首次覆盖: 聚焦份额增长，短期利润率承压 瑞幸咖啡(LKNCY.OO) 瑞幸咖啡 2025Q3 业绩点评 本报告导读： 外卖大战加速行业资源整合，公司聚焦增长、持续关注份额，稳步扩大门店规模， 为长期发展打下坚实基础。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 24903 | 34475 | 50340 | 59811 | 66341 | | (+/-)% | 87.34% | 38.44% | 46.02% | 18.82% | 10.92% | | 毛利润 | 14011 | 20360 | 30186 | 35267 | 39106 | | 净利润 | 2848 | 2932 | 3853 | 4713 | 5320 | | (+/-)% | 483.30% | 2.94% | 31.44% | 22.30% | 12.90% | | PE | 20.00 | 21.56 | 17.65 | 15.64 | 20.00 | | PS ...

每经记者｜徐肖逍 每经编辑｜陈星 近日，关于霸王茶姬创始人张俊杰和天合光能创始人之女高海纯结婚的消息，引发广泛关注和热议。 不过，天合光能是面向企业用户的品牌，而霸王茶姬是面向消费者的品牌。"从这一点来看，霸王茶姬 可以借此增强品牌资本背书，天合光能则获得更广泛的公众关注。"庞瑞说。 记者注意到，天合光能在最新年报中强调了品牌的作用。2024年，公司凭借多元化的业务结构、深厚的 技术积累、强大的品牌影响力和完善的全球渠道布局，灵活应对光伏行业供需失衡及海外市场贸易保护 加剧等挑战。 11月20日，天合光能回应称，双方相识于青年企业家学习活动，已登记结婚。此外双方公司均为上市公 司，目前尚未有任何关联交易或商业合作。 一位是茶饮"创一代"，一位是光伏"创二代"，两位的结合将会对双方品牌带来什么样的影响？品牌专 家、瞻胜传播创始合伙人庞瑞接受《每日经济新闻》记者采访时表示："如果我们仅仅从对品牌客观影 响的角度来看，此次联姻带来的效应具备互补性与扩展性。霸王茶姬或可借此增强品牌资本背书，而天 合光能则通过此事件获得更广泛的公众关注。" 记者观察到，近年来多位知名企业"二代"频频联姻。庞瑞告诉记者，企业"二代"联姻 ...

昨天，上海三联书店（宜昌店）正式开业，为"三峡明珠"宜昌再添一张亮眼的文化名片。 步入上海三联书店（宜昌店），油墨香与咖啡香交织扑面。这处占地2000平方米的文化空间，突破 传统书店的边界，以"图书+文创+咖酒+策展"的复合业态为核心特色，融合阅读、展览与社交，通 过"日咖夜酒"的运营创新，构建起集阅读、社交与文化体验于一体的全天候城市人文会客厅。 书店以"悦读生活美学"与"都市人文灯塔"两大主题进行分区布局。前者通过开放式场景整合文化剧 场、设计师文创、精品咖啡、文化茶饮等多元业态；后者则将成为AI数字艺术策展、文化大咖讲座等 活动的举办地。 从空间规划到产品选择，从内容策划到视觉呈现，宜昌元素与三峡文化被巧妙融入书店细节。《三 峡文物与中华文明》《江流有声》等地方文史类书籍被精心陈列在醒目位置，成为读者了解宜昌的窗 口。 记者 施晨露 自10月1日试营业以来，上海三联书店（宜昌店）在短时间内成为这座城市的文化新地标，图书销 量在上海三联书店全国多家门店中名列榜首，这也折射出宜昌市民对高品质文化空间的渴望。 "我们致力于打造一个与城市气质相契合的阅读空间。"上海三联书店总经理陈逸凌说，宜昌店与当 地其他书店 ...

