以下文章来源于盐财经 ，作者闰然 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 亚朵现在的处境还挺微妙。 它一边要在供应链上精打细算，给加盟商省钱，维持扩张节奏；另一边又得守住品质底线，否则，之 前花大力气攒的"中高端"人设，可能就因为一个带医院标签的枕套，彻底崩了。 来源丨盐财经（ nfc-yancaijing） 作者丨 闰然 编辑丨 江江 图源丨 Midjourney 要知道，全中国能把枕头卖成网红爆款的酒店，就它一根独苗。这意味着，亚朵比谁都懂"细节决定 溢价"的道理。 但现在，为了稳住它的伙伴们，这家酒店决定大幅地下调价格。 亚朵宣布物资大幅降价 吸引加盟商，疯狂大砍价 归属于上海亚朵商业管理（集团）有限公司的微信公众号"几木里"在2025年6月23日发文称，亚朵 从6月30日起，将对运营和工程物资挥起大幅降价的"砍刀"。 亚朵的这轮砍价操作，相当于给加盟商的日常开销打了折——从客房里用的小物件到装修时的大块 头，只要是加盟店天天买、经常用的，都被亚朵纳入了"降本清单"。 比如，给客人倒茶的纸杯，直接砍了51.8%的价，差不多腰斩；连"懒人抹布"，也降了10.2%；更狠 的还有工程物资 ...

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 8 million yuan for the first half of 2025, compared to a loss of 19.0933 million yuan in the same period of 2024, indicating a turnaround from loss to profit [1] - The basic earnings per share are projected to be approximately 0.017 yuan per share, recovering from a loss of 0.041 yuan per share in the previous year [1] Revenue Drivers - The company has implemented measures such as optimizing product structure, enhancing marketing efforts, and strengthening accounts receivable collection, which contributed to the increase in visitor numbers [1] - The company received approximately 1.4802 million visitors at its scenic spots, representing a year-on-year increase of about 3.09% [1] - The Li River cruise business served approximately 338,200 visitors, reflecting a year-on-year growth of about 1.62% [1] - The Li River Waterfall Hotel welcomed approximately 107,300 visitors, showing a year-on-year increase of about 6.98% [1] Non-Recurring Gains - The company reversed previously accrued bad debt provisions amounting to 19.99 million yuan, which positively impacted the net profit for the first half of 2025 by the same amount, classified as non-recurring gains [2]

