以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 步履不停。 作者：邱鑫浩 来源：邱处机 在线下门店的经营压力下，侯毅的宠物零售新项目"派特鲜生"终究没能跑通模式。 据《第一财经》报道，派特鲜生在上海的 10 多家门店，已有 7 家显示停业。侯毅也表示，计划 到今年 12 月中旬关闭所有线下门店，但会保留线上业务。 百店梦想 今年 2 月 21 日，侯毅宣布进军宠物食品零售领域，创立"派特鲜生"品牌，首店于 2 月 22 日 开业。 根据他的宏伟计划，今年拟先在上海市场布局，开出 100 家门店，且结合线上线下共同发展，主 打新零售、折扣化、零食量贩和人宠社交。 为了这一项目，侯毅不仅把微信头像更换为一只小狗，还在朋友圈发布招聘海报，全力投入宠物 赛道。 火力全开下，派特鲜生在 3 月和 4 月，就在上海实现了 10 店联开。 01 这距离侯毅高调创立这一宠物食品零售品牌，才过去不到 9 个月。 这里插播一条课程资讯： 报名 「吴世春·西安出行活动」， 1月23日-25日 ， 吴世春将亲自带队 100家企业家 ， 去陕 西西安线下游学 ， 走进科技制造产业，打开万亿赛道蓝海。 你 在 创业路上 ...

作者：邱鑫浩 来源：邱处机 步履不停。 在线下门店的经营压力下，侯毅的宠物零售新项目"派特鲜生"终究没能跑通模式。 据《第一财经》报道，派特鲜生在上海的10多家门店，已有7家显示停业。侯毅也表示，计划到今年12月中旬关闭所有线下门店，但会保留线上业务。 这距离侯毅高调创立这一宠物食品零售品牌，才过去不到9个月。 01 百店梦想 今年2月21日，侯毅宣布进军宠物食品零售领域，创立"派特鲜生"品牌，首店于2月22日开业。 根据他的宏伟计划，今年拟先在上海市场布局，开出100家门店，且结合线上线下共同发展，主打新零售、折扣化、零食量贩和人宠社交。 为了这一项目，侯毅不仅把微信头像更换为一只小狗，还在朋友圈发布招聘海报，全力投入宠物赛道。 火力全开下，派特鲜生在3月和4月，就在上海实现了10店联开。 凭借盒马创始人的背景和宠物行业的潜力，今年5月7日，"派特鲜生"宣布完成2500万美元的天使轮融资，创下近年来宠物行业天使轮融资新高。 当时"派特鲜生"表示，资金将用于大数据定制产品创新、建设供应链体系和门店精细化运营及拓展。 派特鲜生的商业模式，延续了侯毅擅长的"新零售"打法。 以长宁海粟广场店为例。派特鲜生这家全国首 ...

2025.11.17 11月17日，第一财经记者联系到侯毅，侯毅独家对第一财经记者透露，因线下门店经营压力大，计划到 今年12月中旬关闭所有"派特鲜生"门店，但会保留线上业务。 百店梦想，数月后开始关店 今年2月21日，侯毅宣布进军宠物食品零售领域，创立"派特鲜生"品牌，首店2月22日开业。根据计划， 今年拟先在上海市场布局，开出100家门店，且结合线上线下共同发展，主打新零售、折扣化、零食量 贩和人宠社交。 本文字数：2091，阅读时长大约4分钟 作者 |第一财经 乐琰 "这家宠物零售店才开了几个月，已经暂停营业了，生意不太好，平时客流量不大。"在上海长宁 KING88商场，一位工作人员对第一财经记者唏嘘道。而他所说的宠物零售店正是盒马创始人侯毅今年 刚"杀入"的新赛道新品牌"派特鲜生"。 第一财经记者查询大众点评平台发现，"派特鲜生"共10多家门店，其中已有7家显示"暂停营业"或"歇业 关闭"。 日前，第一财经记者实地走访发现，"派特鲜生"南丰城、博荟广场、长宁KING88、长宁中山 龙之梦、保利时光里等数家门店均已停业。 宠物生意好做吗？ 第一财经记者在实地走访时发现，大量的"派特鲜生"门店都开设在宠物 ...

