以下文章来源于第一财经YiMagazine ，作者一财君 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀请你一起探寻明亮的商业世界。 在《第一财经》杂志内部，研报长期被视为一种"静态报道"。 所谓静态，不追逐当下热度，不围观股价起伏；看长线、看基本面，看那些暂时不喧哗但真正重要的变量。 而它们往往不会是社交媒体上最热闹的那一批，过去6册《公司的秘密》几乎都遵循了这一逻辑。 在即将发布的第7册里，这个规律被打破了。 《公司的秘密7》年度研报合集 "穿越热点，看到秘密" 预售已开启 2026年1月25日之后开始发货 △ 点击即可预订《公司的秘密7》 当然，这些公司之所以能被《第一财经》杂志选中成为研报对象，并不是因为声量，而是因为足够 重要 和 有趣 。 和以往一样，编辑和记者做的，并不是复述新闻、放大情绪，而是持续做一件"有点反直觉"的事：从财报、采访和公开数据里，挖掘那些被常规商业报道有意或无 意忽略的信息。 寒武纪，在夏天一度超越茅台，成为中国 A 股市值第二 泡泡玛特出海业绩增长超 400%，Labubu 成为全球级网红 霸王茶 ...

2025年是中国国潮品牌的"高光之年"，其影响力从国内延伸到海外。在中国，整个夏天，泡泡玛特的拉 布布（LABUBU）一"布"难求;冬天，"星星人"又跟喜茶联名推出奶茶。这一年，黄金品牌老铺黄金在 新加坡开设首家海外门店；喜茶"三倍厚抹"被海外消费者视为"时髦单品"，一度卖到售罄。在泰国， LABUBU还被授予"神奇泰国体验官"的称号，其在曼谷MEGA BANGNA商场开设的主题店，首日营业 额就突破千万元人民币。 没有语言门槛，无需背景介绍，仅凭一句简单的"LABUBU"、一杯印着小人头像的奶茶，就能够在世界 范围引起共鸣，中国国潮成为不同国家消费者之间进行跨文化交流的语言。 喜好大不同 艾媒咨询最新发布的《2025年中国国潮经济消费行为调查数据》显示，中国消费者对潮流品牌的偏好主 要集中在国内品牌上，占比高达85.79%，远超国外品牌。这表明国内潮流品牌在中国市场上具有较高 的认可度和影响力，已在消费者心中占据主导地位。 从各国消费者的留言来看，他们对中国国潮商品的喜爱主要源于对可爱设计、美学价值、卓越品质、健 康属性以及情绪价值的普遍追求。正是这些全世界消费者共通的情感，让国潮得以跨越地理和文化边 界。 ...

Core Insights - The article highlights the strategic initiatives taken by Heytea in 2025, focusing on differentiation in products and brand development [1] Product Development - In 2025, Heytea executed a more extreme differentiation strategy, introducing new product categories such as tea specialties and藏茶 [1] - The company launched over 10 products in the "Bale" series for the fourth consecutive year, covering various forms including beverages, baked goods, and fried ice [1] - Heytea initiated the "Tea+" experiment in 2025, introducing new product categories like inspiration egg tarts and croissant tarts [1] Store Experience - Heytea reinforced its offline store experience in 2025 by renovating existing stores and opening new ones to explore the leisure tea drink space [1] - The company relaunched the "DP plan" after several years, opening the "Diyuan" store in Chengdu's Chunxi Road and renovating over 130 stores [1] International Expansion - Heytea has opened over 100 stores in 32 cities overseas, with nearly half of the top ten best-selling products in international markets being original hits [1]

Core Insights - The core message of the news is that Heytea is focusing on a differentiated strategy for 2025, introducing innovative tea products and enhancing its brand experience while expanding its international presence [1][2][3] Group 1: Product Innovation - In 2025, Heytea launched a differentiated product strategy, introducing new categories such as tea specials and藏茶, with the tea special series featuring the popular product "Qilan Apple Apricot," which quickly sold out [1] - The company introduced over 10 regional specialty ingredients into its tea products, creating unique flavors and expanding product innovation in the tea beverage industry [2] - Heytea also began experimenting with "tea+" products, launching nearly 20 new pastry items inspired by classic tea drinks [2] Group 2: Brand and Store Experience - Heytea is enhancing its brand content and store experience, focusing on creating a relaxing and engaging atmosphere for consumers [2] - The company is revitalizing its physical store spaces by renovating over 130 locations and opening new stores, including the reopening of the "DP plan" in Chengdu [2] Group 3: International Expansion - Heytea has successfully expanded internationally, opening over 100 stores in 32 cities worldwide, making it the new tea beverage brand with the widest global presence [3] - The company has developed over 30 original products specifically for international markets while continuing to introduce classic domestic products abroad [3]

