炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：上市之家 上市之家获悉，1月9日，中国最大餐酒吧品牌COMMUNE幻师母公司极物思维有限公司正式向港交所 主板递交招股书，中金公司、中银国际担任联席保荐人。 这家深耕"日餐夜酒"复合业态的企业，有望成为港股"餐酒吧第一股"，其招股书披露的行业地位、财务 数据与扩张规划，也揭开了中国餐酒吧市场的竞争格局与发展痛点。 据弗若斯特沙利文数据，2022年至2024年，COMMUNE幻师连续三年以营业收入位列中国餐酒吧品牌 榜首，2024年市场份额达7.8%，相当于第二、三名合计占比的两倍。截至2025年9月30日，公司已在全 国40个城市布局112家直营门店，其中109家为COMMUNE幻师品牌店，涵盖标准店与臻选店，超80% 门店位于商圈一层核心点位。 业务模式上，COMMUNE幻师以"日餐夜酒"覆盖全时段消费，白天提供西式美食，夜间转型社交饮酒 枢纽，酒水收入占比达45%，其中85%为酒精饮品。这一模式支撑起稳健的财务表现：2024年营收10.74 亿元，同比增长27.1%；2025年前九月营收8.72亿元，经调整净利润7860万元， ...

连续3年稳居行业营收前列后，连锁餐酒吧品牌COMMUNE幻师(以下简称COMMUNE)正式向"餐酒吧 第一股"发起冲击。1月9日，其母公司"极物思维有限公司"向港交所递交了主板上市申请。 招股书披露，截至2025年9月30日，极物思维有限公司已在全国40个城市布局112家直营门店，其中有 109家餐酒吧以COMMUNE品牌运营。 《每日经济新闻》记者注意到，与"小酒馆第一股"海伦司聚焦平价酒饮的模式不同，COM-MUNE讲述 的是一个全时段运营、"日餐夜酒"复合业态的故事。在海伦司上市后业绩连年下滑的背景下， COMMUNE试图向资本市场证明，能够通过融合餐饮塑造出更健康、更具增长潜力的发展模型。 然而，就在它叩响资本市场大门之际，其核心的"餐酒融合"模式正被众多同行乃至跨界竞争者快速复 制，品牌护城河面临挑战；其为寻找新增长点而向二三线市场拓展的战略，也将直面低线城市坪效偏 低、消费更趋价格敏感的现实考题。因此，本次冲刺港交所不仅是COMMUNE利用资本杠杆实现全国 扩张的关键一步，也将是对其商业模式的一次严格审视。 融合经营模式并不新鲜 作为2016年诞生于武汉花园道一个艺术时尚生活区的餐酒吧"新物种"， ...

哈喽，大家好，今天小睿咱就聚焦白酒寒冬里的 "逆势黑马" 1919，揭秘它连续 3 年盈利、同行却亏惨 的底层逻辑，看看行业寒气为何绕着它走。 2025年12月26日，白酒流通行业传来一则反差强烈的消息，老兵1919正式披露成绩单，实现连续三年盈 利，2025年交易规模目标直指140亿元。 这一数据在当下的白酒行业堪称"异类"，同一赛道上华致酒行上半年营收下滑33%、净利润暴跌63%， 酒便利更陷入亏损泥潭，上半年毛利率腰斩至9.32%，净亏损达6155万元。 当前白酒行业的困境，早已超越单纯的周期波动，而是消费场景与渠道生态的深层重构。 中国酒业协会《2025中国白酒市场中期研究报告》显示，支撑白酒行业多年的政务、商务宴请场景持续 萎缩。 节假日消费量同比逐年下滑，取而代之的是家庭自饮、朋友小聚等大众消费场景，消费者决策更趋理 性，对性价比和购买便利性的要求显著提升。 需求重构与库存堰塞湖的双重挤压 比需求变化更致命的是库存"堰塞湖"的压力。 申万宏源研报指出，2025年中秋、十一双节期间，白酒行业需求同比下降20%-30%，库存却同比增加 10%-20%，800元-1500元价格带出现严重价格倒挂，500 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：九州商业观察 12月中旬，港交所一则股权变动公告在酒业掀起波澜。深陷加盟商追债风波的1919酒类直供创始人杨陵 江，以个人名义斥资约1.41亿元人民币（折合1.56亿港元），拿下"国内酒庄第一股"怡园酒业73.63%的 股份，成为这家港股酒企的新主。在酒业深度调整期与1919转型阵痛的双重背景下，这场"逆势收购"让 市场不禁发问：这位被称为"酒业资本高手"的企业家，究竟在布一盘怎样的棋局？1919是否将借道重启 上市之路？ 此次收购的标的怡园酒业，有着28年发展历史，是山西最大的葡萄酒生产商，也是国内首家酒庄上市公 司。然而这家老牌酒企近年业绩承压，2020年首次亏损后，2022年、2024年分别亏损60万元和4100万 元，2025年上半年仍亏损274.5万元。以停牌前0.265港元/股的股价计算，其总市值仅2.12亿港元，尽管 今年以来股价累计上涨超151%，但仍处于低位区间。 对于杨陵江选择此时入手的原因，白酒资深产业人士肖竹青分析，核心在于怡园酒业的资产平台价值、 产业整合潜力与资本运作预期。"虽然经营承压，但实体资产完好 ...

