12月22日，记者从公司方面获悉，今年12月，呷哺呷哺集团第二次启动"凤还巢"合伙人计划，在今年7 月推出第一轮合伙人门店的基础上，合伙人门店已增至13家，内部合伙人增至50余人。 呷哺呷哺集团创始人、董事长贺光启表示，集团推行"凤还巢"合伙人制，就是要搭建平台，让大家 从"职场打工人"变身"事业合伙人"，充分调动员工积极性，让员工在得到实惠的同时，更好地推动集团 整体业务发展。未来，希望吸引更多优秀员工加入这一计划，与集团共享利润、共同发展餐饮事业。 据记者了解，呷哺呷哺集团今年7月首次启动"凤还巢"合伙人计划，并与第一批合伙人签约以来，积极 听取合伙人的声音反馈，并对合伙门店的管理费率下调了2%，分红周期由季度发放调整为月度。 数据显示，首批合伙人门店实现了营业数据的强劲增长，截至目前，门店营收同比增长超30%，利润率 达30%以上。 贺光启表示："员工角色转变为合伙人后，工作积极性显著增强，主动延长打烊时间、精细化管控避免 食材浪费，并通过优化人员排班提高工作效率，提升了门店整体运营成效。" 在经营策略上，合伙制在保证集团对门店食材品质和服务体验的整体把控基础上，也给各门店下放了一 定的灵活经营权限，各 ...

呷哺呷哺集团创始人、董事长贺光启表示："员工角色转变为合伙人后，工作积极性显著增强，主动延 长打烊时间、精细化管控避免食材浪费，并通过优化人员排班提高工作效率，提升了门店整体运营成 效。" 经营数据上，首批合伙人门店营收同比增长超30%，利润率达30%以上。在经营策略上，合伙制在保证 集团对门店食材品质和服务体验的整体把控基础上，也给各门店下放了一定的灵活经营权限和经营决策 权，各门店不仅可结合当地市场需求灵活调整食材，还能根据市场变化迅速调整策略，大幅缩短应对周 期。 北京商报讯（记者 张天元）12月22日，北京商报记者由呷哺呷哺集团了解到，今年12月集团第二次启 动"凤还巢"合伙人计划，在今年7月推出第一轮合伙人门店基础上，合伙人门店已增至13家，内部合伙 人增至50余人。据介绍，集团与第一批合伙人签约以来，对合伙门店的管理费率下调了2%，分红周期 由季度发放调整为月度，激发了更多潜在员工加入的积极性。 ...

Core Insights - The company, Xia Bo Xia Bo Group, has launched its "Feng Huan Chao" partner program for the second time, expanding the number of partner stores to 13 and internal partners to over 50 since its initial launch in July [1] - The founder and chairman, He Guangqi, emphasized the goal of transforming employees from "workers" to "business partners" to enhance motivation and drive overall business development [1] - The company has made adjustments based on feedback from the first batch of partners, including a 2% reduction in management fees and changing the profit distribution cycle from quarterly to monthly, which has encouraged more employees to join [1] Financial Performance - The first batch of partner stores has seen strong revenue growth, with a year-on-year increase of over 30% and profit margins exceeding 30% [1] - The transition of employees to partners has significantly improved work enthusiasm, leading to extended operating hours, better management of food waste, and optimized staff scheduling, enhancing overall operational efficiency [1] Selection Criteria for Partners - The selection criteria for partners include not only achieving set operational performance metrics but also emphasizing personal character and service spirit [1] - Key soft skills valued in potential partners include resilience, kindness, and the ability to empathize with customers, ensuring that partners can effectively manage operations while embodying the company's brand culture [1]

