Profile - To The Moon

虎你真好

Posts · 31Posts · 31
Following · 0Following · 0
Followers · 0Followers · 0

- 虎你真好虎你真好
  ·2021-06-26
  ??
  Dark Horse Atour "Pentium Listing": How to tell the story of the new accommodation economy?
  “一个时代需要一个时代的品牌和企业” “进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。亚朵集团（下称“亚朵”）成
  Dark Horse Atour "Pentium Listing": How to tell the story of the new accommodation economy?
  2.55K Comment
  3
  Share
  Report
- 虎你真好虎你真好
  ·2021-06-18
  Wow….
  Dong Mingzhu wants to distribute 3,700 suites to Gree employees. Who can get them?
  董明珠要给员工“一人一套房”的承诺又登上了热搜。 6月15日，董明珠自媒体在微博发布了一段董明珠的演讲视频，称第一批3700套住房即将交付使用，优先分给优秀员工。这3700套房的去向引起了网友的关注
  Dong Mingzhu wants to distribute 3,700 suites to Gree employees. Who can get them?
  2.27K Comment
  2
  Share
  Report
- 虎你真好虎你真好
  ·2021-04-02
  ???
  Hot! Online celebrity milk tea queued 50,000 tables, purchased 200 a cup, traffic police came out to shout, Ali indirectly took shares
  黄牛对代购一杯奶茶的开价更是高达200元。据了解，茶颜悦色是湖南长沙的网红新茶饮品牌，这一次在深圳文和友开了两家店，且这一次是快闪店，预计开店时间仅有3个月左右。在深圳文和友的取号界面上，高峰时段排队取号的已超过5万桌，若按照平均一桌4人计算，排队人数已超过20万人。周边居民表示，上午时排队进入深圳文和友的人数更多，要排队一小时。此前茶颜悦色进入武汉时，更被爆出需要排队8小时，代购费500元。
  Hot! Online celebrity milk tea queued 50,000 tables, purchased 200 a cup, traffic police came out to shout, Ali indirectly took shares
  2.76K Comment
  1
  Share
  Report
- 虎你真好虎你真好
  ·2021-04-01
  ???
  Suspected Ali debriefing PPT leakage: community group purchase has been "ruined"
  鲜受关注的中国600万夫妻老婆店有福了！
  Suspected Ali debriefing PPT leakage: community group purchase has been "ruined"
  2.62K Comment
  Like
  Share
  Report

Most Discussed

{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3575467233374005","uuid":"3575467233374005","gmtCreate":1612373209825,"gmtModify":1614004213459,"name":"虎你真好","pinyin":"hnzhhunizhenhao","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/5e94064cf4ff33ad08668c513a334d0a","hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","hatId":"ca_profile_frame_Lm11L6","hatName":"","vip":1,"status":2,"fanSize":16,"headSize":935,"tweetSize":31,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.03.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"60.29%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"cbe1c45c584340f3bd9ae6c77e0e9981-1","templateUuid":"cbe1c45c584340f3bd9ae6c77e0e9981","name":"Academy Experiencer","description":"5 lessons learned","bigImgUrl":"https://community-static.tradeup.com/news/fb5ae275631fb96a92d475cdc85d2302","smallImgUrl":"https://community-static.tradeup.com/news/c2660a1935bd2105e97c9915619936c3","grayImgUrl":null,"redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":2006},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"60.15%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":125579642,"gmtCreate":1624682627986,"gmtModify":1703843582125,"author":{"id":"3575467233374005","authorId":"3575467233374005","name":"虎你真好","avatar":"https://static.tigerbbs.com/5e94064cf4ff33ad08668c513a334d0a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575467233374005","idStr":"3575467233374005"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125579642","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour \"Pentium Listing\": How to tell the story of the new accommodation economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"An era needs a brand and enterprise of an era\"\"A cup of hot tea, a pair of comfortable cotton slippers, a bowl of late-night hot porridge and a delicious fruit\"-the head of the line business of a Fortune 500 company calls this \"Atour four-piece set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble words such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as brand names, this name originating from Atour Village in Yunnan is like a breath of fresh stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its out-of-the-circle IP cross-border marketing actions, such as<a href=\"https://laohu8.com/S/NTES\">Netease</a>Theme hotels cooperated by Cloud Music, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>In the era when express hotels were deeply rooted in the hearts of the people, they established the consumers' minds belonging to Atour, took the lead in putting forward the concept of \"lifestyle brand\", and provided an innovative idea of \"starting with hotels, not ending with hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China in terms of number of rooms.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour intends to issue 19,744,700 ADS shares with a pricing range of US$13.5 to US$15.5 per ADS, and at the same time grant the underwriters the over-allotment option of 2,961,700 ADS shares, with a plan to raise US$307 million to US$352 million.</p><p>Hillhouse said it would subscribe at its initial public offering price and intends to subscribe for ADS worth $120 million. Well-known investment institutions as cornerstone investors show the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (Only explain opinions and do not constitute investment advice.)</p><p><b>\"Experiential School\" Ideas Make Hotels More Than Sleeping</b></p><p><b>\"An era needs brands and enterprises of an era\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to build a new era of hotel brands and enterprises. Now, it seems, Atour may have become their first ideal achievement.</p><p>Under the background of this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market, meeting the accommodation demand while paying attention to the sense of experience has become the development direction of Atour so far.</p><p><b>As the top mid-to-high-end hotel chain in China, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">luxury</a>6 brands across four segments</b>Specifically, it includes the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T. HOUSE\".</p><p>In terms of volume and scale, as of the first quarter of 2021, the number of Atour hotels in operation reached 608, with over 70,000 rooms, covering 131 cities, while the number of hotels under development was 299, with over 30,000 rooms under development.</p><p>Differentiated market positioning comes from Atou's \"experience school\" thinking. The core of this idea lies in the transformation from \"operating rooms\" to \"operating crowds\". Not only that, Atour also summed up a set of \"standard personalized\" service methods to ensure that the service can keep up with the changes of consumer demand. According to the consumer survey of Huiping.com, Atou's overall satisfaction score has always maintained the first position among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atou's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>By the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. In 2019 and 2020, the GMV generated by the retail business was 82.8 million yuan and 107.2 million yuan, respectively, representing a year-on-year increase of 29.5%. The GMV of retail business in the first quarter of this year reached 32.6 million yuan.