Core Insights - The report emphasizes the structural opportunities in both domestic demand and overseas expansion for 2026, particularly focusing on new services and new retail sectors [2][24] - It highlights the positive resonance between policy and fundamentals, suggesting that leading companies in the commercial sector are likely to benefit from policy stimuli and improve their fundamentals [2][4] Domestic Demand - The report identifies new services and new retail as the main lines for domestic demand, with a focus on the marginal changes in the fundamentals of related sub-sectors [2][5] - Specific sub-sectors showing price increase potential include: - **Hotels**: Strong leisure demand and optimized supply structure, with prices expected to remain stable or slightly increase. Recommended companies include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels [2][3] - **Duty-Free**: With the opening of Hainan, the sector is stabilizing, and China Duty Free is highlighted as a key player [2][3] - **Gold and Jewelry**: The report notes a high volatility in gold prices but anticipates improved terminal sales. Recommended companies include Chow Tai Fook and Lao Puhuang [2][3] - **Mother and Baby**: Leading companies are expected to maintain steady growth, supported by favorable policies. Recommended companies include Kidswant and Aiyingshi [2][3] Sub-Sectors Driven by Volume Growth - The report suggests focusing on the Consumer Price Index (CPI) for sectors primarily driven by volume growth: - **Supermarkets**: CPI increases are beneficial for same-store sales, with a shift in focus from store adjustments to supply chain reforms. Recommended companies include Yonghui Superstores and Jiajiayue [3][5] - **Tourism**: The report highlights the potential for expansion and asset integration in the tourism sector, recommending companies like Jiuhua Tourism and Changbai Mountain [3][5] - **Dining**: Emphasizes refined operations and incentives for leading companies, with recommendations including Yum China and Haidilao [3][5] - **Tea Drinks**: The report notes that delivery subsidies may impact pricing, with store openings expected to drive growth. Recommended companies include Mixue and Gu Ming [3][5] Overseas Expansion - The report indicates that leading companies with high barriers to entry are expected to continue showing strong performance in overseas markets, with a focus on brand building and diversified destinations [4][24] - Recommended companies for overseas expansion include: - **Small Commodity City** and **Miniso**: Both are noted for their strong performance and brand development [4][24] - **Anker Innovations** and **Sumida**: Highlighted for their competitive advantages in specific segments [4][24] Investment Recommendations - The report suggests that for 2026, investors should focus on sectors benefiting from policy support and those with strong performance certainty in overseas markets [5][24] - It emphasizes the importance of monitoring the recovery of volume in certain sectors while maintaining a cautious approach to pricing stability [5][24]

1月23日，喜茶在其官方微博上发布了2025年度"小事记"，盘点了过去一年的关键"小事"。盘点显示，茶特调系列的代表奇兰苹果杏成为新的年度"断货 王"；全年批量重装130多家喜茶门店，出海成效显著，海外销量前十的产品中近一半为海外原生爆款产品。 小事记显示，2025年的爆款还有千目抹茶、藏茶、芭乐等多个系列，都在持续突破茶饮产品的品类限制。其中，以中国高品质千目抹茶原料为基础，在全 球推出的三倍厚抹、抹云椰蓝等30多款含抹茶元素的产品，涉及现制茶饮、瓶装饮品、烘焙、冰淇淋等不同形态，持续推动中国千目抹茶在全球的消费热 潮。芭乐系列则覆盖饮品、烘焙、喜拉朵、炒冰等形态，也让芭乐从小众水果成为大众熟悉的主流原料。 小事记还显示，去年研发人员将10多种区域特色原料首次应用到茶饮产品中，包括南姜、牦牛乳、木姜子、酸木瓜、莲雾、藏茶等，为行业探索了更多创 新方向。 零农残羽衣甘蓝种植基地 除了喝茶，2025年新茶饮的"茶+"试验也可圈可点，灵感蛋挞、可颂挞……近20款挞类产品，深受嗜甜人喜爱。 在品牌方面，2025年喜茶回归灵感，持续创造差异化的品牌内容、门店空间等，和消费者共创共鸣。比如邀请大厨黎子安"临时入职"，以 ...

Core Insights - Heytea released its 2025 annual "Chronicle," highlighting key developments in differentiated products and branding over the past year [1][4] Product Development - In 2025, Heytea developed new product categories such as Tea Specials and藏茶, with the Tea Specials series featuring the standout product, Qilan Apple Apricot, which became the annual "out-of-stock king" [1][5] - The company introduced 20 new tea bases and launched several new hit products, including Tea Specials,藏茶, and千目抹茶 [5] - A total of 15 Tea Specials products were launched globally, with Qilan Apple Apricot being the fastest to sell out [5] Branding Initiatives - Heytea conducted only two co-branding activities last year, collaborating with IP characters CHIIKAWA and Star People [5] - The Heytea GO mini-program reintroduced the "Heytie" feature, receiving over 1 million user submissions within a week [5] - The company distributed nearly 30 new inspiration cards, totaling over 5 million copies throughout the year [5] Store Expansion - Heytea restarted its "DP Plan," opening a new store in Chengdu's Chunxi Road and refurbishing over 130 existing stores, with plans for further renovations this year [2][5] - The company has opened over 100 stores in 32 cities overseas, including its first overseas LAB store in New York's Times Square, which achieved a single-day sales record of over 3,500 cups [2][5] International Market Performance - Heytea launched over 30 original products overseas, which have been well-received by consumers [6] - Nearly half of the top ten best-selling products overseas are original creations, including popular items like抹云椰蓝,三倍厚抹, and椰椰芒芒 [6]

