专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 本文来自微信公众号： 灵兽 ，作者：十里，题图来自：AI生成 以下文章来源于灵兽 ，作者十里 一、矛盾的烟酒店 王城经营的那家开了十年的烟酒店，正告别一个黄金时代。 灵兽 . 这家位于河北某个成熟社区的街角小店，其商业模式曾如时钟般精准，以卷烟的高频销售覆盖固定成 本，靠酒类的高毛利实现最终盈利。这个被无数从业者奉为圭臬的公式，在过去十年里，让王城安稳 地度过了市场各种不确定的波动。 然而，现在，这个曾经指引他方向的罗盘，彻底失灵了。 "中秋节？早就不指望了。"对王城而言，这个曾经意味着全年最重要销售战役的节日，如今只剩下库 存的焦虑。 他告诉"灵兽"，"过去，我们提前两个月就得开始备货，尤其是高端白酒和硬通货香烟。现在？备货 量连过去的三分之一都不到，每进一批货都得反复盘算。" 这种极致的保守，是市场给出的最残酷的反馈，利润正在被快速抽干。 变化首先体现在卷烟上。部分高端品类的价格体系正在崩塌。 "比如，一款官方指导价近千元的烟， ...

天眼查App显示，近日，鄂尔多斯市东胜区糯红粮古酱白酒经销店（个体工商户）成立，法定代表人为 袁红梅，注册资本10万人民币，经营范围为许可项目：酒类经营；烟草制品零售。（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：农副产品销售。（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）。 ...

9月30日，群兴玩具涨1.77%，成交额1.34亿元。两融数据显示，当日群兴玩具获融资买入额1303.23万 元，融资偿还1442.43万元，融资净买入-139.20万元。截至9月30日，群兴玩具融资融券余额合计1.86亿 元。 截至6月30日，群兴玩具股东户数3.74万，较上期减少12.04%；人均流通股15825股，较上期增加 16.21%。2025年1月-6月，群兴玩具实现营业收入1.76亿元，同比增长38.40%；归母净利润-1706.17万 元，同比减少158.63%。 分红方面，群兴玩具A股上市后累计派现6021.00万元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，群兴玩具十大流通股东中，财通价值动量混合A（720001）退出 十大流通股东之列。 责任编辑：小浪快报 融资方面，群兴玩具当日融资买入1303.23万元。当前融资余额1.86亿元，占流通市值的3.91%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，群兴玩具9月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年 ...

天眼查App显示，近日，泸州尚官酒类销售有限公司成立，法定代表人为张海军，注册资本58.8万人民 币，经营范围为许可项目：酒类经营；食品互联网销售；食品销售；互联网信息服务。（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：互联网销售（除销售需要许可的商品）；广告设计、代理；食品互联网销售（仅销售预包装食 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）。 ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Huazhi Wine, which fell by 5.44% to 22.08 yuan per share, with a total market capitalization of 9.203 billion yuan [1] - Huazhi Wine operates primarily in the marketing and service of domestic and international premium alcoholic beverages, with its main revenue sources being 91.97% from white liquor, 6.25% from imported wine, 1.11% from other beverages, and 0.67% from spirits [1] Group 2 - From the perspective of fund holdings, Guolian Fund has a significant position in Huazhi Wine, with its Guolian Smart Selection Pioneer Stock A fund holding 31,300 shares, representing 0.38% of the fund's net value, making it the fifth-largest holding [2] - The Guolian Smart Selection Pioneer Stock A fund has achieved a year-to-date return of 34.64% and a one-year return of 68.9%, ranking 1497 out of 4220 and 1190 out of 3820 respectively [2] Group 3 - The fund managers of Guolian Smart Selection Pioneer Stock A are Wang Zhe and Chen Xinyu, with Wang having a tenure of 6 years and 316 days and a total fund size of 2.79 billion yuan, achieving a best return of 106.32% during his tenure [3] - Chen Xinyu has a tenure of 6 years and 58 days with a fund size of 1.216 billion yuan, achieving a best return of 63% during his tenure [3]

Core Viewpoint - Huazhi Wine announced the receipt of a development fund amounting to 21,251,044.00 yuan from its subsidiary Huazhi Boutique Wine Trading Co., Ltd [2] Group 1 - The development fund received is specifically aimed at supporting the company's growth initiatives [2] - The amount received is approximately 21.25 million yuan, which reflects a significant financial boost for the company [2]

