Group 1: Luxury Brands Entering the Restaurant Sector - Prada opened its first independent restaurant "迷上" in Shanghai, designed by renowned director Wong Kar-wai, blending Italian and Chinese culinary styles [1] - Other luxury brands like Gucci, Chanel, and Tiffany have previously explored the café sector in China, often as marketing strategies rather than standalone businesses [2] - The opening of "THE HALL" by Louis Vuitton in Chengdu marked a significant step for luxury brands in the full-service dining sector [2] Group 2: Operational Strategies and Market Trends - Many luxury dining projects are operated by third-party companies, indicating a reliance on specialized operators for successful execution [3] - Luxury brands aim to create experiential offerings that enhance customer engagement, with the goal of driving sales in their core product lines [3] - The shift in consumer behavior from shopping to experiential consumption is evident, necessitating adaptations in service models within the luxury sector [5] Group 3: Challenges in the Luxury Market - The luxury retail sector is facing challenges, with a reported 8% decline in retail rental income at Wynn Palace, reflecting a broader downturn in luxury consumption [6] - Despite an increase in tourist numbers and overall spending in Macau, per capita spending has significantly decreased, particularly among mainland Chinese tourists [6] - The luxury market may take several years to recover to pre-2019 levels, indicating a potential long-term shift in consumer preferences [6][7] Group 4: Changing Consumer Preferences - The luxury consumer landscape in China has evolved, with a notable decline in interest in traditional luxury brands like LVMH, as evidenced by a 2% drop in total revenue [7] - The emergence of alternative luxury offerings, such as local brands, suggests a shift in consumer loyalty and preferences away from established European luxury brands [7]

3月底，Prada在上海荣宅开了第一家独立餐厅"迷上"， 餐厅构思来自于香港著名导演王家卫，布置风格因而颇有《花样年华》的影子，尤其是沙发卡座 的部分，流连其中，几乎能幻视张曼玉与梁朝伟对坐无言的场景。 餐厅主厨Lorenzo Lunghi来自意大利，提供的午餐和晚餐菜单上也是中意交融，比如意大利馄饨里包的是中国口味的饺子馅，白菜配上cacio e pepe 酱 汁、来自中国蘑菇的配Salsa酱等等。 "（这是）意大利与中国、 上海与米兰的'对倒'——你中有我，我中有你。" 王家卫曾这样描述"迷上"的创意来源 。在他的电影里，影像在镜面里的"对 调"也经常作为经典的镜头语言被观者津津乐道。 餐厅的开放时间是早10到晚10，供应咖啡、午餐、下午茶和晚餐，均需要在微信小程序"迷上荣宅"预定，以及支付300元订金，用餐时间被严格规定在 90和120分钟。 也卷起来了。 作者 | 贺哲馨 编辑 | 乔芊 这当然不是奢侈品牌在中国首次跨界餐饮。早在疫情前，Gucci、Chanel、Tiffany等已在中国试水咖啡店，北上深港是首选热门地。只是这些咖啡店多 数为快闪，或者仅仅是作为顾客体验的一部分镶嵌在品牌零售店里，往往 ...

Core Viewpoint - CICC maintains its adjusted EBITDA forecast for Wynn Macau (01128) for 2025 and 2026, with the current stock price corresponding to 8.0 times the 2025 EV/EBITDA. The firm maintains an outperform rating and a target price of HKD 6.90, implying a 26% upside from the current stock price [1]. Group 1: Financial Performance - Wynn Macau reported Q1 2025 results with net revenue of USD 866 million, a year-on-year decline of 13% and a quarter-on-quarter decline of 7%, recovering to 69% of Q1 2019 levels [2]. - Adjusted property EBITDA for Q1 2025 was USD 252 million, down 26% year-on-year and 14% quarter-on-quarter, recovering to 65% of Q1 2019 levels, and falling short of Bloomberg's consensus estimate of USD 274 million [2]. Group 2: Management Insights - Management indicated that tariff policies may impact and delay capital expenditure plans for U.S. operations, but expect no effect on capital and operational expenditures in Macau [3]. - In April 2025, the mid-market betting volume remained stable compared to the same period in 2024, with direct VIP turnover showing year-on-year growth [3]. - The management emphasized that high-end mid-market business is the core development area for the Macau gaming industry, despite a highly competitive marketing rebate environment [3]. - The Wynn Palace's culinary landmark "Fleur" officially opened in May 2025, and the average fixed operating cost for Q1 2025 was USD 2.64 million, expected to maintain this level throughout the year [3]. - During the May Day Golden Week in 2025, mid-market betting volume increased compared to the same period in 2024, with hotel occupancy reaching 100% [3].