来源：时代周报-时代在线 图片来源：极物思维招股书 极物思维所处的酒馆赛道，目前只有海伦司（09869.HK）一家上市公司，因此后者常被拿来对标。海 伦司是成立于2009年的连锁小酒馆品牌，目前在全球拥有583家门店，2021年登陆港交所，巅峰时其市 值达302.95亿港元。 但需要提及的是，如今海伦司的市值仅剩11.5亿港元，较巅峰时期缩水逾九成。在此大背景下，极物思 维冲击港股，其前景仍待观察。 一年营收逾10亿，业绩已超海伦司 千亿规模酒馆赛道，又一家头部玩家吹响了上市号角。 1月9日，餐酒吧品牌COMMUNE幻师的运营主体极物思维有限公司（下称"极物思维"）正式递交招股 书，要在港交所上市。 招股书披露，极物思维成立于2016年，总部位于广东珠海，但却发家于武汉一家老厂房改造的餐酒吧， 此后逐步向全国拓展，至2025年9月底，共拥有112家门店。 随着门店规模不断扩张，极物思维的业绩也在一路狂奔，至2024年其营收已超10亿，且连续三年在中国 餐酒吧品牌中位列第一。2024年，COMMUNE幻师在这一领域占据了约7.8%的市场份额，是第二及第 三大竞争对手合计市占率的约两倍。 极物思维的创始人、董事长 ...

据悉，2025年12月21日，芜湖麟动科技有限公司旗下消费品牌"微醺24小时自助小酒馆"正式宣布完成3000万元天使轮融资。本轮融资由专注消费赛道的知名 机构领投，部分高净值个人投资者跟投，资金将主要用于门店模型升级、城市首店拓展、智能系统研发及供应链体系优化。 项目名称：微醺24小时自助小酒馆-无打扰、全天候的微醺栖息地 微醺24小时自助小酒馆创立于2024年，是国内首批将"全时段自助模式"系统化应用于线下饮酒场景的创新品牌。品牌精准捕捉都市人群，尤其是年轻一代 对"松弛社交"与"情绪治愈"的强烈需求，打破传统酒馆在时间、服务与心理上的多重限制，打造了一个全天候开放、全程自主、高度私密的"城市第三空 间"。 ·治愈系空间设计：门店设计以温暖、简约、通透为基调，划分开放社交区与静谧独处区，适配好友聚会、个人放松、轻商务交谈等多种场景，营造出"城市 会客厅"般的归属感。 ·智能运营系统：自主研发的IoT智能管理系统，实现了从身份核验、库存管理、安防监控到动态定价的全链路数字化，保障了24小时运营的安全、高效与可 控。 投资方观点：看好"情绪消费"与"效率革命"的结合 领投方负责人表示："夜经济与松弛感消费是当下 ...

Core Viewpoint - The company Helen's (09869) announced a share buyback plan, indicating confidence in its financial position and future prospects [1] Summary by Categories Share Buyback - The company plans to repurchase 100,000 shares at a total cost of HKD 93,000 [1] - The buyback price is set at HKD 0.93 per share [1] - The buyback is scheduled for December 11, 2025 [1]

Core Viewpoint - The company, Helen's (09869), has received shareholder approval to repurchase up to 10% of its issued shares, amounting to a maximum of 127 million shares, reflecting confidence in its growth prospects and financial health [1] Group 1 - Shareholders approved a general and unconditional authorization for the board to repurchase shares at the annual general meeting on May 14, 2025 [1] - The repurchase authorization will expire upon the earliest occurrence of several conditions, including the conclusion of the next annual general meeting in 2026 or the expiration of any applicable legal requirements [1] - On November 6, 2025, the board decided to exercise the share repurchase authorization, intending to buy back shares in the open market using existing internal financial resources [1] Group 2 - The company believes that the current trading price of its shares does not adequately reflect its intrinsic value [1] - The share repurchase is seen as a move to enhance the net asset value and earnings return per share, aligning with the best interests of the company and its shareholders [1]