左手"欠款"右手"豪购"！ 杨陵江收购怡园酒业，1919酒类直供是否重启上市？ 【中国白酒网】当1919酒类直供（即壹玖壹玖酒类平台科技股份有限公司）深陷"加盟商追债"风波 之际，创始人杨陵江却逆势落子，以个人名义拿下"国内酒庄第一股"怡园酒业73.63%的股份，一跃成为 这家港股酒企的新主。 12月15日港交所披露易公开的这次股权收购，虽然杨陵江是以个人名义进行，但也让曾经挂牌新三 板的1919酒类直供再次充满想象空间。 当前，整个酒业正经历深度调整。即便是此前已经登陆A股的酒类流通上市公司华致酒行，也正面 临业绩大幅下滑的严峻挑战。在行业穿越寒冬的艰难时期以及1919酒类直供面对市场质疑的特殊时期， 杨陵江在布怎样的资本棋局？ 怡园酒业是山西最大葡萄酒生产商 在1919酒类直供主动从新三板终止挂牌的两年半后，杨陵江在资本市场有了大动作。 公告显示，怡园酒业已于12月10日停牌，停牌前公司股价为0.265港元，总市值为2.122亿港元。记 者注意到，虽然此次交易的金额尚未披露，但若按照怡园酒业停牌前的股价估算，杨陵江此次收购的股 权约为5.89亿股，交易对价估算约1.56亿港元（折合人民币约1.41亿元）。 ...

当地时间12月3日，一场融合东方千年酿造智慧与南洋精致料理美学的高端私宴，在新加坡米其林星级 餐厅Seroja优雅启幕。作为米其林指南中国唯一全球合作伙伴，五粮液携手主厨黄达文主理的Seroja， 客座餐厅Thevar及其主厨Mano Thevar，共同打造了一场跨越风味边界、贯通文化脉络的感官盛宴。 이 , a 위온 luceser Dining TI f 0 NA ing 4150 HTL 匠心对话风味，共探融合之境 在当晚的高端私宴中，五粮液品牌代表从深厚的历史根源谈起，向来宾介绍了品牌如何与全球美食风潮 相连。五粮液源自四川宜宾，依托元代古窖池群形成的独特酿造生态，以五种粮食和谐共酿，诠释 着"和合共生"的酿造哲学。以此为基点，五粮液视自身为连接中西味觉艺术的桥梁，致力于让传统酿造 智慧与当代料理创意展开对话。 Seroja主厨黄达文以马来群岛为灵感版图，将东南亚等地饮食文化精髓，转化为兼具在地性与国际感的 精致料理。客座餐厅Thevar则以其现代手法重新诠释印度风味，透过层次丰富的香料运用，展现热情而 细腻的当代餐饮语言。五粮液与这两家风格鲜明、底蕴深厚的餐厅合作，正是其"和合共生"包容力与创 造力 ...

Core Insights - The liquor retail industry is facing significant challenges, with major players like Jiu Yi Jiu and Jiu Bian Li experiencing severe financial difficulties and operational setbacks [3][12][15] - The industry has undergone a transformation from a period of rapid expansion and investment to a phase of contraction and restructuring, driven by changing consumer preferences and market conditions [10][20][22] Industry Overview - The liquor retail sector was once thriving, with companies like Jiu Yi Jiu and Jiu Xian Wang receiving substantial investments, leading to aggressive expansion plans [7][9] - The introduction of the "Three Public Consumption" policy in 2012 negatively impacted traditional liquor stores, but simultaneously provided opportunities for chain retailers to capture a larger market share [5][7] Financial Performance - Jiu Yi Jiu reported a revenue drop of 39% in 2020, resulting in a loss of 277 million yuan, and subsequently delisted from the New Third Board in 2023 [12][15] - Jiu Xian Wang faced even greater challenges, having been delisted in 2017 due to losses and failing multiple attempts to re-enter the A-share market [12][13] Market Trends - A report from the China Liquor Distribution Association indicates that 67% of liquor chain enterprises experienced a decline in gross profit in 2023-2024, with nearly 20 companies seeing a drop of over 10% [15] - The market is shifting away from reliance on high-end liquor sales, as younger consumers show less interest in traditional products [12][16] Strategic Responses - Companies are exploring new business models, such as integrating dining experiences with liquor sales and focusing on immediate retail and scene consumption [16][20] - Jiu Yi Jiu's chairman acknowledged the need to move beyond profit from high-end liquor margins, suggesting a pivot towards self-branded products and digital engagement with consumers [16][20] Future Outlook - Despite current difficulties, the liquor retail sector still has significant market potential, with a low chain retail penetration rate of 5% compared to other industries [20][22] - Successful companies will need to enhance their digital capabilities, develop proprietary brands, and improve the integration of online and offline sales channels to thrive in the evolving market landscape [20][22]

