9月12日消息，胖东来CEO于东来社交媒体发文表示："任何事没有完美．．．．．．感谢西贝、海底捞 等品牌企业可以让我找到相对放心可口吃饭的地方！" 9月12日下午，西贝官方微博也发布全体伙伴致顾客的一封信 。 西贝表示，当天罗永浩微博发出后，西贝团队首先复盘门店菜品出品质量、门店服务质量。随后对所涉 及菜品的生产制作流程进行一一拆解确认。 经确认，罗永浩在微博中对西贝的指责不实。 责任编辑：李思阳 9月10日，罗永浩发博公开吐槽连锁餐饮品牌西贝："好久没吃西贝了，今天下飞机跟同事吃了一顿，发 现几乎全都是预制菜，还那么贵。希望国家尽早推动立法，强制饭馆注明是否用了预制菜。" 9月11日，西贝创始人贾国龙在罗永浩就餐的餐厅对外界多方面问题进行回应，并称"将要起诉罗永 浩。" 贾国龙表示，餐饮行业不回避预加工菜品，但"我们不是预制菜，国家对预制菜有严格定义"，"按国家 规定，我们没有一道是预制菜，而且100%不是预制菜"。"罗永浩说全是预制菜，太恶心了，挺伤我们 的"。 9月12日下午，罗永浩预告今天晚上8：30直播谈与西贝的这场争议，他表示，诉求不是打西贝或贾老 板，希望推动中国预制菜行业透明化。 近日，"西贝 ...

#于东来发文感谢西贝# 9月12日，胖东来CEO于东来社交媒体发文表示："任何事没有完美...感谢西贝、 海底捞等品牌企业可以让我找到相对放心可口吃饭的地方! " US WILLS 任何事没有完美 ......感谢西贝、海底捞等品牌企业可以让 我找到相对放心可口吃饭的地方! and and any ...

摩根士丹利发布研报称，予海底捞(06862)目标价17.5港元及"增持"评级。8月海底捞火锅的翻桌率同比 略有增长，较7月的年比持平略有改善。 8月海底捞火锅新开2家店，海底捞正在升级更多门店，提供差异化的服务和消费场景，以刺激需求，例 如宵夜、宠物友善、家庭型等。大摩认为，需要重点关注阿里巴巴-W(09988)高德地图上推出的人工智 能餐厅排名功能将如何影响堂食需求。 ...

Group 1 - Morgan Stanley has set a target price of HKD 17.5 for Haidilao (06862) with an "Overweight" rating [1] - In August, Haidilao's table turnover rate showed a slight year-on-year increase, improving from a flat comparison in July [1] - Haidilao opened 2 new stores in August and is upgrading more locations to offer differentiated services and dining experiences to stimulate demand, such as late-night dining, pet-friendly options, and family-oriented settings [1] Group 2 - Attention is drawn to how Alibaba-W (09988) and its Gaode Map's newly launched AI restaurant ranking feature may impact dine-in demand [1]

Group 1 - The core viewpoint is that Haidilao is facing significant challenges due to a sharp decline in stock price and weak core business growth, leading to increased short-selling activity and market skepticism about its long-term growth prospects [1][4]. - Haidilao's stock has dropped 29% from its peak in March, reaching a one-year low, with short positions at their highest level in nearly three years, indicating a pessimistic outlook from the market [1][4]. - The company reported a second consecutive half-year decline in sales, primarily due to the impact of a price war in the takeaway sector and weak consumer spending [4]. Group 2 - In response to growth pressures, Haidilao is attempting to expand into overseas markets and launch new brands, such as "Banquet BBQ House," as part of its diversification strategy [4]. - However, these diversification efforts have had limited success, with analysts questioning the timing of when these new brands will generate meaningful revenue [4]. - Haidilao's table turnover rate decreased by 9.5% year-on-year in the first half of the year, highlighting operational challenges amid increasing market competition and cautious consumer spending [4]. Group 3 - Despite the challenges, most analysts maintain an optimistic outlook on Haidilao's stock, with 32 buy ratings and no sell ratings according to Bloomberg data [4]. - The average target price suggests a potential upside of 28% over the next 12 months based on the stock's closing price [5]. - Potential government stimulus measures could aid Haidilao's recovery, as China's commitment to a 5% economic growth target by 2025 may necessitate consumer spending initiatives, creating a favorable policy environment [5].

Group 1 - The 2025 China International Service Trade Fair has commenced, highlighting the accelerated development of the "15-minute convenient living circle" across the country, with 5,188 community service circles established by the end of 2024, serving 118 million residents [1] - The "15-minute convenient living circle" aims to meet residents' daily and quality consumption needs within a 15-minute walking radius, covering 79% of cities above the prefecture level and 13,600 communities, with a total of 1.371 million commercial outlets [1] - The overall satisfaction rate among residents in these living circles exceeds 93% [1] Group 2 - The report indicates a significant increase in the chain development within community living circles, with a chain rate of 26.9% by the end of 2024, up from 21% in the same period of 2023, marking an increase of approximately 6 percentage points [2] - The eastern region has the highest chain rate at 32%, with a notable increase of 7.3 percentage points compared to the previous year [2] Group 3 - Major companies are actively expanding into community commerce, with Haidilao opening its first community store in Beijing, which offers a variety of food services and operates from 6 AM to 3 AM, catering to diverse consumer needs [3] - Walmart has announced the opening of its first community store in Shenzhen, marking a shift in its strategy after previously scaling back its community business, with four community stores opened in just eight months [3] - Alibaba's Hema has also prioritized the development of community stores, with nearly 300 locations established, focusing on smaller store formats that align with consumer lifestyles [4] Group 4 - The report suggests extending the convenient living circles from major cities to eligible county towns and developing a multi-layered, diversified service system to meet the needs of all age groups, particularly focusing on services for the elderly and children [4]

