女红军和徐解秀当年盖过的襖袍。 月7日，徐解秀向记者和群众讲述半条被子的故事。 罗开富摄 这件襖袍的主人正是罗开富当年采访的徐解秀阿婆。1984年11月7日，正值红军长征途经沙洲村50周 年，《经济日报》记者罗开富踏着泥泞的小路，走进了这个瑶族山村，进到五十年前三位红军姑娘借宿 过的厢房，听徐解秀讲起那一段刻骨铭心的往事。 1934年11月7日，三位红军女战士敲开了徐解秀家的门。那时，她刚生完孩子四个月，家里穷得连条像 样的被子都没有。当晚，她们四人和婴儿共盖红军带的一条被子，加上床上原有的烂棉絮，又压上了一 件蓑衣和徐解秀平时穿的这件"襖袍"。 "第二天临走时，她们剪下半条被子留给我。"徐阿婆抹了抹眼睛，"我哪能要啊！她们20岁上下，长得 都好看，风里来雨里去的，更需要。可那位大点的姑娘握着我的手说：'大嫂，我们是共产党的红军， 本来就是为老百姓解决苦难的。等革命胜利了，我们会给你送一条新被子来'。" 围观的村民中，68岁的朱青松告诉罗开富："可惜那半条被子后来被国民党民团搜走烧掉了。他们还借 口徐阿婆要红军的东西是'通共'，把她拉到祠堂罚跪了四根香的时辰。" 徐阿婆含着泪对罗开富说："不过我也想明白了一个 ...

融券方面，趣睡科技12月29日融券偿还0.00股，融券卖出100.00股，按当日收盘价计算，卖出金额 5264.00元；融券余量5700.00股，融券余额30.00万元，超过近一年90%分位水平，处于高位。 分红方面，趣睡科技A股上市后累计派现2572.10万元。 机构持仓方面，截止2025年9月30日，趣睡科技十大流通股东中，诺安多策略混合A（320016）退出十 大流通股东之列。 责任编辑：小浪快报 资料显示，成都趣睡科技股份有限公司位于中国(四川)自由贸易试验区成都高新区天府大道中段1268号 1栋7楼8号，成立日期2014年10月22日，上市日期2022年8月12日，公司主营业务涉及高品质易安装家 具、家纺等家居产品的研发、设计、生产(以外包生产方式实现)与销售。主营业务收入构成为：床垫产 品37.06%，枕头产品28.62%，被子、毯类产品13.57%，床类产品12.56%，沙发产品2.91%，生活周边产 品2.81%，其他家具产品2.47%，其他(补充)0.00%。 截至12月10日，趣睡科技股东户数8401.00，较上期减少2.79%；人均流通股3622股，较上期增加 2.87%。2025年1月 ...

从事家纺行业近30年的胡明亮介绍，2025年原材料价格出现明显分化。羽绒成本同比上涨约20%，而长 绒棉的价格则同比下降了15%左右。为此，企业迅速调整经营策略，不仅稳住了市场，线上渠道的销量 还获得了显著增长。 在家访上游生产车间，工人们正在加紧裁剪、缝制。负责人介绍，现在生产线上主要忙的是国内的订 单，正处在最紧张忙碌的赶工阶段。目前，国外的冬季货品已经基本备齐，正在发往港口。 江苏省南通市国际家纺产业园区提供的数据显示，2024年，叠石桥和志浩两大家纺市场交易额超2400亿 元，家纺产量超12亿件，平均每分钟生产1350套套件、670条被子和340只枕头。 随着气温走低，上海冬季的"暖消费"悄然升温，羽绒被销量有所增加。同时，临近春节，带有中式提 花、刺绣等传统工艺的家纺产品，销售也迎来了一波高峰。 在江苏南通叠石桥国际家纺城内，磨毛、绒类等面料的暖冬产品占据显要位置。 （来源：财闻） 2025年原材料价格出现明显分化。羽绒成本同比上涨约20%，而长绒棉的价格则同比下降了15%左右。 ...

近日，晋能控股装备制造集团成庄矿全面开展职工床品换新工作，4000多套被子、褥子，还有被罩、床 单、枕巾，被送到了大矿、白沙井区、段河井区的职工宿舍，为全矿的住宿职工送去了冬日的温暖。 为了让床品既实用又合职工心意，筹备阶段，后勤服务中心工作人员多次深入大矿、白沙井区、段河井 区职工宿舍进行调研。在更换过程中，根据职工休息时间，安排专人24小时在岗，随时提供更换服务， 最大限度减少对职工休息住宿的影响。 后勤服务中心主任张湛说："优质住宿是职工恢复体力的'充电站'。更换窗户、加装空调、床品换新， 这一系列的民生实事，就是全力为住宿职工打造舒适的休憩空间。" 以"住得安"凝聚职工人心，以"休息好"筑牢安全生产防线，方寸宿舍间，蕴含着企业对职工的深切关 怀，更彰显了守护职工、护航发展的"成矿"担当！ （文章来源：新华财经） ...