</p><p>The scene retail business extended by the concept of \"experience school\" has already begun to generate income for Atour.</p><p><b>In 2020, Atour scenario retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to the positioning of the mid-to-high-end market and the development of scene retail business popular among young people, Atou's audience has gradually focused on high-net-worth users with a certain consumption level.</p><p>First of all, from a geographical perspective, nearly 80% of Atour hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of Atour hotels is not low.</p><p>At the same time, according to the prospectus, the proportion of Atour users under the age of 30 exceeds 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour has surpassed 25 million members. From 2015 to 2020, the number of Atour members grew at a CAGR of 79.6%. In the past two years, the number of room-night bookings contributed by members accounted for 39.3% and 44.7% respectively, accounting for a relatively large proportion and still growing.</p><p><b>Demonstrating Resilience Amid the Pandemic</b></p><p>Humanistic feelings and space with content can capture the hearts of consumers, but if it goes to the capital market to face investors directly, Atour needs outstanding performance.</p><p>For the hotel industry, if you want to expand, you need money, and if you want to make money, you need someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operation.</p><p>In early 2020, the sudden outbreak caught hotels large and small off guard. Atour has shown stronger resilience under the pandemic.</p><p>At the beginning of the year, Atour achieved a revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. While<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>And the annual revenue of Huazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atou's revenue increased by 107.7% year-on-year, and at the same time, it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour had cash flow from operating activities of 119 million yuan, cash flow from investing activities of-106 million yuan and cash flow from financing activities of 48.01 million yuan. At present, Atour is in a situation where the cash flow of operating activities is positive, the cash flow of investment activities is negative, and the cash flow of financing activities is positive, which means to a certain extent that it is still in a period of high-speed expansion and is a high-growth company. High growth means that Atour has infinite possibilities in the future.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and house price, after the epidemic, the recovery rate of Atou's business operation far exceeded the industry average.</p><p>First, in terms of occupancy, Atour had an occupancy rate of 73.4% in 2019. In 2020, under the impact of the pandemic, the occupancy rate of its hotels excluding quarantine expropriation was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, the average annual occupancy rate of all star-rated hotels in China has not reached 63% in the 10 years ended in the first quarter of 2021. This means that in recent years, the occupancy rate of Atour has far exceeded the industry average, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Fei Yu, president of BU of Atour Group Hotel in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house prices have recovered to 94% of the level of the same period last year. As of April this year, the overall house price of Atour has exceeded the pre-epidemic level, reaching 432.9 yuan, compared with 429.5 yuan in 2019.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atou's revenue structure, Atou's revenue mainly comes from three parts: managed hotels (i.e. franchised stores), rented hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue contributed, the franchise stores with the main asset-light operation mode exceed those of direct stores, which is also an important reason for Ato's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 direct stores. From 2015 to 2020, the number of Atour franchised hotels grew at an average CAGR of 86.2%.</p><p>In 2020, the revenue share of Atour franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the proportion of revenue from directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>So to speak,<b>Franchise stores are the \"foundation\" of Atour, and the role of franchisees is an important partner of Atour Hotels.</b>All along, Atour has been praised by the industry for its management service schemes exported to franchisees and the benefits brought to franchisees.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the opening of the hotel, which is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They will not only communicate the operation status of the hotel in detail, but also talk about many management systems behind Atour, such as the key points and difficulties of later operation, the characteristics of customers, why customers prefer our Atour brand and so on\".</p><p>In 2019, China Jianyuan joined the sales office at Huihai South Road, the core economic area of Beijing Capital Airport, as Atour Hotel, which has now been transformed into the best hotel in the region.</p><p><b>Atour Core Strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are the core advantages of Atour.</b></p><p><b>Differentiated positioning in the middle and high-end market, Atour has chosen the right direction from the beginning.</b></p><p>In the future, Atour will further benefit from the increase in the penetration rate of mid-to high-end hotels. According to the Frost & Sullivan Report, the CAGR of the number of guest rooms in mid-to high-end hotels was 25.7% from 2015 to 2019, compared with 15.2% in the overall hotel chain industry during the same period. It is estimated that the compound average growth rate of the number of guest rooms in mid-to high-end hotel chains will be 18.9% from 2021 to 2025, which will still be higher than the overall growth rate of 8.8% in the industry. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five domestic<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end hotel rooms of the Group amounted to 197,000, accounting for 31.8%, and the concentration of mid-to high-end hotel industry was relatively low. Among them, Atour has 58,000 mid-to high-end guest rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle branding lies in brand tonality and consumer loyalty.</b></p><p>On Xiaohongshu, a \"good life sharing community\", the number of notes about Atour is as high as 10,000+. