Core Viewpoint - The Chinese hot pot market is undergoing a severe price war, leading to a significant decline in brand value and overall market stability, with many businesses facing closures and financial struggles [4][10][100]. Market Overview - The scale of China's catering market is projected to reach 5.57 trillion yuan in 2024, with hot pot accounting for 617.5 billion yuan, indicating that one out of every ten yuan spent on dining is for hot pot [16][19]. - The hot pot market has seen rapid growth, with a year-on-year increase of 5.6% last year, and previous years showing close to 20% growth [19]. - However, the number of hot pot restaurant closures is expected to exceed 300,000 from November 2023 to November 2024, indicating a drastic market shake-up [21]. Consumer Behavior - The average spending on hot pot has decreased from over 86 yuan in 2022 to 77 yuan in 2024, affecting all segments of the market [22]. - The decline in consumer demand for traditional dining experiences has been exacerbated by the rise of takeout and fast food options [33]. Company Performance - Haidilao's revenue dropped by 3.7% to 20.7 billion yuan, with net profit down 13.7% to 1.755 billion yuan, and a decrease in table turnover rates [41][42]. - Other brands like CooCoo and Xiaobai have also faced significant closures, with CooCoo shutting down 73 stores and Xiaobai closing 138 stores, leading to substantial stock price declines [12][72]. Competitive Landscape - The price war has intensified, with brands like Song Hot Pot offering extremely low prices to attract customers, leading to a race to the bottom in pricing strategies [9][48]. - The emergence of small hot pot brands has created a new competitive dynamic, with a market growth rate of 28.9% in 2024, but the number of new entrants is at a historical low [53][56]. Strategic Responses - Companies are shifting their focus to lower-cost models, with many traditional hot pot brands exploring the small hot pot segment to remain competitive [49][60]. - Ba Nu, a high-end hot pot brand, has attempted to differentiate itself through product quality but has not shown superior financial performance compared to competitors [94][96]. Conclusion - The ongoing price war and market shake-up in the hot pot industry suggest a challenging environment for both established and emerging brands, with the potential for significant changes in consumer dining habits and market dynamics [100][102].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表明，概不就因本公告全部或任何部份 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 董事會欣然宣佈，股東特別大會通告所載之決議案（「決議案」）已於股東特別大會上獲 獨立股東以投票形式正式通過。有關決議案之投票結果如下： Xiabuxiabu Catering Management (China) Holdings Co., Ltd. 呷哺呷哺餐飲管理（中國）控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：520） 於2025年9月12日舉行之股東特別大會投票結果 投票結果 於2025年9月12日召開及舉行的股東特別大會上提呈之決議案以投票形式通過。 茲提述呷哺呷哺餐飲管理（中國）控股有限公司（「本公司」）日期均為2025年8月27日的 股東特別大會（「股東特別大會」）通告（「股東特別大會通告」）及通函（「通函」）。除文義 另有所指外，本公告所用詞彙與通函所界定者具有相同涵義。 股東特別大會投票結果 全體董事均已出席本公司於2025年9月12日（ ...

Group 1 - The core viewpoint of the articles highlights the ongoing innovation and market expansion strategies of the company, particularly through participation in significant trade events and the introduction of new dining concepts [1][2] - The company has been a participant in the China International Fair for Trade in Services for seven consecutive years, serving as a designated catering service provider for the third year, which enhances brand recognition and consumer engagement [1] - The introduction of the "selected a la carte + unlimited dining" model by the mid-to-high-end hot pot brand, Coucou, reflects the company's commitment to innovation and improving the quality-price ratio in the dining experience [1] Group 2 - The company has launched various innovative activities this year, such as "Coucou Hot Pot Base Free Selection" and brand collaborations, aimed at attracting younger and family-oriented customers [2] - The company operates a 16.1 million mu organic sheep farm, focusing on cultivating the unique "Panda Sheep," which not only supplies its own restaurants but also caters to external dining enterprises [2] - The overseas market revenue of the company increased by 5% year-on-year in the first half of 2025, attributed to innovative marketing strategies and differentiated experiences in regions like Hong Kong and Taiwan [2] - The company aims to enhance management and operational efficiency through a strategy focused on quality over quantity, supply chain optimization, cost control, and innovative business models [2]

Core Points - The company Xiapu Xiapu Group will participate in the China International Fair for Trade in Services (CIFTIS) from September 10 to 14, 2025, marking its seventh consecutive year of participation and third year as the designated catering service provider [1][3] - Xiapu Xiapu Group will offer a variety of food options including hot pot dishes, fried skewers, and tea beverages, aiming to meet diverse dining needs while showcasing Taiwanese dining culture [1][3] Quality Control - The company places a high emphasis on quality control management, implementing a strict food sample retention system for all catering and tasting activities, with each food item stored in refrigeration for over 48 hours to ensure food safety [3] - The Vice President of Xiapu Xiapu Group, Zhang Yanmei, highlighted the company's commitment to enhancing service and product quality through participation in the fair, which serves as an important platform for showcasing China's service trade [3]

Core Insights - The company Xiabuxiabu Group's mid-to-high-end hotpot brand, Coucou, has launched a new "selected a la carte + unlimited eating" dual-point model in 46 stores nationwide [1] - The dual-point model includes 12 categories such as soup base, meat, and live seafood, allowing consumers to choose between traditional a la carte or a "limited time unlimited" dining experience [1] - The pricing for the unlimited dining options includes 158 yuan for Angus beef, 198 yuan for Wagyu seafood, and 258 yuan for premium Wagyu seafood [1] Company Strategy - The launch of the dual-point model aims to enhance the value-for-money proposition while maintaining brand quality, indicating a focus on innovation and customer experience [1] - The company plans to conduct systematic and standardized professional training for staff across all stores to ensure a high-quality service experience [1] - The company will adapt the unlimited menu and service details based on regional consumer feedback and local culinary characteristics, combining national consistency with local features [1]

