酒业 水井坊预计上半年销售量增加14.54%，Q2商务宴请和宴席场景承压，致发货恢复节奏放缓 7月14日，水井坊发布2025年半年度业绩预告。披露预计 2025 年半年度公司实现归属净利润为1.05亿 元，与上年同期相比，预计下降 56.52%；预计上半年实现营业收入14.98亿元，预计下降 12.84%；预计 销售量与上年同期相比增加 543 千升，同比增加 14.54%。2025年上半年，白酒行业整体仍处于深度调 整阶段。尤其在第二季度，商务宴请和宴席等传统消费场景持续承压，市场恢复节奏放缓。在上述因素 影响下，公司上半年营业收入预计同比下降 12.84%。由于白酒产品毛利率较高，收入下滑对利润造成 的影响更为显著，预计归属于母公司股东的净利润同比下降56.52%。春节期间总体消费表现低于预 期，导致渠道库存水平高于预期，进而对春节过后几个月的发货量造成一些影响。疲软趋势在第二季度 进一步加剧，宴席和商务宴请等关键场景需求不振，进一步影响了去库存进程，放缓了发货恢复的节 奏。 食品饮料 百事Q2净销售收入227.26亿美元，桂格切入咸味轻食新赛道 7月17日，百事公司公布2025年第二季度业绩，期内净销售 ...

Core Viewpoint - The company is facing significant challenges, including a 97% stock price drop, a cumulative loss of 1.2 billion, and the closure of 219 stores in one year, prompting the launch of the "Feng Huan Chao" partner program to empower employees as store partners [1][11][12] Group 1: "Feng Huan Chao" Partner Program - The "Feng Huan Chao" program aims to incentivize frontline employees, with the first batch of 21 core employees becoming partners, focusing on operational managers and store managers [5][7] - The partnership model involves a tripartite shareholding structure among partners, the company, and executives, allowing partners to focus on store performance while the company provides funding and brand support [5][6] - This internal partnership approach is designed to bind talent and activate the organization, transforming employees from executors to decision-makers, thereby enhancing responsibility and loyalty [7][8] Group 2: Market Challenges and Strategic Shifts - The company is navigating a rapidly changing hot pot market, facing challenges from competitors and internal struggles, including a significant decline in the performance of its high-end brand, Coucou [3][10][14] - The company has accumulated losses of 1.183 billion from 2021 to 2024, with a peak loss of 401 million in 2024, largely attributed to the underperformance of Coucou [11] - The company is shifting focus away from the high-end market, which has seen competitors like Haidilao and Banu gaining traction, while it struggles to maintain its customer base [17][18] Group 3: Food Safety and Quality Control - The partner program mandates that all partner stores must integrate into a global supply chain and management system to ensure food safety and service standards, mitigating risks commonly associated with traditional franchise models [12] - Recent complaints about food safety issues highlight the need for stringent quality control measures, reinforcing the importance of the new management structure [12][20] Group 4: Market Position and Future Outlook - The hot pot market is projected to grow, with a significant increase in small hot pot establishments, but the company faces challenges in positioning itself within this competitive landscape [18][19] - The company must prioritize quality and value to regain market share, as competitors are increasingly encroaching on its target demographic with lower-priced offerings [20][21]

据了解，目前，首批21位合伙人已正式与呷哺集团签约，已有5家合伙门店投入运营，未来呷哺集团计 划每年新增约50家到100家合伙门店。 呷哺集团相关负责人对《证券日报》记者表示，"凤还巢"合伙人计划，是希望通过企业与员工的利润共 享，留住和吸引更多优秀的餐饮行业人才，从而进一步推动旗下品牌呷哺呷哺的持续发展。 7月16日，"火锅第一股"呷哺呷哺餐饮管理（中国）控股有限公司（以下简称"呷哺集团"）宣布启动"凤 还巢"合伙人计划，面向集团内部优秀员工及餐饮行业人才开放新店合伙人通道。 呷哺集团表示，开放合伙绝不意味着管理标准的降低。相反，所有合伙人门店都必须严格遵循呷哺呷哺 全球统一的严苛管理标准与食品安全体系，确保品牌形象与服务品质的高度一致性。同时，合伙人将无 缝接入集团全球供应链网络，享受与直营店完全同等的成本优势与品质保障。 根据呷哺集团披露，"凤还巢"计划的核心模式为"三方共同持股"，合伙人将通过与呷哺集团、集团高管 共同持股的形式，将门店收益与各持股方，特别是合伙人深度绑定，从而激发合伙人的积极性和主动 性。 据了解，呷哺集团总部将组建专属服务团队，为合伙人提供从选址评估、营建支持、人员培训到运营督 导 ...