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which is full of life outside accommodation. Follow the related words and click in, and it gets rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel has become a \"surprise\" in the mouth of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technical precipitation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour has incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel, namely Atour Planet, Sahe, and Z2GO & CO.</p><p>At the same time, Atour also introduced DTC mode for the production and sales of original lifestyle brands. DTC is Direct to Consumer, that is, taking consumers' needs as the focus to guide manufacturers' design, production, product selection and marketing in reverse.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scene of hotels adds advantages to Atour.</b>For example, the average daily stay of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can realize consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour gain the favor of capital in the secondary market?</p><p><b>Before the listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares and is the largest shareholder, holding 71.1% of the voting rights of the company. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14% and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the US stock market at this time may be that there are many favorable factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearance, and hotel chains are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of COVID-19 vaccine, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chain and scene retail business in the future.</p><p>According to the Frost & Sullivan Report, the revenue of China's hotel chain industry increased from RMB245.4 billion in 2015 to RMB450 billion in 2019, representing a CAGR of 16.4%. China's chaining rate is only 31.5%, which still has plenty of room for growth compared to the 72.9% in the United States.</p>","source":"36k","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dark Horse Atour \"Pentium Listing\": How to tell the story of the new accommodation economy?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDark Horse Atour \"Pentium Listing\": How to tell the story of the new accommodation economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"An era needs a brand and enterprise of an era\"\"A cup of hot tea, a pair of comfortable cotton slippers, a bowl of late-night hot porridge and a delicious fruit\"-the head of the line business of a Fortune 500 company calls this \"Atour four-piece set\".</p><p>Atour Group (hereinafter referred to as \"Atour\") was established in 2013. Compared with many hotels that use noble words such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as brand names, this name originating from Atour Village in Yunnan is like a breath of fresh stream, flowing with nature, life and humanistic feelings.</p><p>Outsiders know Atour, perhaps because of its out-of-the-circle IP cross-border marketing actions, such as<a href=\"https://laohu8.com/S/NTES\">Netease</a>Theme hotels cooperated by Cloud Music, etc.</p><p>For people in the industry, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>In the era when express hotels were deeply rooted in the hearts of the people, they established the consumers' minds belonging to Atour, took the lead in putting forward the concept of \"lifestyle brand\", and provided an innovative idea of \"starting with hotels, not ending with hotels\" for the whole hotel industry.</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China in terms of number of rooms.</b></p><p>More importantly,<b>Atour is about to knock on the door of the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"the first stock in China's new accommodation economy\".</b></p><p>According to the updated prospectus, Atour intends to issue 19,744,700 ADS shares with a pricing range of US$13.5 to US$15.5 per ADS, and at the same time grant the underwriters the over-allotment option of 2,961,700 ADS shares, with a plan to raise US$307 million to US$352 million.</p><p>Hillhouse said it would subscribe at its initial public offering price and intends to subscribe for ADS worth $120 million. Well-known investment institutions as cornerstone investors show the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>For Atour, the market is curious about what kind of innovative business model it has created, and it is also concerned about its performance level. At the same time, Atour's core advantages compared with its peers and its future performance in the secondary market are the focus of the market.</p><p>Then, this article tries to answer the above questions for you. (Only explain opinions and do not constitute investment advice.)</p><p><b>\"Experiential School\" Ideas Make Hotels More Than Sleeping</b></p><p><b>\"An era needs brands and enterprises of an era\"</b>Wang Haijun, founder and CEO of Atour, once expressed such emotion.</p><p>Under the leadership of Wang Haijun, a group of \"veterans\" engaged in the hotel industry gathered to try to build a new era of hotel brands and enterprises. Now, it seems, Atour may have become their first ideal achievement.</p><p>Under the background of this era of continuous upgrading of industry and consumption, Wang Haijun doesn't want to be a low-end hotel that can only meet the accommodation needs of tenants. Therefore, differentiated positioning of the mid-to-high-end market, meeting the accommodation demand while paying attention to the sense of experience has become the development direction of Atour so far.</p><p><b>As the top mid-to-high-end hotel chain in China, Atour already owns mid-end, mid-to-high-end, high-end and<a href=\"https://laohu8.com/S/DLX\">luxury</a>6 brands across four segments</b>Specifically, it includes the mid-end brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"A.T. HOUSE\".</p><p>In terms of volume and scale, as of the first quarter of 2021, the number of Atour hotels in operation reached 608, with over 70,000 rooms, covering 131 cities, while the number of hotels under development was 299, with over 30,000 rooms under development.</p><p>Differentiated market positioning comes from Atou's \"experience school\" thinking. The core of this idea lies in the transformation from \"operating rooms\" to \"operating crowds\". Not only that, Atour also summed up a set of \"standard personalized\" service methods to ensure that the service can keep up with the changes of consumer demand. According to the consumer survey of Huiping.com, Atou's overall satisfaction score has always maintained the first position among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, in Atou's view, hotels are a natural scene for lifestyle experience and sales of daily necessities.