今年 9 月 1 日，携程与柬埔寨国家旅游局签署营销合作协议。协议内容：甲方（柬埔寨国家 旅游局）委托乙方（携程）在乙方关联机构发布广告服务。合作期限： 2025 年 9 月 1 日至 2026 年 3 月 31 日。协议原计划于柬埔寨对华免签后上线广告内容，基于中国驻柬埔寨大 使馆近期发布的安全提醒，我司第一时间暂停了原定的投放动作，合作未曾启动。携程承 诺：该协议不涉及任何数据合作，绝不存在泄露用户隐私信息的情况，并已将合作协议及实 际情况提交相关部门验证核查。 携程高度重视数据与信息安全建设，相关工作已获得多项权威认可：包括 ISO27001 信息安 全管理体系认证、 ISO27701 隐私信息管理体系认证、通信网络安全防护三级备案以及公安 网络安全等级保护三级备案。此外，公司每年还接受相关部门组织的网络数据安全风险评 估， 2025 年已于 10 月完成通过。 携程始终珍视用户的信任与支持，未来将继续以更严格的标准落实数据安全主体责任，为广 大用户创造安全、放心的出行环境。 【导读】携程发布声明：与柬埔寨营销合作未启动，没有泄露用户隐私 中国基金报记者 忆山 12 月 25 日，携程发布关于用户关切问 ...

Group 1 - The global ready-to-drink beverage market is steadily growing, with a market size increasing from $598.9 billion in 2018 to $779.1 billion in 2023, and expected to reach $1,103.9 billion by 2028, reflecting a CAGR of 7.2% from 2023 to 2028 [6][9] - The ready-to-drink beverage segment's share of the global beverage market increased from 43.7% in 2018 to 45.7% in 2023, projected to rise to 48.0% by 2028, driven by consumer health awareness and demand for personalized products [6][9] - China and Southeast Asia are key growth regions for the ready-to-drink beverage industry, with respective CAGR of 17.6% and 19.8% from 2023 to 2028, significantly higher than the global average [9][19] Group 2 - The Chinese ready-to-drink beverage market grew from ¥187.8 billion in 2018 to ¥517.5 billion in 2023, with a CAGR of 22.5%, and is expected to reach ¥1,163.4 billion by 2028 [19][28] - The market size for ready-to-drink tea and coffee in China in 2023 was ¥258.5 billion and ¥172.1 billion respectively, with projected CAGRs of 17.3% and 19.8% from 2023 to 2028 [19][28] - The penetration rate for ready-to-drink tea is expected to rise from 23% in 2023 to 34% in 2028, while the coffee market's penetration is projected to increase from 9% to 18% in the same period [23][24] Group 3 - The competitive landscape of the Chinese ready-to-drink beverage market is characterized by low concentration, with the top three brands being Mixue Ice City, Luckin Coffee, and Starbucks, holding market shares of 11.3%, 8.3%, and 6.3% respectively [28][49] - Mixue Ice City is the only brand positioned in the budget price segment, while other major competitors focus on mid-range pricing [49][57] - The supply chain is a significant competitive factor, with Mixue Ice City and Guming demonstrating strong supply chain capabilities, including extensive procurement networks and logistics systems [37][58] Group 4 - Mixue Group, the leading ready-to-drink beverage company in China, operates 46,479 stores globally as of 2024, with a market share of 20.2% in the ready-to-drink tea segment [57][58] - Guming, the largest budget ready-to-drink tea brand, has a strong presence in lower-tier cities, with 80% of its stores located in these areas [60][61] - The profitability of franchisees in Guming is high, with an average single-store profit of ¥376,000 and a profit margin of 20.2%, indicating strong franchisee interest [61]