Core Viewpoint - The company, Xiaobai Hotpot, has launched a new "Feng Huan Chao" partner program aimed at recruiting internal employees and industry talents as new store partners to enhance operational efficiency and profitability [1][3]. Group 1: Partner Program Details - The partner program allows partners to share equity and profits with the company, creating a strong alignment of interests between the company and the partners [2]. - Unlike traditional franchising, this program emphasizes risk-sharing and profit-sharing through equity and dividend mechanisms, with a focus on frontline employees [3]. - The company will provide comprehensive support, including site evaluation, personnel training, and operational supervision, allowing partners to focus on store management [3][4]. Group 2: Financial Performance and Challenges - Xiaobai Hotpot has faced significant financial difficulties, reporting continuous losses since 2021, with a cumulative loss of 1.246 billion yuan [5]. - Despite attempts to boost performance through various strategies, including launching a sub-brand and implementing a membership system, these efforts have not effectively increased customer traffic [5][7]. - The average customer spending has decreased, with a 10% reduction in brand package prices leading to a drop in average spending per customer to 54.8 yuan [6]. Group 3: Operational Metrics - The brand's table turnover rate has declined from 2.6 times per day in 2023 to 2.5 times in 2024, with same-store sales dropping by 23.3% [8]. - The company has closed a total of 73 and 60 stores for the Xiaobai and Coucou brands, respectively, marking the first time the total number of restaurants has fallen below 1,000 since 2019 [9]. - Despite current challenges, Xiaobai Hotpot plans to open at least 95 new restaurants by 2025, with a target turnover rate of at least 3 [10]. Group 4: Future Plans - Currently, five partner stores are operational, with plans to steadily add approximately 50 to 100 partner stores each year [11].

Core Insights - Major hot pot brands are actively expanding their business models, with Haidilao continuing to incubate sub-brands and Banu submitting an IPO application to become the "third hot pot stock" [1] - Xiaobuxiang, the "first hot pot stock," has launched the "Feng Huan Chao" partner program aimed at outstanding internal employees and industry talents, with plans to open 50 to 100 new partner stores annually [1][2] Company Initiatives - The "Feng Huan Chao" partner program incentivizes frontline employees who contribute significantly to store growth, allowing them to share in store profits through a partnership model [1][2] - The first batch of 21 partners has signed contracts, with 5 partner stores already operational [1] - Xiaobuxiang will provide comprehensive support to partners, including brand authorization, supply chain assurance, and management standards, ensuring consistency in brand image and service quality [2] Industry Trends - The trend of opening franchise and partnership models is growing among leading restaurant brands, with Haidilao and Jiumaojiu also adopting similar strategies [3] - The increasing chain rate in China's restaurant industry, along with improved brand management and supply chain standardization, is driving the shift from direct operation to franchise models [3] - The internal partnership model is becoming popular, transforming employees from traditional roles into partners who share risks and profits, enhancing their engagement and performance [3]

Core Viewpoint - The company has launched the "Feng Huan Chao" partner program to incentivize frontline employees and attract experienced talent in the restaurant industry, aiming to enhance store performance and brand competitiveness [1][3][5] Group 1: Partner Program Details - The "Feng Huan Chao" partner program targets frontline employees who contribute significantly to store growth, with 21 initial partners already signed, primarily from operational managers and store managers [3][4] - Partners will hold shares alongside the company, aligning their interests with store profitability and encouraging proactive engagement [3][4] - The program offers a higher profit-sharing ratio to frontline employees, ensuring they receive the maximum benefits [3][4] Group 2: Support and Standards - The company will provide comprehensive support to partners, including brand authorization, supply chain assurance, and standardized management practices, to alleviate operational concerns [3][4] - All partner stores must adhere to strict global management standards and food safety protocols to maintain brand integrity and service quality [4] - A dedicated service team will assist partners throughout the entire process, from site evaluation to operational supervision [4] Group 3: Market Context and Strategy - The restaurant industry, particularly the hot pot sector, is highly competitive, with many local brands emerging, putting pressure on the company [4][5] - The partner program aims to retain top internal talent while attracting external industry experts to accelerate brand expansion and adapt to market changes [5] - The company anticipates adding approximately 50 to 100 partner stores annually, enhancing both the quality and quantity of its outlets [4]

来源：环球网 【环球网消费综合报道】7月16日，呷哺集团宣布，旗下核心品牌呷哺呷哺正式推出"凤还巢"合伙人计 划。该计划是面向集团内部表现卓越的员工以及优秀的餐饮行业人才，开放专属新店合伙人通道。通过 提供全面的支持，助力优秀人才完成从"职场打工人"向"事业合伙人"的转变。 在竞争日益激烈、人才流动频繁的餐饮业，呷哺集团此举被广泛视为其人才战略的一次重大调整和深 化。呷哺集团表示，"凤还巢"合伙人计划，希望通过企业与员工的利润共享，留住和吸引更多优秀的餐 饮行业人才，从而进一步推动旗下品牌呷哺呷哺的持续发展。业内人士对此也分析认为，这不仅是为呷 哺呷哺品牌的持续发展注入新鲜血液，更是着眼于长远，构建一个更具凝聚力、更富战斗力的团队生 态，从而在变幻莫测的市场浪潮中稳固并扩大自身的领先优势。 首批合伙人诞生，一线"打工人"变身"当家人" 在"凤还巢"合伙人计划签约仪式上，经过严选的21位首批合伙人正式与呷哺集团签约，标志着该计划成 功落地。 据了解，呷哺集团总部将组建专属服务团队，为合伙人提供从选址评估、营建支持、人员培训到运营督 导、营销策划的全周期支持，全程护航合伙人事业发展。 "凤还巢"计划的第一批合伙人 ...

