Core Insights - The small hot pot segment is experiencing a resurgence, driven by the "one person, one pot" model, with major restaurant chains entering the market [1][4] - The market size for small hot pots is projected to reach 40 billion yuan by 2025, with a year-on-year growth rate of 14% [4][2] Market Trends - The search index for "small hot pot" has increased from less than 500,000 in early 2024 to approximately 1.5 million by November 2025 [2] - On social media platforms, the "small hot pot" topic has garnered significant attention, with Douyin videos reaching over 2.47 billion views and Xiaohongshu accumulating over 360 million views [2] Competitive Landscape - As of November 2025, there are approximately 48,000 small hot pot outlets in China, accounting for about 10% of the total hot pot restaurants [4] - The number of small hot pot-related enterprises has exceeded 24,000, reflecting a year-on-year increase of 2.6% [4] Growth Drivers - Consumer demand for cost-effective dining options is a key factor driving the growth of small hot pots, as average spending in the restaurant sector has decreased from 34.4 yuan in January 2025 to 33.2 yuan in October 2025 [7] - Intense competition in the hot pot market has led brands to adopt low-price strategies, further accelerating the development of the small hot pot segment [9] - Improvements in the hot pot supply chain have provided essential support for the rapid growth of the small hot pot market [11] Brand Development - Notable brands in the small hot pot sector include Weilai, which has over 1,000 outlets, and Xiaobubub, with more than 700 locations [14] - Established hot pot brands like Haidilao and Yang Guofu are also launching small hot pot sub-brands and products to capture market share [17] Consumer Preferences - The small hot pot market is diversifying into various price segments, with 31.2% of outlets priced between 20 and 40 yuan, and 34.5% priced above 60 yuan [19] - Brands are increasingly focusing on quality and health, introducing high-quality ingredients and unique dining experiences to attract consumers [24][26] Future Directions - The small hot pot segment is evolving towards specialization, quality enhancement, and fast-casual dining [20] - Brands are exploring new growth paths, including one-person meal packages and enhancing dining experiences to meet social interaction needs [36][40]

Core Insights - The "warm economy" is driving consumer spending in winter, with hot pot and warm beverages becoming popular choices as temperatures drop across the country [1][4]. Group 1: Hot Pot Consumption - Hot pot has emerged as the leading dining choice this winter, with online transaction volumes for hot pot restaurants ranking first across all categories [2]. - Since the start of winter, the number of group purchase orders for hot pot on Meituan has increased by over 330% compared to the same period last year [2]. - Popular hot pot flavors this year include nourishing and health-focused options, with online transaction volumes for black goat hot pot, mushroom hot pot, and hot pot chicken each growing by over 70% year-on-year [2][3]. - Customer traffic at Ba Nu Mao Du hot pot has significantly increased, with peak wait times exceeding 2 hours during weekends [2]. Group 2: Beverage Trends - The demand for warm beverages has doubled since the onset of winter, with tea brands prominently displaying their new winter hot drink offerings [3][4]. - Tea Baidao reported that the sales proportion of hot drinks has doubled in the past month, with their new product "Bean Milk Black Qilin" selling nearly 200,000 cups on its first day [3]. - The trend towards health-conscious consumption is reflected in the increased sales of tea drinks containing grains, nuts, and seasonal fresh fruits [3]. Group 3: Market Dynamics - The winter tea drink market is showing diverse changes, driven by the "warm economy" and a growing focus on light health concepts [4]. - Tea brands are innovating products and creating engaging consumption scenarios to meet consumer demands, thereby energizing the winter consumption market [4].

Core Insights - The 2025 China Entrepreneur Influence Entrepreneur Conference is held from December 5 to 7 in Beijing, focusing on the theme "Emergence·Infinity - Co-creating New Forms of Intelligent Business" [1][4] Company Insights - The founder and chairman of Xiaobai Xiaobai Group, He Guangqi, emphasizes that the core of a company's longevity is its product quality [3][6] - Xiaobai Xiaobai has been a recognized hot pot brand for over 30 years, with a strong commitment to product consistency [3][6] - To enhance food quality, Xiaobai Xiaobai has fully acquired a leading national slaughterhouse and operates a nearly 40,000 square meter seasoning factory to ensure product reliability [3][6]

致：香港交易及結算所有限公司 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 截至月份: 2025年11月30日 狀態: 新提交 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12月2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 ...

每经记者｜可杨 韩阳 每经编辑｜王帆 重回呷哺呷哺四年，创始人、董事长贺光启试图缔造一个关于"回归"与"变革"的故事。 这是一个时间的岔路口——呷哺呷哺已经连续四年陷入亏损。一边是昔日"效率神话"的巨大惯性与光 环，另一边则是增长失速的困境。 贺光启曾经亲手缔造了呷哺呷哺这个吧台式火锅帝国，如今又必须面对品牌"高速扩张"背后遗留的重重 挑战。而他试图用最古老也最锋利的武器——利益，来重划边界、收缩战线。他押下了一场新的赌局 ——将门店40%的利润分给员工，用真金白银召回离巢的"凤凰"，提升系统的活力。然而，市场是否买 单仍有待时间的检验。 ...

