李娜：我们营业时间也是从平时的8个小时调整到9~10个小时，主要销售的产品是图书、文创纪念 品还有咖啡饮品，假期的营业额比平时增长很多，是平常营业额的3~4倍。 根据文化和旅游部数据，假日8天，全国国内出游8.88亿人次，较2024年国庆节假日7天增加1.23亿 人次；国内出游总花费较2024年国庆节假日7天增加1081.89亿元。不同于以往"走马观花"式的游览，今 年的旅游市场"情绪价值+文化体验"成为主要消费偏好，演唱会、赛事、影视IP继续成为出行核心触发 点。 在江苏，"苏超"将赛事流量转化为点燃消费的新引擎。南京等地开设集美食、文创与特色商品为一 体的观赛"第二现场"，将赛事热度延伸至消费端。南京银杏里文化艺术街区负责人朱晓峰透露，南京队 对阵连云港队比赛当天，球迷们围坐在巨型LED大屏前，品港城风味，尝金陵美食，当天街区消费额较 日常增长超过两成。 朱晓峰：为外地球迷提供我们南京本地的特色美食，提供连云港的一些手作文创产品以及连云港特 色的美食。 央广网北京10月10日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，习近平总书记 指出，要增强消费能力，改善消费条件，创新消费场景，使消费潜力充 ...

星巴克董事长兼首席执行官布莱恩·尼科尔(Brian Niccol)在致欧洲员工的一封信中表示，英国、奥地利 和瑞士的部分门店也将关闭，但没有透露这些国家将有多少家门店受到影响。(完) 中新网9月26日电(吴家驹)据美联社报道，星巴克9月25日宣布，为集中资源实现业务转型，将在美国、 加拿大和欧洲关闭数百家门店，并裁减900名非零售岗位员工，闭店计划将立即启动。 （文章来源：中国新闻网） 星巴克并未透露具体闭店数量，但闭店主要集中在美国和加拿大。星巴克预计在本月底企业财年结束 时，将北美门店缩减至18300家。截至6月29日，星巴克北美门店总数为18734家。 ...

尼科尔在信中解释说，公司评估后发现，部分门店既无法实现财务稳定，也无法提供符合顾客期待的实 体环境，因而将被关闭。 他强调，星巴克每年都会因财务情况、租约到期等原因新开或关闭门店，但"此次调整的影响更为深 远"。 星巴克表示，预计投入10亿美元用于此次重组，其中8.5亿美元用于实体门店关闭及租赁合同解除。 这是星巴克今年第二次裁员。2月，尼科尔宣布在全球范围裁员1100人。他当时表示，星巴克需要提高 运营效率，加强决策问责。（鞠银河） （文章来源：新华社） 新华财经北京9月26日电星巴克公司25日宣布，将在美国、加拿大和欧洲关闭数百家门店，裁减大约900 名员工，以集中资源实现业务重组。 据美联社报道，闭店计划将立即启动，但星巴克没有公布具体闭店数量，只说本月底企业财年结束时其 北美门店数量将为18300家。截至6月底，星巴克在北美有18734家门店。 此外，公司董事长兼首席执行官布赖恩·尼科尔在致员工的信中说，位于英国、奥地利和瑞士的一些门 店也将关闭，但他同样没有透露闭店数量。 ...

Core Points - The "Hubei·Wuhan Macao Week" event attracted approximately 255,000 attendees over four days, showcasing the unique culture and flavors of Macao and Hubei [1] - The event featured various themed areas, including "Portuguese Market" and "Macao Secret Box," promoting tourism, commerce, and local cuisine [1] - The event included nearly 90 performances, blending traditional and modern elements, enhancing the overall experience for attendees [2] Group 1: Event Highlights - The "Portuguese Market" showcased 28 shops offering Macao's specialty snacks and beverages, drawing significant crowds [1] - The "Macao Secret Box" area featured interactive experiences with the Macao tourism ambassador, encouraging visitor engagement [1] - A commercial matching conference was held, with nearly 200 representatives from Hubei and Macao discussing trade opportunities across various sectors [2] Group 2: Business Opportunities - Macao's food companies, such as佳英食品有限公司, aimed to introduce their products, including mooncakes, to the Hubei market [3] - The event is part of a broader initiative by the Macao government to promote tourism and commerce, having attracted nearly 6 million participants across 11 cities since 2020 [3] - The collaboration between Hubei and Macao is expected to deepen, leveraging each region's unique advantages for economic development [4]