Group 1 - The global market is influenced by complex geopolitical environments, rapid technological advancements, and sector rotations, which will shape the economic outlook for the second half of 2025 [1] - DeepSeek has emerged as a star in the technology sector, showcasing breakthrough achievements in artificial intelligence that have positively impacted its business and the broader tech industry [3] - The innovative drug sector has gained significant attention, driven by increasing health awareness and demand for medical advancements, leading to substantial investments and rising market valuations [3] Group 2 - Foreign investment sentiment towards the Chinese market is optimistic, driven by a large consumer base, improved business environment, and ongoing technological innovation [5] - The Anhui Hotel and Homestay Expo, scheduled for October 24-26, 2025, will highlight new opportunities in the consumption sector, particularly in the tourism and hospitality industry [5] - The expo will feature over 300 exhibitors and showcase comprehensive solutions across various segments of the homestay industry, reflecting the growing demand for tourism-related services [5] Group 3 - Smart facilities showcased at the expo, such as intelligent check-in systems and environmental control systems, enhance customer experience and support the digital transformation of the hospitality industry [7] - The integration of traditional Chinese medicine elements into hotel services, such as specialized wellness facilities, caters to consumer health trends and differentiates offerings in the competitive market [7] Group 4 - The technology sector is expected to remain a key driver of economic growth, with advancements in AI and quantum computing anticipated to achieve commercial breakthroughs [9] - Shifts in consumer behavior towards service, personalized, and experiential consumption will continue to energize the market, alongside the growth of cultural tourism [9] - Long-term special government bonds will support infrastructure and emerging industries, such as high-end equipment and smart manufacturing, contributing to economic expansion [9] Group 5 - Despite uncertainties like geopolitical risks and trade tensions, China's economy shows strong potential for growth, supported by robust internal dynamics and proactive fiscal policies [11] - Identifying and investing in key sectors such as technology, consumption, and industrial upgrades will provide competitive advantages in the evolving market landscape [11] - Industry events like the Anhui Hotel and Homestay Expo will foster innovation and collaboration, aiding in the high-quality development of various sectors [11]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, anticipating that the industry index will outperform the market index by over 10% in the next six months [30]. Core Insights - The summer peak season is commencing, with the Ministry of Culture and Tourism organizing the 2025 National Summer Cultural and Tourism Consumption Season, which will feature over 43,000 cultural and tourism consumption activities and distribute over 570 million yuan in consumption subsidies [30][18]. - The consumer services sector index has risen by 2.24% from June 27 to July 10, 2025, outperforming the Shanghai and Shenzhen 300 index by approximately 0.62 percentage points [7][30]. - The report highlights a divergence in performance among sub-sectors, with the tourism sector recovering while the hotel and catering sector continues to decline [8][30]. Summary by Sections Market Review - The consumer services industry index increased by 2.24%, ranking sixteenth among all CITIC first-level industry indices, and outperformed the Shanghai and Shenzhen 300 index by about 0.62 percentage points [7]. - Sub-sector performance varied, with the comprehensive service, tourism, hotel catering, and education sectors showing respective changes of 5.66%, 0.51%, -0.65%, and 5.91% [8]. - A total of 35 listed companies in the industry reported positive returns, with the top five performers being Dou Shen Education, Fang Zhi Technology, Caesar Travel, Miao Exhibition, and Bo Rui Communication, with increases of 15.75%, 12.43%, 12.31%, 10.35%, and 8.11% respectively [10]. - The overall PE (TTM) for the consumer services industry is approximately 31.12 times, slightly up from the previous period but still below the average valuation of 49.30 times since 2016 [14]. Industry News - The Ministry of Culture and Tourism will host over 43,000 cultural and tourism consumption activities during the summer season, with various promotional measures including consumption vouchers and discounts [18]. - The Sichuan government is supporting qualified cultural and tourism enterprises to go public, aiming to strengthen key tourism businesses [19]. - The Ministry will intensify monitoring of package tourism products related to family travel, study tours, and summer vacation, focusing on illegal practices [20][22]. Company Announcements - Notable companies to watch include Jin Jiang Hotel, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, Tianmu Lake, Jiuhua Tourism, Zhongxin Tourism, and Songcheng Performing Arts, with recommendations based on their potential benefits from the summer peak season [30][31].

编者荐语： 亚朵推销床上用品确实是一个特色，上次在一个活动上亚朵的工作人员还推荐现场触摸床垫被子等用 品，显示出其对产品的信心和商业变现的新思路。 以下文章来源于盐财经 ，作者闰然 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 它一边要在供应链上精打细算，给加盟商省钱，维持扩张节奏；另一边又得守住品质底线，否则，之前花 大力气攒的"中高端"人设，可能就因为一个带医院标签的枕套，彻底崩了。 要知道，全中国能把枕头卖成网红爆款的酒店，就它一根独苗。这意味着，亚朵比谁都懂"细节决定溢价"的 道理。 亚朵宣布物资大幅降价 但现在，为了稳住它的伙伴们，这家酒店决定大幅地下调价格。 亚朵现在的处境还挺微妙。 01 吸引加盟商，疯狂大砍价 归属于上海亚朵商业管理（集团）有限公司的微信公众号"几木里"在2025年6月23日发文称，亚朵从6月30日 起，将对运营和工程物资挥起大幅降价的"砍刀"。 亚朵的这轮砍价操作，相当于给加盟商的日常开销打了折——从客房里用的小物件到装修时的大块头，只 要是加盟店天天买、经常用的，都被亚朵纳入了"降本清单"。 比如，给客人倒茶的纸杯，直接砍了51.8%的价，差不多腰斩；连"懒 ...