Summary of Conference Call Records Industry Overview - The new consumption sector shows higher growth elasticity compared to traditional consumption, particularly in high-end gold jewelry and IP retail segments, benefiting from structural track dividends and emerging categories [1][2] - Traditional consumption recovery relies on demand improvement and supply-side optimization, but current data indicates limited supply-side improvements [2] Key Companies and Their Performance Lao Pu Gold - Lao Pu Gold has increased prices three times in 2025, with a cumulative increase exceeding 40%, and expects further price elasticity in 2026 [1][6] - The company has improved user penetration among middle and high-net-worth individuals through local brand positioning and traditional cultural elements [1][4] - Membership growth has been significant, with a 74% increase in loyal members in the first half of the year, reaching 480,000, and expected to reach 600,000 by year-end [8] - The company faces cash flow pressure due to rapid expansion and rising gold prices, necessitating potential capital raising strategies [10] Luckin Coffee - Luckin Coffee has achieved same-store growth by increasing the proportion of private domain customer acquisition and core user repurchase frequency, although high delivery subsidies may negatively impact profit margins [3][15] - The company needs to assess the impact of delivery subsidies on profitability and same-store growth continuity for 2026 [3][15] Pop Mart - Pop Mart's North American market has shown a slowdown in growth but overall performance remains better than expected, aided by product channel adjustments and IP updates [11][12] - The company faces challenges in operational strategy adjustments and needs to optimize channel and product structures to improve market performance [12][14] - Future growth will depend on significant improvement signals from the North American market and the development of new independent product categories [14][13] Atour Hotel - Atour Hotel has integrated retail business operations, with retail accounting for 30%-40% of revenue, and expects revenue to approach 4 billion RMB by the end of 2025 [19][20] - The company focuses on member value experience and has successfully expanded its retail business through loyal user engagement rather than supply chain advantages [19][21] Market Trends and Future Outlook - The 2026 consumption market will focus on category dividends and the secondary utilization and monetization of user value, with growth continuity being crucial [3][22] - New consumption companies should demonstrate strong growth certainty to mitigate market uncertainties, with high-end gold jewelry and IP retail being key growth areas [5][22] - The overall consumer landscape is expected to show resilience, with potential growth rates of 20%-30% in certain sectors, particularly in low-frequency consumption industries [18][22]

