Core Viewpoint - The restaurant sector is experiencing significant growth, with a notable increase in order volume during the National Day holiday, leading to a rise in stock prices for major restaurant chains [1]. Group 1: Stock Performance - Haidilao (06862) shares increased by 4.84%, reaching HKD 13.22 [1] - Green Tea Group (06831) shares rose by 4.68%, reaching HKD 6.71 [1] - Xiaobuxiang (00520) shares grew by 4.04%, reaching HKD 1.03 [1] - Jiumaojiu (09922) shares increased by 2.5%, reaching HKD 2.05 [1] Group 2: Industry Growth - During the National Day period, the local dining industry saw a 150% year-on-year increase in order volume [1] - The overall growth for small local restaurants reached 300% [1] Group 3: Market Insights - Huaxin Securities reported that chain restaurants like Xiaocaiyuan and Green Tea benefited from the growth in takeaway business, leading to a year-on-year revenue increase [1] - The scale effect has improved the bargaining power for raw material procurement, enhancing profitability [1] - The push from platforms like Gaode for in-store consumption is expected to further increase foot traffic to restaurants [1] - Galaxy Securities noted that the release of the "Gaode Street Ranking" has positively influenced dining trends [1]

Core Insights - The hot pot industry is experiencing a significant shift from "incremental competition" to "stock competition," with a noticeable slowdown in market growth [6][8] - The main battleground for hot pot consumption is shifting towards affordable price ranges, with a marked increase in stores offering average spending of 70 RMB or less, while those above 90 RMB are declining sharply [3][8] Industry Overview - The national hot pot market is projected to reach 617.5 billion RMB in 2024, maintaining a year-on-year growth of 5.6%, although this is a decline compared to 2023 [6] - The number of hot pot establishments is expected to decrease from approximately 535,500 in Q3 2024 to about 504,800 by Q1 2025 [6] Consumer Behavior - Consumer spending in the hot pot sector has been on a downward trend, dropping from over 80 RMB to around 70 RMB by the end of 2024 [8] - The proportion of stores with average spending above 90 RMB has decreased by 16.9 percentage points, while those at 70 RMB or below have increased by 20.9 percentage points [8] Company Performance - Brands like Ba Nu and Cou Cou are facing declining average spending, with Ba Nu's customer spending dropping from 150 RMB in 2023 to 138 RMB in 2025, and Cou Cou's from 143.8 RMB to 137.8 RMB [10][12] - Ba Nu's same-store sales fell by 9.9% from 2023 to 2024, despite an increase in table turnover rates [15] Competitive Strategies - The industry consensus is shifting towards "price reduction for survival," with companies like Hai Di Lao and Nan Hot Pot announcing significant price cuts to adapt to market conditions [9][10] - Ba Nu is cautiously adjusting its product offerings and pricing strategies to maintain competitiveness, while Cou Cou is struggling to adapt to the changing market dynamics [15][16] Consumer Feedback - Consumers express dissatisfaction with the perceived value of mid-to-high-end hot pot brands, indicating that price reductions have not effectively addressed their expectations [17][19] - The challenge for brands is to maintain quality perception while adjusting to lower price points, as many consumers feel that the quality has diminished over time [20] Future Outlook - The hot pot industry is facing systemic challenges, and companies may need to diversify their offerings beyond traditional hot pot to sustain growth [21]

Core Insights - The hot pot industry in China is experiencing a significant shift from "incremental competition" to "stock competition," with a noticeable slowdown in market growth and a focus on price-sensitive consumers [5][6][10] Industry Overview - The national hot pot market size for 2024 is projected to be 617.5 billion RMB, reflecting a 5.6% year-on-year growth, although this is a decline compared to 2023 [5] - The number of hot pot restaurants is expected to decrease from approximately 535,500 in Q3 2024 to 504,800 by Q1 2025 [5][6] Consumer Behavior - There is a marked shift towards budget-friendly hot pot options, with establishments charging 70 RMB or less seeing a 20.9% increase in market share, while those charging over 90 RMB have seen a 16.9 percentage point decline [6] - Consumer spending in the hot pot sector has decreased from over 80 RMB to around 70 RMB by the end of 2024 [6] Company Performance - Brands like Ba Nu and Cou Cou are facing declining average spending per customer, with Ba Nu's average dropping from 150 RMB in 2023 to 138 RMB in 2025, and Cou Cou's from 143.8 RMB to 137.8 RMB [8][9] - Ba Nu has adjusted its product offerings to maintain competitiveness, including changes to its menu and pricing strategies [13][14] Competitive Strategies - The industry consensus has shifted towards "price reduction for survival," with companies like Hai Di Lao reporting a drop in average spending to 97.9 RMB [7] - Ba Nu and Cou Cou are implementing various strategies, such as membership programs and smaller portion options, to attract price-sensitive consumers [14][15] Market Challenges - Despite efforts to lower prices, consumer perception of value remains a challenge, with many feeling that the quality of offerings has diminished [15][17] - The hot pot industry is facing systemic challenges, leading some companies to explore alternative revenue streams, such as launching sub-brands [18]