智通财经APP讯，帝王国际投资(00928)发布截至2025年3月31日止年度业绩，收益4076.5万港元，同比 下降82.6%;公司拥有人应占亏损4745.3万港元，上年同期溢利1581.8万港元;每股基本亏损2.56港仙。 截至2025年3月31日止年度，集团取得毛利约1273万港元(截至2024年3月31日止年度：约3779万港元)。 集团的整体毛利率为31.23%(截至2024年3月31日止年度：16.17%)。截至2025年及2024年3月31日止年 度，集团的整体毛利主要归因于毛利率较低的酒类销售。本年度约100.00%的销售额来自酒类销售(截至 2024年3月31日止年度：51.29%)。 公司已申请于2025年9月22日上午九时正起恢复公司股份于联交所买卖。 ...

Core Insights - The article highlights the emerging trend of individuals transitioning from traditional careers to becoming "shared wine estate" owners, leveraging a low-cost, low-inventory business model in the wine industry [1][4][20] Business Model - The "shared wine estate" model allows individuals to operate with minimal investment and inventory pressure, utilizing cloud storage for products and facilitating quick delivery to customers [4][6] - The average profit margin for products in this model ranges from 50% to 70%, indicating a high potential for profitability [6] Market Growth - The initiative has seen rapid expansion, with over 6,000 individuals already participating in the "shared wine estate" system, including professionals from various fields such as medicine and law [4][6] - The second phase of the "thousand cities, ten thousand stores" strategy is underway, with nearly 100% of new owners recovering their initial investment within two months [6][20] Demographic Trends - The model is attracting a diverse demographic, including younger entrepreneurs and retirees, with specific programs designed to support individuals aged 50 and above [12][20] - The "youth entrepreneurship plan" aims to provide lower barriers for younger generations to enter the wine business, while the "silver-haired entrepreneurship plan" caters to older individuals seeking engagement and social interaction [12][20] Customer Engagement - The wine estates are not just selling products but are also focused on creating a cultural experience around wine, with events like themed wine and movie nights [7][9] - The digital platform allows customers to place orders easily, and both owners and customers can earn points that can be redeemed for exclusive wine products [9][12]

Core Viewpoint - The company, Qunxing Toys, reported a revenue of 175.53 million yuan for the first half of the year, a year-on-year increase of 38.4%, but faced a net loss of 17.06 million yuan, a decline of 158.6% compared to the previous year, indicating a significant disparity between revenue growth and profitability [1][4]. Revenue and Profitability - The main revenue driver for the company is liquor sales, which accounted for over 80% of total revenue in the first half of the year, but with a low gross margin of only 2.32% [1][5]. - The newly launched computing power business generated 18.11 million yuan in revenue, representing 10.32% of total revenue, but is currently operating at a loss with a gross margin of -88.66% [2][4]. Business Expansion and Challenges - The company is attempting to enter the AI sector through a planned acquisition of Hangzhou Tiankuan Technology, but this initiative has seen no substantial progress in over six months [5][9]. - Despite the challenges, the company has secured a significant contract worth 113 million yuan with Tencent for computing power services, effective from April 2025 [6]. Shareholder Dynamics - The shareholder structure has changed, with an increase in individual shareholders, including notable investors who have recently entered the top ten shareholders list [7][9]. - The stock price has declined approximately 30% since the announcement of the acquisition plan, reflecting market skepticism about the company's future prospects [10].

Group 1 - The core viewpoint of the article is that Qunxing Toys (SZ 002575) held its 22nd meeting of the fifth board of directors on August 28, 2025, to review the semi-annual report and summary for 2025 [1] - For the year 2024, the revenue composition of Qunxing Toys shows that liquor sales accounted for 91.29%, while rental income from owned properties and entrepreneurial park operation services made up 8.71% [1] - As of the report date, the market capitalization of Qunxing Toys is 5.3 billion yuan [1] Group 2 - The article mentions that over 20,000 applications have been submitted for joining Haidilao, with 41 franchises already opened, indicating a significant interest in the brand [1] - The estimated investment required to join Haidilao is around 10 million yuan, which is considered not excessive [1]