追踪新商业、好公司，提供一手情报与领先认知。 以下文章来源于明亮公司 ，作者主编24小时在线 明亮公司 . 作者： MD 出品：明亮公司 据路透消息，星巴克中国股权出售最终入围机构基本确定， 具体包括凯雷集团、EQT，以及国内机 构红杉中国、博裕投资等4家机构， 此前IPO早知道曾提及，有超20家机构有意参与竞购星巴克中国 股份， 其中包括瑞幸咖啡的股东大钲资本和互联网巨头腾讯 。另据投中网，春华也在此次竞购最终 入围机构名单之内。 路透还称，交易协议可能在10月底达成。但据「明亮公司」向接近交易相关人士了解，目前参与竞 购的机构此前仅是各自提交了方案，星巴克方面并未透露自身诉求、也没有具体谈判行为。 "（星巴克）在10月中下旬确定其中的一家或几家机构合作后，再去展开交易细节的具体谈判。"上 述人士透露，此前机构提交的方案会成为最终协议谈判的基础，不过"10月底可能很难正式达成协 议"。 交易资产范围和细节仍很模糊 "这次交易比较奇怪，除了估值之外，关于出售资产范围、具体的运营合作方式，都没有透露任何信 息。"一位观察人士向「明亮公司」表示。 外媒信息，星巴克中国最新的估值水平在50亿美元，远低于此前提及的1 ...

Group 1 - The core point of the article is that multiple bidders have submitted acquisition proposals for Starbucks' China business, with valuations reaching up to $5 billion [1] - Most of the bids value the business at approximately 10 times its expected EBITDA for 2025 [1] - A spokesperson for Starbucks declined to comment on the valuation or the latest developments regarding the acquisition [1]

Core Viewpoint - Guming Holdings Limited (01364.HK) reported strong financial results for the first half of 2025, with significant revenue and profit growth exceeding market expectations [1][2]. Financial Performance - Revenue for the first half of 2025 reached 5.663 billion yuan, a year-on-year increase of 41.2% [1]. - Shareholder profit surged to 1.625 billion yuan, up 121.51% compared to the previous year, surpassing the total net profit for 2024 [1]. - Adjusted net profit was 1.086 billion yuan, reflecting a 42.4% increase from 762 million yuan in the same period last year [2]. - Gross Merchandise Volume (GMV) for the first half of 2025 was 14.094 billion yuan, a 34.4% year-on-year growth [2]. - The average daily GMV per store increased from 6,200 yuan to 7,600 yuan, marking a 22.6% rise [2]. - Cash and bank balances rose significantly from 1.9353 billion yuan at the end of the previous year to 4.2693 billion yuan [2]. Growth Drivers - The company's growth was driven by rapid store expansion and improved operational efficiency [3]. - A net increase of 1,265 stores was achieved in the first half of 2025, with a total of 11,179 stores across over 200 cities in China [3]. - The proportion of stores in lower-tier cities reached 80.9%, with 43% located in townships, indicating a strong presence in underdeveloped markets [3]. - The expansion of the coffee product line contributed significantly to revenue growth, with over 8,000 stores equipped with coffee machines and 16 new coffee products launched [3][4]. Supply Chain and Operational Efficiency - The company operates 22 warehouses with a total area of approximately 230,000 square meters and a cold storage capacity exceeding 61,000 cubic meters [4]. - Guming owns and operates 362 delivery vehicles, enabling 98% of stores to receive deliveries within two days, enhancing product quality and operational efficiency [4]. Future Outlook - Based on strong performance, the company has raised its annual store expansion target from 2,100 to 2,500 stores [5]. - Analysts project adjusted net profits for 2025-2027 to be 2.285 billion, 2.699 billion, and 3.259 billion yuan, with growth rates of 48%, 18%, and 21% respectively [5]. - The company plans to explore overseas market opportunities while focusing on domestic supply chain optimization and store network expansion [6]. - Guming's extensive store network serves as a competitive advantage, particularly in lower-tier cities, where significant market potential remains [6].