Core Insights - The National Day and Mid-Autumn Festival holiday has significantly boosted the tourism and dining markets, with a notable increase in consumer enthusiasm for travel and dining experiences [1][2] Tourism and Dining Market Performance - During the holiday period from October 1 to 8, approximately 2.432 billion people traveled across regions, marking a historical high, with an average of 304 million daily trips, a 6.2% increase year-on-year [2] - The top ten tourist destinations during the holiday included cities like Nanjing, Chengdu, and Xi'an, with an average tourism expenditure per person increasing by 16.8% compared to the previous year [2] - The dining sector saw a surge in activity, particularly in popular tourist cities, with restaurants experiencing record customer flows and long wait times [1][3] Company-Specific Performance - Haidilao reported a significant increase in customer traffic, with the Hangzhou location setting new records during the holiday, achieving a table turnover rate exceeding 13 times on peak days [3][4] - Xiaobai Xiaobai's revenue exceeded 100 million yuan during the holiday, with a 3.4% year-on-year increase in net sales [3] - The "Fei Dazhu" restaurant chain also experienced high demand, with average table turnover exceeding seven times per day and wait times surpassing 90 minutes [3] Emerging Trends - There is a noticeable trend of increased foot traffic in county-level tourist destinations, with many small towns attracting more visitors due to unique culinary experiences [6][7] - The "must-eat" list on platforms like Dazhong Dianping saw a significant increase in traffic, with small towns experiencing over 217% growth in order volume for listed restaurants [6] - The dining market is characterized by thematic dining experiences and the rise of food-related events, indicating a shift towards more personalized and localized dining options [7]

Group 1 - During the "Super Golden Week" of Mid-Autumn Festival and National Day in 2025, the dining consumption market performed well, with both Xiaobuxi and Coucou Hotpot achieving impressive results, with overall net income exceeding 100 million yuan [1] - Xiaobuxi Hotpot achieved net sales of over 65 million yuan during the National Day period, representing a 3.4% increase compared to the same period last year, with a total of 1.18 million customers served [2] - The peak sales day was October 8, with single-day net sales surpassing 9 million yuan, and cities like Harbin, Changchun, Zhengzhou, and Shenyang saw significant customer flow growth due to increased tourism [2] Group 2 - Coucou Hotpot's Shanghai Disney Town location achieved a maximum table turnover of 7.4 times during the National Day period, while the Changshu Impression City store saw a 223% increase in average daily net income compared to the pre-holiday period [3] - The Wuxi Binhu Vientiane City store reported a 227.1% increase in average daily net income compared to the pre-holiday period, with peak consumption days identified as October 1, 2, and 6, particularly during dinner hours [3]

Core Insights - The 2025 National Day and Mid-Autumn Festival holiday has seen a significant increase in consumer spending, particularly in the food and beverage sector, with a 2.7% year-on-year growth in sales for key retail and catering enterprises [1] - The holiday period has been characterized by a strong willingness to travel, with record numbers of travelers and a shift towards family-oriented and self-driving tourism [2] Retail and Catering Performance - Key retail and catering enterprises reported a 2.7% year-on-year increase in sales during the holiday [1] - Foot traffic and sales in monitored pedestrian streets increased by 8.8% and 6.0% respectively during the holiday [1] - Haidilao restaurants in popular tourist cities experienced high customer traffic, with some locations achieving over 13 table turnovers in a day [2] - The total net income for the Xiabuxiabu group exceeded 100 million yuan during the holiday, with a 3.4% year-on-year increase in net sales [2][5] New Consumption Trends - The holiday has highlighted new consumption trends, including the popularity of food as a central aspect of travel experiences [1][2] - The rise of "small-town tourism" has led to increased customer traffic in county-level cities, with consumers discovering local and branded dining options [2] - The performance of tea brands like Cha Baidao has surged, with some stores seeing sales increase by over 1000% during the holiday [6] Transportation Hubs and Experience-Based Consumption - Sales at tea shops located in transportation hubs have significantly increased, with some locations reporting a 700% rise in daily sales compared to pre-holiday levels [6] - The trend of integrating dining experiences into transportation hubs and tourist attractions is emerging as a new growth engine for the catering industry [7] - Popular tourist spots have seen substantial sales increases, with some stores reporting over 300% growth compared to pre-holiday figures [6]

