【财华社讯】呷哺呷哺(00520.HK)公布，预期截至2025年6月30日止六个月，收入约为19亿元(人民币,下 同)，相较2024年同期的收入减少约18.9%。录得净亏损介乎约8000万元至1亿元，相较2024年同期净亏 损2.74亿元收窄，降幅介乎约63.2%至70.5%。 本文源自：财华网 集团预计净亏损大幅减少主要由于集团持续致力成本优化，以数字化供应链驱动结构性降本增效，依托 集采优势，打通供应商协同链路；持续升级新型物流枢纽及标准化流程，优化配送路径网络，实现运营 效率提升与综合成本下降，改善经营效益；及通过优化餐厅布局结构，包括关闭低效餐厅、新增餐厅重 点聚焦高潜力区域等举措综合提升餐厅运营效率；预计对关闭及持续亏损餐厅的资产减值损失计提金额 较2024年同期大幅下降约64.1%。 ...

小菜园(00999)盈喜后涨超5%，截至发稿，涨4.71%，报9.79港元，成交额1709.2万港元。 海通国际发布研报称，小菜园为大众便民中式餐饮领导者。该行预计，得益于门店面积优化缩减固定成 本、炒菜机器人投入提升人效、规模效应显现推动原材料端成本进一步摊薄，以及品牌力增强带来的租 金议价权提升，2025年门店经营利润率有望回升至20%以上。开店空间方面，经测算小菜园开店空间广 阔，预计门店数量可超2500家。该行首次覆盖小菜园，给予"优于大市"评级，目标价13.5港元。 消息面上，小菜园公布，公司预计上半年录得净利润3.6亿元至3.8亿元，去年同期为2.8亿元。净利润增 长的主要原因为公司多措并举优化运营效率、严格管控成本费用，以及深化精细化管理，推动公司整体 经营效益显著提升。 ...

证券研究报告 1H 利润表现靓丽，2H 拓店有望提速 港股通 2025 年 8 月 04 日│中国香港 餐饮 小菜园 (999 HK) 小菜园发布 1H25 正面盈利预告，公司预计 1H25 录得净利润 3.6-3.8 亿元 （vs1H24/2H24 净利润：2.8/3.0 亿元），对应同比增长 29%-36%，环比增 长约 20%-27%。面对复杂的市场环境，1H25 公司多措并举优化运营效率， 深化精细化管理，重视平衡收入规模增长与单店利润率提升，推动公司净利 润靓丽增长。考虑客单价同比基数较高，我们预计 1H25 同店销售增长或面 临一定挑战，得益于门店扩张，公司收入有望保持中高个位数同比增长。公 司凭借优秀的经营效率较好消化同店销售压力，净利润彰显韧性。展望长期， 公司菜品定位紧密贴合大众需求、抗潮流属性较强，外卖业务新增量有望增 厚同店收入；独特的激励机制支撑较高分红水平和稳健扩张，规模体量增大 有望进一步发挥成本费用端管控优势，巩固盈利能力。维持"买入"评级。 多措并举优化运营效率，单店人效、坪效稳步提升 1H25 公司利润端同比实现显著优化，我们认为主要系：1）公司品牌力持 续强化，向商场招商议 ...

花旗发表研究报告指，绿茶集团日前发布盈利预喜，预计今年上半年调整后净利润按年增38%至42%， 达2.47亿至2.54亿元，受21%至25%的收入增长及门店层面的盈利能力提升推动。花旗表示，绿茶作为 一家高增长的休闲中式餐厅营运商，其创新产品、亲民价格及吸引人的品牌形象，使该集团可在中国不 同层级城市的各个地区扩展零售店，新店快速实现收支平衡。 花旗又预测集团2025年、2026年净利润将年增29%、26%，受收入加速增长加速推动(2025年、2026年分 别为19%、21%，2024年为7%)，净开店数增加(2025年、2026年分别为150家、200家，2024年为105 家）。花旗对绿茶集团股份的目标价定为11.1港元，评级"买入"。 ...

