那么到底是谁，以效率与增长之名，带着餐饮老板们互相卷，把行业推入了一场"不死不休"的无序内卷的竞赛？ 01 谁培养了只认价格， 以前做餐饮时，店里没什么客人，生意冷淡，所以不赚钱，亏损了。 现在，客流满满，外卖订单接不完，都要忙死了。但还是不赚钱。 看到「中国餐饮创新大会」上的一组数据：中国餐饮的堂食客单价，已然跌回了十年前的水平。 不看价值的顾客？ 小到一家社区店，大到一个连锁品牌。餐饮业的竞争从未停止，但竞争的维度早被彻底改写。 在平台和某些品牌的低价影响 下价格越来越魔幻，2023年底瑞幸咖啡开启了"全场9.9元"活动，到2025年美团的拼好饭瑞幸只要6.9一杯！ 这已经不是简单降价促销，而是一个决定性的信号。 瑞幸凭借其超过两万家门店的体量和在资本市场重建的信用，瑞幸有能力将一杯现制咖啡的价格长期锚定在十元上下的水平。 瑞幸这是不只是便宜，这是重新定义消费者对价格的感知。 这一行动产生了连锁反应，消费者的价格预期被永久性改变：一杯像样的咖啡就不该超过10元。 紧接着，压力沿着供应链向上传导，咖啡豆商利润更低，加盟商的回本周期被拉长，门店员工收入变低。 甚至关联的茶饮、快餐乃至人均30元左右的简餐赛道被 ...

买得越多越划算 藏在"批发"里的经济学秘密 其次，边际成本的递减特性进一步放大了批发的价格优势。边际成本指的是每多生产或多运输一单位产 品所增加的成本。 制图王思祺 你有没有发现，在超市里单买一支笔要2元钱，而买一整盒10支却可能只需要15元，相当于一支才1.5 元。超市里单瓶购买的矿泉水售价2元，整箱24瓶采购的总价却只要30元，折合单价仅1.25元。这可不 是商家在搞"亏本买卖"，背后藏着一个有趣的经济学小秘密——规模经济。 规模经济，通俗来讲就是随着生产或采购规模的扩大，单位产品的平均成本逐渐下降的经济现象。简单 来说，就是"买得越多，单价越便宜"。这种成本下降并非偶然，而是与生产、流通、管理等多个环节息 息相关。 固定成本分摊让批发价低于零售价 首先是固定成本的分摊效应，是规模经济最核心的驱动力。任何生产经营活动都离不开固定成本，这类 成本不随产量或采购量的变化而增减。 我们以一家饮料工厂为例，为了生产，工厂需要建设厂房、购置生产线等，这些便是固定成本。假设一 条饮料生产线每年的固定成本是100万元，若全年只生产100万瓶饮料，每瓶饮料需要分摊的固定成本就 是1元；但如果我们将产量提升到1000万瓶时 ...

Core Viewpoint - Yibo Technology (301366.SZ) reported a mixed performance in its Q3 results, showing revenue growth but a significant decline in net profit, raising questions about the underlying reasons for this divergence [1][2]. Revenue Growth - In the first three quarters of 2025, Yibo Technology achieved total revenue of 794 million yuan, a year-on-year increase of 24.01%, outpacing the industry average [1]. - The revenue growth was primarily driven by the expansion of business scale and the commencement of operations at the Zhuhai PCB factory, with Q3 alone generating 294 million yuan, a 28.14% increase year-on-year [1]. Profit Decline - The net profit attributable to shareholders for the first three quarters was only 17.17 million yuan, a staggering decline of 79.46% year-on-year, with the net profit margin dropping from 12.01% in 2024 to 4.54% in 2025 [2][6]. - The decline in profit was attributed to rising costs associated with the new Zhuhai PCB factory and increased raw material and energy costs, which pressured profit margins [6][11]. Cost Pressures - The increase in costs was mainly due to the operational costs of the new factory and the high prices of raw materials like copper and copper-clad laminates, along with rising electricity prices [6][11]. - The fixed costs from the new factory, including depreciation, labor, and energy costs, significantly impacted overall gross margins, as the factory had not yet achieved economies of scale [6][10]. Factory Losses - The Zhuhai PCB factory and the Tianjin PCBA factory were identified as major contributors to the losses, with the Zhuhai factory alone reporting a loss of 28.17 million yuan in the first half of the year due to inefficiencies and high fixed costs [7][8]. - The Tianjin factory also faced losses due to insufficient customer orders and high depreciation costs, raising concerns about its ability to meet production targets [8][10]. Margin Compression - Yibo Technology's gross margin fell from 33.32% in 2024 to 28.00% in 2025, a decline of 5.32 percentage points, which reduced profits by approximately 26.6 million yuan [11]. - The shift in revenue structure, with an increased proportion of lower-margin PCBA manufacturing, further exacerbated the decline in overall gross margins [11][13]. Strategic Challenges - The company faces a critical challenge in balancing heavy asset investments with technological innovation, as it navigates the complexities of expanding production capacity while maintaining profitability [11][12]. - Future performance hinges on the successful ramp-up of new capacities and a potential recovery in market demand, which could allow the company to leverage its integrated design and manufacturing services [12][13].