Group 1 - The core viewpoint of the articles highlights a significant increase in restaurant consumption during the recent National Day and Mid-Autumn Festival holidays, with many dining establishments surpassing last year's sales and customer traffic [1][2][3] - Notable dining trends include family gatherings and wedding banquets, with some restaurants reporting record-high revenues and long wait times, indicating strong consumer demand [2][3] - The trend of "small reunions" is gaining traction, with restaurants adapting their offerings to cater to smaller family groups for upcoming festive meals, such as the New Year's Eve dinner [4] Group 2 - Hot pot consumption has surged during the holidays, with chains like Haidilao reporting a significant increase in customer traffic, particularly on key holiday dates [5][6] - The overall revenue for hot pot chains like Xiaobai and Coucou exceeded 100 million yuan during the holiday period, with notable growth in customer numbers compared to the previous year [6][7] - Many dining brands are expanding into lower-tier markets, with new store openings in less traditional locations, reflecting a shift in consumer behavior and preferences [7][8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 呷哺呷哺餐飲管理（中國）控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00520 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 ...

Group 1 - The dual holiday of National Day and Mid-Autumn Festival has created an annual consumption peak in the dining market, driven by economic recovery and innovative business models [1] - Traditional brands are revitalizing their offerings, with new products and experiences being introduced to cater to local consumers [2][4] - The demand for family gatherings, travel, and celebrations has significantly increased during this holiday period [1] Group 2 - Established brands like Xilai Shun are launching new outlets with unique offerings, such as special meat pies and traditional dishes, to attract local customers [2] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is innovating traditional cooking techniques to create new dishes [4] - The introduction of promotional strategies, such as free dishes during the holidays, is aimed at enhancing customer experience and driving foot traffic [5] Group 3 - Large chain restaurants are experiencing a surge in reservations and foot traffic, particularly for group dining and celebrations [6] - Hai Di Lao has opened a banquet-themed restaurant that offers customized dining experiences for various occasions, including weddings and birthdays [8] - The trend of hosting casual and unique celebrations in restaurants is gaining popularity, as seen in the example of a couple choosing Hai Di Lao for their wedding [6][8] Group 4 - The demand for diverse dining experiences is rising, prompting companies like Xiaobuxiang to launch extensive marketing campaigns [9] - Xiaobuxiang is focusing on value-for-money offerings and enhancing customer experience through innovative dining models [10] - The company aims to set new consumption records during the holiday season by providing a wide range of dining options [10]

Core Insights - The combination of the National Day and Mid-Autumn Festival has led to a significant boost in the dining market, creating a peak in consumer spending during the holiday period [1] Group 1: Traditional and Innovative Dining Experiences - Established brands like Xilai Shun are innovating by introducing new products such as unique meat pies and various local snacks to cater to neighborhood customers [2][4] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is integrating traditional cooking techniques with modern flavors, such as the introduction of "Siberian Autumn Grilled Lamb Ribs" [4] - Traditional eateries are also offering special promotions, such as free gifts with purchases, to attract customers during the holiday season [5] Group 2: Event and Celebration Dining - Large chain restaurants are seeing a surge in bookings for group dining and celebrations, with establishments like Haidilao launching themed banquet venues to cater to various events [7] - Haidilao's banquet store in Shenzhen is designed to accommodate different types of gatherings, including weddings and birthday parties, enhancing the dining experience for special occasions [7] - The trend of hosting casual weddings at restaurants is gaining popularity, as evidenced by couples choosing Haidilao for their wedding celebrations [7] Group 3: Marketing and Consumer Engagement Strategies - The Xiaobuxiang Group is implementing extensive marketing campaigns to meet the rising consumer demand for value and experience during the holiday season [8] - The group is launching multiple themed marketing activities and has introduced a dual-point dining model to enhance customer experience and cater to diverse consumer preferences [9] - The company's strategy includes offering high-quality ingredients at competitive prices, aiming to create new consumption records during the holiday period [9]