Core Insights - The article emphasizes the urgent need to expand domestic demand in the context of economic recovery, highlighting the success of non-traditional tourist attractions like Pang Donglai and Mixue Ice City in redefining the concept of cultural tourism [1][18] Group 1: Performance of Non-Traditional Attractions - Pang Donglai achieved a staggering visitor count of nearly 1.5 million during the 2026 New Year's holiday, surpassing the total visitors of the top five traditional tourist attractions in Henan [4][21] - The visitor count in Xuchang increased from over 400,000 during the 2023 New Year holiday to nearly 2 million in 2024, with tourism revenue rising from under 100 million to over 1.3 billion [4][21] - Pang Donglai's seven stores alone attracted close to 1 million visitors, showcasing its significant impact on local tourism [4][21] Group 2: Changing Consumer Behavior - The success of Pang Donglai indicates a shift in consumer mindset, where shopping experiences are now viewed as tourist attractions, reflecting a trend towards immersive commercial experiences [6][23] - Visitors are increasingly willing to travel to non-traditional sites for unique experiences, such as exclusive beverages and cultural products, rather than just for sightseeing [8][25] Group 3: Lessons for Cultural Tourism Development - The rise of Pang Donglai and Mixue Ice City illustrates the importance of moving away from reliance on ticket sales, as traditional ticket-based revenue models are becoming less effective due to market saturation [13][30] - Tourists are now more inclined to pay for experiences and emotions rather than just for entry to attractions, indicating a need for cultural tourism to evolve [13][30] - Mixue Ice City is also venturing into cultural tourism with initiatives like factory tours and themed stores, further blurring the lines between retail and tourism [11][28] Group 4: Cultural Integration and Accessibility - Mixue Ice City has successfully integrated cultural elements into its offerings, making cultural products more accessible and appealing to younger consumers [15][32] - The article argues that cultural heritage should be brought into everyday life rather than confined to ticketed exhibitions, promoting a more inclusive approach to cultural tourism [16][33] - The success of these non-traditional attractions serves as a valuable lesson for traditional tourist sites, emphasizing the need for innovation and adaptability in the cultural tourism sector [17][33]

Core Insights - The company has significantly adjusted its operational strategy, shifting focus from high-frequency co-branding marketing to product differentiation and the enhancement of offline space experiences [1] Product Development - The company introduced 20 new tea bases over the year, establishing new product categories such as "Tea Specialties" and "Hidden Tea" [2] - The flagship product "Qilan Apple Apricot" quickly sold out due to supply chain constraints, becoming the fastest-turning inventory item of the year [2] - The company has increased its exploration of regional specialty ingredients, incorporating non-mainstream materials like ginger, yak milk, and wood ginger into its supply chain [2] - The company expanded its SKU offerings into the baking sector, launching nearly 20 new tart products within six months [2] Channel Strategy - The company has restarted its "Daydreamer Project" (DP Plan), emphasizing spatial design rather than the previous strategy of high-efficiency small stores [3] - A new concept store named "Diyuan" was opened in Chengdu, and over 130 existing stores nationwide underwent significant renovations to enhance their "leisure tea drink space" attributes [3] - The company has drastically reduced the scale of IP collaborations, retaining only a few partnerships, such as with CHIIKAWA, and is focusing on enhancing user engagement through private domain operations like the "Xiti" feature [3] International Expansion - The company's overseas business has emerged as a significant growth highlight, with over 100 stores opened in 32 cities globally by the end of 2025 [4] - The first overseas LAB store was established in Times Square, New York, indicating a strategic move beyond merely replicating domestic menus [4] - Nearly 50% of the top ten selling products overseas are developed specifically for local markets, with matcha and coconut flavors being particularly well-received [4]

Core Insights - The tea beverage brand Mubaishouzuo Tea House has opened its first mall store in Hangzhou, introducing a new menu option that includes local snacks, indicating a trend among tea brands to diversify into food offerings for new growth opportunities [1][2] - The new store format of Mubaishouzuo represents a comprehensive upgrade in space, product, and consumer experience, featuring an expanded menu with main dishes and snacks [1] - Other brands, such as Mixue Ice City and Nayuki, are also venturing into food offerings, signaling a broader industry trend towards integrating food with beverage sales [2] Industry Trends - The integration of food offerings by tea brands aims to enhance customer spending and promote bundled purchases, as the supply chain becomes more mature and cross-industry barriers lower [2] - Successful integration of food and beverage requires alignment in brand tone, flavor, pricing, and product design to ensure a cohesive consumer experience [2] - The introduction of food items like Mubaishouzuo's Taro Rice and Nayuki's energy bowls reflects a strategic move to capture different meal occasions, such as breakfast and lunch, targeting specific consumer segments [1][2]