Core Points - The company, Xiaobuxiang Group, will participate in the China International Fair for Trade in Services (CIFTIS) from September 10 to 14, 2025, marking its seventh consecutive year of participation and third year as the designated catering service provider [2] - Xiaobuxiang Group will showcase a variety of hot pot dishes, fried skewers, and tea beverages, aiming to meet diverse dining needs while promoting Taiwanese dining culture [2] - The company emphasizes strict food safety management, implementing a food sample retention system and ensuring all food items are stored in refrigeration for over 48 hours [2] - The Vice President of Xiaobuxiang Group, Zhang Yanmei, highlighted the importance of participating in CIFTIS as a platform to enhance service and product quality, strengthen assurance capabilities, and increase consumer recognition and preference for the brand [2]

Group 1 - The A-share tourism and catering sector showed strong fluctuations, with companies like Caesar Travel and Tianfu Cultural Tourism hitting the daily limit, and others like Dalian Shengya and Changbai Mountain also experiencing significant gains [1] - The upcoming National Day and Mid-Autumn Festival will merge into an 8-day holiday, leading to a peak in travel bookings as the "Golden Week" approaches [1] - According to a report by Zhongxin Tourism Group, the number of travelers during the "Golden Week" is expected to increase by 130% compared to last year, with GMV (Gross Merchandise Volume) rising over 120% [1][2] Group 2 - Domestic travel products in northern regions are seeing high sales, particularly in destinations like Xinjiang, Inner Mongolia, and Gansu, while outbound travel is benefiting from visa-free policies and restored flights, with a 75% increase in destination offerings compared to last year [1][2] - Popular outbound destinations such as Europe and North America have seen traveler numbers increase by 80% and 207% respectively compared to the same period last year [1][2] - Short-haul destinations in Asia and the Middle East have also experienced significant growth, with traveler numbers increasing by 380% and 216% respectively [2] Group 3 - The trend towards smaller group sizes in travel is becoming more pronounced, with team sizes shrinking from 30 to 12-16, and even smaller groups of 10 or fewer emerging in Southeast Asia and domestic short-haul destinations [2] - The Tuniu platform has reported a surge in bookings for the National Day holiday, with popular domestic destinations including Beijing, Shanghai, and Sanya, while outbound destinations like Japan and Indonesia are seeing high demand for free travel products [2][3] - Domestic flight bookings for the upcoming holiday have exceeded 3.26 million, with a daily average increase of about 26% compared to last year, while international flight bookings have surpassed 1.16 million, with a 15% increase [3] Group 4 - Major catering companies are actively preparing for the upcoming consumption peak during the "Golden Week," with brands like Xiaobuxiabu launching new dining models to enhance customer experience and value [3]

Core Viewpoint - The introduction of the "Selected Single Point + Unlimited Enjoyment" dual ordering model by the high-end hotpot brand "CuoCuo" under the company aims to enhance consumer experience by offering high-quality ingredients at competitive prices, marking another innovation in the industry [1][2][4]. Group 1: New Model Introduction - CuoCuo has launched the dual ordering model in 46 stores across major cities, offering three pricing tiers: 158 RMB for Angus beef, 198 RMB for Wagyu and seafood, and 258 RMB for premium selections [2][3]. - The model combines high-quality single-point ordering with an unlimited dining experience, allowing consumers to choose between precise ordering and a "limitless" option for selected high-quality ingredients [3][5]. Group 2: Market Strategy and Innovation - The company emphasizes innovation as a core strategy, having previously introduced the "Taiwan-style small hotpot" and the "Hotpot + Tea" dining model, which have successfully differentiated its offerings in the market [4][6]. - The "CuoCuo" brand has established a significant "quality-price ratio" advantage by offering a diverse range of high-quality products, including live seafood, which is a rare offering in the industry [2][4]. Group 3: Consumer Engagement and Experience - The new model caters to both individual consumers who prefer specific dishes and larger groups seeking a more immersive dining experience, particularly appealing to younger diners and social gatherings [5][6]. - The company aims to enhance customer satisfaction and loyalty through a rich and valuable dining experience, which is expected to drive new consumer demand and expand market share [6][7]. Group 4: Quality Assurance and Operational Strategy - CuoCuo maintains a high standard for ingredient quality through a unified selection system and has a robust supply chain supported by its own organic farms [7]. - The company has implemented systematic training for staff across all locations to ensure a consistent and high-quality service experience, which is crucial for the success of the new dining model [7].

转自：证券时报 人民财讯9月10日电，企查查APP显示，近日，呷哺呷哺（上海）企业管理有限公司成立，法定代表人 为安伟，注册资本4000万元，经营范围包括企业管理、企业管理咨询、信息咨询服务。企查查股权穿透 显示，该公司由呷哺呷哺投资集团有限公司全资持股。 ...

天眼查工商信息显示，9月8日，呷哺呷哺（上海）企业管理有限公司成立，法定代表人为安伟，注册资 本4000万人民币，经营范围包括企业管理、企业管理咨询、信息咨询服务。股东信息显示，该公司由呷 哺呷哺投资集团有限公司全资持股。 ...