</b>For example, when customers feel that the hotel mattress is very comfortable, they can buy the same mattress directly online. As a result, Atour has further upgraded from a hotel chain group to a leading lifestyle brand group.</p><p>By the end of March this year, Atour had developed a total of 1,136 scene retail SKUs. In 2019 and 2020, the GMV generated by the retail business was 82.8 million yuan and 107.2 million yuan, respectively, representing a year-on-year increase of 29.5%. The GMV of retail business in the first quarter of this year reached 32.6 million yuan.</p><p>The scene retail business extended by the concept of \"experience school\" has already begun to generate income for Atour.</p><p><b>In 2020, Atour scenario retail business revenue accounted for 4.5% of its total revenue, which was higher than the retail business revenue generated by other domestic hotel chains.</b></p><p>Thanks to the positioning of the mid-to-high-end market and the development of scene retail business popular among young people, Atou's audience has gradually focused on high-net-worth users with a certain consumption level.</p><p>First of all, from a geographical perspective, nearly 80% of Atour hotels are located in the core areas of first-tier, new first-tier and second-tier cities. To a certain extent, this means that the consumption level of Atour hotels is not low.</p><p>At the same time, according to the prospectus, the proportion of Atour users under the age of 30 exceeds 24%, and the transaction volume contributed by these users accounts for 35%; The proportion of Atour users between the ages of 30 and 40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour has surpassed 25 million members. From 2015 to 2020, the number of Atour members grew at a CAGR of 79.6%. In the past two years, the number of room-night bookings contributed by members accounted for 39.3% and 44.7% respectively, accounting for a relatively large proportion and still growing.</p><p><b>Demonstrating Resilience Amid the Pandemic</b></p><p>Humanistic feelings and space with content can capture the hearts of consumers, but if it goes to the capital market to face investors directly, Atour needs outstanding performance.</p><p>For the hotel industry, if you want to expand, you need money, and if you want to make money, you need someone to live. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators to measure hotel operation.</p><p>In early 2020, the sudden outbreak caught hotels large and small off guard. Atour has shown stronger resilience under the pandemic.</p><p>At the beginning of the year, Atour achieved a revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. While<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>And the annual revenue of Huazhu Group fell by 34% and 9% year-on-year respectively.</p><p><b>The strong recovery and growth momentum continued until the first quarter of this year. Atou's revenue increased by 107.7% year-on-year, and at the same time, it achieved a net profit of 11.47 million yuan, turning losses into profits year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour had cash flow from operating activities of 119 million yuan, cash flow from investing activities of-106 million yuan and cash flow from financing activities of 48.01 million yuan. At present, Atour is in a situation where the cash flow of operating activities is positive, the cash flow of investment activities is negative, and the cash flow of financing activities is positive, which means to a certain extent that it is still in a period of high-speed expansion and is a high-growth company. High growth means that Atour has infinite possibilities in the future.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>From the perspective of occupancy rate and house price, after the epidemic, the recovery rate of Atou's business operation far exceeded the industry average.</p><p>First, in terms of occupancy, Atour had an occupancy rate of 73.4% in 2019. In 2020, under the impact of the pandemic, the occupancy rate of its hotels excluding quarantine expropriation was 67.1%. In April this year, the occupancy rate of Atour Hotel has recovered and exceeded the pre-epidemic level, reaching 80.4%. According to some data, the average annual occupancy rate of all star-rated hotels in China has not reached 63% in the 10 years ended in the first quarter of 2021. This means that in recent years, the occupancy rate of Atour has far exceeded the industry average, even in 2020, when the epidemic broke out.</p><p>According to the introduction of Fei Yu, president of BU of Atour Group Hotel in September last year, in February and March last year, Atour adopted a price strategy in order to quickly increase the overall occupancy rate, so the house price bottomed out. However, in April and May of the same year, its house prices rebounded strongly. In September last year, the overall house prices have recovered to 94% of the level of the same period last year. As of April this year, the overall house price of Atour has exceeded the pre-epidemic level, reaching 432.9 yuan, compared with 429.5 yuan in 2019.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>In addition, dismantling Atou's revenue structure, Atou's revenue mainly comes from three parts: managed hotels (i.e. franchised stores), rented hotels (i.e. directly operated stores), retail & others. Regardless of the number of stores or the proportion of revenue contributed, the franchise stores with the main asset-light operation mode exceed those of direct stores, which is also an important reason for Ato's strong ability to resist risks.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>At present, Atour operates 575 franchise stores and only 33 direct stores. From 2015 to 2020, the number of Atour franchised hotels grew at an average CAGR of 86.2%.</p><p>In 2020, the revenue share of Atour franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the proportion of revenue from directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>So to speak,<b>Franchise stores are the \"foundation\" of Atour, and the role of franchisees is an important partner of Atour Hotels.</b>All along, Atour has been praised by the industry for its management service schemes exported to franchisees and the benefits brought to franchisees.</p><p>According to the prospectus, the investment recovery cycle of Atour franchisees is mostly 3 to 5 years after the opening of the hotel, which is one of the mid-to-high-end hotel chains with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and also show high stickiness. In 2020, 31.8% of Atour franchisees chose to join again.