Core Insights - The rise of Bistro culture in first and second-tier cities reflects a shift in young people's dining preferences, focusing on emotional experiences rather than just food and drink [1][5][6] - Bistros in China have evolved from their original concept, emphasizing a cozy atmosphere and a blend of food and drink, with a significant increase in average spending per customer [4][8] Group 1: Bistro Popularity - The term "Bistro" originates from French, referring to casual dining establishments offering affordable home-style meals and drinks [3] - In China, Bistros typically adopt a "small but beautiful" approach, with an emphasis on ambiance, often featuring natural or retro decor [4] - The average spending in Bistros has increased significantly, with typical bills ranging from 200 to 400 yuan, contrasting with their original affordable positioning in France [4] Group 2: Targeting Young Consumers - Bistros cater to the emotional needs of young professionals, providing a relaxed environment for socializing after work [5][6] - The shift in consumer behavior has led Bistros to diversify their offerings, incorporating more food options to attract customers who may not want to drink alcohol exclusively [8][10] - The rapid growth of Bistros has resulted in increased competition, with a 45% rise in new openings in the first half of 2024, leading to concerns about market saturation [10] Group 3: Challenges and Sustainability - Bistros face challenges in balancing aesthetic appeal with food quality, as overemphasis on ambiance can lead to low customer retention [10][11] - The need for Bistros to return to their culinary roots is emphasized, as maintaining product quality and value is crucial for long-term success [11] - The future of food and drink pairing is expected to evolve into a more integrated lifestyle experience, moving beyond simple product combinations [15]

Core Viewpoint - The company Tianyoude Liquor (002646) is providing financial assistance of up to 7 million yuan to Shanxi Yizun Supply Chain Co., Ltd. to support the establishment of a yak hot pot and Tianyoude Qingke liquor experience store in Lanzhou, marking a shift in marketing strategy from channel-centric to user-centric [1][3]. Group 1: Financial Assistance Details - The financial assistance will be used exclusively for opening the experience store, with a repayment obligation guaranteed by all shareholders of Shanxi Yizun [1][2]. - The assistance has a term of up to 42 months, with an annual interest rate of 3%, requiring quarterly settlements and year-end reconciliations [1][2]. Group 2: Strategic Collaboration - The partnership aims to leverage Shanxi Yizun's experience in the hot pot industry to integrate Qingke liquor into consumer lifestyles, thereby reducing operational risks in the restaurant business for Tianyoude [3]. - Shanxi Yizun is expected to cooperate fully with Tianyoude in product display, promotion, and marketing efforts for two years after the store opens [2][3]. Group 3: Marketing Transformation - Tianyoude is transitioning its marketing strategy to focus on "county-level, international, youthful, and terminal" approaches, emphasizing scene creation and cultural integration [4]. - The company has established a corporate culture department to enhance product and brand expression [4].

Group 1 - The core viewpoint of the articles revolves around the ongoing competition among food delivery platforms like Ele.me, Meituan, and JD.com, which has intensified as they offer substantial subsidies to attract new users, leading to a significant increase in delivery volumes during the summer months [1][10] - The market regulatory authority has intervened by urging these platforms to engage in rational competition, indicating a need for a balance between aggressive marketing strategies and sustainable business practices [1][10] - The rise in food delivery is closely linked to changing consumer habits, particularly among younger demographics, who are increasingly relying on delivery services for convenience [6][10] Group 2 - The integration of alcohol sales with food delivery services is being examined, with experts suggesting that the rise in food delivery may not significantly impact traditional alcohol consumption patterns, particularly for white spirits, which are typically consumed in more formal social settings [3][5] - The primary consumers of food delivery services are younger individuals, urban professionals, and single people, while traditional alcohol consumers tend to be older males and business professionals, indicating a demographic mismatch [5][9] - The food delivery market is projected to reach a scale of 500 billion yuan by 2025, with a user base exceeding 553 million, reflecting a broadening acceptance of delivery services across various age groups [10][12] Group 3 - The articles highlight the need for the alcohol industry to adapt to new consumption scenarios created by the food delivery boom, suggesting that innovative product offerings and marketing strategies are essential for capturing this evolving market [12] - The trend of online food ordering is becoming a significant channel for restaurant consumption, with over 90% of consumers expressing greater acceptance of food delivery compared to two years ago [10][12] - The expansion of food delivery services into diverse product categories beyond traditional food items, such as clothing and cosmetics, indicates a shift in consumer behavior towards instant gratification and convenience [5][10]