从北京的沙河大集到山东的黄河大集，从河南的洧川大集到江苏的沭阳年货大集……近年来，各地城郊 农贸大集频频在社交媒体火热出圈，吸引了越来越多的游客涌入。 完善配套增便利。针对农贸大集普遍存在的停车难、交通堵、"方便之事"不方便等痛点，可以采取新建 停车场、增设城乡直达的公交线路、增设公共卫生间等措施，以细节服务将"流量"转化为"留量"。 加强监管建信任。消除一些人对农村市场食品安全、交易公平、商品质量等的顾虑，相关部门要加强对 市集的监督管理。例如洧川大集管理方专门为美食市场制定了"十不准"，包括不准缺斤少两、不准破坏 市场卫生环境等，并成立了专门机构负责对摊位的督导检查，以此营造公平交易、安全放心的消费环 境。 烟火气里藏着大民生，小集市连着大循环。中央农村工作会议提出，"培育壮大县域富民产业"。农贸大 集的火爆，折射出城乡居民对美好生活的共同追求。把握"顶流"机遇，多维协同发力，既保留质朴本色 又焕发现代活力，打造更多有特色、有活力、有魅力的集市，城乡循环将更加畅通，乡村发展将更有支 撑。（中国经济网专栏作者 毛同辉） 农贸大集一头连着田间地头，让农产品就近进入市场，满足城乡居民的吃穿用度；一头又为民俗文化 ...

（原标题：方正证券：首次覆盖遇见小面(02408)给予"推荐"评级 直营+特许经营相结合灵活扩张） 智通财经APP获悉，方正证券发布研报称，遇见小面(02408)为川渝风味面馆龙头，菜品以川渝风味为 主、主打性价比，短期关注公司同店修复及门店扩张节奏，中长期看，公司在国内外市场仍有较大开店 空间。该行预计2025-2027年公司经调整净利润分别为1.4/2.4/3.7亿元，首次覆盖，给予"推荐"评级。 方正证券主要观点如下： 川渝风味面馆第一品牌，直营+特许经营相结合灵活扩张 公司是以重庆小面系列为主打的中式餐饮连锁品牌，目前公司产品已扩展到各种辣与不辣的菜品，涵盖 面条、米饭、小吃和饮料。公司首家门店2014年于广州开设，而后陆续迎来多轮融资。2017年-2020年 公司陆续在深圳、北京等地开出首店，并于2019年开设首家特许经营门店。2021年公司门店总数突破一 百家，而后通过直营+特许经营的双重模式加速扩张，2021-2024年公司门店数量由133家增长至360家。 2024年公司在香港开设首家餐厅，截至2025年6月30日，公司旗下餐厅包括中国内地22个城市的410家餐 厅及中国香港特别行政区的7家餐 ...

同日，经视直播记者尝试联系该门店，截至发稿未获回应。记者也向荥经县市场监督管理局了解详细情 况，工作人员表示，17日当天已开展调查，具体情况需由经办人员统一回应。 视频显示，店内一名叼着烟的年长男子蹲在地上，多次用刷子蘸取地面食用油，随后刮入炸锅中，疑似 回收后继续使用。评论区有网友晒出该店过往照片，指出其卫生环境较差，且油锅内油色黝黑。早在 2024年，就有网友反映该店可能使用"地沟油"。 12月17日，有网友在社交媒体发布视频反映，四川省雅安市荥经县一家名为"天天想吃"的小吃店，存在 将洒落在地的油用刷子蘸取回收的行为，引发关注。店老板夫妇随后在社交媒体致歉，称系家中老人帮 忙时不小心将油锅弄翻，"处理的时候采取了不恰当的方式，这事做得太错了"。 据四川手机报12月18日报道，荥经县市场监督管理局工作人员回应称，视频中的老人系店主父亲，其因 不慎打翻油锅，认为用拖把清理不便，遂用刷子蘸取回收。执法人员上门检查后，暂未发现继续使用废 油的证据，目前已要求该店停业整改。 12月19日，一封落款为"荥经县天天想吃老板夫妇"的道歉信在社交媒体流传。信中称，事件发生于12月 17日早上，系家中老人在帮忙时不慎打翻油 ...