</p><p>Zhou Xiaojun, assistant president of China Jianyuan, a real estate fund management, project management and asset management service provider, once said, \"When we investigated the market reputation and operation of high-end hotel brands, Atour partners left a deep impression on us. They will not only communicate the operation status of the hotel in detail, but also talk about many management systems behind Atour, such as the key points and difficulties of later operation, the characteristics of customers, why customers prefer our Atour brand and so on\".</p><p>In 2019, China Jianyuan joined the sales office at Huihai South Road, the core economic area of Beijing Capital Airport, as Atour Hotel, which has now been transformed into the best hotel in the region.</p><p><b>Atour Core Strengths</b></p><p><b>High-end positioning chain groups and lifestyle brands are the core advantages of Atour.</b></p><p><b>Differentiated positioning in the middle and high-end market, Atour has chosen the right direction from the beginning.</b></p><p>In the future, Atour will further benefit from the increase in the penetration rate of mid-to high-end hotels. According to the Frost & Sullivan Report, the CAGR of the number of guest rooms in mid-to high-end hotels was 25.7% from 2015 to 2019, compared with 15.2% in the overall hotel chain industry during the same period. It is estimated that the compound average growth rate of the number of guest rooms in mid-to high-end hotel chains will be 18.9% from 2021 to 2025, which will still be higher than the overall growth rate of 8.8% in the industry. The penetration rate of mid-to high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>At the same time, the low concentration of the mid-to-high-end hotel industry also allows Atour to sit firmly as the \"first brother\". At present, the top five domestic<a href=\"https://laohu8.com/S/00045\">Grand Hotel</a>The total number of mid-to high-end hotel rooms of the Group amounted to 197,000, accounting for 31.8%, and the concentration of mid-to high-end hotel industry was relatively low. Among them, Atour has 58,000 mid-to high-end guest rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle branding lies in brand tonality and consumer loyalty.</b></p><p>On Xiaohongshu, a \"good life sharing community\", the number of notes about Atour is as high as 10,000+. Enter \"Atour\" in the search box, and the related words that pop up include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which is full of life outside accommodation. Follow the related words and click in, and it gets rave reviews. Among them, during the epidemic isolation period, Atour Isolation Hotel has become a \"surprise\" in the mouth of many netizens.</p><p>In fact, many hotels are expanding their scene retail business. In contrast, Atour has certain first-mover advantages and technical precipitation.</p><p>According to the official introduction, in the mid-to-high-end market, Atour is the first hotel group in China to officially expand its scene retail business. At present, it has formed a certain scale in terms of brand integration and cooperative suppliers, and has established a strong consumer mind and reputation.</p><p>As of the first quarter of 2021, Atour has incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel, namely Atour Planet, Sahe, and Z2GO & CO.</p><p>At the same time, Atour also introduced DTC mode for the production and sales of original lifestyle brands. DTC is Direct to Consumer, that is, taking consumers' needs as the focus to guide manufacturers' design, production, product selection and marketing in reverse.</p><p><b>In addition, compared with traditional consumer brands, the natural lifestyle scene of hotels adds advantages to Atour.</b>For example, the average daily stay of each tenant in the hotel is about 6-8 hours, and there are many contact scenarios that can realize consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour gain the favor of capital in the secondary market?</p><p><b>Before the listing, Atour received three rounds of financing, and the lineup of investors was not inferior, including Legend Capital, Dehui Capital,<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares and is the largest shareholder, holding 71.1% of the voting rights of the company. In addition, Legend Capital holds 26.2%, Dehui Capital holds 14% and Ctrip holds 12.8%.</p><p><b>An important reason for choosing to list on the US stock market at this time may be that there are many favorable factors for Atour at present.</b></p><p>First of all, after the epidemic, the hotel industry has accelerated its clearance, and hotel chains are more favored by investors due to their strong pressure resistance. At the same time, with the popularization of COVID-19 vaccine, the market is optimistic about the recovery of the wine and travel industry.</p><p>In terms of businesses valued by investors in the secondary market, it is expected that Atour will still benefit from the growth space of hotel chain and scene retail business in the future.</p><p>According to the Frost & Sullivan Report, the revenue of China's hotel chain industry increased from RMB245.4 billion in 2015 to RMB450 billion in 2019, representing a CAGR of 16.4%. China's chaining rate is only 31.5%, which still has plenty of room for growth compared to the 72.9% in the United States.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":2551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168363578,"gmtCreate":1623951344394,"gmtModify":1703824577003,"author":{"id":"3575467233374005","authorId":"3575467233374005","name":"虎你真好","avatar":"https://static.tigerbbs.com/5e94064cf4ff33ad08668c513a334d0a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575467233374005","idStr":"3575467233374005"},"themes":[],"htmlText":"Wow….","listText":"Wow….","text":"Wow….","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/168363578","repostId":"1130140097","repostType":4,"repost":{"id":"1130140097","kind":"news","weMediaInfo":{"introduction":"界面是中国最大的商业新闻和社交平台，只服务于独立思考的人群。","home_visible":1,"media_name":"界面新闻","id":"30","head_image":"https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af"},"pubTimestamp":1623942749,"share":"https://ttm.financial/m/news/1130140097?lang=en_US&edition=fundamental","pubTime":"2021-06-17 23:12","market":"sh","language":"zh","title":"Dong Mingzhu wants to distribute 3,700 suites to Gree employees. Who can get them?","url":"https://stock-news.laohu8.com/highlight/detail?id=1130140097","media":"界面新闻","summary":"董明珠要给员工“一人一套房”的承诺又登上了热搜。\n6月15日，董明珠自媒体在微博发布了一段董明珠的演讲视频，称第一批3700套住房即将交付使用，优先分给优秀员工。\n这3700套房的去向引起了网友的关注","content":"<p><div>Dong Mingzhu's promise to give employees \"one person, one suite\" has been on the hot search again. On June 15th, Dong Mingzhu We Media posted a video of Dong Mingzhu's speech on Weibo, saying that the first batch of 3,700 houses will be delivered soon, and priority will be given to outstanding employees. The whereabouts of these 3,700 suites have attracted the attention of netizens. Who can get them? Interface News learned from a Gree employee that in March this year, Gree President's Office issued a notice on applying for housing in Pearl Square. According to the email, this set of real estate has entered the preliminary decoration stage in March. Due to the limited housing supply, the main solution is that it is married, and in Zhuhai and Zhongshan...