2025.11. 17 本文字数：2091，阅读时长大约4分钟 作者 | 第一财经 乐琰 "这家宠物零售店才开了几个月，已经暂停营业了，生意不太好，平时客流量不大。"在上海长宁 KING88商场，一位工作人员对第一财经记者唏嘘道。而他所说的宠物零售店正是盒马创始人侯毅今 年刚"杀入"的新赛道新品牌"派特鲜生"。 第一财经记者查询大众点评平台发现，"派特鲜生"共10多家门店，其中已有7家显示"暂停营业"或"歇 业关闭"。 日前，第一财经记者实地走访发现，"派特鲜生"南丰城、博荟广场、长宁KING88、长宁 中山龙之梦、保利时光里等数家门店均已停业。 有接近"派特鲜生"人士透露，目前公司都还在正常运作。 第一财经记者就此事联系侯毅，侯毅透露"派特鲜生"实体店经营压力很大，经过评估考虑后决定到12 月中旬关闭所有门店，目前已经关闭了一些门店。"线上业务我们还是会继续，未来也会考虑一些新 的发展。" 根据公开信息显示，目前候毅正重点打造"侯毅说"个人品牌。 侯毅此前接受第一财经记者采访时表示："'派特鲜生'要先测试一下投入产出情况，然后来看是不是可 在全国进行推广。初期我们还是以直营店为主，根据不同的情况可以考虑适当 ...

Core Insights - The company reported a revenue of 2.725 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.42% [1] - The net profit attributable to shareholders was 52.3348 million yuan, with a year-on-year increase of 9.28% [1] - The net profit after deducting non-recurring items reached 38.5796 million yuan, showing a significant year-on-year growth of 65.9% [1] Business Performance - The company has successfully opened 37 new stores in the third quarter, bringing the total number of stores to 516 by the end of September [1] - There are 18 additional stores planned to open in the fourth quarter [1] - The company launched its first new image store in Shanghai, focusing on space optimization, product enhancement, image upgrade, and customer satisfaction [1] Product Categories - Revenue from all major product categories, including milk powder, food, supplies, cotton textiles, toys, and travel products, showed significant growth in the first three quarters [2] - The sales of the company's own brand increased by 21% year-on-year, becoming a key driver of the company's performance growth [2] Strategic Initiatives - The company has upgraded its corporate culture and brand strategy, aiming to become a leading maternal and infant health lifestyle brand in China [2] - The company's slogan has been updated to reflect this vision, emphasizing a commitment to health in response to the "Healthy China" strategy [2]

上海爱婴室商务服务股份有限公司（以下简称"公司"）根据上海证券交易 所《上市公司行业信息披露指引第四号——零售》的要求，现将 2025 年三季度 门店变动情况及主要经营数据披露如下： | 地区 | 经营 | | 新开门店 | | | 关闭门店 | | | | 期末门店 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 业态 | 门店 | 面积(m2) | 开业 | 门店 | 面积(m2) | | 关闭 | 门店 | 面积(m2) | | | | 家数 | | 时间 | 家数 | | | 时间 | 家数 | | | 华东 | 零售 | 37 | 7,224.11 | 2025 年第一、二、 | 9 | 5,698.95 | 2025 | 年第一、二、 | 293 | 120,519.46 | | | | | | 三季度 | | | | 三季度 | | | | 华南 | 零售 | 13 | 1,900.89 | 2025 年第一、二、 | 7 | 935.92 | 2025 | 年第一、二、 | 72 | 20,69 ...

Core Viewpoint - Zhejiang Taotao Vehicle Co., Ltd. reported significant growth in net profit for the third quarter of 2025, indicating strong operational efficiency and effective marketing strategies [3]. Financial Performance - The net profit attributable to shareholders is expected to be between 58 million and 62 million yuan, representing a year-on-year increase of 92.46% to 105.73% compared to 30.136 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 57.48 million and 61.48 million yuan, reflecting a year-on-year growth of 94.97% to 108.54% from 29.482 million yuan [3]. Business Operations - The company specializes in the research, development, production, and sales of all-terrain vehicles, electric golf carts, electric scooters, electric balance bikes, electric bicycles, and their accessories [2]. - During the reporting period, the company accelerated overseas production capacity construction, strictly controlled expenditure, deepened brand marketing strategies, and continuously expanded sales channels, which effectively improved operational efficiency [2].