Core Viewpoint - Starbucks is struggling to regain its former glory, with recent earnings reports reflecting a significant decline in performance, leading to a negative sentiment among investors [1][2]. Financial Performance - Over the past one, three, and five years, Starbucks has underperformed the S&P 500 index, with price declines exceeding double-digit percentages in all time frames [2]. - For fiscal 2025, Starbucks reported a net income of $1.86 billion, a substantial 51% decrease from fiscal 2024 [6]. - Net revenue for fiscal 2025 increased by less than 3% to nearly $32.2 billion, but comparable sales fell by 1%, with declines in both the U.S. and China markets [7]. Strategic Initiatives - In mid-2024, Starbucks initiated a turnaround strategy called "Back to Starbucks," aimed at increasing store traffic and reviving growth [8]. - The strategy includes enhancing the in-store experience through measures such as the return of the condiment bar, writing on cups, and a revised code of conduct, with a goal to close customer orders within four minutes [10]. Customer Experience - Despite the strategic changes, the in-store experience remains largely unchanged, with customers feeling less welcome and the atmosphere not conducive to relaxation [11][12]. - The company has been reducing its store footprint in the U.S., but these adjustments are not perceived as effective solutions to inspire customer engagement [13].

Core Insights - Hubei Province's Xiangyang City has launched ten food streets to showcase its diverse culinary culture and urban charm, aiming to boost cultural tourism consumption and support high-quality urban development [1] Group 1: Food Streets Overview - The ten food streets encompass a mix of historical traditions and modern trends, highlighting Xiangyang's unique food culture [1] - The initiative is designed to systematically promote Xiangyang's food landmarks, enhancing the city's appeal to tourists and locals alike [1] Group 2: Specific Food Streets - Xiangyang Ancient City features a variety of local snacks like beef noodles and brown sugar cakes, attracting visitors with its vibrant atmosphere [3] - Xiangshui Street, known for its barbecue stalls, is a popular nighttime dining spot for locals, characterized by a lively and casual dining experience [5] - The 603 Cultural and Creative Park offers a blend of art and food, appealing to a younger, artistic crowd with its unique ambiance [7] - Fenghua Road Night Market is the largest and most famous night market in Xiangyang, known for its extensive selection of local delicacies like spicy crayfish and barbecued fish [9] - Happiness Road Food Street serves as a daily dining spot for residents, offering affordable local dishes such as beef noodles and hot pot [11] - Zhakou Food Street is a must-visit for summer seafood lovers, featuring various preparations of crayfish [12] - Dongfeng Road Food Street is a traditional dining area for locals, known for its authentic flavors and budget-friendly prices [12] - Zhenxing Road Food Street specializes in marinated ribs, attracting both loyal customers and new establishments [12] - Chang'an Night Market in Xiangzhou District is wallet-friendly and bustling, popular for its barbecue and crayfish offerings [15] - Fukun Market Food Street in Xiangyang High-tech Zone caters to office workers, providing a variety of quick meals and snacks [17]