</p><p><a href=\"None\">Web link</a></div></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dong Mingzhu wants to distribute 3,700 suites to Gree employees. Who can get them?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDong Mingzhu wants to distribute 3,700 suites to Gree employees. Who can get them?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/30\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">界面新闻 </p>\n<p class=\"h-time smaller\">2021-06-17 23:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>Dong Mingzhu's promise to give employees \"one person, one suite\" has been on the hot search again. On June 15th, Dong Mingzhu We Media posted a video of Dong Mingzhu's speech on Weibo, saying that the first batch of 3,700 houses will be delivered soon, and priority will be given to outstanding employees. The whereabouts of these 3,700 suites have attracted the attention of netizens. Who can get them? Interface News learned from a Gree employee that in March this year, Gree President's Office issued a notice on applying for housing in Pearl Square. According to the email, this set of real estate has entered the preliminary decoration stage in March. Due to the limited housing supply, the main solution is that it is married, and in Zhuhai and Zhongshan...</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5729d16d3ad977d2c9b0df2ab2bde5c3","relate_stocks":{"000651":"格力电器"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130140097","content_text":"董明珠要给员工“一人一套房”的承诺又登上了热搜。\n6月15日，董明珠自媒体在微博发布了一段董明珠的演讲视频，称第一批3700套住房即将交付使用，优先分给优秀员工。\n这3700套房的去向引起了网友的关注，究竟哪些人才能分到？\n界面新闻从一位格力员工处获悉，今年3月，格力总裁办曾发布关于申请明珠广场住房的通知。邮件显示，该套楼盘3月时已进入前期装修阶段，由于房源有限，主要解决的是已婚，且在珠海、中山无房员工的需求。\n\n明珠广场现场图。图片来源：受访者\n另据董明珠在2020年4月的一场直播上的说法，格力将优先保证技术部门的已婚80后、准备结婚的90后能分到房。\n界面新闻采访了多位格力员工，他们都表示公司尚未下发具体通知，不清楚该房的产权归属、是否需要缴纳租金等细则。\n董明珠所称“一人一套房”容易让人误解为“公司送房”，实际上，格力明珠广场属于人才公寓，其地块由珠海市政府提供，格力投资18亿元建设。\n2018年，董明珠对外宣布，珠海市委市政府为鼓励格力电器而分给公司1万套住房的土地，格力公司将自费投入20亿元进行建设。同年8月，“珠海明珠广场”开始动工，这套人才公寓位于珠海较中心的区域——香洲区，由两栋18层、3栋19层、3栋32层、3栋35层共11栋住宅，1栋商业及邻里中心、1栋幼儿园组成，占地面积约80719.95平方米，总建筑面积约为278402平方米。当时预计2021年交付共3180套。\n目前这套房价值多少？根据中原地产发布的珠海5月房价走势数据，香洲区（包含新香洲与老香洲）5月房价约为3.5万/平米。也就是说，一套60平米的两房一厅价值200万。\n格力此前就有人才公寓项目。据公开报道，格力在2007年3月起就开始自建员工住宿房，包括康乐园一期、二期，总工程建筑面积超过11万平方米，总投资近6亿元。\n一位离职格力员工表示，康乐园属于员工宿舍，住房条件比较简单，类似于大学宿舍。康乐园一期主要入住人员为产线员工，二期则主要提供给技术人员、大学生等，入住后只需支付象征性的租金，其曾住过的四房一厅每月租金是100元。“房间里只放得下一张上床下桌。”该员工说。\n许多大企业都有对员工的住房补贴政策，只不过在一线城市难以像格力一样自建住房。以互联网大厂为例，腾讯、阿里、字节跳动等企业都采取了租金补贴的政策。\n例如，字节跳动的要求是，一线城市（北上广深）距离办公地步行30分钟，自行车或地铁20分钟范围内租房，每月可获公司提供的1500元补助。快手在相似条件下补贴2000元。另外，具体补贴数额根据职位有所不同。","news_type":1,"symbols_score_info":{"000651":0.9}},"isVote":1,"tweetType":1,"viewCount":2271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340879950,"gmtCreate":1617379155470,"gmtModify":1704699331146,"author":{"id":"3575467233374005","authorId":"3575467233374005","name":"虎你真好","avatar":"https://static.tigerbbs.com/5e94064cf4ff33ad08668c513a334d0a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575467233374005","idStr":"3575467233374005"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340879950","repostId":"2124817755","repostType":2,"repost":{"id":"2124817755","kind":"news","pubTimestamp":1617374909,"share":"https://ttm.financial/m/news/2124817755?lang=en_US&edition=fundamental","pubTime":"2021-04-02 22:48","market":"us","language":"zh","title":"Hot! Online celebrity milk tea queued 50,000 tables, purchased 200 a cup, traffic police came out to shout, Ali indirectly took shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2124817755","media":"中国证券报","summary":"黄牛对代购一杯奶茶的开价更是高达200元。据了解，茶颜悦色是湖南长沙的网红新茶饮品牌，这一次在深圳文和友开了两家店，且这一次是快闪店，预计开店时间仅有3个月左右。在深圳文和友的取号界面上，高峰时段排队取号的已超过5万桌，若按照平均一桌4人计算，排队人数已超过20万人。周边居民表示，上午时排队进入深圳文和友的人数更多，要排队一小时。此前茶颜悦色进入武汉时，更被爆出需要排队8小时，代购费500元。","content":"<p><div>Exclusive to finance every day, you can wait in line for hours for a cup of milk tea! On April 2nd, an online celebrity milk tea shop opened in Shenzhen, and young people in Shenzhen queued up to buy milk tea at a high temperature of 30 degrees. The price of scalpers for buying a cup of milk tea is as high as 200 yuan. Source: Photo by china securities journal reporter Wu Shun Shenzhen traffic police all came out to shout: Wen Heyou's entrance is a big dragon, please travel green! Source: Weibo Zhongzhengjun can't help but ask, \"Don't everyone have to go to work?\"\"Cha Yan Yue Se\" Milk Tea Shop Opened in Shenzhen On April 2nd, Shenzhen Super Wenheyou opened, with a volume of about 20,000 square meters, which is currently the largest \"Wenheyou Building\" in China....</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104022254227e68fdca&s=b\">Web link</a></div></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hot! Online celebrity milk tea queued 50,000 tables, purchased 200 a cup, traffic police came out to shout, Ali indirectly took shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHot! Online celebrity milk tea queued 50,000 tables, purchased 200 a cup, traffic police came out to shout, Ali indirectly took shares\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国证券报</strong><span class=\"h-time small\">2021-04-02 22:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Exclusive to finance every day, you can wait in line for hours for a cup of milk tea! On April 2nd, an online celebrity milk tea shop opened in Shenzhen, and young people in Shenzhen queued up to buy milk tea at a high temperature of 30 degrees. The price of scalpers for buying a cup of milk tea is as high as 200 yuan. Source: Photo by china securities journal reporter Wu Shun Shenzhen traffic police all came out to shout: Wen Heyou's entrance is a big dragon, please travel green! Source: Weibo Zhongzhengjun can't help but ask, \"Don't everyone have to go to work?\"\"Cha Yan Yue Se\" Milk Tea Shop Opened in Shenzhen On April 2nd, Shenzhen Super Wenheyou opened, with a volume of about 20,000 square meters, which is currently the largest \"Wenheyou Building\" in China....</p><p><a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104022254227e68fdca&s=b\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104022254227e68fdca&s=b\">中国证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8cfe04583f65086e588fa34f234a623","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202104022254227e68fdca&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2124817755","content_text":"天天财经独家，速关注为一杯奶茶可以排队等候数小时！4月2日，深圳一家网红奶茶店开业，深圳的年轻人竟顶着30度的高温排队买奶茶。黄牛对代购一杯奶茶的开价更是高达200元。