Core Insights - The company transitioned from operating nearly 50 taverns to opening a hotel that offers more than just overnight stays, indicating a strategic expansion into the hospitality sector [1] Group 1 - The founder's background in content creation has influenced the unique approach to the hotel business, suggesting a focus on experiential offerings rather than traditional accommodations [1] - The decision to open a hotel reflects a response to market demands for diverse hospitality experiences, moving beyond the conventional tavern model [1] - The evolution from taverns to a hotel signifies a broader trend in the industry where businesses are diversifying their services to attract a wider customer base [1]

Core Viewpoint - The article discusses the transition of the company "跳海" from a bar business to a hotel venture, emphasizing the importance of community and social connections in their new business model [1][2][3]. Group 1: Business Transition - The founder, 梁优, has shifted focus from operating bars to establishing hotels, specifically a new brand called "跳海 Living" [3][4]. - The first hotel project is located in Shenzhen, repurposing two buildings previously owned by 万科, with a focus on creating a community-oriented space [4][5]. - The hotel aims to provide a unique experience that blends traditional hotel services with community engagement, targeting a new customer base [5][17]. Group 2: Community Engagement - The hotel design incorporates elements that foster connections among guests and local residents, aiming to create a vibrant social atmosphere [5][12]. - The concept of "公共生活" (public life) is central to the hotel's identity, with plans to offer various community-driven experiences [17][39]. - The hotel will feature local businesses and services, encouraging interaction between guests and the surrounding community [4][39]. Group 3: Pricing and Market Position - The pricing strategy for "跳海 Living" is set at nearly double that of comparable hostels, reflecting the added value of community experiences [25][17]. - The company aims to differentiate itself from traditional hotels by offering a more engaging and less standardized experience [17][38]. - Initial investment costs for the hotel are significantly lower than those of established hotel chains, allowing for a more flexible business model [18][19]. Group 4: Future Plans and Expansion - The company is exploring additional locations in major cities like Beijing, Shanghai, and Hangzhou for future "Living" projects [47]. - The focus will remain on creating spaces that cater to the needs of their target demographic, emphasizing community and social interaction [47][48]. - The company plans to integrate local experiences into their offerings, similar to Airbnb's experience model, to enhance guest engagement [41][39].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, while continuing to expand its store network and optimize operations to enhance profitability [1][2][3] Group 1: Financial Performance - In 2025H1, the company achieved revenue of 290 million yuan, a year-on-year decrease of 34.0%, and a net profit attributable to shareholders of 50 million yuan, down 27.8% year-on-year [1] - Same-store daily sales decreased by 17.6% year-on-year, reaching 9,000 yuan [2] - Despite revenue pressures, the company's gross profit margin for direct-operated stores increased from 70% to 74%, indicating improved supply chain management [2] Group 2: Store Expansion and Types - The total number of stores increased from 560 at the end of 2024 to 580 in 2025H1, with a notable expansion in partner stores [1] - The breakdown of store types at the end of the reporting period included 109 direct-operated, 39 franchised, and 432 partner stores, with partner stores accounting for 74.5% of the total [1] - The company restarted its direct store opening plan in May 2025, aiming to enhance store environments and reduce costs [1] Group 3: Sales Performance and Cost Management - Direct-operated and franchised stores saw an overall daily sales increase to 8,300 yuan, with significant growth in second-tier cities [2] - Partner stores faced challenges, with daily sales dropping to 4,200 yuan, a decrease of 22.2% year-on-year [2] - The company successfully reduced costs, with employee benefits and asset depreciation costs decreasing by 36.2% and 47.2% respectively, leading to improved operating profit margins [2] Group 4: Strategic Initiatives - The company plans to enhance same-store performance through various initiatives, including performance incentives and operational optimization [3] - The focus remains on platform-based development, with continued expansion of partner stores and a restart of direct store openings [3] - The company aims to strengthen its core competencies in supply chain management and spatial environment design while exploring new business models [3]

