Core Insights - The article discusses the growth and challenges of Baba Mantou, a Chinese breakfast chain that has successfully entered the capital market despite being in a traditionally low-margin industry [6][12][14]. Group 1: Company Overview - Baba Mantou, founded by Liu Huiping, has expanded rapidly through a franchise model, with 5,685 stores across China as of the latest report [14][26]. - The company reported a revenue of 1.356 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.05%, and a net profit of 201 million yuan, up 3.5% [6][7]. - Baba Mantou's business model focuses on selling raw materials to franchisees, positioning itself as a frozen food manufacturer rather than just a traditional dumpling shop [14][19]. Group 2: Market Dynamics - The Chinese bun market is highly fragmented, with the top five companies holding only 5.1% of the market share, indicating low industry concentration [23][26]. - Despite revenue growth, Baba Mantou faces challenges with profitability, as evidenced by a 16.07% decline in net profit in the third quarter of 2025, despite a 16.74% increase in revenue [26][27]. - The company has seen an increase in store closures, from 341 in 2020 to 926 in 2024, attributed to various factors including lease issues and poor individual franchise performance [27][28]. Group 3: Operational Insights - Franchisees report high operational demands, with significant early morning preparation required, and the total cost to open a franchise is approximately 120,000 to 130,000 yuan [16][17]. - Baba Mantou provides comprehensive support to franchisees, including site selection, training, and ongoing management assistance [19][20]. - The company has introduced new store formats to enhance customer experience and increase average transaction value, although the effectiveness of these changes remains to be seen [39][40].

财政部、商务部、国家税务总局2025年12月31日对外发布通知称，为进一步激发消费需求，释放消费潜力， 三部门将支持50个左右城市开展有奖发票试 点工作，政策实施期为6个月。 三部门有关负责人表示，试点城市将按照通知要求，结合地方实际，制定有奖发票试点工作实施方案，明确有奖发票范围、参与方式、中奖规则、奖项设 置、兑奖方法、违法行为举报等要求，并向社会公布。 消费者可关注试点城市公告，根据公布的有奖发票活动具体要求，积极参与。 来源：财政部官网 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 官网截图 通知称，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民服务业等行业的经营主体购买商品和服务，且取得 的票面金额在一定额度以上的发票组织抽奖。 财政部、商务部、国家税务总局有关负责人介绍， 此次出台的有奖发票试点政策着重从需求端发力，鼓励居民消费并取得发票后参与抽奖 。试点政策覆 盖日常消费主要场景，如购物、外出就餐、旅游住宿、文体活动、生活服务等，与居民"衣食住行"密切相关。 通知明确，试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会 ...

三部门将支持50个左右城市开展有奖发票试点 转自：新华社 财政部、商务部、国家税务总局2025年12月31日对外发布通知称，为进一步激发消费需求，释放消费潜 力，三部门将支持50个左右城市开展有奖发票试点工作，政策实施期为6个月。 记者：申铖 通知称，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民 服务业等行业的经营主体购买商品和服务，且取得的票面金额在一定额度以上的发票组织抽奖。 财政部、商务部、国家税务总局有关负责人介绍，此次出台的有奖发票试点政策着重从需求端发力，鼓 励居民消费并取得发票后参与抽奖。试点政策覆盖日常消费主要场景，如购物、外出就餐、旅游住宿、 文体活动、生活服务等，与居民"衣食住行"密切相关。 通知明确，试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会或首 府城市，地级市、州、盟）。中央财政将对试点城市分档安排奖补资金。 三部门有关负责人表示，试点城市将按照通知要求，结合地方实际，制定有奖发票试点工作实施方案， 明确有奖发票范围、参与方式、中奖规则、奖项设置、兑奖方法、违法行为举报等要求，并向社会公 布。消费者可关注试点城市公 ...