Summary of Hotel Industry and Atour's Retail Business Conference Call Industry Overview - The hotel industry is experiencing a gradual recovery, with RevPAR (Revenue Per Available Room) decline narrowing each quarter, particularly for Huazhu, which has nearly returned to last year's levels in Q3, driven mainly by room prices while occupancy rates remain stable [1][2] - Recent high-frequency data indicates that the improvement in RevPAR is likely temporary, influenced by factors such as trade shows and holiday periods [1][4] - Despite a slowdown in store expansion, the supply of hotel rooms continues to grow at a fast pace, with franchisees remaining cautious about future demand recovery, particularly in business travel [1][5] Key Insights on Atour - Atour has achieved significant success in its new retail business, maintaining over 70% growth, effectively utilizing its membership base of 100 million and nearly 2,000 hotels [1][9] - The retail business is closely related to hotel services, with strong sales in sleep-related products, such as mattresses and pillows, expected to generate over 1 billion yuan in sales in 2024 [3][11] - The current franchisee landscape has shifted from small operators to larger franchisees, who prioritize cash flow stability and are willing to accept longer payback periods of around 5 years [6][7] Future Outlook - The overall sentiment among franchisees regarding future demand recovery remains cautious, with a notable decline in business travel demand and general consumer behavior leaning towards budget travel [5][8] - The supply side continues to show high growth rates, indicating persistent pressure on supply despite a slight decrease [5][8] - Atour's retail business is expected to continue growing, with projections indicating that retail revenue could reach approximately 4 billion yuan by the end of 2025, contributing 30%-40% of total revenue [10][14] Retail Business Development - Atour's retail strategy focuses on leveraging its hotel service experience to sell related products, with a significant emphasis on sleep-related items [11][12] - The company has effectively utilized new media platforms like Douyin and Xiaohongshu for content-driven e-commerce, enhancing brand recognition and user loyalty [13][14] - The retail business serves as a counterbalance to pressures in the hotel sector, helping maintain stable overall revenue growth [14][15] Challenges and Considerations - The increase in sales expenses, particularly due to investments in new media advertising, raises questions about the sustainability of Atour's original sales advantages [15][16] - Monitoring the transition from public to private user channels is crucial for assessing the effectiveness of Atour's user retention strategies [16][17] This summary encapsulates the key points discussed in the conference call regarding the hotel industry and Atour's strategic initiatives in retail, highlighting both opportunities and challenges ahead.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $50.50 [1] Core Insights - The company reported Q3 revenue of 2.628 billion yuan, a year-on-year increase of 38.4%, and a net profit attributable to shareholders of 474 million yuan, up 23.2% year-on-year [5] - The hotel business is expected to continue its marginal recovery, while the retail segment shows strong growth, prompting the company to raise its full-year revenue growth guidance to 35% [5][8] - The dual growth momentum from both hotel and retail sectors is highlighted as a key strength for the company [5] Financial Performance - Q3 RevPAR (Revenue Per Available Room) showed a slight year-on-year decline of 2.2%, but there are signs of recovery driven by increased leisure travel demand [6] - The company operates 1,948 hotels as of the end of Q3, with a year-on-year increase of 27.1%, and aims to achieve the target of "2,000 good hotels" by year-end [7] - Retail business GMV (Gross Merchandise Volume) reached 999.4 million yuan, a year-on-year increase of 75.5%, with online sales accounting for over 90% [8] Earnings Forecast and Valuation - Revenue projections for 2025-2027 have been adjusted upwards to 9.759 billion yuan, 11.783 billion yuan, and 13.505 billion yuan respectively, reflecting a growth rate of 34.64% for 2025 [9] - The net profit attributable to shareholders is forecasted to reach 1.656 billion yuan in 2025, with an EPS of 12.04 yuan [9] - The target price is set based on a PE ratio of 23 times for 2026, reflecting the company's growth potential and market positioning [9]

Group 1 - The core viewpoint of the news is that Qusleep Technology has experienced a decline in stock price and trading activity, with a current market value of 2.04 billion yuan and a year-to-date stock price drop of 5.14% [1] - As of October 20, 2023, Qusleep Technology's revenue for the first half of 2025 is projected to be 146 million yuan, representing a year-on-year growth of 15.82%, while the net profit attributable to shareholders is expected to be 16.78 million yuan, up 19.43% year-on-year [2] - The company has a diverse product portfolio, with mattresses accounting for 37.06% of revenue, pillows 28.62%, and other home products making up the remainder [1] Group 2 - Qusleep Technology is categorized under the light industry manufacturing sector, specifically in home products and finished home goods, and is associated with concepts such as new retail and e-commerce [2] - The company has distributed a total of 25.72 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the top ten circulating shareholders include a new entrant, the Nu'an Multi-Strategy Mixed A fund, holding 184,400 shares, while the Guangfa Technology Innovation Mixed A fund has exited the top ten list [3]

Core Insights - The arrival of strong cold air has significantly increased the demand for warming products in Zhejiang, particularly in Chuzhou, where sales of gloves, thermal pants, and thick quilts have surged [1][2]. Group 1: Sales Trends - In Chuzhou, many daily goods stores have prominently displayed thick gloves, fleece hats, and various autumn clothing to attract customers, resulting in a more than doubling of sales for warming products in the past two days [2]. - The demand for warming products extends beyond clothing, with a notable increase in the purchase of bedding items such as cotton quilts, cashmere quilts, and down quilts [3]. Group 2: Consumer Behavior - A home goods store owner reported that items like quilts and bedding sets have seen a significant uptick in sales, averaging around seventy to eighty quilts sold daily in recent days [4].

Group 1 - The arrival of strong cold air has significantly increased the demand for warming products among citizens [1][4] - In Quzhou, Changshan County, sales of warming items such as gloves, thermal pants, and thick quilts have more than doubled in recent days [4] - Home goods stores report a surge in sales of bedding products, with an average of 70 to 80 quilts sold in recent days [6][7] Group 2 - Various daily goods stores prominently display thick gloves, fleece hats, and autumn clothing to attract customers [4] - The demand for bedding items, including cotton quilts, cashmere quilts, and down quilts, has also risen alongside clothing needs [7]