Group 1 - The core concept of "跳海Living" is to integrate community-driven experiences into the hospitality sector, contrasting with the standardized approach commonly seen in the industry [2][5][15] - "跳海Living" combines hotel and long-term rental apartments, with a focus on local experiences curated by community members, enhancing guest engagement and satisfaction [2][3][11] - The brand's founder, 梁二狗, emphasizes a "people-first" strategy, where community involvement precedes business establishment, leading to a unique operational model [6][7][11] Group 2 - The opening of "跳海Living" in Shenzhen's 南头古城 marks a significant step in the brand's expansion, leveraging the area's vibrant community and cultural backdrop [2][12] - The brand employs a "双向筛选" mechanism to ensure alignment between tenants and the community, enhancing the living experience while potentially limiting the pool of prospective tenants [11][14] - "跳海Living" aims to maintain a premium pricing strategy, with rental prices ranging from 3600 to 4300, reflecting its focus on a niche market that values community and emotional connections [14][15] Group 3 - The hospitality industry is witnessing a shift towards community-centric models, as seen in "跳海Living," which seeks to create a unique living experience that resonates with modern consumer preferences [15] - The brand's approach to integrating local culture and community feedback into its offerings positions it as a potential leader in the evolving landscape of hospitality and long-term rentals [5][15] - The success of "跳海Living" could influence other brands to adopt similar community-driven strategies, highlighting the importance of emotional connections in the rental market [15]

Core Viewpoint - The company is committed to a platform-based strategic transformation, optimizing existing stores, rapidly expanding partner stores, and validating a community space composite model, which is expected to support performance recovery as the consumption environment improves and new business models are established [1] Group 1: Store Network and Expansion - The total number of stores increased from 560 at the end of 2024 to 580 in H1 2025 [1] - The number of store types at the end of the reporting period included 109 direct-operated, 39 franchised, and 432 partner taverns, with partner stores accounting for 74.5% of the network expansion [1] - The distribution of stores saw an increase in third-tier and below cities, with a net addition of 24 stores in these areas [1] - The company restarted its direct-operated store plan in May 2025, aiming to upgrade store environments and improve operational performance [1] Group 2: Sales Performance and Profitability - In H1 2025, the overall daily sales for direct-operated and franchised taverns rose to 8,300 yuan, a year-on-year increase of 10.7% [2] - Daily sales in first, second, and third-tier cities were 9,000, 8,800, and 7,700 yuan respectively, with year-on-year increases of 3.4%, 18.9%, and 6.9% [2] - Partner taverns experienced a decline in daily sales to 4,200 yuan, a year-on-year decrease of 22.2% [2] - Despite revenue pressures, the company's profitability showed resilience, with gross margins for direct-operated taverns increasing from 70% to 74% [2] - Significant cost reductions were achieved through lower rent and improved employee efficiency, leading to a year-on-year increase in operating profit margins for same-store sales [2] Group 3: Strategies for Enhancing Same-Store Performance - The company plans to enhance same-store performance through performance incentives, optimizing store operations, and strengthening marketing systems [3] - The focus remains on platform-based development, with continued expansion of partner stores and a restart of direct-operated store growth [3] - The company aims to strengthen its core competencies in supply chain management and space environment creation while exploring new third-space models [3]

Group 1 - The company reported a mid-term performance for the six months ending June 30, 2025, with revenue of 291 million RMB, a year-on-year decrease of 34.02% [1] - Shareholder profit attributable to the company was 50.33 million RMB, down 27.77% year-on-year, with basic earnings per share at 0.04 RMB [1] - The decline in revenue was primarily due to a reduction in the number of existing stores (both direct-operated and franchised) compared to the same period last year, along with a decrease in same-store daily sales [1] Group 2 - The company’s total store network increased from 560 at the beginning of 2025 to 580 by June 30, 2025, and further to 583 by August 26, 2025 [1][2] - The company restarted its direct-operated store plan in May 2025, aiming to open new stores in new markets and upgrade existing ones to enhance store experience and reduce costs [2] - As of August 26, 2025, the company operates a total of 583 taverns globally, including locations in Singapore, Japan, Hong Kong, and 578 in mainland China across 32 provincial-level administrative regions and 283 cities [2]