Core Viewpoint - The article highlights the emergence of "Wanli" as a new commercial hub in Beijing, offering a variety of shopping, dining, and entertainment experiences, encouraging exploration and engagement with the city's cultural offerings [4][5][6]. Group 1: Commercial Development - "Wanli" is described as a massive commercial complex located in the city's sub-center, comprising three main sections: Wangfujing Well-Town, Tingyun Town, and Nuo Lan Hotel, easily accessible via subway lines 1 and 7 [4]. - The area features a diverse range of retail and experiential consumption options, including unique stores like "Heitou," which offers globally sourced products, and a dinosaur-themed exploration center [4]. Group 2: Dining and Entertainment - Approximately 40% of the space in Wangfujing Well-Town is dedicated to dining and entertainment brands, providing a vibrant atmosphere for visitors to enjoy food and leisure activities [5]. - The complex includes various themed restaurants and unique concept stores, catering to a wide range of tastes and preferences [5]. Group 3: Cultural and Artistic Offerings - The Bay Area Contemporary Art Center, located on the fifth floor, features an exhibition titled "The Best of Spring - Walking in Gardens and Mountains," showcasing 49 artworks from 32 modern Chinese masters, available for free visits through prior reservation [6]. - Visitors can also enjoy scenic views of the Beijing Universal Studios theme park from the Nuo Lan Hotel, enhancing the overall experience of the area [7].

（来源：中国经济导报） 转自：中国经济导报 为了满足旅游旺季和研学旅游、亲子旅游、冰雪旅游、银发旅游等季节性旅游出行的需求，2025年底， 文旅部、中国民航局印发《文化和旅游与民航业融合发展行动方案》，提出要增加相应航班，还要重点 培育打造一批入境游精品航线。 此外，"跟着赛事去旅行"这一文体旅融合的现象级热点则在2025年成为了"爆款"。场均超2.8万人观 赛、线上直播观看人次超20亿，2025年被称为"苏超"的江苏省城市足球联赛作为"家门口的赛事"，让体 育故事迸发出炽热的情感感召力，市民从赛事的"旁观者"变成"参与者"。赛后，人们不急于离开，而是 沿着票根延伸的路径继续体验所在城市。这种"票根经济"利用需求价格弹性激活交通、零售、住宿等多 个链条，放大了消费总量。抖音生活数据显示，2025年第十五届全运会开幕首周，广州、深圳餐饮消费 同比均增长140%以上。 为搭上"票根经济"的"快车"，各地加强空间联动、业态融合、区域协同：广州、深圳等城市实现了"凭 全运会票证享公交、景区、餐饮联动"；"川超"期间，广元市积极探索"体育+"融合发展新路径；上海探 索在演出、活动期间延长部分餐厅、商店运营时间，推出限时 ...

美食寻宝解锁优惠奖励 活动持续至1月31日。 "骏马迎新·潮前门"活动将于新年期间在前门商圈启幕，开启美食荟打卡集章活动。消费者凭《前门美 食寻宝图》在指定商户消费集章，可解锁8折优惠、文创伴手礼等阶梯奖励，同时联动全聚德等老字号 开展"寻鲜"非遗宣传。 ...

Core Insights - The article highlights the growing popularity of a Chinese restaurant named "Xiao Yan" in Punta Arenas, Chile, which serves as a stop for tourists heading to Antarctica, particularly Chinese visitors during the Antarctic tourism season from November to March [1][2]. Group 1: Restaurant Operations - The restaurant operates a "dual menu" system to cater to both local Chileans and Chinese tourists, offering a fusion menu that aligns with local tastes and a classic Chinese menu featuring traditional dishes [3][5]. - The restaurant extends its operating hours during the tourist season to accommodate the influx of customers, sometimes staying open until midnight [2]. Group 2: Ingredient Sourcing and Challenges - Due to its remote location, sourcing ingredients for the restaurant poses challenges, with many Chinese condiments and ingredients needing to be procured from Santiago and flown back to Punta Arenas [5]. - The restaurant also hand-makes tofu, reflecting the effort to maintain authentic flavors despite ingredient limitations [5]. Group 3: Customer Experience - The restaurant has received positive reviews from tourists, with customers expressing satisfaction with the authentic taste of home-cooked Chinese meals, which they find particularly valuable while abroad [6]. - The owner emphasizes the emotional connection to familiar flavors, noting that the distance from home makes these tastes even more precious [6].