作者 | 李秋悦 编辑 ｜ 江江 然而，当"等等党"在社交媒体上发帖跟评骂航司、祈祷机票价格临期"大跳水"的时候，有一群人却反其 道而行之—— 他们蹲守在直播间为未来几个月的机票买单，甚至像囤纸巾一样囤机票。 "200元飞韩国，直飞冰点价！" ，， "350元往返曼谷，飞莫斯科8小时单程才600元。" "宝宝们，之前想走不敢走，现在说就能走。" 视觉 | 诺言 "薛定谔"的机票价格，到底什么时候买机票最便宜？ 不少人是"等等党"，信奉机票越晚买越便宜。 200多元飞东南亚、400多块飞日本……近期，打开各大社交平台的出行直播间，不少网友第一反应 是"系统bug了吗"，但事实是，多家航空公司确实在直播间推出了令人瞠目结舌的国际机票"骨折价"机票 折扣。 韩国单次往返机票低至200元起 事实上，近些年，越来越多的航空公司开始在直播间卖机票。开播次数也越来越频繁，部分航空公司一 个月能有八九场直播。 此外，在社交媒体平台上，一名网友发帖称，从四川成都飞泰国曼谷的飞机票仅需19元。相关截图显 示，9月14日21时55分从天府机场T1出发到曼谷素万那普机场的票价为19元起，不过还需要支付税费。 | 21:27 | | ...

Core Viewpoint - The company is facing significant financial challenges, with declining revenues and net profits, despite attempts to expand its services and adapt to new payment models [1][2][4]. Financial Performance - The company's revenue for the first half of the year was 20.34 billion, a year-on-year decrease of 15.95%, and the net profit was -1.89 billion, down 36.09% [1]. - The Xi'an International Medical Center Hospital reported a revenue of 13.83 billion for the first half of 2025, a decline of 15.37%, with a net loss of 1.13 billion, which is an increase of 44.63% in losses compared to the previous year [2]. - The Xi'an Gaoxin Hospital also experienced a revenue drop of 17.30%, totaling 6.39 billion, with net profit falling by 37.48% to 309.77 million [3]. Business Operations - The company operates two major hospitals, with the Xi'an International Medical Center Hospital being the largest single hospital in the country, yet it struggles to convert its scale into profitability [2][5]. - The outpatient services are growing, with a 7.37% increase in emergency and outpatient visits, reaching 740,500, but inpatient services have declined by 2.80% to 66,000 [2]. - The company has introduced new services, such as a high-end health service department and a senior care facility, but these have not yet improved profitability [1]. Financial Structure - The company faces significant financial pressure, with accounts receivable at 5.94 billion, short-term loans at 8.82 billion, and long-term loans at 25.71 billion [3][6]. - The asset structure shows that fixed assets account for 69.65% of total assets, while cash reserves are only about 4 billion, representing 3.98% of total assets [6][7]. Governance and Management - The company is experiencing internal governance challenges, with recent high-level resignations raising concerns about management stability and strategic direction [8]. - The controlling shareholder has indicated financial strain, with a high percentage of pledged shares, signaling potential liquidity issues [8]. Strategic Challenges - The company is grappling with issues related to business positioning, asset efficiency, debt repayment, and corporate governance, which are critical for overcoming its current operational difficulties [9].

