天眼查App显示，近日，成都市金牛区慕茗来饮品店（个体工商户）成立，法定代表人为向治豪，注册 资本5万人民币，经营范围为许可项目：餐饮服务（不产生油烟、异味、废气）。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项 目：食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；玩具销售；日用木制品 销售；日用玻璃制品销售；日用品销售；外卖递送服务；工艺美术品及收藏品零售（象牙及其制品除 外）；餐饮管理；美发饰品销售；化妆品零售；日用口罩（非医用）销售；日用化学产品销售；家用电 器销售；文具用品零售；礼品花卉销售；体育用品及器材零售。（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动）。 ...

天眼查App显示，近日，成都市龙泉驿区永无岛甜品店（个体工商户）成立，法定代表人为刘亚茜，注 册资本1万人民币，经营范围为许可项目：餐饮服务（不产生油烟、异味、废气）；食品销售；食品互 联网销售；道路货物运输（不含危险货物）；生鲜乳道路运输。（依法须经批准的项目，经相关部门批 准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：食用农产品零 售；食品添加剂销售；食品用塑料包装容器工具制品销售；农副食品加工专用设备销售；农副产品销 售；新鲜水果零售；保健食品（预包装）销售；食品销售（仅销售预包装食品）；食品互联网销售（仅 销售预包装食品）；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照 依法自主开展经营活动）。 ...

Core Viewpoint - Zhanjiang City is launching a "Winter Tour Zhanjiang Enjoy Exciting" consumption season from November to the first quarter of next year, aiming to stimulate consumer spending and enhance the shopping experience for both locals and tourists [1][3]. Group 1: Consumption Policies and Measures - Zhanjiang has implemented measures to optimize the consumption environment, resulting in a retail sales total of 118.475 billion yuan, a year-on-year increase of 3.3%, which is 0.5 percentage points higher than the provincial average [3]. - The new consumption subsidy program includes a wide range of products such as automobiles, home appliances, local specialty products, electronic products, and sports goods, with a focus on accessibility and low thresholds for consumers [6][9]. - The new subsidy program is distinct from the 2025 old-for-new consumption subsidy, with different time frames and funding sources, and the two cannot be combined [6][9]. Group 2: Event Highlights and Themes - The consumption season will feature four main themes: "Warm Winter Fun Tour Zhanjiang," "Trendy Youth Vitality Zhanjiang," "Delicious Food Zhanjiang," and "Affordable Shopping Zhanjiang," leveraging the upcoming opening of the Guangzhan High-speed Railway and the 15th National Games [12]. - Three major events will take place during the consumption season: a sports-themed event in November-December, a winter study tour in January-February, and a unique coastal Spring Festival experience in February-March [12]. Group 3: Financial Support and Consumer Experience - Financial institutions are encouraged to provide credit support for service consumption sectors, with preferential interest rates for eligible consumers [14]. - Market regulation departments will enhance consumer protection measures, ensuring quality and integrity in business practices while facilitating consumer complaints [16]. - Various promotional activities, including dining vouchers and themed shopping events, will be launched to stimulate consumer interest and spending [17][18].

以下文章来源于时代财经APP ，作者李馨婷 时代财经APP . 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 来源丨 时代财经APP（ID：tf-app） 作者丨李馨婷 编辑丨 周嘉宝 图源丨Midjourney 传出中国业务部分股权出售消息的整整一年后，星巴克终于敲定中国业务买家。 11月4日，星巴克宣布与博裕投资达成战略合作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务。 根据协议，博裕将持有合资企业至多60%股权，星巴克保留40%股权，并将继续作为星巴克品牌与知识产权的所有者和授权方，向新成立的合资企业进 行授权。基于约40亿美元（不计现金与债务，折合人民币超280亿元）的企业价值，博裕将获得其相应权益。 星巴克预计其中国零售业务的总价值将超过130亿美元。总价值由三部分构成：向博裕出让合资企业控股权益所得、星巴克在合资企业中保留的权益价 值，以及未来十年或更长时间内持续支付给星巴克的授权经营收益。 结合过往报道，自2024年11月星巴克传出中国业务部分股权出售消息后，对星巴克中国股权表露过收购意向的除了博裕资本，还包括KKR、方源资本、 太盟投资集团、华润集团、高 ...