Core Points - The core initiative of the company is the launch of the "Feng Huan Chao" partner program aimed at outstanding internal employees and talented individuals in the restaurant industry [1][3] - The first batch of 21 partners has officially signed with the company, marking the successful implementation of the program [1][3] Group 1 - The first batch of partners mainly consists of excellent internal employees from key positions such as operation managers and store managers across various regions [3] - Partners will engage in a shareholding model with the company, aligning store profits closely with the partners to enhance their motivation and initiative [3] - The company emphasizes that the program is designed to support partners without requiring them to consider opening funds or brand management costs, allowing them to focus on optimizing operational metrics [3] Group 2 - The company commits to providing comprehensive support to partners, including brand authorization, supply chain assurance, and strict management standards, ensuring a win-win development for both the brand and partners [3][4] - All partner stores must adhere to the company's stringent management standards and food safety systems to maintain brand image and service quality consistency [3][4] - The company plans to establish a dedicated service team to support partners throughout the entire process, from site evaluation to operational guidance and marketing planning [3][4] Group 3 - The "Feng Huan Chao" program aims to encourage frontline employees, with a focus on providing the highest profit-sharing ratio to them [4] - The program is rooted in the company's core value of sharing results with those who strive [4] - Currently, there are 5 partner stores in operation, with plans to steadily add approximately 50 to 100 partner stores each year in the future [4]

Group 1: Company Initiatives - The company launched the "Feng Huan Chao" partner program aimed at retaining and attracting top talent in the restaurant industry by sharing profits with employees [1] - The program primarily targets frontline staff who contribute significantly to store growth, allowing them to hold shares and bind store profits with the company [1] - The first batch of partners consists of outstanding internal employees from key positions such as operation managers and store managers across the country [1] Group 2: Industry Overview - The hot pot market in China is projected to reach a scale of 650 billion yuan by 2025, with a year-on-year growth of 5.6% expected in 2024 [2] - The number of hot pot stores is anticipated to peak at over 520,000 by November 2024, while the number of related enterprises is expected to decline slightly [2] - Competitors like Haidilao are also adapting by establishing a franchise division, with 13 franchise stores reported by the end of 2024 [2]

Core Insights - Chinese dining brands are rapidly expanding globally, transitioning from individual store trials to systematic and large-scale international operations, driven by domestic market competition and policy support [1][3][4] - The "going global" trend is not merely about store expansion but involves deep localization of supply chains and cultural integration [1][4] Industry Overview - The overseas Chinese community has historically contributed to the spread of Chinese cuisine, with brands like Quanjude and Donglaishun leading the way post-reform [2] - The hot pot segment is a pioneer in this expansion, with Haidilao operating over 120 international locations, while other brands focus on Southeast Asia with differentiated offerings [2] - The new tea beverage sector is emerging as a significant player, with Mixue Ice Cream and Tea opening over 5,000 stores across 12 countries since 2018 [2] Market Dynamics - The domestic restaurant market is experiencing intense competition, with 1.347 million new registrations and 1.056 million closures in the first half of 2024, indicating a saturated environment [3] - Policy support, including the "Belt and Road" initiative, is facilitating the internationalization of Chinese dining brands [3] Global Demand - The overseas market for Chinese cuisine is expanding, driven by a growing Chinese diaspora and a global trend towards culinary experience [4] - The demand for Chinese dining is supported by local supply chain innovations, such as the "central kitchen + local procurement" model [4] Challenges - Cultural differences, supply chain construction, and regulatory barriers remain significant challenges for Chinese dining brands venturing abroad [4][5] - Localizing flavors while maintaining core brand identity is crucial for success in foreign markets [5][6] Supply Chain Issues - The complexity of international supply chains poses challenges, with many brands relying on domestic sourcing for core ingredients while facing local procurement difficulties [6][7] - Regulatory compliance varies by country, complicating the entry process for Chinese dining brands [7] Strategic Recommendations - Building a robust supply chain and understanding local regulations are essential for successful international expansion [8][9] - Collaboration across the entire industry chain is necessary to achieve economies of scale and ensure consistent quality [9][10] Innovation and Adaptation - New tea brands are exploring innovative supply chain solutions, such as local partnerships and self-developed products, to address supply challenges [10] - Digital platforms are enhancing the international presence of Chinese dining brands, with initiatives like Meituan's global restaurant guide [10][11] Cultural Integration - Successful internationalization requires a deep understanding of local cultures and consumer preferences, transforming dining experiences into cultural exchanges [11][12] - The evolution from "water and soil incompatibility" to "local coexistence" reflects the ongoing adaptation of Chinese dining brands in global markets [12]