中国商报（记者 冉隆楠 文/图）整体营收同比增速超40%，盒马鲜生进入40个新城市，超盒算NB新开门店超过200家……这是盒马交出的2025年"成绩单"。 值得关注的是，在这份业绩优秀的成绩单里，新兴城市的贡献不容小觑。公开报道显示，在天津、河北石家庄、山东临沂、河南洛阳、四川宜宾等盒马鲜生 新进入的40个城市中，几乎所有门店"开业即爆满"。 新兴城市新店频频"走红" 在过去的一年里，盒马持续扩张版图。尽管一线城市依然是其"主战场"，但很明显的是，盒马正在"押宝"新兴城市的消费潜力。 近日，CIC灼识咨询与盒马共同发布的《2025年百城"盒区房"消费力报告》（简称报告），基于线下门店日均订单、笔单价及日均进店客流衡量盒马线下门 店活跃度，首次发布"盒区房指数"。其中，石家庄指数飙升至171，徐州达到141，临沂达到127，均高于全国重点城市（一线及新一线城市）均值（基础计 算指数100）。 有盒马相关人士告诉中国商报记者，2025年盒马在不少新兴城市开设首店，它们的首日业绩都超出预期。"可以发现，新兴城市的消费者对于品质消费有比 较迫切的需求，很高兴盒马能够获得当地消费者的认可。" 盒马河北唐山首店开业当天客 ...

智通财经APP获悉，在香港和澳大利亚经营餐厅及烘焙业务的 Cafe Deco Group 于周一向美国证券交易 委员会(SEC)提交了申请，拟通过 IPO 筹集至多 1300 万美元。 这家总部位于香港的公司计划以每股 6 美元至 8 美元的发行价区间，发行 180 万股股票，以此筹集 1300 万美元。按拟议发行范围的中值计算，峰景餐厅集团的市场价值将达到 1.53 亿美元。 公司成立于1998年，截至2025年3月31日的12个月内，其营收为1.08亿美元。该公司尚未选定交易所或 股票代码。Kingswood Capital Markets 是此次交易的唯一簿记管理人。 Deco是一家餐饮集团，在香港和澳大利亚悉尼经营着45家餐厅，旗下拥有自营品牌和授权的国际品牌 （如日出茶太、段纯贞），提供一系列休闲餐饮选择。其商业模式垂直整合，包括食品加工部门Food Square(为约400家餐饮服务门店供货)和烘焙部门Baker & Patissier(为香港和澳门约350家门店供货)。 ...

Core Insights - The integration of culture and tourism is being leveraged to enhance consumer spending and stimulate economic growth through innovative scenarios, upgraded business formats, and optimized experiences [1] Group 1: Innovative Consumption Scenarios - Shandong's Zibo City is focusing on diverse consumer needs, driving upgrades in consumption scenarios in scenic spots and retail through "cultural tourism integration" and "business innovation" [3] - A tavern in the Zhoucun Ancient Mall combines beer culture, live performances, and homestay experiences, creating an immersive consumption space that blends retro charm with modern trends [5] - A bakery in Zibo achieved a record of 15,000 visitors in a single day and an average daily sales of 1,500 units for its popular products, showcasing the impact of scenario innovation and product advantages [8] Group 2: Revitalizing Travel Economy - Guizhou's Libo County attracts tourists nationwide with its warm climate and beautiful scenery, contributing to the travel economy [7] - Kunming's Jinning District, known for its spring-like climate and rich wellness resources, draws a significant number of visitors for travel and residence [9] - In Chaoyang Town's Hongjiang Village, picturesque fields and artistic residences have made it a popular travel destination [10] Group 3: Technology-Enabled Interactive Experiences - Henan's Kaifeng City is accelerating cultural tourism integration, with more scenic spots relying on cultural heritage to create immersive service projects [12] - The interactive experience at the ball-screen cinema brings to life the Northern Song painter Zhang Zeduan's "Along the River During the Qingming Festival," allowing visitors to feel as if they are exploring ancient Bianliang [14] - At the Qingming Riverside Landscape Garden in Kaifeng, interactive experiences transition visitors from passive observation to active participation in vibrant urban legends [15] Group 4: Rural Transformation and Tourism - In Shanxi's Zhenping County, local government initiatives are promoting livable and workable beautiful rural construction, with villagers operating homestays to provide diverse options for tourists [17] - The development of the tourism and wellness industry in Zhenping County has enabled more villagers to benefit economically from tourism [17] Conclusion - The deep integration of cultural tourism and consumption is injecting lasting momentum into urban and rural economic growth, painting a vivid picture of stable economic development and continuous improvement in people's livelihoods [19]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking a significant shift in its business model in the country after 26 years [1][30] - The total value of Starbucks' retail business in China is projected to exceed $13 billion, equivalent to approximately 92.5 billion RMB [1][4] - The partnership aims to accelerate product and digital innovation, expand into new cities and regions, and deepen emotional connections with customers through localized integration [1][30] Transaction Structure - Boyu Capital will hold up to 60% of the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [4] - The joint venture is based on an enterprise value of approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its Chinese retail business to exceed $13 billion [4][25] - The goal is to expand Starbucks' store count in China to 20,000, up from around 8,000 currently, although no specific timeline has been provided [4][29] Market Context - The partnership comes amid increasing competition in China's coffee market, with local brands like Luckin Coffee gaining market share through competitive pricing and innovative offerings [24] - Starbucks has faced pressure to adapt to changing consumer preferences and the rapid growth of the coffee culture in China, prompting the exploration of strategic partnerships [24][30] - The collaboration with Boyu Capital is seen as a way to leverage local market expertise to enhance Starbucks' growth potential in China [6][30] Historical Background - Starbucks entered the Chinese market in 1999 and initially operated through a franchise model due to foreign investment restrictions, transitioning to a wholly-owned model by 2017 [17][19] - The company has played a significant role in educating the Chinese market about fresh coffee and establishing a high-end coffee brand image [17][19] - Starbucks has invested in local initiatives, including a coffee farmer support center in Yunnan, to enhance its supply chain and community engagement [19][21] Leadership and Future Outlook - Brian Niccol, CEO of Starbucks, emphasized the importance of maintaining a strong brand presence in China and the potential for significant growth in the number of stores [25][27] - The new CEO of Starbucks China, Molly Liu, is focused on driving business recovery and innovation in product offerings and customer service [29] - The partnership with Boyu Capital is expected to open a new chapter for Starbucks in China, reinforcing its commitment to the market [1][30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 3.145 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.73%. The net profit attributable to the parent company was 248 million yuan, up 22.03% year-on-year [8] - The core driver of growth remains the cream products, with significant revenue growth in both traditional and new retail channels [8] - Rising costs have impacted profitability, with a gross margin of 28.9% in Q3 2025, down 2.4 percentage points year-on-year [8] - The company expects marginal improvement in costs and continued revenue growth in Q4 due to seasonal demand and new product launches [8] Financial Performance Summary - Total revenue forecast for 2023A is 3.499 billion yuan, with a projected growth of 20.22% year-on-year. For 2024A, the revenue is expected to reach 3.835 billion yuan, growing by 9.61% [1] - The net profit attributable to the parent company for 2023A is forecasted at 73.03 million yuan, with a significant increase of 266.94% in 2024A to 267.97 million yuan [1] - The earnings per share (EPS) for 2023A is projected at 0.43 yuan, increasing to 1.58 yuan in 2024A [1] - The price-to-earnings (P/E) ratio is expected to decrease from 94.29 in 2023A to 25.69 in 2024A, indicating improved valuation [1]