来源：中国证券报记者吴瞬摄深圳交警都出来喊话：文和友门口大排场龙，请绿色出行！来源：微博中证君不禁想问：“大家都不用上班吗？”“茶颜悦色”奶茶店深圳开业4月2日，深圳超级文和友开业，约2万平米体量，是目前全国最大的“文和友大楼”。深圳文和友主打的是自己开发的“生蚝”品牌——“深笙蚝”，店内并没有做小龙虾的专卖。在文和友里面的网红饮品店“茶颜悦色”快闪店也同步开业。据了解，茶颜悦色是湖南长沙的网红新茶饮品牌，这一次在深圳文和友开了两家店，且这一次是快闪店，预计开店时间仅有3个月左右。在深圳文和友的取号界面上，高峰时段排队取号的已超过5万桌，若按照平均一桌4人计算，排队人数已超过20万人。来源：深圳文和友公众号4月2日下午14时，中证君到达深圳文和友时，仍有大量的年轻人正在排队进入。当时气温高达30度，排队需花费15分钟。周边居民表示，上午时排队进入深圳文和友的人数更多，要排队一小时。来源：中国证券报记者吴瞬摄而在排队进入深圳文和友后，并不能立刻买到茶颜悦色。茶颜悦色会在每个整点时段发放70个名额，且必须在门店50米范围内才能取号，这也就意味着你必须在现场取号，而且要靠“抢”。来源：中国证券报记者吴瞬摄在现场的一位年轻人表示，他已经在这里呆了两个小时，仍没有抢到茶颜悦色的号。来源：中国证券报记者吴瞬摄代购费达200元为了买茶颜悦色一杯奶茶排队几小时早已不是新闻。此前茶颜悦色进入武汉时，更被爆出需要排队8小时，代购费500元。来源：百度在某交易平台上，代购深圳茶颜悦色奶茶的费用最高达200元。来源：截取自某交易平台事实上，茶颜悦色如此受到深圳年轻人的追捧，主要是太稀缺了。据了解，目前茶颜悦色仅在长沙、武汉等少数城市开有门店，不少深圳年轻人就是慕名而来，想喝一杯传说中的奶茶。茶颜悦色到底有多稀缺，看这一份报告就能知道了。《2020年新茶饮行业发展白皮书》显示，喜茶入驻城市有58个，奈雪入驻城市有61个，茶颜悦色却只入驻了3个城市。来源：《2020年新茶饮行业发展白皮书》千亿级的新茶饮市场在年轻人疯狂追捧网红茶饮的背后，是一个千亿级的新茶饮市场。安信证券指出，90、00后消费力崛起，新式茶饮打开中国茶饮市场天花板，2021年新式茶饮市场规模预计达到1102亿元，且目前各档次茶饮连锁品牌百花齐放：各档次茶饮连锁品牌百花齐放来源：安信证券同时，资本也早已入局。安信证券数据显示，截至2020年，喜茶已获得4轮融资，投资方包括腾讯、红杉资本、龙珠资本等。2020年3月喜茶又获得由高瓴资本和蔻图资本领投的新一轮融资，投后估值达160亿元，相比2019年7月获得的90亿元估值增长近80%。新茶饮赛道的另一头部品牌奈雪的茶截至目前也获得了4轮融资，在2020年12月刚刚完成了C轮1亿多美元的融资，领投方为太盟投资集团，投后估值达到20亿美元。而茶颜悦色的背后，也有不少知名公司暗藏其中。在茶颜悦色的主体湖南茶悦文化发展集团有限公司背后，不仅有资深消费领域投资机构天图资本的入驻，同时阿里巴巴和腾讯也间接投资了茶颜悦色。来源：天眼查之所以各路资本纷纷入局，主要是这一行业的天花板仍远未触及。《2020年新茶饮行业发展白皮书》指出，新茶饮市场规模历史增速近300%，未来尚有数百亿市场空间待渗透。头部市场参与者以喜茶、奈雪的茶为代表，积极布局各线市场，引发新一轮茶饮年轻化消费浪潮。尽管新茶饮市场近年来令人瞩目，却远未触及行业天花板，领先新茶饮品牌对比星巴克各层级市场的渗透率依然较低，潜在市场空间巨大。编辑：张楠曹帅","news_type":1,"symbols_score_info":{"48393":0.6,"48453":0.6,"48454":0.6,"48455":0.6,"48468":0.6,"48473":0.6,"48564":0.6,"48606":0.6,"48609":0.6,"48610":0.6,"48673":0.6,"48675":0.6,"48677":0.6,"48683":0.6,"48687":0.6,"48698":0.6,"48699":0.6,"48733":0.6,"48740":0.6,"48742":0.6,"BABA":0.9,"09988":0.6,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":2757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357871896,"gmtCreate":1617264386815,"gmtModify":1704697967526,"author":{"id":"3575467233374005","authorId":"3575467233374005","name":"虎你真好","avatar":"https://static.tigerbbs.com/5e94064cf4ff33ad08668c513a334d0a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575467233374005","idStr":"3575467233374005"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/357871896","repostId":"1169951145","repostType":4,"repost":{"id":"1169951145","kind":"news","pubTimestamp":1617263674,"share":"https://ttm.financial/m/news/1169951145?lang=en_US&edition=fundamental","pubTime":"2021-04-01 15:54","market":"hk","language":"zh","title":"Suspected Ali debriefing PPT leakage: community group purchase has been \"ruined\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1169951145","media":"零售商业评论","summary":"鲜受关注的中国600万夫妻老婆店有福了！","content":"<p>Today, a revelation appeared on Maimai. One displayed as \"<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Employees \"users, posting leaked the real face of Ali MMC business group.</p><p>The group purchase of Ali community that consumers are eagerly waiting for is ruined! This time, China's 6 million mom-and-pop stores, which have always existed but received little attention, are blessed!</p><p>Let's take a look at the specific content of the revelation.</p><p><img src=\"https://static.tigerbbs.com/ffecc830742ab2f7f3461b83c45869fa\" tg-width=\"627\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p>Judging from the content broken by this pulse user, Ali MMC's core mission is locked in digitally upgrading 6 million mom-and-pop stores.</p><p>The logic of this game of chess is as follows: grid management of small shops-forming a scale-playing C2B2M mode-let small shops directly connect with source factories and farmers, so as to realize sales-based production and sales-based excellent production.</p><p>This is obviously not the selling logic of community group buying or community e-commerce.</p><p>Judging from the breaking content, Ali's internal summary of MMC model is \"near-field e-commerce\".</p><p>The community group purchase of other big factories is the fission dumping of socialized group leaders, and people push goods. MMC is the digital upgrade of small stores, and it is the matching of goods and people.</p><p>The most widely circulated \"no upper limit\" before seems to be the truth-there is no upper limit on the investment in digital upgrading of small shops.</p><p>The revelation looks very authentic. It is equipped with three pictures. Not only is Ali LOGO on the pictures clearly visible, but the logic of the business map inside is also stylish, which is very similar to the PPT style of a big factory.</p><p><img src=\"https://static.tigerbbs.com/01a790e871e1f2ccc1874bcf45a7b3a7\" tg-width=\"833\" tg-height=\"548\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e5cee0094722f1069e1810c7f08c31f4\" tg-width=\"946\" tg-height=\"658\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ad96b3bc708f0ed1f1aa6b683c9116af\" tg-width=\"1077\" tg-height=\"764\" referrerpolicy=\"no-referrer\"></p><p>From the comparison chart of the above modes, the traditional retail distribution mode is mainly in channels, and the circulation link is very long. This mode has always been the most important supply and marketing mode.</p><p>In recent years, the community group purchase that killed out, T +1 came to the scene to pick it up, and its core link was the socialized group leader. However, PPT shows that this mode is still a \"people push goods\" mode.</p><p>The core of Ali's MMC model is to upgrade 6 million digital stores, realize the distribution of goods, and pass through C2B2M, the end that players in the industry want to reach.</p><p>Ali also has several advantages in doing this.</p><p>First, Retail has announced that it has transformed nearly 1.5 million digital stores. These shop owners have stable premises and can provide deterministic services. At the same time, small stores can provide more personalized and diversified layered services based on stable neighborhood relationships. Most importantly, the store has a closer relationship with Ali. Once it is connected to the digital sensing equipment provided by Ali, it can gather the needs of large-scale communities, thus having the possibility of feeding back the production end.</p><p>Secondly, the richness of commodities and the ability of digital warehousing and distribution. Behind Ali's entry into the game is a plate of goods from the economy, various origin warehouses self-built and jointly built in recent years, and the logistics capabilities of rookie network. It may be boldly asserted that in the future, whether it is community e-commerce or near-field e-commerce, the highland of competition and the construction of barriers must be in the supply chain.