呷哺呷哺集团近期第二次启动"凤还巢"合伙人计划，在今年7月推出第一轮合伙人门店基础上，合伙人 门店已增至13家，内部合伙人增至50余人。一年之内两次推行"凤还巢"计划，这一人才激励机制的创 新，让企业和员工实现互利双赢和共同发展，树立了餐饮业人店共成长的新范式。 呷哺呷哺集团创始人、董事长贺光启表示，集团推行"凤还巢"合伙人制，就是要搭建平台，让员工 从"职场打工人"变身"事业合伙人"，充分调动员工积极性，让员工在得到实惠的同时，更好地推动集团 整体业务发展。未来，希望吸引更多优秀员工加入这一计划，与集团共享利润、共同发展餐饮事业。 充分让利员工：下调管理费率缩短分红周期 在经营策略上，合伙制在保证集团对门店食材品质和服务体验的整体把控基础上，也给各门店下放了一 定的灵活经营权限，各门店可结合当地市场需求灵活调整食材。例如，针对云贵川地区喜食辣品与动物 内脏的饮食习惯，门店可及时进行产品与食材的适配。在集团整体管理框架下，各门店可自主提议地方 特色食材，合伙人机制赋予一线更敏捷的经营决策权，可以根据市场变化迅速调整策略，大幅缩短应对 周期。以往内部流程需要半个月的审批调整，如今在合伙人机制下仅需一周即可落地， ...

Group 1: Leadership Changes and Strategic Moves - lululemon's current CEO Calvin McDonald will step down at the end of January 2026, prompting the board to initiate a succession process [1] - Elliott Investment Management has acquired over $1 billion in lululemon shares and is actively involved in company governance, suggesting potential strategic changes [1] - Elliott is recommending Jane Nielsen, a seasoned executive from Ralph Lauren, as a potential successor for lululemon's CEO position [1] Group 2: Financial Performance - lululemon reported a 7% year-over-year increase in global net revenue for Q3 2025, reaching $2.6 billion, with a 2% decline in the Americas and a 33% increase in international revenue [1] - In the same earnings call, McDonald highlighted strong performance in mainland China, expecting annual net revenue growth to meet or exceed the upper range of 20% to 25% [2] - lululemon plans to open approximately 46 new stores this year, with 15 in the Americas and a significant number in international markets, primarily in China [2] Group 3: Competitor Insights - Nike reported Q2 2026 revenue of $12.4 billion, with a 3% decrease in inventory compared to the previous year, and $1.423 billion in revenue from the Greater China region [2] - Nike's CEO Elliott Hill emphasized the company's focus on long-term growth and profitability through restructuring and strategic initiatives [3] Group 4: Market Expansion and New Initiatives - Musinsa, a South Korean fashion platform, opened its first store in China, marking a significant step in its global expansion strategy [6] - Sam's Club in China opened its 63rd store, with plans to continue expanding its presence in the market [3][4] - Three major brands, including DESCENTE, are actively engaging in marketing and brand positioning efforts to enhance their market presence [10]

Group 1 - The pre-prepared food market is experiencing a paradox of consumer trust issues and capital enthusiasm, driven by urbanization and the demand for convenient dining [3][4]. - The "zero additives" concept is being phased out in favor of "clean label" standards, emphasizing ingredient transparency and natural prioritization [5][6]. - The energy drink industry is undergoing rapid transformation with ingredient innovation and scene segmentation, focusing on health trends and diverse flavors [7][8]. Group 2 - The nut import market in China is projected to reach $2.386 billion in 2024, with a significant increase in demand for high-end varieties like pistachios [10]. - The beverage market is facing a downturn, with sales declining due to the rise of on-demand drink services and aggressive pricing strategies [14][15]. - The convenience food industry in China is shifting towards value creation, with a market size expected to grow from 673.6 billion yuan in 2023 to 960.3 billion yuan by 2026 [18]. Group 3 - The dairy industry is seeing a shift from ambient milk to fresh milk, with companies like Bright Dairy exploring new growth areas in the pet food market [20]. - Wangwang is facing challenges in the milk market, prompting the company to diversify into AD calcium milk to regain market share [21]. - The plant-based food sector is experiencing a downturn, with companies focusing on technological innovation and localization to meet market demands [17]. Group 4 - JD.com is enhancing its pre-prepared food strategy, aiming to strengthen its supply chain and align with the growing demand for ready-to-eat meals [31]. - China Resources Beverage is entering the ready-to-drink coffee market, competing against established brands like Nestlé and Starbucks [32]. - Wanglaoji is diversifying into the functional beverage market by acquiring distribution rights for Red Bull in southern China, aiming for significant sales growth [33].

