不堆料，重体验，像科技公司一样做产品。 文 丨 周正 渠道变革确实在发生，不只因为电商取代传统商场超市，也因为消费者买单的理由变了：中国人对个 体感受的重视度持续上升，年轻消费者在金钱、时间、家庭、自我及群体态度上与过去世代形成鲜明 对比。只是把商品推到消费者面前，加几个口号和打折标签已经不足以打动他们。 在今天消费环境中取得成功的品牌，都得在管理流程之外，凭借对用户的直觉，评论区碎片化的反馈 和数据细微变化，与隐形消费者保持同频。 整个 2024 年，亚朵卖了超过 300 万只深睡枕、77 万条深睡被，零售业务的收入增速超过 120%，营 收已经相当于酒店业务的一半。按收入计算，成立仅四年的零售品牌 "亚朵星球"，在中国家纺行业已 经可以排进前四，其核心产品深睡枕和深睡被卖成了电商平台细分品类的第一。 酒店卖床品并不新鲜，"顺手卖个枕头" 听上去理所当然。威斯汀 1999 年就和席梦思合作了 "天梦之 床" 系列床品。但威斯汀作为此前零售最成功的酒店案例，上市十几年累计销售额不过 1 亿多美元， 不及其酒店主业的零头。其中枕头只卖了 25 万个。近十年，本土品牌也时有尝试以酒店带货零售品 牌，结果还不如威斯 ...

Core Viewpoint - The Chinese hotel industry is experiencing a "ice and fire" scenario, with major players like Huazhu, Jinjiang, Shoulu, and Atour showing divergent performance and strategic choices amid overall industry growth [3][6]. Group 1: Performance Overview of Major Players - Huazhu Group leads with Q1 2025 revenue of 5.4 billion yuan, a 2.2% year-on-year increase, and a net profit of 890 million yuan, up 35.7% [4][8]. - Atour Group, with 1,727 stores, is the only one among the four giants to achieve significant growth in both revenue and profit, reporting a 29.8% revenue increase to 1.91 billion yuan and a 32.3% net profit increase to 350 million yuan in Q1 2025 [5][8]. - Jinjiang Group, despite having the largest number of stores (13,513), saw a revenue decline of 8.25% to 2.94 billion yuan and a staggering 81.03% drop in net profit to 40 million yuan [4][9]. - Shoulu Group reported a revenue of 1.77 billion yuan, down 4.34%, but net profit increased by 18.4% to 140 million yuan [4][10]. Group 2: Strategic Insights - Huazhu maintains a light-asset model with a high franchise ratio (94.7%), focusing on franchise growth while cautiously exploring retail [5][26]. - Atour's retail revenue has surged, accounting for 30.3% of total revenue, with a 66.5% increase in retail income to 694 million yuan in Q1 2025, although this has led to a 61.7% rise in sales expenses [24][25]. - Jinjiang and Shoulu are struggling with growth, with Jinjiang's core mid-to-low-end business declining and Shoulu's membership and "scenic + dining" strategy showing limited results [5][28]. Group 3: Industry Trends and Challenges - The hotel industry is facing a "volume increase, price decrease" trend, with overall RevPAR down 9.7% to 118 yuan, ADR down 5.8% to 200 yuan, and OCC down 2.5% to 58.8% [13][14]. - The competitive landscape is intensifying, with Huazhu and Atour maintaining operational efficiency through high occupancy rates, while Jinjiang and Shoulu struggle with both occupancy and pricing [5][17]. - The shift towards a light-asset model is prevalent, with franchise stores exceeding 90% across the industry, complicating brand management [41]. Group 4: Future Outlook - The key for Huazhu will be to enhance operational precision to counteract slowing growth, while Atour must maintain profitability amid retail expansion [5][41]. - Jinjiang and Shoulu need to find new growth avenues, focusing on improving membership conversion efficiency and expanding their presence in the high-end market [41].