Core Viewpoint - The company "Yujian Xiaomian" is taking a significant step towards capitalizing on the growing Chinese fast-food market by initiating its IPO process on the Hong Kong Stock Exchange, aiming to become the first Chinese noodle restaurant listed in Hong Kong [2][3]. Company Overview - Founded in 2014 by graduates from South China University of Technology, Yujian Xiaomian started with a single store in Guangzhou and has since expanded to 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, focusing on both spicy and non-spicy noodle dishes, rice sets, snacks, and beverages [4]. - The company operates through a combination of direct sales and franchising, with a significant concentration of its outlets in economically vibrant eastern and southern regions of China, particularly Guangdong Province, which accounts for over half of its total stores [4]. Market Position - According to Frost & Sullivan, Yujian Xiaomian ranks as the fourth largest Chinese noodle restaurant operator in terms of total merchandise transaction value, holding a market share of 0.5% for 2024 [5]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are RMB 418 million, RMB 801 million, and RMB 1.154 billion, respectively, with adjusted net profits expected to shift from a loss of RMB 34.97 million in 2022 to a profit of RMB 63.89 million in 2024 [5]. - In the first half of 2025, Yujian Xiaomian reported a revenue of RMB 703 million, reflecting a year-on-year growth of 33.8%, and an adjusted net profit of RMB 52.18 million, up 131.56% from the previous year [5]. Revenue Sources - The majority of the company's revenue comes from direct restaurant operations, which accounted for 80.5% in 2022, increasing to 89% by the first half of 2025. This includes both dine-in and takeout services [6]. - Franchise management also contributes to revenue, though its share has been gradually decreasing, from 19.3% in 2022 to 10.9% in the first half of 2025 [6]. IPO Details - The IPO will involve a global offering of 97.3645 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international investors, at a price range of HKD 5.64 to HKD 7.04 per share. Notably, cornerstone investors have committed to USD 22 million, representing 25% of the total fundraising [4][5]. Future Outlook - The funds raised from the IPO will be utilized for expanding the restaurant network, enhancing technology and digital systems, brand building, strategic investments in the upstream food processing sector, and general corporate purposes [7]. - Despite the competitive landscape of the Chinese noodle restaurant sector, the high standardization, strong repurchase rates, and moderate customer spending suggest significant potential for scalable replication, positioning Yujian Xiaomian for greater market presence in the trillion-yuan fast-food industry [7].

Core Viewpoint - Southbound funds have reduced their holdings in Helen's International Holdings Limited (09869.HK) significantly over the past trading days, indicating a potential shift in investor sentiment towards the company [1][2]. Group 1: Shareholding Changes - On November 20, 2025, southbound funds reduced their holdings by 404,500 shares, representing a decrease of 0.42% [2]. - Over the last five trading days, there has been a cumulative net reduction of 448,000 shares [1]. - In the past twenty trading days, the total net reduction amounts to 2,525,000 shares [1]. Group 2: Current Holdings - As of November 20, 2025, southbound funds hold a total of 95,864,000 shares of Helen's, which constitutes 7.56% of the company's total issued ordinary shares [1][2]. Group 3: Company Overview - Helen's International Holdings Limited operates as an investment holding company, primarily engaged in bar operations and franchising in Mainland China and Hong Kong [2]. - The company's product offerings include draft beer, beer, cocktails, wine, and snacks, with notable brands such as Tiger Crystal, Heineken, and Corona [2].

Core Viewpoint - The trend of restaurant brands setting up street stalls reflects a response to the challenges faced in dine-in services, as they seek to attract customers with affordable prices and brand exposure [1][8][15] Group 1: Industry Trends - Since July, numerous restaurant brands across various cities have started street vending, offering affordable meals and breaking traditional dining boundaries [2][8] - The types of dishes offered are diverse, including classic main courses, cold dishes, and snacks, with many stalls providing up to 70 different options [4][8] - Pricing strategies have shifted towards affordability, with most dishes priced between 10-30 yuan, making them more accessible compared to dine-in options [4][9] Group 2: Consumer Behavior - Consumer feedback indicates a mix of satisfaction and criticism, with some perceiving the food as pre-prepared and questioning its quality compared to dine-in meals [5][8] - The shift in consumer spending habits is evident, with a notable decrease in those planning to increase their dining expenditure in 2024 compared to 2023 [9][11] Group 3: Financial Implications - Some restaurants report significant daily revenues from street stalls, with figures reaching up to 30,000 yuan, indicating a potential new revenue stream [11][12] - However, the income generated from street vending may not fully compensate for the decline in dine-in sales, as many customers may simply be shifting their spending rather than attracting new clientele [12][14] Group 4: Competitive Landscape - The emergence of street stalls creates competition with small eateries, particularly in the ready-to-eat segment, although the two operate in different market segments [17][19] - The experience of dining at street stalls may not match that of traditional restaurants, as the food is often prepared in bulk, affecting taste and quality [17][19] Group 5: Future Considerations - The long-term viability of street vending for established brands raises concerns about brand value erosion, as consumers may prefer lower-priced options over traditional dining experiences [15][19] - The industry may need to explore innovative dining experiences to attract customers back to restaurants, as mere affordability may not suffice in retaining customer loyalty [19]