Core Insights - The well-known bakery coffee brand "85°C" is experiencing a significant number of store closures, indicating a strategic contraction in the Chinese mainland market [3][10] - The parent company, "Meishi-KY," reported a sales decline of over 20% in the mainland market, leading to the decision to close more than 40 stores this year, marking the largest operational adjustment in five years [3][10] Company Overview - 85°C is a renowned chain brand originating from Taiwan, specializing in coffee, cakes, and baked goods, founded in 2003 [3] - The brand's name reflects the ideal brewing temperature for coffee, emphasizing a combination of "five-star quality" and "affordable prices" [3] Market Challenges - The closures are not isolated incidents but part of a broader trend, with reports of store shutdowns in cities like Hangzhou, Shanghai, and Nanjing [8] - The company is facing deep-rooted challenges such as brand aging and insufficient innovation, which are critical factors contributing to its declining market presence [4][11] Financial Performance - The sales revenue for 85°C in the Chinese mainland is projected to shrink to approximately 8.053 billion New Taiwan Dollars (around 1.88 billion RMB) in 2024, a decline of over 20% from the previous year [10] - The contribution of the mainland market to the company's overall sales has decreased from 51% to 42% [10] Strategic Adjustments - The company is implementing a strategy of "elimination and selection" to optimize its store operations, with plans to open new franchise stores by the end of the year [3][8] - Industry experts suggest that the current store closures are a necessary decision to mitigate losses, as existing stores are unable to reverse the financial downturn [10][11]

Core Insights - The well-known bakery coffee brand "85°C" is experiencing a significant number of store closures, indicating a strategic contraction in the Chinese mainland market [3][10] - The parent company, "Meishi-KY," reported a sales decline of over 20% in the mainland market, leading to the decision to close more than 40 stores this year, marking the largest operational adjustment in five years [3][10] Company Overview - 85°C is a popular chain brand originating from Taiwan, specializing in coffee, cakes, and baked goods, founded in 2003 [3][10] - The brand's name reflects the ideal brewing temperature for coffee, emphasizing a combination of "five-star quality" and "affordable prices" [3] Market Challenges - The closures are not isolated incidents but part of a broader trend, with reports of store shutdowns in cities like Hangzhou, Shanghai, and Nanjing [8][10] - The company is facing deep-rooted challenges such as brand aging and insufficient innovation, which are critical factors contributing to its declining market presence [4][11] Financial Performance - The sales revenue for 85°C in the mainland market is projected to shrink to approximately 8.053 billion New Taiwan Dollars (around 1.88 billion RMB) in 2024, a decline of over 20% from the previous year [10] - The contribution of the mainland market to the company's overall sales has decreased from 51% to 42% [10] Strategic Adjustments - The company is implementing a "淘汰择优" (eliminate the inferior and retain the superior) strategy, indicating a focus on optimizing store performance [8][10] - Despite the closures, the company plans to open new franchise stores and continue innovating its product offerings [3][9] Industry Context - The bakery market is becoming increasingly competitive, with new brands emerging and capturing market share, which poses a challenge for established brands like 85°C [11] - The industry faces systemic issues, including complex supply chains and high product standardization difficulties, leading to regional brand dominance and price wars [11]