Group 1 - The restaurant stocks are performing well, with notable increases: Jiumaojiu (09922) up 4.82%, Haidilao (06862) up 4.14%, Yum China (09987) up 2.63%, Xiaobai (00520) up 2.50%, Xiaocaiyuan (00999) up 2.54%, and Nayuki (02150) up 1.92% [1][2] - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest increase since March 2024, with a 0.5 percentage point increase from the previous month [1][2] - The rise in CPI is primarily driven by a turnaround in food prices, with household appliances and clothing prices increasing by 4.9% and 2.0%, respectively, while prices for air tickets, domestic services, and dining out rose by 7.0%, 2.4%, and 1.2% [1][2] Group 2 - Wanlian Securities forecasts that the share of domestic service consumption in total household consumption has recovered to 46%, nearing the critical structural threshold of 50%, indicating a potential rapid growth phase for the industry [1][2] - Service consumption is expected to become a key driver for domestic demand and consumption recovery, offering higher growth elasticity and user stickiness compared to goods consumption due to its personalized interaction and unique experiences [1][2] - The report suggests focusing on chain restaurants and tea beverage companies, highlighting that those with brand advantages and supply chain strengths will have greater development potential, particularly those with scale effects and performance elasticity [1][2]

Core Viewpoint - The Hong Kong restaurant sector showed active performance with significant gains in various stocks following the Central Economic Work Conference, which emphasized domestic demand and consumer spending recovery [1][2]. Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% [2] - Jiumaojiu rose nearly 5% [2] - Other notable gains included Yum China, Nayuki Tea, and Haidilao, each rising close to 3% [1][2] - Xiabuxiabu saw a 2.5% increase, while Xiaocaiyuan and Hite International also experienced upward movement [1] Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined key policies aimed at boosting domestic consumption and addressing income growth for urban and rural residents [1] - The meeting's positive signals are expected to facilitate the ongoing recovery of restaurant consumption, benefiting the sector as the overall consumer environment shows signs of gradual improvement [1] - Analysts from Galaxy Securities highlighted the importance of focusing on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1]

Core Insights - The "Greater Bay Area Green Finance and Sustainable Development Summit Forum and ESG Disclosure Excellence List 2025" was held in Shenzhen, focusing on ESG, green finance innovation, and AI-enabled sustainable development [1] - A strategic cooperation agreement was signed between Shenzhen Financial Stability Development Research Institute and Benxi Consulting to enhance collaboration in green finance training, ESG consulting, and regional sustainable development research [1] - A number of companies were recognized for their transparency in ESG information disclosure and effective green governance, promoting the implementation of ESG concepts in the Greater Bay Area [1] Company Highlights - Xia Bo Xia Bo Catering Management (China) Holdings Co., Ltd. was included in the "Greater Bay Area ESG Disclosure Excellence List 2025" for its consistent nine-year track record in disclosing ESG practices [1] - The company integrates sustainable development concepts into its strategic decision-making and daily operations, actively building collaborative mechanisms with stakeholders [1] - Xia Bo Xia Bo is engaged in innovative explorations in green operations, food waste reduction, and low-carbon transformation of the supply chain, contributing to the green transformation and high-quality development of the catering industry [1]

Core Viewpoint - The Hong Kong restaurant sector is experiencing active performance, with notable gains in stocks such as Shanghai Xiaonan Guo, Jiumaojiu, and others, driven by positive signals from the Central Economic Work Conference regarding consumer spending recovery [1] Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% - Jiumaojiu rose nearly 5% - Other companies like Yum China, Nayuki, and Haidilao saw gains of nearly 3%, while Xiabuxiabu increased by 2.5% [1] Group 2: Policy Impact - The Central Economic Work Conference held on December 10-11 emphasized the importance of domestic demand and building a strong domestic market - Key policies include implementing actions to boost consumption, formulating plans to increase income for urban and rural residents, and removing unreasonable restrictions in the consumption sector [1] Group 3: Industry Outlook - Analysts suggest that the positive signals from the conference pave the way for the continued recovery of restaurant consumption - The overall sector is expected to benefit from a mild recovery in the consumer environment, indicating potential for valuation recovery [1] - Galaxy Securities highlights the need to focus on the medium to long-term goals of consumption outlined in the 14th Five-Year Plan, with short-term attention on specific policies related to consumption expected to be implemented by 2026 [1]