每经记者｜徐肖逍 每经编辑｜段炼 陈星 近日，关于霸王茶姬创始人张俊杰和天合光能创始人之女、公司联席董事长高海纯结婚的消息，引发广泛关注和热议。 左：张俊杰；右：高海纯。图片来源：红星资本局 11月20日，天合光能回应，双方相识于青年企业家学习活动，已登记结婚。此外双方公司均为上市公司，目前尚未有任何关联交易或商业合作。 11月21日，霸王茶姬股价大涨，截至收盘涨4.51%，总市值25.07亿美元（约合人民币178亿元）。与此同时，天合光能股价却迎来三连跌，截至收盘跌超 5%，总市值425.18亿元。 一位是茶饮"创一代"，一位是光伏"创二代"，两位的结合将会对双方品牌带来什么样的影响？品牌专家、瞻胜传播创始合伙人庞瑞接受《每日经济新闻》 记者采访时表示："如果我们仅仅从对品牌客观影响的角度来看，此次联姻带来的效应具备互补性与扩展性。霸王茶姬或可借此增强品牌资本背书，而天 合光能则通过此事件获得更广泛的公众关注。" 记者观察到，近年来多个知名企业的二代们频频联姻。庞瑞告诉记者，企业二代联姻在当下呈现出新的趋势。"今天的'门当户对'已超越了单纯的财富匹 配，更演进为认知水平、经营理念乃至社会圈层的高度契合。" ...

作者 | 第一财经 揭书宜 近日，霸王茶姬创始人张俊杰婚礼一事，成为舆论焦点。11月21日，张俊杰本人通过朋友圈证实了这一 婚讯，并透露已于今年6月登记领证。在感谢公众祝福的同时，张俊杰也表示：此前围绕他婚姻和创业 的诸多谣言，让其本人及家人受到了很大伤害，"有必要站出来说话"。 "我郑重声明：在我遇见我妻子（高海纯）前，从未有过婚姻，也从未发生'茶叶富商残疾女儿'的任何 故事。"张俊杰在他的朋友圈表示。 据了解，张俊杰17岁投身奶茶行业，2017年在昆明创立霸王茶姬。随后8年，霸王茶姬在全球范围内开 设了超过7000家门店，注册会员突破2亿人。2025年4月，这家企业于纳斯达克上市。 自2024年11月起，网络上关于张俊杰的谣言层出不穷，诸如"娶富豪的残疾女儿生了孩子""拥有万亩茶 园"等等，尤其是短视频平台被大量传播。造谣者通过反复炮制相同题材的内容，关联相关词吸引眼 球，并借此实现流量变现。 霸王茶姬方面表示，他们已使用法律手段对造谣者进行了打击。今年4月，人民法院公告网公布的一则 起诉状副本及开庭传票，显示了与该系列谣言相关网络侵权责任纠纷的处理进展：造谣者依法受到了处 罚，并公开道歉。张俊杰刚刚发布 ...

Group 1 - The wedding invitation of Gao Haichun, daughter of Tianhe Solar's founder Gao Jifan, and Zhang Junjie, founder of Bawang Tea Ji, has circulated online, confirming their wedding on December 15 [2] - Zhang Junjie, originally from Kunming, Yunnan, started his career in a tea shop in Taiwan and later founded Bawang Tea Ji in 2017, positioning it in the market with "Oriental tea + fresh milk tea" [2] - Bawang Tea Ji went public on NASDAQ on April 17, 2025, and Zhang Junjie was listed as the youngest "dark horse" on the Hurun Rich List with a wealth of 13.5 billion yuan [2] Group 2 - Bawang Tea Ji reported a total GMV of 8.1031 billion yuan in Q2 2025, a year-on-year increase of 15.5%, with net revenue of 3.3319 billion yuan, up 10.2% [3] - Gao Haichun has been serving as co-chairman of Tianhe Solar since January 2025 and has held various positions within the company, showcasing her career progression from grassroots roles [3] - As of the report date, Tianhe Solar's stock price was 18.41 yuan per share, with a total market capitalization of approximately 43.1 billion yuan, while Bawang Tea Ji's stock price was 13.07 USD per share, with a market cap of about 2.399 billion USD, totaling over 60 billion yuan for both companies [3]

11月20日当天收盘，天合光能股价报19.15元/股，跌幅为5.06%，总市值417.35亿元。 【霸王茶姬创始人与光伏大佬千金联姻，网友戏谑称"茶光互补"！】近日，关于光伏大佬高纪凡之女高 海纯与霸王茶姬（NASDAQ：CHA）创始人张俊杰联姻的消息在网络流传，引发热议。 早在数年前，高海纯便开始在天合光能工作。根据天合光能的财报披露，2017年6月起，高海纯历任天 合光能战略投资部副总经理、天合富家董事长；2024年6月起，她担任天合光能董事；2024年12月起担 任天合光能解决方案事业群总裁。 网传的一张婚礼请柬图片显示，新郎、新娘分别为张俊杰、高海纯，发出请柬的则是高纪凡、吴春艳。 2025年1月3日，高海纯正式成为天合光能联席董事长。按照职务官宣公告，高海纯与天合光能控股股东 及实际控制人高纪凡为父女关系，与单独持有天合光能5%以上股份的股东吴春艳为母女关系。彼时， 高海纯直接持有天合光能股份18079股。 11月20日，天合光能（688599.SH）相关负责人向《中国经营报》记者证实，上述消息属实。该负责人 还表示，高海纯与张俊杰将于近期举行婚礼，感谢大家的祝福。双方相识于青年企业家学习活动，已登 ...

