一张"浙BA"票根 串起浙江绍兴城市烟火图鉴 中新网绍兴8月24日电(郭天奇 陈素琴 潘笑坤)2025浙江省城市篮球联赛("浙BA")绍兴队对战富阳队的赛 事近日在浙江绍兴上演。场馆外，摊位上刚炸好的臭豆腐泛着金黄油光，麻团的甜香混着晚风飘向街 角，营业员边打包边和球迷聊球……这场接地气的篮球盛宴，不仅点燃了民众的乡土热情，更让一张小 小的赛事票根，成了串联城市烟火与文化记忆的"钥匙"。 "浙BA"的热度，从涌入赛场的人潮中便能窥见，据统计，"浙BA"绍兴队主场首战，有近万名球迷涌入 绍兴奥体中心。为进一步激发消费热情，绍兴市商务局发放"篮球之夜·越里共享浙BA"市集无门槛消费 券，比赛当晚可在绍兴奥体中心篮球之夜市集60余家活动摊位使用。咸亨酒店副总经理孙国樑介 绍："作为绍兴的老字号，在现场我们带了两个特色小吃，臭豆腐销售了近2000个，麻团近1000个。" 据悉，自"浙BA"开赛以来，绍兴市引导赛事场馆周边餐饮、零售等市场主体配套推出"赛事票根"专项 优惠，发放各类消费券超6000万元。"浙BA"绍兴赛区预选赛期间，绍兴市整合餐饮、住宿、景区资 源，推出凭"浙BA"票根可享优惠促销活动，覆盖绍兴近200 ...

Group 1 - The company achieved a revenue of 3.483 billion yuan in H1 2025, representing a year-on-year increase of 18.5%, and a net profit of 736 million yuan, also up 18.5% year-on-year [1] - The revenue breakdown for H1 2025 shows that the konjac products drove growth in vegetable products, with revenues of 1.31 billion yuan for dietary noodles, 2.11 billion yuan for vegetable products, and 60 million yuan for bean products, reflecting a year-on-year change of -3.2%, +44.3%, and -48.1% respectively [1] - The company expanded its offline store coverage to 584,000, an increase of 150,000 stores compared to the end of 2024, indicating a continuous improvement in offline channel operations [1] Group 2 - The gross margin for H1 2025 was 47.2%, a decrease of 2.6 percentage points year-on-year, but an increase of 0.5 percentage points quarter-on-quarter [2] - The gross margins for dietary noodles, vegetable products, and bean products were 48.4%, 46.6%, and 42.4% respectively, with vegetable products facing margin pressure due to cost pressures [2] - The company is expected to see revenue growth in the second half of the year with new products like stinky tofu being launched and the peak season starting in Q3 [2] Group 3 - The company revised its profit forecast for 2025 upwards, expecting net profits of 1.46 billion yuan, 1.72 billion yuan, and 1.96 billion yuan for 2025-2027, reflecting year-on-year growth of 37%, 18%, and 14% respectively [3] - The corresponding price-to-earnings ratios are projected to be 18, 16, and 14 times for 2025-2027 [3]

证券研究报告·海外公司点评·食物饮品(HS) 卫龙美味（09985.HK） 2025 年中报业绩点评：业绩超预期，产品渠 道两手抓 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,887 | 6,266 | 7,274 | 8,381 | 9,504 | | 同比(%) | 5.08 | 28.22 | 16.08 | 15.22 | 13.40 | | 归母净利润（百万元） | 880.35 | 1,068.51 | 1,462.77 | 1,719.66 | 1,962.70 | | 同比(%) | 481.87 | 21.37 | 36.90 | 17.56 | 14.13 | | EPS-最新摊薄（元/股） | 0.36 | 0.44 | 0.60 | 0.71 | 0.81 | | P/E（现价&最新摊薄） | 30.54 | 25.16 | 18.38 | 15.63 | 13.70 | [Tab ...