Core Viewpoint - The incident involving lawyer Zhang Xiaoling and Aikang Guobin highlights potential flaws in the business model of private health examination institutions, raising concerns about service quality and report accuracy in the rapidly expanding health examination market in China [1][15]. Market Overview - The health examination market in China reached a scale of 292.2 billion yuan in 2024, expected to exceed 371.1 billion yuan in 2025, and potentially reach 500 billion yuan by 2030, with a compound annual growth rate (CAGR) of 12.5% to 14% [1]. - Public hospitals hold a 69% market share, while private chains like Meinian Health and Aikang occupy 23% [1][2]. Private Examination Institutions - The private examination market is fragmented, with the top three companies holding approximately 30% market share, indicating intense competition and price wars among smaller institutions [3]. - Meinian Health reported a revenue of approximately 10.7 billion yuan in 2024, while Aikang's estimated revenue is around 3 billion yuan based on its operational scale [2]. Business Model Challenges - The rapid expansion of private examination institutions has led to a "scale economy" dilemma, where increased scale does not necessarily translate to improved profitability [4][14]. - Meinian's revenue declined by 1.76% in 2024, marking its first annual revenue drop since its listing, with net profit compressed to levels similar to a decade ago [5][12]. Cost Structure and Profitability - The cost structure of private examination institutions shows a significant portion allocated to fixed costs, with Meinian's annual rent and related expenses reaching approximately 799 million yuan in 2024 [8]. - The direct costs associated with examination services have decreased as a percentage of operating costs, raising concerns about the sustainability of service quality [15][16]. Future Directions - The industry may need to shift focus from mere expansion metrics like store count and client volume to enhancing service quality and client retention [17]. - Collaborations with public hospitals for mutual recognition of examination reports and integrated services may provide a pathway for private institutions to navigate current challenges [17].

Core Viewpoint - The automotive industry is characterized by a significant presence of unqualified personnel, leading to inefficiencies and a lack of accountability within companies [3][4][5][6]. Group 1: Industry Structure and Management - The automotive industry employs a large number of individuals, often resulting in a hierarchical management structure that can obscure accountability [4][5]. - The concept of "scale inefficiency" is prevalent, where the size of the company exceeds the management's ability to effectively oversee operations, leading to potential negative outcomes [5][6]. - In a highly specialized environment, individuals often lack the authority to challenge their superiors, resulting in a culture where accountability is diluted [6][7]. Group 2: Media Influence and Professionalism - Automotive media often lacks professionalism, primarily serving the interests of manufacturers through paid content, which undermines independent journalism [8][9]. - The collaboration between automotive companies and media creates a feedback loop that promotes superficial praise rather than critical analysis, contributing to a culture of mediocrity [8][9][10]. - The historical context of media manipulation in the automotive industry reflects a long-standing issue where public perception is shaped by biased reporting rather than factual analysis [9][10].

Core Insights - The current competitive landscape among major internet companies is intense, with significant financial implications and stock price declines due to aggressive market strategies [2][3][4] - There is a growing recognition that mid-sized companies, or "mid-tier firms," are thriving by focusing on core competencies, maintaining stable cash flows, and avoiding the pitfalls of large-scale operations [1][11][18] Group 1: Major Companies' Challenges - Major companies are engaged in fierce competition, particularly in the food delivery sector, leading to substantial financial losses and stock price drops [2][4] - A notable employee resignation letter from Alibaba highlights internal issues such as strategic inconsistency and management inefficiencies, reflecting broader challenges faced by large firms [3][4] - The concept of "diseases of large companies" is discussed, emphasizing the difficulties in coordination and innovation that arise as companies grow [5][6][10] Group 2: Mid-Tier Companies' Strategies - Mid-tier companies are successfully navigating the market by concentrating on their main business areas and avoiding the distractions of chasing every trend [11][12] - For instance, Ctrip has demonstrated resilience and profitability by focusing on its core OTA business, achieving a 16% growth in Q1 2025 and maintaining a net profit margin of 31% [11][13] - Mid-tier firms are also prioritizing decision-making efficiency by simplifying organizational structures, as seen in Ctrip's shift to a matrix management model [14] Group 3: Innovation and Adaptation - Mid-tier companies are leveraging AI and other technologies to enhance existing business models rather than pursuing overly ambitious technological goals [15][16] - The approach of mid-tier firms is characterized by a focus on practical profitability and manageable growth, contrasting with the often chaotic expansion strategies of larger firms [18] - The article suggests that the future may require a balance between growth and sustainability, with mid-tier firms providing a viable alternative to the traditional "grow big" mentality [18]