Core Viewpoint - The article discusses the innovative approach taken by the Yonghe Platinum International Hotel in Zhengzhou, which has started a street vendor-style food service to cope with declining revenue from traditional dining and conference services. This strategy has garnered both praise and skepticism from the public. Summary by Sections Business Strategy - The hotel has launched a street food initiative, achieving daily revenues of around 60,000 yuan shortly after its opening [4][9] - The hotel aims to maintain its brand identity while offering affordable prices, with popular items like garlic and spicy crayfish [9][10] - The hotel is exploring various business models, including discount packages and night market concepts, to adapt to changing consumer preferences [5][20] Market Response - Local residents have responded positively, with many returning for repeat purchases due to the quality and pricing of the food [10][11] - The hotel has faced criticism for entering the street vendor market, with some questioning whether this approach diminishes its luxury status [4][14] Industry Context - The number of five-star hotels in China has decreased from 845 in 2019 to 736 by Q3 2024, indicating significant industry challenges [11] - The hotel industry is experiencing pressure from reduced revenue streams, particularly in dining and conference services, prompting hotels to seek alternative revenue sources [11][17] Operational Challenges - The street vendor business is described as a low-margin operation, with the hotel needing to carefully manage costs to ensure profitability [14][15] - The hotel has mobilized a significant portion of its staff to support this new initiative, indicating a commitment to maintaining operational efficiency [15][16] Future Prospects - The hotel plans to leverage the current popularity of its street food offerings to drive traffic into its main dining services [20][23] - There are intentions to expand the street food concept into a night market format, enhancing the dining experience while utilizing existing resources [25]

Group 1 - Invesco Developing Markets Fund increased its holdings in Jiangsu Hengrui Pharmaceuticals by 100% in May, with a total market value of HKD 185,661,247 [2][3] - The fund's total size is approximately USD 14.1 billion, equivalent to about CNY 101.24 billion [2] - The fund's top five holdings include TSMC, Tencent, Huazhu Group, Kotak Mahindra Bank, and Meituan, with reductions in Tencent and Meituan by 5.31% and 24.77% respectively [3] Group 2 - Justin Leverenz, the fund manager, expressed optimism about the Chinese pharmaceutical industry, noting China's transition to a leader in drug development [4] - China has established a significant position in the global clinical and commercial landscape for blood cancer treatment, with its share of biotech licensing transactions increasing from 4% in 2019-2020 to 12% in 2023-2024 [4] Group 3 - JPMorgan Asset Management increased its stake in Jiangsu Hengrui Pharmaceuticals by 18.49% in May [5] - Allianz Investment also raised its holdings in Jiangsu Hengrui Pharmaceuticals by 8.47% [7] Group 4 - Fidelity China Focus Fund and FSSA China Growth Fund have also shown interest in various Chinese companies, with Fidelity increasing its stake in Alibaba by 12.46% and in Trip.com by 9.41% [9][10] - Temasek Holdings reported a net asset value of USD 340 billion, with a focus on long-term prospects in China, which represents 18% of its portfolio [11]

摘要 聚焦服务消费崛起——社服行业 2025 年度中期投资策略 20250710 Q&A 2025 年中国服务型消费的整体趋势如何？ 中国服务型消费占比低于发达经济体，生存性消费占比较高，未来文娱 类消费潜力巨大，旅游等发展型服务消费有望受益。 茶饮行业 2025 年增长态势良好，同店增速超 20%，受益于高温天气和 外卖补贴。推荐市占率高且价格低的雪王，以及有空白市场空间的股民。 餐饮行业 2025 年整体超预期增长，但内部结构分化。平价大众连锁餐 饮经营数据好转，推荐小菜园绿茶、百胜中国，后者通过回购提供约 9%股息率。 美团面临竞争，但本地生活三边交易网络和一站式生态壁垒深厚，低线 城市经营优势突出，有望在即时零售补贴大战中胜出。 教育市场供不应求，格局走向集中，高资质公司有望获取更高市场份额。 关注学大、昂立以及港股卓越和思考乐等标的。 人力资源行业需求淡，但科锐和北京人力依托华为扩张实现结构性修复。 科锐合发招聘平台通过 AI 对接猎头与企业，提升效率。 酒店行业供过于求，Revpar 同比下降但降幅收窄，暑期文旅需求良好。 关注供给端降速和龙头集团的经营改善机会，推荐首旅集团。 2025 年以来， ...