Core Insights - 85°C is undergoing significant store closures in mainland China, with over 40 locations expected to shut down this year, marking the largest operational adjustment in five years due to a sales decline exceeding 20% and ongoing losses [4][9][10] - The closures reflect deeper challenges of brand aging and lack of innovation, as the company struggles to compete with emerging brands in the bakery market [4][10] - The company plans to open new franchise stores by the end of the year, indicating a strategy of "elimination and selection" to improve overall performance [4][8] Company Overview - 85°C, a well-known chain brand originating from Taiwan, specializes in coffee, cakes, and baked goods, and has expanded rapidly since its establishment in 2003 [4][9] - The brand's name is derived from the ideal brewing temperature for coffee, emphasizing its commitment to quality at affordable prices [4] Market Challenges - The bakery industry is facing systemic challenges, including complex supply chains and severe product homogenization, which hinder national expansion and lead to regional brand dominance [10] - The low entry barriers in the industry have resulted in intense price competition, forcing many brands to rely heavily on marketing rather than product differentiation [10] Financial Performance - In 2024, 85°C's sales in mainland China are projected to drop to approximately 18.8 billion RMB, a decline of over 20% from the previous year, with its market contribution falling from 51% to 42% [9] - The company has reported significant losses since the second half of 2023, with losses reaching approximately 460 million RMB in the first half of 2025 [9][10]

在中国大陆市场"瘦身"，全年关店十分之一……这家曾经的"星巴克"劲敌，为何节节败退？ 关店潮来袭 近日，台湾连锁咖啡烘焙品牌85度C董事会突然宣布，将大幅关闭中国大陆营运不善的门店，预估全年关店数将超过40家，创近五年最大幅度调整。这也 意味着85度C将有超过十分之一的大陆门店熄灯歇业，以求"止血"。 从区域分布看，截至今年上半年江苏门店最多达134家，上海119家、福建109家，而在安徽、北京、天津、山东、四川、重庆等地门店数仅是个位数。 一业内人士分析认为，85度C未来不排除退出华北、西南等特定区域市场，聚焦资源于华东华南的优势区域，以减少亏损。 财务数据显示，美食-KY（85度C母公司）今年上半年在中国大陆业务已造成约2亿元新台币（折合人民币约4600万元）的亏损；若不调整营运结构，2025 年该区域亏损恐扩大至超过4亿元新台币（折合人民币超9300万元）。 值得注意的是，85度C的大陆事业 2021年尚处于盈利状态，但自2023年下半年起转亏。2024年，亏损持续扩大，去年亏损近4亿元新台币（折合人民币约 9300万元）。 公司表示，此次调整旨在应对大陆餐饮市场竞争加剧、消费力低迷的局面，试图通过优化 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company, marking its first coverage [6]. Core Views - The company is a leading national chain supermarket that is firmly advancing its quality retail transformation. It has experienced rapid growth in revenue, store count, and net profit from 2010 to 2019, with compound annual growth rates of 23.9%, 21.7%, and 19.9% respectively. However, it faced operational losses starting in 2021 due to various market pressures and has since committed to a quality retail strategy [1][16]. Summary by Sections Company Overview - The company began in 1998 and pioneered the "Agricultural Reform Supermarket" model. It expanded rapidly, reaching 911 stores by 2019. However, it has faced challenges since 2021, leading to a net store closure trend and a total loss of 9.502 billion yuan from 2021 to 2024 [1][16][22]. Store Transformation - The company is actively transforming its stores, with a target of reaching 200 remodeled stores by the end of September 2025 and 300 by early 2026. As of August 15, 2025, 160 remodeled stores were operational [1][28]. Product Layout - The company is optimizing its product structure by significantly updating its inventory, with over 60% of products being new. It is focusing on high-margin categories such as baked goods and ready-to-eat meals, with a notable increase in sales during the 2025 Spring Festival [32][37]. Supply Chain Reform - The company is shifting from a traditional KA model to a cost-plus procurement model, enhancing its product differentiation. It is also establishing a central kitchen to ensure product quality and stable supply [47][49]. Service Improvement - The remodeled stores are equipped with various customer service facilities, enhancing the shopping experience. Employee wages have also increased significantly, with a focus on improving employee satisfaction and retention [53][56]. Industry Overview - The supermarket industry in China is characterized by stable growth, with the top 100 supermarket companies projected to achieve a sales scale of approximately 900 billion yuan in 2024, reflecting a year-on-year growth of 0.3%. The industry is undergoing a transformation, with many companies focusing on store remodeling as a key strategy for 2025 [2][6].