Core Viewpoint - The article discusses the contrasting fortunes of large internet companies and smaller, more agile firms, suggesting that the latter are thriving by focusing on core competencies and maintaining strong cash flow, while large companies are struggling with internal issues and fierce competition in the market [1][5][36] Group 1: Large Companies' Challenges - The competition among major internet companies has intensified, leading to aggressive price wars and significant financial losses, with a projected total investment of 25 billion yuan in the food delivery sector by major players in Q2 alone [3][4] - Internal issues within large companies are highlighted, including employee dissatisfaction and strategic misalignment, as evidenced by a viral resignation letter from an Alibaba employee criticizing the company's management and innovation challenges [4][6] - The concept of "diseases of large companies" is introduced, indicating that as companies grow, they face coordination problems and inefficiencies that hinder their ability to innovate and adapt [8][9][10] Group 2: The Rise of Mid-Sized Companies - Mid-sized companies, defined as those between startups and large enterprises, are finding success by focusing on their core business areas rather than trying to compete directly with larger firms [20][21] - Examples of successful mid-sized companies like Ctrip demonstrate that maintaining a strong focus on core competencies and efficient cash flow management can lead to sustainable growth, with Ctrip reporting a 16% growth in Q1 2025 and a net profit of 4.3 billion yuan [21][26] - Mid-sized companies are adopting strategies that prioritize business model innovation over technological advancements, allowing them to leverage AI effectively while ensuring profitability [27][28] Group 3: Lessons for Companies - The article emphasizes that mid-sized companies are not merely smaller versions of large firms but are instead following a more pragmatic approach to business, focusing on profitability and manageable organizational structures [31][36] - Companies are advised to avoid blindly mimicking large firms' strategies and instead focus on their unique value propositions and customer needs, promoting a long-term, sustainable growth mindset [34][35] - The need for regular self-assessment is highlighted, encouraging companies to evaluate their management practices and avoid the pitfalls associated with large company dynamics [36]

Core Viewpoint - The article discusses the impending wave of mergers and acquisitions in the Chinese automotive industry, driven by the challenges of "scale diseconomies" and the need for asset restructuring to improve efficiency and profitability [6][24][42]. Group 1: Current Industry Challenges - The automotive industry is facing deep-rooted issues that cannot be resolved merely by shortening payment terms, as this does not address the underlying competitive pressures [5]. - The concept of "scale diseconomies" is prevalent among Chinese car manufacturers, where despite high sales volumes, the efficiency of asset utilization has declined, leading to asset depreciation [14][22]. - The overall gross margin for A-share listed manufacturers reached 15.6% in 2024, the highest in nearly a decade, yet asset turnover ratios have not improved correspondingly, indicating inefficiencies [15][17]. Group 2: Mergers and Acquisitions as a Solution - The article posits that the automotive industry is on the brink of a significant merger wave, as companies seek to address the inefficiencies in their asset structures [24][42]. - Historical examples from Europe and Japan illustrate how mergers and acquisitions have been effective in restructuring and optimizing asset utilization in the automotive sector [31][32]. - The current economic depreciation rate for the automotive industry is estimated at 0.335, indicating that the conditions are ripe for a merger wave, as companies with lower depreciation rates can offer higher valuations [41][42].