable transaction involved a 9.5㎡ space at Xi'an University of Technology, which fetched an annual rent of 520,500 yuan, reflecting a premium of 508.77% over the starting price [3][9]. Group 2: Company Involvement - Youbao Intelligent Technology Co., Ltd., a wholly-owned subsidiary of the Hong Kong-listed Youbao Online, secured the aforementioned 9.5㎡ space, highlighting the interest of established companies in this market [5][6]. - Youbao Online reported a revenue of 2.919 billion yuan in 2024, marking a 9.24% increase year-on-year, despite a net loss of 197.3 million yuan, indicating ongoing challenges in achieving profitability [7][8]. Group 3: Market Trends and Future Outlook - The self-service vending machine market is expanding rapidly, with the number of machines in China growing from 246,200 in 2016 to 1.89 million in 2024, and is expected to surpass 2 million by 2025 [17]. - Companies are increasingly targeting university campuses and other high-traffic areas for self-service vending operations, as these locations provide stable customer bases while minimizing operational costs [15][17].