Core Viewpoint - The domestic restaurant market is experiencing severe competition, leading to price and profit margin compression, which is detrimental to businesses [2][5][6] - The overseas market, particularly in Hong Kong, presents a more favorable profit environment, making international expansion a viable strategy for companies [2][5] Consumer Insights - Consumers are increasingly focused on "quality-price ratio" rather than just "cost-performance ratio," indicating a demand for higher value in their dining experiences [4][6] - The balance of service quality is crucial; excessive service can be annoying, while a lack of warmth can feel impersonal [4][6] Business Model Innovations - The company has introduced a "single order + self-service" model, which has led to a 70% increase in revenue for some stores, with certain locations achieving over 100% growth [4][8] - The new model allows for flexibility in dining choices, catering to diverse consumer preferences [8] Brand Strategy - The company plans to launch a new brand by the end of the year, continuing its strategy of diversification and multi-brand development to expand market reach [4][8] - The focus will remain on enhancing customer experience by integrating dining, social interaction, and emotional connections within the restaurant environment [4][7]

Core Insights - The company, Xiaobuxiang, has launched a series of marketing activities for the winter hot pot season, focusing on member benefits, product innovation, and multi-brand collaboration to capture seasonal consumer demand [1] - Since the beginning of winter, customer traffic in Xiaobuxiang's stores has increased significantly by 10% to 15% compared to previous periods, with rapid growth observed in cities like Beijing and Shijiazhuang [1] - The company opened 10 new stores in November, including a self-service model, with the Shanghai store achieving a table turnover rate of 1.6 times the daily average on its opening day [1] - The A-class stores located in key business districts have shown remarkable performance, with revenue increasing by over 300% year-on-year and an average table turnover rate exceeding 5.6 times per day [1] Marketing Strategies - The "Send Lamb Upon Entry" campaign launched in major cities has successfully attracted new customers and increased member retention, with a 45% rise in monthly repurchase rates among existing members in cities like Beijing, Shanghai, and Shijiazhuang [1] - The "Super Member Day" on Tuesdays, offering a 21% discount and additional benefits, has effectively redirected family customers from weekends to weekdays, resulting in nearly a 50% increase in customer traffic on Tuesdays compared to before the promotion [1] Sales Performance - Sales data has been consistently breaking records since November, with multiple locations, including Beijing and Shenzhen, achieving historic sales milestones for seven consecutive days [2] - The Xizhimen store in Beijing has reported an impressive table turnover rate of 8.5 times per day [2] - Seasonal beverage offerings, such as the red bean milk tea and the new osmanthus rice wine drink, have shown strong sales, with the former selling nearly 10,000 cups daily [2] - The hot snack category, particularly the spicy chicken, has generated over 3.5 million yuan in monthly sales, averaging close to 8,000 servings per day, contributing significantly to store revenue [2]

Core Insights - The company has launched a series of "hot pot season" marketing activities to capture seasonal consumer demand through member benefits, product innovation, and multi-brand collaboration [1] - Since the beginning of winter, overall customer traffic in stores has significantly increased by 10% to 15% compared to previous periods [1] Marketing Activities - The "free lamb" promotion in first-tier cities has effectively attracted new customers and enhanced member loyalty [1] - In cities like Beijing, Shanghai, and Shijiazhuang, the repurchase rate of existing members has surged by 45% within the month [1] Sales Performance - Multiple restaurants in Beijing, Shenzhen, and Guangdong have broken historical sales records for seven consecutive days in November [1] - The Xizhimen Caide store in Beijing achieved an impressive daily table turnover rate of 8.5 times [1] - Seasonal products like the hot drink red bean milk tea sold nearly 10,000 cups daily, while the hot spicy chicken generated over 3.5 million yuan in monthly sales, averaging close to 8,000 servings per day [1] Store Expansion - In November, the company opened 10 new stores and self-service model stores nationwide [1] - The opening day turnover rate of the new store in Shanghai exceeded 1.6 times the average [1] - The A-class stores located in key business districts have shown remarkable performance, with revenue increasing by over 300% year-on-year and an average turnover rate exceeding 5.6 times [1]

Core Insights - The hot pot restaurant industry is experiencing a surge in customer traffic as winter approaches, with brands like Xiaobuxiang seeing a 10% to 15% increase in foot traffic since the start of winter [1] - Xiaobuxiang is actively expanding its presence, opening 10 new stores in November, with significant performance in key urban areas [1][2] Group 1: Customer Engagement and Promotions - Xiaobuxiang launched a "free lamb" promotion in major cities, resulting in a 45% increase in repeat visits from existing members [2] - The "Super Member Day" initiative has successfully shifted family dining from weekends to weekdays, boosting Tuesday traffic by nearly 50% [2] Group 2: Sales Performance - Multiple locations, including Beijing and Shenzhen, have broken historical sales records for seven consecutive days in November, with the Beijing Xizhimen store achieving a remarkable 8.5 table turnover rate [2] - Seasonal product innovations, such as the red bean milk tea and osmanthus rice wine, are performing well, with daily sales nearing 10,000 cups for the former [2] Group 3: Competitive Strategies - Xiaobuxiang is implementing a series of "hot pot season" activities, focusing on member benefits, product innovation, and multi-brand collaborations to capture seasonal market demand [1] - The brand Coucou is enhancing its member services and dining experiences, introducing promotions for the "Double Eleven" shopping festival and the hot pot season [2]

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 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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11月7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 ...