Core Viewpoint - The article discusses the challenges faced by Haidilao, a leading Chinese hotpot chain, as it navigates a saturated market and declining growth rates, emphasizing the need for innovation and adaptation to survive in a competitive landscape [1][19]. Group 1: Business Performance - Haidilao's revenue for the first half of 2025 was recorded at 20.703 billion RMB, a year-on-year decline of 3.7%, with core operating profit down 14% to 2.4 billion RMB [3][12]. - The table turnover rate decreased from 4.2 to 3.8, contributing to a 10% drop in same-store sales [3][10]. - The average customer spending remained at 97.9 RMB, reflecting a stagnation in consumer spending compared to 2017 levels [3][12]. Group 2: Strategic Initiatives - Haidilao has implemented a "night store" transformation for 30 locations and introduced new dining concepts such as breakfast and takeout options to diversify its offerings [3][6]. - The company has launched the "Red Pomegranate Plan" to encourage innovation and entrepreneurship among employees, allowing for a broader range of projects and business models [20][23]. - Over 50% of Haidilao's stores have undergone modifications to enhance their takeout capabilities, with plans to establish "super kitchens" for delivery services [16][20]. Group 3: Market Position and Competition - The hotpot market is reaching a saturation point, with Haidilao's store count decreasing to 1,363, down by five from the previous year [6][10]. - The external environment and consumer behavior are shifting towards more price-sensitive dining options, impacting Haidilao's traditional business model [15][29]. - Haidilao's external delivery business has surged nearly 60%, now accounting for 4.5% of total revenue, primarily driven by the "down-to-earth" meal series [12][15]. Group 4: Employee and Cultural Dynamics - The company's growth model has historically focused on a strong human resource system, promoting from within and fostering a culture of shared success [18][25]. - The introduction of a tipping system has sparked controversy, as it may shift the focus from service quality to financial incentives for employees [24][25]. - Haidilao's franchise model has been conservative, with only 41 franchise locations established, emphasizing a strong management approach to maintain quality and brand integrity [25][26].

Summary of Conference Call on the Restaurant Industry and Haidilao Industry Overview - The restaurant industry experienced a year-on-year decline in 2025, primarily due to the absence of consumer subsidies that were present in the same period last year, which ranged from 0.2 to 0.3 [4][3] - The price war among delivery platforms has also impacted the industry, with Haidilao opting not to participate in significant discounts, leading to a decrease in customer traffic [5][4] - The average table turnover rate in the restaurant industry was approximately 4 times in July and August 2025, consistent with national averages [2] Haidilao's Performance and Strategies - Despite pressure on table turnover rates, Haidilao maintained stable gross margins through cost control measures [4][8] - The company anticipates that the implementation of mandatory social security policies in September could increase labor costs by about 3 percentage points, but it does not plan to raise prices [8][9] - Haidilao is focusing on optimizing store locations and sizes to enhance space utilization and investment returns [10] - The company has lowered the threshold for franchise operations, resulting in new franchise stores performing comparably to company-owned stores, indicating acceptance of the new policies [12][13] Competitive Landscape - The competitive environment in the restaurant industry has intensified, with brands like Banlu Hotpot seeking to go public, creating pressure on existing players [11] - Haidilao aims to avoid direct competition with Banlu Hotpot, which targets a higher-end market, while Haidilao focuses on the mass market [11] Cost Management and Future Outlook - The increase in social security costs is manageable and will not significantly raise overall operational costs [15] - Haidilao's external delivery business remains limited, as the product offerings are not well-suited for delivery, and the company prefers to focus on scaling its sub-brands [14] - The company has implemented innovative strategies to enhance table turnover, such as themed events and promotions, which have yielded positive results in specific periods [18] - The overall market environment is challenging for new restaurant brands, with cautious consumer spending impacting the development of new brands [17] - The average customer spending for mass-market hotpot has been declining, while the spending for banquet-style barbecue remains stable at around 100-110 yuan [17] Conclusion - The restaurant industry is navigating a challenging landscape with various pressures, including competition and changing consumer behavior. Haidilao's strategic focus on cost control, franchise expansion, and innovative marketing is aimed at maintaining its market position and improving performance in the second half of 2025 [20][21]

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].

全品类+全时段 酱肉包、茶叶蛋、银耳粥……近日，北京市昌平区玖耀里附近的一辆早餐车为周边居民增加了新选择， 同时餐车旁的"海底捞火锅社区店"门头格外显眼，下方设有售卖熟食的窗口，这便是海底捞的新店型。 作为"不一样的海底捞"计划下的全新店型，海底捞社区店通过室内室外各200平方米的空间，灵活设置 不同的出餐和用餐空间。产品方面，该店除海底捞的常规火锅产品外，早餐产品包括各式包子、蒸饺、 豆浆和粥等，窗口则售卖虎皮凤爪、酱牛肉、椒麻鸡等熟食产品。价格上，包子等主食产品售价为1.5 —4.5元/个、粥品为3元/碗，价格较为亲民。 据海底捞全国首家社区店负责人介绍，门店选址玖耀里社区型商业街区，辐射周边十余个社区及多所高 校，能够满足社区邻居、学生和上班族等多元人群的全时段用餐需求。社区店团队基于对社区客群与消 费习惯的调研，历经数月的调研和方案打磨，最终推动项目落地。在运营过程中，海底捞会不断收集邻 居们的反馈，持续完善产品结构和服务，预计后期会上新小吃卤味、烧烤、拌饭等多元化品类。 对于海底捞开出首家社区店，海底捞相关负责人表示，由于想更加贴近邻里，社区店相比常规门店面积 更小，室内仅设18张餐桌。虽然面积减小 ...