Core Viewpoint - The integration of the Yangtze River Delta region is crucial for establishing a unified national market, enhancing efficiency, and promoting economic development through streamlined processes and improved connectivity [1][2][3]. Group 1: Administrative Efficiency - The "cross-regional handling" initiative allows businesses to complete migration procedures between provinces in less than a day, significantly reducing bureaucratic delays [2]. - The implementation of a unified online service platform has enabled 203 high-frequency administrative services to be processed across provinces, enhancing convenience for residents and businesses [4]. - The optimization of administrative processes aims to break down local protectionism and market fragmentation, thereby improving market operational efficiency [3]. Group 2: Transportation Connectivity - The launch of the high-speed rail loop connecting major cities in the Yangtze River Delta has improved travel convenience, facilitating business operations across the region [6]. - The new rail service has seen significant usage, with over 116.7 million passengers in its first year and an average occupancy rate of 80.5% [6]. - The integration of transportation infrastructure is essential for enhancing the flow of resources and promoting a unified national market [5]. Group 3: Logistics and Trade - The "joint unloading" model has transformed logistics for companies in Anhui, allowing them to ship products directly from local ports to international destinations, reducing transit time by 50% and logistics costs by 30% [8]. - The model has achieved full coverage of first-class waterway ports in Anhui, with a significant increase in the number of transactions processed [8]. Group 4: Financial Integration - The establishment of a financial support platform has facilitated timely loans for technology companies, with over 2,600 registered enterprises and a total credit issuance exceeding 7 billion yuan [10]. - The collaboration between different regions in financial services exemplifies the seamless flow of financial resources across the Yangtze River Delta [10]. Group 5: Innovation and Talent Development - The creation of innovation centers in Shanghai has supported local enterprises in talent acquisition and project development, fostering a collaborative environment for technological advancement [12]. - The G60 Innovation Corridor has connected multiple cities, enhancing the flow of innovative resources and contributing to regional economic growth [12]. Group 6: Consumer Services - The introduction of a cross-regional return policy for retail products has improved consumer convenience, allowing customers to return items purchased in one city at stores in another [13][14]. - The initiative aims to enhance customer satisfaction and promote regional retail integration [14]. Group 7: Regulatory Collaboration - The establishment of a collaborative regulatory framework among different regions aims to enhance the efficiency of market supervision and protect intellectual property rights [16][18]. - The joint inspections and shared regulatory information among regions are designed to streamline enforcement and improve compliance [17][18]. Group 8: Food Safety and Traceability - The implementation of a digital traceability system for food products has improved safety standards and operational transparency for local food producers [20]. - The initiative aims to create a comprehensive data tracking system from production to consumption, enhancing food safety management [20].

Core Points - The article discusses the culinary heritage of Xiaoshan, a region in Hangzhou, highlighting its unique flavors and traditional dishes influenced by local ingredients and historical practices [2][3][19]. Group 1: Culinary Heritage - Xiaoshan's cuisine is characterized by its use of fermented and preserved ingredients, such as salted meat and fermented vegetables, which are essential to its flavor profile [9][18]. - The region's traditional dishes reflect seasonal changes, with specific recipes for each season that utilize local ingredients like river shrimp in summer and preserved vegetables in winter [12][13][17]. Group 2: Historical Context - The historical significance of Xiaoshan is emphasized, tracing its roots back to ancient salt production and its geographical advantages that contributed to its culinary development [6][7][8]. - The influence of various cultural migrations, particularly during the Eastern Jin and Southern Song dynasties, enriched Xiaoshan's culinary landscape, introducing new flavors and cooking techniques [25][28]. Group 3: Key Ingredients - Salt plays a crucial role in Xiaoshan cuisine, not only for flavor but also as a preservative that allows for the fermentation of key ingredients [8][9]. - Yellow rice wine is another essential component, used both as a beverage and a cooking ingredient, enhancing the flavors of various dishes [21][22][27]. Group 4: Modern Developments - The article notes the emergence of modern dining establishments, such as Michelin-starred restaurants, that continue to celebrate and innovate upon Xiaoshan's traditional flavors [36].

