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 ...

海底捞再次尝试新场景，这次是充满烟火气的社区。9月9日，北京商报记者了解到，海底捞全国首家社区店已在北京市昌平区正式开业，门店面积并不大， 店内仅设置了18张餐桌，并试图通过早餐车和熟食档口覆盖全时段餐饮需求。近年来海底捞不断通过"火锅+"进行尝试，除社区店，还布局了超级甜品站、 牛肉工坊、羊肉工坊等场景。在业内人士看来，社区餐饮消费潜力较大，海底捞也在尝试触及更多消费人群，但社区赛道竞争同样激烈，海底捞需要真正结 合场景下的消费需求布局。 全品类产品+全时段运营 酱肉包、茶叶蛋、银耳粥……近日，玖耀里附近的一家早餐车为周边居民增加了早餐选择。走近一看，餐车旁的"海底捞火锅社区店"门头格外显眼，下方便 是售卖熟食的窗口，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。产品上，除了海底捞的常规 火锅产品之外，早餐产品包括各式包子、蒸饺、豆浆和粥等，窗口中则售卖虎皮凤爪、酱牛肉、椒麻鸡等熟食产品。价格上，早餐的包子等主食产品售价在 1.5—4.5元/个，粥品为3元/碗，价格较为亲民。 中国连锁经营协会餐饮部主任孙工贺认为， ...

北京商报讯（记者 张天元）9月9日，北京商报记者了解到，海底捞全国首家社区店已在北京市昌平区 沙河镇玖耀里正式开业。产品上，除了海底捞的常规火锅产品之外，该门店不仅提供早餐车，售卖手工 现制酱肉包、茶叶蛋、粥品等早点，还设有熟食档口。据介绍，作为"不一样的海底捞"计划下的全新店 型，海底捞社区店通过轻量化空间布局、全品类产品组合、全时段运营模式，深度聚焦社区需求，打造 了一个全时段、多场景的餐饮生活新空间。 据海底捞全国首家社区店负责人介绍，海底捞全国首家社区店落户玖耀里社区型商业街区，辐射周边10 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，我们会不断收集邻居们的反馈，不断完善产品结构和服务。预计后期会有小吃卤味、 烧烤、拌饭等多元化的品类上新，为邻里提供更方便、丰富的用餐选择。我们希望海底捞社区店不仅是 一家火锅店，更是一位好邻居，成为大家日常生活的一部分。"该店负责人表示。 ...

小红书、抖音和微博等社交平台上，常年喜欢在海底捞DIY各种美食的年轻人，发现海底捞正在自己下场，成了"餐饮界的小米"，烤肉、炸鸡、烘焙、小 火锅等十余个新品牌如雨后春笋般涌现，甚至还跨界开起了酒店。 海底捞的生意版图正在越来越大，一方面，是各路特色火锅、网红火锅涌现，行业竞争加剧。海底捞近年来主营业务增长趋缓，选择离开存量市场，避免 无休止的内耗；另一方面，则是消费者趋于理性，国内火锅行业的客单价逐步下降，卖服务比卖火锅更出名的海底捞，也没能逃出这场消费降级的风潮。 "还有谁没吃过海底捞的面包！""海底捞旋转小火锅也太划算了！""海底捞爱好者一定要去一趟海底捞酒店"…… 当然，调转船头最重要的，还是海底捞自身的招牌——已经成为服务代名词的"海底捞"，能将品牌的明星光环复刻到其他餐饮类目甚至跨界类目上，构建 一个围绕主品牌、多点开花的第二增长宇宙。 这一举措的效果算得上惊人。 | 海底撈餐廳經營 | 18,580,166 | 89.8% | 20,413,955 | 95.0% | | --- | --- | --- | --- | --- | | 外賣業務 | 927,620 | 4.5% | 581,228 ...

海底捞打造家门口的"欢乐食堂" 本报讯近日，海底捞全国首家社区店在北京市昌平区沙河镇玖耀里正式开业。作为"不一样的海底捞"计 划下的全新店型，海底捞社区店通过轻量化空间布局、全品类产品组合、全时段运营模式，深度聚焦社 区需求，打造了一个全时段、多场景的餐饮生活新空间。 近期，不少早起买菜的居民路过玖耀里，惊奇地发现海底捞在家门口"出摊了"。早餐车里，手工现制酱 肉包、茶叶蛋、粥品等早点丰富多样，价格亲民。 早餐时段后，这家海底捞社区店则变回了大家熟悉的样子，提供美味放心的火锅。在店外区域，社区店 特别设置了户外露台区和多个装饰独特、配备空调的"泡泡屋"，让消费者能够在舒适的户外环境中享受 火锅。 在功能设计上，海底捞社区店兼顾轻体量与高复合性，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，让海底捞成为了周边居民家门口的"全时段欢乐食堂"。 来该店用餐的顾客多为周边社区居民，其中"银发族"消费者占到了相当的比例。除了开业活动外，海底 捞社区店还在9月份推出了"敬长辈、暖金秋"系列敬老活动，不同年龄段的长者凭有效证件，在指定的 时段用餐，每桌可享受20到40元不等的立减优惠，让"银发族"在家门 ...

Group 1 - Haidilao has opened its first community store in the Jiuyaoli business district of Changping District, Beijing, offering a variety of food options including hot pot, breakfast, staple foods, and snacks, catering to local residents' dining needs throughout the day [1][3] - The community store features a diverse breakfast menu with items priced between 1.5 yuan for mahua (fried dough twist) and 3 yuan for silver ear fungus porridge, attracting attention from passersby [3] - The store is designed to serve over 10 surrounding communities and several universities, aiming to meet the dining needs of various groups including residents, students, and office workers [3][4] Group 2 - The community store concept reflects a shift in service consumption from functional supply to emotional connection, positioning community dining chains as essential service supply stations within urban areas [4] - The flexible layout of small community stores allows them to effectively capture spillover traffic from business districts and create a close consumer relationship by providing convenient dining options [4]