Group 1 - The core viewpoint of the report emphasizes the evolution of service consumption structure from survival-type to development investment-type and spiritual enjoyment-type, closely linked to economic development levels [1][6][29] - The report highlights that after reaching a GDP per capita of $10,000, service consumption accelerates, as evidenced by the U.S. and Japan, where service consumption as a percentage of total consumption significantly increased during this period [1][11][22] - The report suggests that China's service consumption structure is still lagging behind major developed countries, with service consumption accounting for approximately 37% of GDP in 2020, compared to over 60% in the U.S. and Japan [2][24][25] Group 2 - The internal transformation of consumption structure follows Maslow's hierarchy of needs, indicating a non-linear decline in survival-type consumption as economic growth progresses, with a notable trend towards "externalization" and "servicization" [2][13][14] - Development investment-type consumption, particularly in healthcare and education, has become increasingly important, with significant increases in spending observed in the U.S. and Japan from 1970 to 1990 [2][18] - The report identifies that cultural and entertainment consumption has risen significantly as disposable income increases, driven by factors such as increased leisure time and digital technology development [21][22] Group 3 - Recommendations include strengthening policy support for service consumption, expanding the range of covered service categories, and developing special funding plans to stimulate consumption in the service sector [3][29][30] - The report emphasizes the need to enhance the quality of supply in the restaurant, leisure, and entertainment sectors, and to promote the integration of healthcare with other service industries [3][29] - It also suggests improving the service consumption market monitoring system by incorporating big data tools and establishing real-time data platforms to better understand market dynamics [3][31]

Economic Growth - Hong Kong's GDP grew by 3.1% year-on-year in Q2 2023, surpassing market expectations of 2.8% and accelerating from a revised 3% growth in Q1 [1] - The economy has recorded growth for 10 consecutive quarters since 2023, driven by factors such as a robust stock market and increased trade activities due to tariff wars [1] Consumer Spending - Private consumption expenditure showed a significant recovery, rising by 1.9% in Q2 after a decline of 1.2% in Q1, while government consumption expenditure increased by 2.5% [1] - The financial market's performance, including a 25% rise in the Hang Seng Index and a 120% increase in average daily trading volume, has positively impacted local consumption [2] Trade Performance - Hong Kong's merchandise exports surged by 11.5% and imports rose by 12.7% in Q2, outperforming Q1 figures of 8.4% and 7.2% respectively [2] - External demand remains strong, aided by a temporary easing of U.S. tariff measures, contributing to trade as a key driver of economic growth [2] Employment Concerns - Despite economic growth, there are concerns about a "jobless recovery," where GDP growth does not translate into increased employment opportunities [5][6] - The total employment in Hong Kong decreased by 52,000 year-on-year in Q2, indicating a disconnect between economic performance and job creation [6] Structural Economic Issues - The financial sector contributes over 20% to Hong Kong's GDP but employs only about 7% of the workforce, leading to a situation where the majority of residents do not benefit directly from financial sector gains [6][8] - There is a growing concern about the impact of artificial intelligence on job availability, with predictions that 28% of jobs are at high risk of automation [7][8] Recommendations for Economic Diversification - Industry experts suggest that Hong Kong should foster new labor-intensive sectors such as construction, healthcare, and tourism to mitigate the impact of job losses due to automation [8] - There is a call for developing a "local dimension" in financial services to align international financial functions with local economic needs, promoting structural diversification [8]