文 | 首席消费官，作者 | 多半 沸沸扬扬的"西贝预制菜"风波逐渐落下了帷幕，这场风波不仅让西贝承受了巨大的舆论压力，也让不少 餐饮企业感受到了危机。 不过危机之外也存在机遇，一些餐饮企业通过主打"现做"、开启"明厨亮灶"模式赢取好感度，就连西贝 都在进行调改。在这波餐饮企业"爆改"潮下，中小餐饮企业和连锁餐饮企业还得找到适合自己的方向。 于是在西贝预制菜风波之后，不少餐饮企业开始更多地关注起了"现制"，还有通过"明厨亮灶"的方式直 观地展现菜品的制作过程。让消费者知道他们吃的是什么、怎么制作的，以及是否与宣传一致等。 "爆改潮"下的"伪与真" 西贝预制菜风波推动餐饮企业主动转变 尽管很多餐饮企业都不愿意给自己贴上"预制菜"的标签，但事实却是，消费者认知中的"预制菜"可能是 连锁餐饮企业的必然选择。 一方面，连锁餐饮企业需要保证出餐率和标准化，如果单纯通过现炒现做还要满足上菜速度与口感统 一，相对来说难度很大； 另一方面，现在连锁餐饮企业的经营成本不断水涨船高，人力成本、租金成本都是不容忽视的大头，预 制菜能够在一定程度上实现降本增效。 从目前的餐饮市场来看，依赖中央厨房和预制加工的不在少数。通过中央厨房将 ...

Core Points - Dongguan officially launched the "Shopping Dongguan, Trend Up!" cross-year consumption season activity on November 5, 2025, which will last until March 2026, aiming to boost economic activity in the Greater Bay Area [1][3] - The event will cover six major sectors: retail, catering, cultural tourism, agriculture, culture, and sports, with over a thousand enterprises and platforms expected to participate [1][3] - The initiative is designed to stimulate market vitality and enhance the foundational role of consumption in economic development through a comprehensive activity design [3][4] Retail Sector - "Shopping Dongguan" focuses on retail consumption, offering subsidies for trade-in programs for automobiles, electric bicycles, and home appliances, and promoting local products through online sales [4][13] - Retail consumption vouchers will be distributed during key periods such as New Year and Spring Festival, covering essential categories like 3C products, home goods, and food [4][13] Catering Sector - "Tasting Dongguan" aims to boost accommodation and dining consumption by collaborating with platforms like Meituan and Douyin to promote autumn and winter food consumption [4][5] - Special events such as the "Food in Dongguan" carnival and various food festivals will provide exclusive discounts for ticket holders [4][5] Cultural Tourism Sector - "Traveling Dongguan" will launch over 10 cultural tourism promotional activities centered around major events like the 15th National Games and APEC Summit [4][5] - The initiative includes creating special travel routes and offering discounts for attractions linked to events [4][5] Agricultural Sector - "Farming Dongguan" will host the "Chinese Farmers' Harvest Festival" in November, showcasing agricultural achievements and promoting local products [5][14] - Additional events will include a Spring Festival flower market and various agricultural consumption activities [5][14] Cultural Sector - "Appreciating Dongguan" will enhance cultural consumption through events like the "Lingnan Water Town International Animation Week" and a New Year light festival [5][14] - The initiative will also promote local cultural products and extend the service hours of public cultural venues [5][14] Sports Sector - "Competing Dongguan" will leverage the atmosphere of the National Games to host high-level sports events and promote local sports brands [5][14] - The initiative aims to create diverse sports consumption scenarios by integrating sports with tourism and commerce [5][14] Support Mechanisms - A four-dimensional linkage mechanism has been established to ensure the effectiveness of the activities, involving collaboration between government, enterprises, financial institutions, and online platforms [6][13] - The initiative encourages local towns to develop unique promotional activities and integrates financial incentives to enhance consumer engagement [6][13] Consumer Incentives - Specific consumer subsidies include up to 5,000 yuan for new car purchases, 1,000 yuan for home appliances, and 500 yuan for electronics and sports goods [13][14] - The consumption season aims to provide tangible benefits to citizens while promoting economic growth and enhancing Dongguan's city image [14]

延续同店增势和经营韧性 华泰研究 季报点评 证券研究报告 百胜中国 (9987 HK/YUMC US) 港股通 2025 年 11 月 05 日│中国香港/美国 餐饮 百胜中国公布三季度业绩：3Q25 收入 32 亿美元/yoy+4%，不计及外币换 算 yoy+4%；3Q25 经营利润 4.00 亿美元/yoy+8%，略高于彭博一致预期 （3.98 亿美元）。对应经营利润率 12.5%/yoy+0.4pct（不计及外币换算 yoy+0.4pct）；3Q25 归母净利润 2.82 亿美元/yoy-5%，主要受 Q3 美团股 价回调影响，剔除美团投资亏损后归母净利同比+7%。Q3 股东回馈合计 4.14 亿美元（前 9 个月合计回馈 9.50 亿美元），宣布每股派息 0.24 美元；预计 全年回馈合计约 15 亿美元。季内肯德基、必胜客 Q3 同店延续稳健增长， 新店型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营 利润增长表现靓丽，西式快餐龙头兼具扩张势能与盈利韧性。维持买入评级。 同店延续稳健增长，经营利润率温和上涨 3Q25 公司整体系统销售额+4%，同店同比+1%，延续 Q2 增势。分品牌看 ...