Core Viewpoint - The article discusses the phenomenon of "big data price discrimination" in the hospitality industry, where loyal customers often face higher prices compared to new users, leading to a loss of trust between consumers and platforms [2][6][21]. Group 1: Consumer Experience - Many consumers report experiencing price discrepancies based on their user status, with higher prices for loyal members compared to new users [4][21]. - A survey indicated that nearly 80% of respondents encountered "differential pricing," with specific percentages noting price differences for the same hotel room based on the entry point or account used [6][21]. - Consumers have developed strategies to counteract this issue, such as using different devices or accounts to compare prices, but these methods have limited effectiveness against sophisticated algorithms [5][7]. Group 2: Industry Response - Huazhu Group has introduced a "Price Guarantee" policy through its Huazhu Club, which promises automatic refunds if prices drop after booking, aiming to restore consumer trust [10][14]. - The "Price Guarantee" includes two main components: automatic refunds for price drops and compensation in the form of double points if a lower price is found on partner platforms [12][20]. - Huazhu's approach is seen as a significant move towards transparency in pricing and a potential solution to the ongoing issue of "big data price discrimination" in the industry [18][19]. Group 3: Market Dynamics - The article highlights the competitive landscape where major hotel groups are shifting focus towards direct bookings to reduce reliance on third-party platforms and their associated costs [8][15]. - Huazhu Group, with over 1.1 million hotels and 2.8 million members, leverages its scale and member loyalty to challenge external platform pricing [14][15]. - The ongoing issue of "big data price discrimination" is attributed to platforms utilizing user data to create profiles that allow for price adjustments based on perceived willingness to pay [21].

Core Viewpoint - The emergence of five-star hotels setting up street stalls reflects a shift in the hospitality industry, aiming to adapt to market changes and consumer preferences while providing high-quality food at accessible prices [4][6][8]. Group 1: Market Trends - In May, China's national catering revenue reached 457.8 billion yuan, a year-on-year increase of 5.9%, indicating a growing market for food services [2]. - The trend of "night economy" and "outdoor stalls" is expected to inject new momentum into service consumption as summer approaches [2][7]. - From January to May, national catering revenue totaled 2.28 trillion yuan, up 5.0% year-on-year, aligning with the growth of retail sales [7]. Group 2: Consumer Engagement - Consumers appreciate the opportunity to enjoy five-star hotel cuisine at affordable prices, with one customer noting the value of tasting high-quality food for a modest cost [4][5]. - The outdoor stalls have attracted significant foot traffic, with one hotel reporting a single-day revenue exceeding 80,000 yuan [4]. Group 3: Business Strategy - The initiative to set up outdoor stalls is a response to underperformance in traditional lodging and high-end dining, prompting hotels to explore new revenue streams [4][6]. - Hotels are maintaining high standards while adapting to a more casual dining format, ensuring that food is freshly prepared and meets quality expectations [6][8]. - The strategy aims to create a "five-star street stall" experience, reflecting a shift from prestige to profitability in the hospitality sector [8]. Group 4: Industry Adaptation - The trend of five-star hotels operating street stalls is not isolated to one location, as similar initiatives are observed across various cities in China [6]. - The flexibility in business models is seen as essential for survival in a competitive market, with hotels exploring new channels to meet consumer demand [8].