Core Points - The Guangzhou International Food Festival, featuring a blend of culture, technology, and international flair, commenced on November 19 at the Panyu Wanbo Center, lasting for five days [2] - The festival aims to enhance Guangzhou's international reputation and cultural soft power, coinciding with the 15th National Games of China [2] - Approximately 220 exhibition booths are set up, with nearly 100 at the main venue and over 120 in the surrounding commercial area, showcasing a diverse array of culinary offerings [2] Summary by Sections Event Overview - The festival is themed "Food in Guangzhou, Flavoring the Whole Sports," integrating food, sports, culture, and technology [2] - The main venue is divided into 10 areas, featuring various culinary styles, including traditional Chinese cuisine, local specialties, and innovative dishes [2] Online Engagement - A "Cloud Food Carnival" series of activities allows citizens to participate in online food exploration and redeem dining vouchers at over 3,000 partnered restaurants [3] - The event serves as a platform for cultural exchange and consumption activation, with the China Culinary Association emphasizing its role in promoting culinary culture [3] Technological Integration - The festival includes a "Robot Chef Competition," showcasing human-robot collaboration in cooking, along with interactive technology demonstrations [4] - AI-driven food experiences, such as personalized nutrition reports and taste preference analysis, are featured to enhance visitor engagement [4] Industry Collaboration - The festival promotes a "Food + Tourism" synergy, creating culinary tourism routes that connect local attractions with dining experiences [5] - A supply chain matchmaking event is held to facilitate connections between food suppliers and restaurant businesses, fostering industry growth [5]

Group 1 - Xinjiang Altay region's education department announced a snow holiday for students from December 1 to 5, allowing for a maximum of 9 consecutive days off, benefiting 73,000 students [1] - The snow holiday aims to encourage students to participate in cultural and sports activities, as well as outdoor excursions, aligning with local climate conditions [1] Group 2 - Huanyou Group reported total revenue of $540 million for Q3 2025, with live streaming revenue at $388 million and advertising revenue increasing by 29.2% year-over-year [2] - Non-live streaming revenue accounted for 28.1% of total revenue, indicating a diversification in the company's revenue structure [2] - The company's operating profit for Q3, according to non-GAAP measures, was $41 million, reflecting a year-over-year increase of 16.6% [2] - As of September 30, Huanyou Group had net cash of $3.32 billion [2] Group 3 - The wedding of Zhang Junjie, founder of Bawang Chaji, and Gao Haichun, co-chairman of Trina Solar, has been confirmed, highlighting the intersection of the tea and photovoltaic industries [3] - The marriage may lead to resource, technology, and market expansion synergies between the two sectors [3] Group 4 - Domestic gold jewelry prices have risen again, with several brands reporting prices above 1300 yuan per gram, including Zhou Shengsheng at 1307 yuan and Zhou Dafu at 1305 yuan [4] - Recent fluctuations in the gold market are attributed to factors such as declining expectations for Federal Reserve interest rate cuts and uncertainties in economic data and trade situations [4]

Group 1 - Tianhe Solar's founder Gao Jifan and Wu Chunyan confirmed the wedding of Zhang Junjie and Gao Haichun, expressing gratitude for the blessings [1] - Zhang Junjie, a notable entrepreneur in the new tea beverage industry, founded the brand Bawang Chaji in November 2017, expanding its presence to over 7,000 stores globally [1] - Bawang Chaji went public on NASDAQ in April this year, becoming the first new tea beverage stock in the US, with a current stock price of $14.22 and a market capitalization of approximately $2.61 billion [1] Group 2 - Gao Haichun, born in 1993, has been involved with Tianhe since 2017 and became the chairman of Tianhe Fuhua in June 2022, which focuses on distributed household photovoltaic business [2] - Tianhe Solar initiated the plan to spin off Tianhe Fuhua for an IPO in April 2023, but the plan was terminated in December 2024 [2] - Gao Haichun joined the board of Tianhe Solar in June 2024 and was elected co-chairman in January this year, aiming to lead the company's transformation into a smart energy solution provider [2]