Core Viewpoint - The company is expected to achieve a revenue growth rate of 15%-20% year-on-year in the first half of 2025, with profit growth slightly lower than revenue growth due to a high base in the first half of 2024, aligning with market expectations [1] Group 1: Revenue and Profit Forecast - The company anticipates a revenue growth of 15%-20% for 1H25, with the konjac product category maintaining high growth [1] - Adjustments in SKU displays for seasoning noodle products may lead to growth pressure in Q2 [1] - Increased promotional efforts in the channel for 1H25 may offset revenue growth, impacting overall revenue growth rate [1] Group 2: Margin and Cost Management - The company expects an improvement in gross margin compared to 2H24, with management expense ratio likely to narrow year-on-year [1] - The company plans to counteract rising konjac raw material costs through supply chain efficiency and optimization of production personnel [1] - Overall, the pressure on net profit margin is expected to be manageable, with a projected low double-digit year-on-year profit growth for 1H25 [1] Group 3: Organizational Structure and Management Changes - The company has a complete organizational structure, and recent executive changes are expected to have a controllable impact on operations [2] - The new CFO, Yufeng, is expected to maintain stability following the resignation of the previous CFO, Peng Hongzhi [2] Group 4: Market Expansion and New Products - The company anticipates new growth from Sam's Club and overseas channels in the second half of the year [2] - New product launches, including spicy strips and konjac products, are expected to contribute to revenue growth [2] - The company expects to maintain a growth rate in the second half of the year similar to that of 1H25, with significant profit improvement due to a low base in 2H24 [2] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with a target price of HKD 17.5 [2] - The current stock price corresponds to a P/E ratio of 20.2/16.4 for 2025/2026, with a target price reflecting approximately 28/23 times P/E for the same years, indicating a potential upside of about 38.7% from the current price [2]

Core Insights - The article emphasizes the significance of local street food as a cultural and social connector, highlighting how it reflects the essence of a place and fosters community bonds [1][2][3][4] Group 1: Local Food Culture - Local street food establishments, often unassuming in appearance, have gained recognition for their exceptional flavors and authentic offerings, showcasing regional culinary traditions [1][2] - The preparation of food in these establishments is characterized by a commitment to fresh, locally sourced ingredients and traditional cooking methods, which enhances the dining experience [1][3] Group 2: Community and Human Connection - The article illustrates how food serves as a medium for human connection, with local eateries becoming gathering spots for community members, including late-night workers seeking comfort food [2][4] - The relationship between customers and local food vendors is built on trust and mutual respect, with patrons often returning due to the quality and warmth of service [4] Group 3: Cultural Significance - Food is portrayed as a tangible representation of culture, with local dishes embodying the history and traditions of their regions, thus offering a deeper understanding of local customs [3] - The experience of enjoying local cuisine is framed as an opportunity for cultural engagement, where each dish tells a story and reflects the culinary heritage of the area [3]

Group 1: Summer Consumption Trends - The summer consumption market is experiencing a vibrant atmosphere with innovative consumption scenarios and integration of business formats [1] - The series of reports will focus on new highlights in the summer consumption market, showcasing practices that optimize supply and meet new consumer demands [1] Group 2: Sports Activities in Huangshi - In Huangshi, the popularity of sports activities is rising, with a basketball training team of 49 members regularly training at the Fuke Sports Center [2][3] - The sports center has seen a daily attendance of over 300 people since July, doubling the numbers from previous months, with peak hours after 5 PM [3] - The "Night Training, Night Practice, Night Competition" series of events has significantly boosted local sports consumption and increased the center's visibility [4] Group 3: Economic Impact of Sports Events - The series of sports events in Huangshi has attracted 11.84 million local residents and 2.83 million tourists, generating over 25 million yuan in indirect consumption [4] - A "sports points redemption" mechanism has been introduced, allowing citizens to earn points through participation, which can be exchanged for discounts and sports equipment [4] Group 4: New Consumption Brands in Changsha - In Changsha, new consumption brands are thriving, particularly in the Taiping Old Street area, attracting long queues of young consumers [5][6] - The "Didao Changsha Minyi Museum" and "Momo Dim Sum" showcase local culture and have seen over 541,000 visitors since opening, with night traffic being a significant contributor [6] Group 5: Night Economy in Changsha - Nighttime consumption accounts for 60% of total consumption in Changsha, with over 1 million people employed in the sector [7] - The city is focusing on developing 10 municipal night economy demonstration districts and 200 demonstration stores to enhance nighttime economic activities [7] Group 6: Unique Night Market in Mangshi - The new night market in Mangshi, Yunnan, combines industrial style with local culture, attracting numerous visitors with its diverse food offerings [8][9] - The night market features a variety of local delicacies and has become a popular spot for both locals and tourists, enhancing the region's cultural appeal [8][9] - The market also includes an entrepreneurial street for young entrepreneurs to sell ethnic accessories and original products, further enriching the local economy [9]

