智通财经记者 | 李烨 智通财经编辑 | 许悦 微醺赛道又一连锁品牌向资本市场发起冲击，近期，COMMUNE幻师（以下简称"COMMUNE"）向港股递交了招股书。 经过多年各式微醺产品的洗礼，年轻的消费者对小酒馆、餐酒吧的模式已经毫不陌生。从大学生到职场人士，人们已非常习惯在周末约会、工作日休闲晚餐 之时来到这样的店里，点上几份中西结合的经典小食菜品，搭配一两杯鸡尾酒或精酿，度过一段舒适的相聚时光。 图片来源：COMMUNE幻师官方小红书 眼下这个规模实际上已让COMMUNE排在微醺赛道前列。除了正期望通过加盟快速扩大规模的海伦司在COMMUNE之前外，公路商店、跳海、鹅岛的门店 数量都只有两位数。 这种消费模式已经十分成熟，市场上各式Bistro餐馆、爵士乐酒吧，以及连锁品牌中的鹅岛、公路商店、海伦司，本质上都是踩中相似的消费情绪。 2016年COMMUNE开出首家门店，智通财经自招股书看到，2023年-2024年，COMMUNE营收从8.45亿元增长至10.74亿元，同比增幅 27.1%；2025年前三季 度营收同比增长14.2%，达8.72 亿元。 增长主要来自于COMMUNE的门店扩张，由2023年底 ...

编者按 2025年，中国酒水行业在挑战与机遇中持续变革。渠道库存高企、终端动销乏力等长期问题尚未缓解，政策、消 费与场景的多重变化推动行业步入深度调整。 与此同时，新机遇不断显现：年轻化趋势助推产品创新，低度酒、果露酒、气泡黄酒等成为连接Z世代的重要载 体；渠道去库存催生变革，即时零售、打酒铺等新模式助力动销提升；国内增长放缓，促使酒企加快出海步伐， 白酒正从商品出口迈向文化输出，积极拓展全球布局。 在此背景下，今年酒行业涌现出哪些重要趋势、变化与现象？南都湾财社-酒水新消费指数课题组对此进行总结与 盘点。 "散酒"这种老模式，成为今年的"新事物"。 今年7月，上海一家阳春面馆在卖3元一碗阳春面的同时，还搭配出售48元/杯茅台酒（10毫升小瓶装）、24元五粮 液以及12元剑南春等，这种价格反差引起了社会的强烈关注，也让行业重新发现了散酒这种老模式的新价值。 南都湾财社-酒水新消费指数课题组记者注意到，今年下半年开始，各种新式"打酒铺"加速"上马"，从部分商超设 置了独立吧台按杯卖酒，再到酒企亲自下场布局"打酒铺"，散酒这门酒行业曾经赖以生存的老生意，在深度调整 期中焕发了新的生机，同时也受到了包括年轻人在内的 ...

Core Insights - The Chinese liquor industry is undergoing significant transformation in 2025, facing challenges such as high channel inventory and weak terminal sales, while also experiencing new opportunities driven by changing policies, consumption patterns, and scenarios [1] Group 1: Market Trends - The trend of "loose liquor" has resurfaced as a new phenomenon, with various new-style "liquor shops" emerging, allowing consumers to purchase liquor by the cup, which has gained recognition among younger consumers [2][3] - The "liquor shop" model has become popular, particularly in urban areas, with high demand observed in places like Guangzhou, where consumers are eager to try premium brands at lower prices [3][4] - The market for loose liquor is projected to exceed 800 billion yuan in 2024 and reach a trillion yuan by 2025, indicating a strong potential for growth [6] Group 2: Company Strategies - Major liquor companies are entering the "liquor shop" space, with brands like Gujing Gongjiu and Kuozi Jiu actively opening their own liquor shops to cater to community needs and alleviate inventory pressure [5][6] - The new liquor shops are designed to appeal to younger consumers, offering a social space that combines quality and affordability, thus addressing the evolving consumer preferences [6][7] Group 3: Challenges and Concerns - Despite the potential of the "liquor shop" model, there are concerns regarding profitability, cost pressures, and the balance of interests with traditional distributors [8] - Food safety issues related to loose liquor have raised public concerns, with incidents of contamination affecting consumer trust and potentially hindering the expansion of this model [9]

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 Insights - A dinner gathering involving NVIDIA CEO Jensen Huang, Samsung Electronics Chairman Lee Jae-Yong, and Hyundai Motor Chairman Chung Eui-sun led to significant stock movements in South Korea, particularly in the chicken industry [1][3][6] Group 1: Stock Movements - Following the dinner, shares of Kyochon F&B Co., a competitor of Kkanbu Chicken, surged by 20% during trading [3] - Cherrybro Co., a poultry processing company, reached a 30% limit-up, with trading volume increasing to approximately 200 times its average [3] - Neuromeka Co., which produces chicken-frying robots, saw its stock rise by 20.15% [3] Group 2: Market Behavior - The phenomenon reflects a "hotspot-driven" effect in the South Korean stock market, where investors pursue short-term gains linked to cultural, political, or economic events [6] - Such market behavior is often observed in small-cap stocks and is driven more by sentiment than by fundamental performance [6] - Jensen Huang has previously influenced stock prices positively, as seen in a 2024 speech where companies related to artificial intelligence experienced significant stock increases [6]

Group 1 - Nvidia's CEO Jensen Huang attended the APEC summit in South Korea and dined with major conglomerates, experiencing local fried chicken and beer culture [1] - The dinner included three servings of fried chicken, cheese sticks, and three glasses of draft beer, with Huang also consuming soju [1] - Huang announced "everyone's meal is on me," but the actual bill of approximately 2.5 million Korean Won was settled by Lee Jae-Yong and Chung Eui-sun [1]