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company is the fourth largest operator of Chinese noodle restaurants in China, holding a market share of 0.5% as of 2024 [1][4]. Company Overview - The company operates the Yujian Xiaomian brand in mainland China and Hong Kong, with a network of 440 restaurants in 22 cities in mainland China and 11 in Hong Kong as of October 8, 2025. It has 101 new restaurants in the pre-opening stage [4]. - The company’s restaurant locations are primarily in eastern and southern China, with over half located in Guangdong Province [4]. Market Position - The Chinese fast food restaurant market, which includes Chinese noodle restaurants, is a significant segment of the overall Chinese dining service market, projected to account for approximately 17.6% in 2024. The market is highly fragmented, with the top five players holding about 3.0% market share [5]. - The company ranks 13th in the overall Chinese fast food restaurant market with a market share of 0.14% based on total merchandise transaction value [5]. Business Model and Growth - The company has successfully expanded its restaurant count from 133 to 451, representing a growth of 239.1% during the reporting period [5]. - The company operates through both direct management and franchising, with 86 franchised restaurants as of June 30, 2025 [7]. Financial Performance - Revenue figures for the company are as follows: approximately RMB 800.5 million in 2023, RMB 1.154 billion in 2024, and RMB 703.2 million for the six months ending June 30, 2025. Profits for the same periods were RMB 45.9 million, RMB 60.7 million, and RMB 41.8 million respectively [8]. - The company’s financial performance has shown rapid growth, supported by a strong brand presence and effective management strategies [7]. Market Outlook - The Chinese noodle restaurant market is expected to grow significantly, with total merchandise transaction value projected to reach RMB 510 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [7]. - The Sichuan-Chongqing flavored noodle market is anticipated to grow even faster, with a projected CAGR of 13.2% during the same period [7].

Core Viewpoint - The company "Yujian Xiaomian" is progressing with its IPO in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant chain, following a previous failed attempt in April 2023 [1] Industry Overview - The total transaction value of the Chinese noodle restaurant market is projected to grow from RMB 183.3 billion in 2020 to RMB 296.2 billion by 2024, with a compound annual growth rate (CAGR) of 12.7%. It is expected to reach RMB 510 billion by 2029 [1] - The Sichuan-Chongqing flavored noodle market is expected to expand from RMB 45 billion in 2020 to RMB 72.7 billion by 2024, with a CAGR of 12.8%, and is projected to reach RMB 135.7 billion by 2029, with a CAGR of 13.2% from 2025 to 2029 [1] Company Performance - Yujian Xiaomian achieved a turnaround from loss to profit, with revenues of RMB 418 million, RMB 801 million, and RMB 1.154 billion from 2022 to 2024, and net profits of RMB -36 million, RMB 46 million, and RMB 61 million during the same period [2] - In the first half of 2025, the company reported revenue of RMB 703 million, a year-on-year increase of 33.8%, and an adjusted net profit of RMB 52.2 million, up 131.56% [2] - The number of restaurants increased significantly, with 43, 92, 120 new openings in 2022, 2023, and 2024 respectively, and 63 in the first half of 2025, totaling 451 operational restaurants as of October 8, 2025, with plans for over 500 by year-end [2][3] Sales Metrics - The average daily sales per store for direct-operated restaurants decreased from RMB 11,881 in 2022 to RMB 11,805 in the first half of 2025, reflecting a decline of approximately 7% year-on-year [4] - The average order value for direct-operated and franchised restaurants fell from RMB 36.2 and RMB 36 in 2022 to RMB 31.8 and RMB 30.9 in the first half of 2025 [6] Financial Health - The company's current liabilities increased from RMB 149 million in 2022 to RMB 255 million in the first half of 2025, with a debt-to-asset ratio decreasing from 95.77% to 87.83% during the same period [6] - Costs associated with raw materials, labor, and depreciation have risen significantly, with raw material costs reaching RMB 220.9 million in the first half of 2025, an 18% increase year-on-year [6] Employee Benefits - The company has not fully paid social insurance and housing fund contributions, with discrepancies of approximately RMB 11.7 million, RMB 12.7 million, RMB 5.3 million, and RMB 2.6 million from 2022 to the first half of 2025 [7]