Core Insights - Starbucks China has changed ownership to Hillhouse Capital to address intense market competition, while Yum China operates independently and continues to thrive in the Chinese market [2] - Yum China's Q3 report indicates robust performance with positive same-store sales growth and increased profit margins, driven by rapid expansion of KFC and Pizza Hut [2][3] Financial Performance - In Q3, Yum China's total revenue grew by 4% year-on-year to $3.2 billion, and operating profit increased by 8% to $400 million, resulting in an operating profit margin of 12.5%, up 40 basis points [3][5] - System sales also rose by 4% year-on-year, with same-store sales achieving a 1% increase and same-store transaction volume growing by 4%, marking the tenth consecutive quarter of growth [5][6] Expansion Strategy - Yum China aims to add approximately 1,600 to 1,800 new stores in 2023, maintaining this target in its Q3 report [6] - In Q3, KFC and Pizza Hut opened 402 and 158 new stores respectively, bringing the total to 12,600 and 4,022, with Pizza Hut surpassing 4,000 locations for the first time [6] Market Position and Challenges - Yum China's delivery sales surged by 32% year-on-year, accounting for approximately 51% of restaurant revenue, surpassing dine-in sales for the first time [9] - Despite strong performance, rising delivery costs and competitive pricing strategies have impacted profit margins, with KFC's average transaction value slightly declining by 1% to 38 RMB and Pizza Hut's dropping by 13% to 70 RMB [11] Shareholder Returns - Yum China plans to return $15 billion to shareholders in 2024 and an additional $30 billion from 2025 to 2026, having already returned $9.5 billion in the first nine months of the year [7] Recognition and Awards - Yum China previously won awards in the "Hong Kong Top 100" selection and is expected to compete for recognition again this year, highlighting its strong supply chain and operational capabilities [12]

Core Viewpoint - Starbucks has sold 60% of its stake in its China operations to a local private equity firm, Boyu Capital, for 28.5 billion yuan, marking a significant shift in its business strategy in China [1][4] Group 1: Company Actions - Starbucks is transferring control of over 8,000 stores in China to local management, similar to the strategies employed by McDonald's and KFC [1] - Decathlon is also considering selling 30% of its stake in its China operations, while Häagen-Dazs is looking to sell its Chinese ice cream stores [3][5] - The trend of foreign brands divesting from their Chinese operations is becoming increasingly common, indicating a broader industry shift [3] Group 2: Market Challenges - The profitability of foreign brands in China has significantly declined, with Starbucks reporting an 85.4% drop in net profit, leaving it with less than 1 billion yuan, and its market share plummeting from 42% to 14% [4] - Decathlon's net profit fell by 15.5% last year, and Häagen-Dazs has seen its store count decrease from over 400 to around 200, reflecting a broader decline in customer traffic [4][7] - Foreign brands are struggling to adapt to the changing consumer environment in China, particularly in lower-tier cities, where local brands are gaining traction [8][10] Group 3: Local Brand Strategies - Local brands are effectively utilizing online marketing and competitive pricing to attract consumers, creating a closed-loop system of online engagement and offline experience [8][10] - The success of local brands is attributed to their deep understanding of the Chinese market and their ability to adapt to local consumer preferences [10] Group 4: Future Outlook - The sale of stakes by foreign brands is not necessarily a retreat but a strategic shift towards a lighter asset model, allowing for collaboration with local operators who better understand the market [11] - Historical examples, such as McDonald's and KFC, show that divesting to local management can lead to significant growth in store numbers and improved market performance [11]

天眼查App显示，近日，邵阳市双清区财富自由咖啡店（个体工商户）成立，法定代表人为王洁，注册 资本1万人民币，经营范围为许可项目：酒类经营；食品销售；餐饮服务。（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：保 健食品（预包装）销售；互联网销售（除销售需要许可的商品）；外卖递送服务。（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...