Core Viewpoint - The Shanghai-based new tea drink brand, Lemon Right, is entering the light coffee market with a new product matrix centered around "lemon + coffee" as it celebrates its fourth anniversary [1] Company Strategy - Lemon Right's founder, Xu Baihe, emphasizes a clear positioning strategy focusing on lemon as the core ingredient while eliminating unrelated products [1] - The company aims to extend operating hours and enrich consumption scenarios by introducing coffee and breakfast products [4] Market Context - The coffee market is experiencing significant growth, with competitors like Mixue Group's Lucky Coffee seeing a 164% year-on-year increase in new store openings in Q2, reaching over 7,000 stores by July 31 [3] - Xu Baihe notes that many existing brands attempting to launch lemon coffee often rely on yellow lemons or lemon syrup, lacking the complex craftsmanship of using multiple types of lemons [3] Product Development - Lemon Right plans to introduce breakfast items to complement coffee sales, particularly in locations like airports and train stations where coffee sales have been strong [4] - The company believes that coffee can better meet the demand for energy-boosting beverages compared to lemon tea, which primarily addresses the need for refreshing drinks [3] Competitive Landscape - Xu Baihe asserts that Lemon Right operates in a different segment compared to other tea brands that have introduced coffee, such as Gu Ming and Mixue Ice City, as their store formats and target markets differ [5] - The company positions itself as the first tea brand focusing specifically on the niche of lemon coffee [5] Expansion Plans - Currently, Lemon Right is refining its business model before accelerating store expansion, aiming for high efficiency with a target of three staff members per store and a strict area limit of 15 to 20 square meters [6] - The company has signed partnerships in multiple Southeast Asian markets and aims for profitability in its overseas expansion rather than merely increasing brand awareness [6]

Core Viewpoint - The company reported a revenue of 5.663 billion yuan for the first half of 2025, representing a year-on-year increase of 41.2%, and a net profit attributable to shareholders of 1.625 billion yuan, up 121.5% year-on-year [1] - Adjusted core profit reached 1.086 billion yuan, reflecting a year-on-year growth of 42.4%, with an adjusted core profit margin of 20.1%, an increase of 1.1 percentage points year-on-year [1] Financial Performance - The company achieved a gross profit margin of 31.5%, which is stable despite a slight decrease of 0.1 percentage points year-on-year, amidst fluctuating raw material prices [1] - Cash and cash equivalents stood at 4.269 billion yuan, showing a significant increase of 120.6% compared to the end of 2024, indicating strong cash flow [1] Store Expansion and Market Strategy - The total number of stores reached 11,179 by the end of the first half of 2025, representing a net increase of 1,265 stores compared to the end of 2024, exceeding initial expectations [1] - The company has focused on expanding in mature markets while also improving operations in northern markets like Shandong, with a notable increase in daily sales [2] Product Development and Customer Engagement - The company launched 52 new products in the first half of 2025, with significant progress in improving coffee beverage varieties, equipping over 8,000 stores with coffee machines [2] - The registered member count reached approximately 178 million, with active members in the second quarter of 2025 at about 50 million, reflecting a year-on-year increase of 36.9% [2] Market Position and Competitive Landscape - The company has a leading position in the domestic market with a total of 5,875 franchisees, an increase of 22.4%, and aims to maintain stable profitability for franchisees [2] - The overall GMV (Gross Merchandise Volume) for the first half of 2025 was 14.094 billion yuan, up 34.4%, with single-store GMV at 1.3705 million yuan, a year-on-year increase of 20.6% [2]

Core Insights - Company achieved revenue of 5.7 billion yuan in 1H25, a year-on-year increase of 41%, and adjusted core profit of 1.1 billion yuan, up 49% year-on-year, exceeding expectations due to store count and single-store revenue performance [1] - The target price has been raised from 21.2 HKD to 28 HKD, indicating a potential upside of 24%, while maintaining a buy rating [1] Store Expansion - The company added 1,265 new stores in the first half of the year, bringing the total store count to 11,179, a year-on-year increase of 18% [1] - The proportion of stores in tier two and below cities increased by 2 percentage points to 81%, with town stores accounting for 43%, up 4 percentage points year-on-year [1] - Over 3,000 stores have been opened or are under contract but not yet opened [1] Single-Store Performance - Average daily GMV per store increased by 21% to 7,600 yuan, with same-store revenue growth slightly faster, particularly in dine-in, which grew over 10% [1] - Same-store revenue growth exceeded 20% in July and August, benefiting from substantial takeaway subsidies [1] Coffee Business Development - Over 8,000 stores have been equipped with coffee machines as of 1H25, with 16 new coffee beverages launched [2] - The company began promoting coffee in late June, achieving stable daily sales of approximately 60-80 cups per store, attracting new customer segments [2] Investment Outlook - The company is viewed positively due to its regional encryption strategy, supply chain efficiency, product innovation capabilities, and store opening potential [2]