来源：新华社、财政部经济建设司 三部门将支持50个左右城市开展有奖发票试点 财政部、商务部、国家税务总局2025年12月31日对外发布通知称，为进一步激发消费需求，释放消费潜 力，三部门将支持50个左右城市开展有奖发票试点工作，政策实施期为6个月。 通知称，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民 服务业等行业的经营主体购买商品和服务，且取得的票面金额在一定额度以上的发票组织抽奖。 财政部、商务部、国家税务总局有关负责人介绍，此次出台的有奖发票试点政策着重从需求端发力，鼓 励居民消费并取得发票后参与抽奖。试点政策覆盖日常消费主要场景，如购物、外出就餐、旅游住宿、 文体活动、生活服务等，与居民"衣食住行"密切相关。 通知明确，试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会或首 府城市，地级市、州、盟）。中央财政将对试点城市分档安排奖补资金。 三部门有关负责人表示，试点城市将按照通知要求，结合地方实际，制定有奖发票试点工作实施方案， 明确有奖发票范围、参与方式、中奖规则、奖项设置、兑奖方法、违法行为举报等要求，并向社会公 布。消费者可关注试点 ...

来源：新华社、财政部经济建设司 三部门将支持50个左右城市开展有奖发票试点 财政部、商务部、国家税务总局2025年12月31日对外发布通知称，为进一步激发消费需求，释放消费潜 力，三部门将支持50个左右城市开展有奖发票试点工作，政策实施期为6个月。 通知称，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民 服务业等行业的经营主体购买商品和服务，且取得的票面金额在一定额度以上的发票组织抽奖。 一、政策目标 （一）政策目标。按照党中央、国务院关于大力提振消费的决策部署，支持试点城市结合当地消费形势 及工作基础，探索开展有奖发票活动，进一步提高消费者积极性，激发零售、餐饮、住宿、文化艺术、 娱乐、旅游、体育、居民服务业等领域消费潜力，为巩固拓展经济稳中向好势头提供有力支撑。 （二）支持范围。试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省 会或首府城市，地级市、州、盟）。支持50个左右城市开展试点工作，主要向人口基数大、带动作用 强、发展潜力好的城市倾斜，同时兼顾地区间政策平衡。政策实施期为6个月。 财政部、商务部、国家税务总局有关负责人介绍，此次出台的有 ...

财政部、商务部、国家税务总局2025年12月31日对外发布通知称，为进一步激发消费需求，释放消费潜力， 三部门将支持50个左右城市 开展有奖发票试点工作，政策实施期为6个月。 通知明确，试点城市申报范围为地市级及以上城市（包括直辖市，计划单列市，各省、自治区省会或首府城市，地级市、州、盟）。中央财 政将对试点城市分档安排奖补资金。 三部门有关负责人表示，试点城市将按照通知要求，结合地方实际，制定有奖发票试点工作实施方案，明确有奖发票范围、参与方式、中奖 规则、奖项设置、兑奖方法、违法行为举报等要求，并向社会公布。消费者可关注试点城市公告，根据公布的有奖发票活动具体要求，积极 参与。 通知称，试点城市对个人消费者以本人名义向零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民服务业等行业的经营主体购买商品和 服务，且取得的票面金额在一定额度以上的发票组织抽奖。 财政部、商务部、国家税务总局有关负责人介绍，此次出台的有奖发票试点政策着重从需求端发力，鼓励居民消费并取得发票后参与抽奖。 试点政策覆盖日常消费主要场景，如购物、外出就餐、旅游住宿、文体活动、生活服务等，与居民"衣食住行"密切相关。 ...