陈茂波指出，香港住宅物业楼价继续靠稳，租金表现强韧，交投量显著转趋活跃，第二季度每月平均成 交数字增至约5600宗，按季上升约37%。因应楼价回稳，上季度负资产宗数按季回落7%至37000多宗。 特区政府大力招商引资和招聚人才，增加了对整体楼宇的需求。住宅物业市场趋稳、金融市场蓬勃，加 上经济稳步向好、打工者收入实质增加，会为本地消费带来支持。与此同时，也必须继续对受影响群体 提供支持，包括加强就业支援和再培训等服务。 新华社香港8月3日电（记者孟佳）香港特区政府财政司司长陈茂波3日发表网志表示，特区政府即将公 布第二季度食肆总收益，预计按年会有轻微增长。 特区政府统计数据显示，香港第二季度出口、本地消费和固定投资取得正增长，整体经济按年增长 3.1%，连续第十个季度正增长。零售销货价值在5月和6月重新录得轻微按年增长，第二季度微升 0.3%。 陈茂波表示，特区政府7月30日公布《香港营商环境报告》，以一系列事实和数据，系统地向社会各界 和海内外投资者介绍香港最新发展和优势，全方位说明香港开放、安全、稳定、高效和国际化的营商环 境。报告公布后，获得各界人士广泛认同和支持。这在当前复杂的地缘政治局势下别具意义， ...

Core Viewpoint - The article discusses the ongoing "anti-involution" movement in various industries, emphasizing the need to shift from price wars to value-based competition, driven by recent government policies aimed at regulating low-price competition and promoting quality improvement [1][2]. Group 1: Government Policies - The Central Financial Committee's sixth meeting highlighted the need to govern low-price disorderly competition legally and to guide companies towards enhancing product quality [1]. - Recent government meetings have provided clearer arrangements for addressing "involution," indicating a top-down approach to economic governance [1]. - The draft amendment to the pricing law includes provisions related to "anti-involution," addressing issues like low-price dumping and price collusion to establish a high-level pricing governance mechanism [1]. Group 2: Industry Response - Various industries, including automotive, photovoltaic, cement, steel, pharmaceuticals, finance, catering, e-commerce, and food delivery, are calling for "anti-involution," indicating a collective need to escape the constraints of low-price competition [2]. - The shift from "price for volume" to "quality enhancement" is seen as essential for industries as China moves towards high-quality economic development [2]. - Companies are encouraged to adopt long-term development strategies, with leading firms urged to take the initiative in resisting vicious competition and fostering a healthier market environment [2].

【硅基智能疑似回应全员裁员争议：目前有稳定的产研与销售团队】 8 月 3 日消息 ， 针对近日网传 " 全员裁员 " 的消息，硅基智能发布声明称， 2025 年将重点布局杭州、嘉兴、香港、新加坡等地， 预计全年新增岗位数百个， 2026 年将达到 新增数千人的扩张节奏，疑似辟谣该传闻。 根据网传截图，硅基智能创始人司马华鹏此前在工作群内 @ 所有人并表示： " 各位，昨天我去看研 发，只有徐超一个人在加班，公司今天已经做好了全员裁员的计划，算法给港科大和清华做，工程化 留几个骨干，其他的都自寻出路，硅基养不起这样的团队，请大家见谅。 " 【法拉第未来回应 " 抄袭长城 " 争议：与合作伙伴共同开发，不存在抄袭】 8 月 3 日消息，法拉第 未来 FF 全球总裁王佳伟 8 月 3 日回应 " 抄袭长城 " 争议。王佳伟表示： " 我们一直在说我们是和 中国的产业合作伙伴进行合作去做的这款车，不存在任何抄袭的情况，用我们的话说，四轻四快五聚 焦五赋能带来了独特的价值，独特的优势。 " 他说道： " 以产品的开发为例，做美国合规碰撞测 试，开发出符合美国当地人使用习惯的操作系统，这个是 FF 通过 10 年的经验、 ...

人民财讯8月4日电，中金公司（601995）研报称，2025年上半年现制茶饮/餐饮公司密集上市提高板块 效应，在消费环境尚待拐点情况下，具备自身增长动能的公司股价表现领先，也因此获得相对较高估值 水平，而其余部分与宏观周期相关度高的头部公司估值仍低于历史中枢。展望2025年下半年，看好在服 务消费享有自身成长和潜在政策促进的背景下，强内功综合性龙头和高成长性细分龙头的增长机遇。 ...