Core Viewpoint - The trend of high-star hotels setting up street stalls is a response to the declining business environment, driven by reduced demand for traditional services like business meetings and high-end dining [27][50][64]. Group 1: Emergence of Street Stalls - High-star hotels across various cities, including Henan and Shaanxi, have started setting up food stalls outside their premises, offering affordable meals to attract customers [5][10][20]. - The phenomenon has gained traction, with hotels like Shaoxing International Hotel and Tianjin Ritz-Carlton participating in this trend, indicating a shift in strategy to adapt to changing consumer behavior [15][20][27]. Group 2: Business Challenges - The hospitality industry is facing significant challenges, including a decline in business from corporate clients due to stricter spending policies and reduced travel budgets [34][39]. - Reports indicate that over 60% of companies have cut travel budgets, with some sectors experiencing reductions of 15%-30%, impacting hotel revenues [34][36]. Group 3: Consumer Behavior Changes - There is a noticeable shift in consumer preferences towards value for money, with customers now more inclined to purchase affordable meals from hotel stalls rather than dining in [40][44]. - The trend reflects a broader consumer sentiment where "face consumption" is no longer prioritized, leading to increased demand for lower-priced options [40][44]. Group 4: Long-term Implications - The shift to street stalls is not merely a temporary measure but may indicate a fundamental change in the business model of high-star hotels, which will need to balance high-end and mass-market offerings [64]. - The industry is exploring ways to adapt by offering smaller, more affordable menu items and leveraging online sales channels to reach a broader audience [61][63].

Core Viewpoint - The trend of high-end hotels setting up street stalls is a response to the declining business environment, particularly in the wake of reduced corporate dining and changing consumer behaviors [18][30]. Group 1: Emergence of Street Stalls - High-end hotels across various cities in China, including Henan and Shaanxi, have started setting up food stalls outside their premises, offering affordable meals to attract customers [3][4][5][12]. - The trend began gaining traction around May, with hotels like 咸亨酒店 and 绍兴国际大酒店 successfully drawing crowds with their street food offerings [10][13]. - Social media reactions indicate a shift in consumer perception, with even luxury hotels engaging in this practice, suggesting a broader acceptance of this new business model [13][14]. Group 2: Reasons Behind the Shift - The hospitality industry has faced significant challenges this year, particularly due to restrictions on corporate dining and a decline in business travel, leading to a drop in revenue for many hotels [18][22]. - Reports indicate that over 60% of companies have cut travel budgets, with some sectors reducing them by more than 30%, impacting hotel occupancy and dining revenues [22][25]. - The shift in consumer spending habits towards value and affordability has prompted hotels to adapt by offering lower-priced food options [25][29]. Group 3: Long-term Implications - The current trend of street stalls may not be a temporary measure but could signify a fundamental shift in the business model of high-end hotels, which traditionally relied on corporate events and high-end dining [34][39]. - Hotels are exploring ways to transform their dining services, such as offering smaller, more affordable meals and leveraging online platforms for sales [36][37]. - The future of high-end hotels may involve a dual approach, catering to both luxury and mass-market consumers, thereby creating new customer engagement strategies [39][40].