Group 1 - The Chengdu exhibition market is experiencing a surge ahead of the upcoming holidays, with multiple large-scale exhibitions opening to stimulate consumer spending and prepare for the National Day and Mid-Autumn Festival economy [1][2] - The 13th TOPS Chengdu Pet Expo features over 500 exhibitors and more than 4,500 pet brands, covering the entire industry chain from food to medical supplies, creating an immersive experience for pet owners and their pets [1] - The first "Chengdu Enjoy Life Expo and Rongcheng Shopping Season" showcases a variety of experiences, including brand salons and health lectures, focusing on four key areas: maternity and baby, tourism, jewelry, and oral health [1] Group 2 - The 25th Sichuan Mid-Autumn Food Expo and Mooncake Culture Festival features nearly 200 enterprises and over 2,000 products, promoting rich Mid-Autumn flavors through various cultural activities [2] - The 4th Chengdu Huaxia Home Expo spans 22,000 square meters, attracting 107 well-known home brands and is expected to draw 25,000 visitors, directly generating approximately 80 million yuan in consumption [2] - Industry insiders believe that these series of exhibitions effectively showcase the vitality of the Chengdu consumer market and play a significant role in promoting holiday economy and urban consumption prosperity [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue increase of 8% and a net profit increase of 10% in the first half of 2025, with revenue reaching 1.835 billion yuan and net profit at 46.74 million yuan [1] - The company is focusing on expanding its direct stores in East China, Central China, and South China, while optimizing its product category structure [2] - The collaboration with Bandai Namco is expected to enhance profit margins, with the company projected to achieve revenues of 3.8 billion yuan in 2025, 4.2 billion yuan in 2026, and 4.7 billion yuan in 2027, reflecting growth rates of 9%, 11%, and 12% respectively [3] Financial Summary - The company is expected to generate revenues of 3.466 billion yuan in 2024, with a growth rate of 4.06%, and net profit of 106.41 million yuan, reflecting a growth rate of 1.61% [4] - The projected earnings per share (EPS) for 2025 is 0.97 yuan, with a price-to-earnings (P/E) ratio of 20.30 [4] - The company’s total market capitalization is approximately 2.69876 billion yuan [6]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Views - The company reported a 10.17% year-on-year increase in net profit attributable to shareholders, amounting to 46.74 million yuan in the first half of 2025 [1]. - Revenue for the first half of 2025 reached 1.835 billion yuan, reflecting an 8.31% year-on-year growth [1]. - The company is focusing on optimizing store formats and accelerating store openings, with a net increase of 12 stores in the first half of 2025, bringing the total to 487 stores [3]. - A partnership with Bandai Namco is expected to create a new growth avenue, with plans to open more stores featuring popular IPs [4]. Financial Performance - In Q2 2025, the company achieved revenue of 976 million yuan, a 9.89% increase year-on-year, and a net profit of 40.04 million yuan, up 10.9% year-on-year [2]. - The gross profit margin for the first half of 2025 was 25.9%, a slight decrease of 0.55 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 1.3 yuan for every 10 shares, with a dividend payout ratio of 38.53% [2]. Store Expansion and Strategy - The company has opened 35 new stores and closed 23 in the first half of 2025, with a focus on high-consumption cities [3]. - A new standardized store model has been developed to enhance customer acquisition and operational efficiency, resulting in a nearly 20% increase in customer visits and sales [3]. - The company has signed agreements for 30 additional stores to be opened in 2025, indicating a strong commitment to expansion [3]. Financial Projections - The company expects net profits to reach 135 million yuan, 168 million yuan, and 204 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 13 [4][5]. - Revenue projections for the next few years are as follows: 3.812 billion yuan in 2025, 4.223 billion yuan in 2026, and 4.765 billion yuan in 2027, with growth rates of 9.96%, 10.77%, and 12.86% respectively [5][10].