</p><p>Finally, there is the desire to win. The outside world is saying that Ali has not fought for many years, but MMC lets everyone see Ali's desire to fight and win. Think about it, why did Dai Shan come to the helm of MMC? In addition to the fact that she is the number one in charge of Class B business group and Box Horse business group, several other identities are more worthy of detailing: one of Alibaba's eighteen Arhats, a partner of Alibaba Group, and the director of Ali Group's large agricultural office.</p><p>So, what do you think of Ali's MMC model?</p>","source":"lsy1574404730537","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Suspected Ali debriefing PPT leakage: community group purchase has been \"ruined\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSuspected Ali debriefing PPT leakage: community group purchase has been \"ruined\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">零售商业评论</strong><span class=\"h-time small\">2021-04-01 15:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Today, a revelation appeared on Maimai. One displayed as \"<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Employees \"users, posting leaked the real face of Ali MMC business group.</p><p>The group purchase of Ali community that consumers are eagerly waiting for is ruined! This time, China's 6 million mom-and-pop stores, which have always existed but received little attention, are blessed!</p><p>Let's take a look at the specific content of the revelation.</p><p><img src=\"https://static.tigerbbs.com/ffecc830742ab2f7f3461b83c45869fa\" tg-width=\"627\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p>Judging from the content broken by this pulse user, Ali MMC's core mission is locked in digitally upgrading 6 million mom-and-pop stores.</p><p>The logic of this game of chess is as follows: grid management of small shops-forming a scale-playing C2B2M mode-let small shops directly connect with source factories and farmers, so as to realize sales-based production and sales-based excellent production.</p><p>This is obviously not the selling logic of community group buying or community e-commerce.</p><p>Judging from the breaking content, Ali's internal summary of MMC model is \"near-field e-commerce\".</p><p>The community group purchase of other big factories is the fission dumping of socialized group leaders, and people push goods. MMC is the digital upgrade of small stores, and it is the matching of goods and people.</p><p>The most widely circulated \"no upper limit\" before seems to be the truth-there is no upper limit on the investment in digital upgrading of small shops.</p><p>The revelation looks very authentic. It is equipped with three pictures. Not only is Ali LOGO on the pictures clearly visible, but the logic of the business map inside is also stylish, which is very similar to the PPT style of a big factory.</p><p><img src=\"https://static.tigerbbs.com/01a790e871e1f2ccc1874bcf45a7b3a7\" tg-width=\"833\" tg-height=\"548\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e5cee0094722f1069e1810c7f08c31f4\" tg-width=\"946\" tg-height=\"658\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ad96b3bc708f0ed1f1aa6b683c9116af\" tg-width=\"1077\" tg-height=\"764\" referrerpolicy=\"no-referrer\"></p><p>From the comparison chart of the above modes, the traditional retail distribution mode is mainly in channels, and the circulation link is very long. This mode has always been the most important supply and marketing mode.</p><p>In recent years, the community group purchase that killed out, T +1 came to the scene to pick it up, and its core link was the socialized group leader. However, PPT shows that this mode is still a \"people push goods\" mode.</p><p>The core of Ali's MMC model is to upgrade 6 million digital stores, realize the distribution of goods, and pass through C2B2M, the end that players in the industry want to reach.</p><p>Ali also has several advantages in doing this.</p><p>First, Retail has announced that it has transformed nearly 1.5 million digital stores. These shop owners have stable premises and can provide deterministic services. At the same time, small stores can provide more personalized and diversified layered services based on stable neighborhood relationships. Most importantly, the store has a closer relationship with Ali. Once it is connected to the digital sensing equipment provided by Ali, it can gather the needs of large-scale communities, thus having the possibility of feeding back the production end.</p><p>Secondly, the richness of commodities and the ability of digital warehousing and distribution. Behind Ali's entry into the game is a plate of goods from the economy, various origin warehouses self-built and jointly built in recent years, and the logistics capabilities of rookie network. It may be boldly asserted that in the future, whether it is community e-commerce or near-field e-commerce, the highland of competition and the construction of barriers must be in the supply chain.</p><p>Finally, there is the desire to win. The outside world is saying that Ali has not fought for many years, but MMC lets everyone see Ali's desire to fight and win. Think about it, why did Dai Shan come to the helm of MMC? In addition to the fact that she is the number one in charge of Class B business group and Box Horse business group, several other identities are more worthy of detailing: one of Alibaba's eighteen Arhats, a partner of Alibaba Group, and the director of Ali Group's large agricultural office.</p><p>So, what do you think of Ali's MMC model?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/d3PuiHyx76-fo6awhVKtAA\">零售商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d179bddc18596e950cfbcca48be8765a","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/d3PuiHyx76-fo6awhVKtAA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169951145","content_text":"今天，脉脉上出现一个爆料。一个显示为“阿里巴巴员工”的用户，发帖泄露了阿里MMC事业群的真面貌。\n消费者翘首以待的阿里社区团购泡汤了！这次一直存在却鲜受关注的中国600万夫妻老婆店有福了！\n我们来看下爆料的具体内容。\n\n从这个脉脉用户爆料的内容来看，阿里MMC的核心使命锁定在数字升级600万夫妻老婆店。\n这盘棋的逻辑是这样：对小店进行网格化管理——形成规模——玩C2B2M模式——让小店与源头工厂和农民直连，实现以销定产和以销优产。\n这显然不是社区团购或者说社区电商的卖货逻辑了。\n从爆料内容来看，阿里内部对MMC模式的总结是“近场电商”。\n其他大厂的社区团购是社会化团长裂变倾销，是人推货。MMC是小店数字化升级，是货配人。\n此前流传最广的“不设上限”似乎也真相了——对小店数字化升级的投入不设上限。\n爆料看起来真实性很强。里面配了3张图，不仅图片上的阿里LOGO清晰可见，里面的业务大图逻辑也是有模有样，像极了大厂的述职PPT风格。\n\n从上述模式对比图上看，传统零售分销模式主要在渠道，流通链路非常长，这种模式也一直是最主要的供销模式。\n而近年杀出的社区团购，T+1到场自提，其核心一环在社会化团长。但PPT显示这个模式仍然是“人推货”的模式。\n阿里的MMC模式，核心是升级600万数字小店，实现货配人，走通C2B2M这个业内玩家都想抵达的终局。\n阿里干这事也有几点优势。\n首先是零售通曾宣布已经改造了近150万数字小店。这些店主有稳定的经营场所，能提供确定性服务。同时，小店基于稳定的邻里关系还能提供更个性化和多元化的分层服务。最重要的是，小店跟阿里关系更近，一旦接入阿里提供的数字感知设备，就能聚拢规模化的社区需求，从而具备反哺生产端的可能性。\n其次是商品的丰富度和数字化的仓配能力。阿里入局，背后是经济体的一盘货和这几年自建、共建的各种产地仓，以及菜鸟网络的物流能力。不妨大胆断言，未来社区电商也好，近场电商也罢，竞争的高地和壁垒的构建一定是在供应链上。\n最后就是求胜欲。外界都在说阿里好多年没有打仗了，但MMC让大家看到了阿里的求战欲和求胜欲。大家想想，为什么戴珊来执掌MMC？除了她是分管B类事业群和盒马事业群的一号位这个因素外，另外几个身份更值得细品：阿里巴巴十八罗汉之一、阿里巴巴集团合伙人、阿里集团大农业办公室主任。\n所以，大家怎么看阿里的MMC模式？","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}