近日，有网友在小红书分享在海底捞吃的工作日自助午餐，单价22元。根据其发布的图片，该自助餐的品类包括3款热菜（土豆丝、豆腐、金针菇炒鸡 蛋）、3款凉菜（黄瓜醋粉、豆芽面筋、海带丝）、1款水果、2款饮料以及2款主食。 有网友在该文章下评论：22元，连一片肉都没有。有网友解释说：还是有肉的，并晒出菜单。 许多网友表示：太贵了。 与此同时，近期也有网友透露，海底捞部分城市的门店员工开始将卖早餐、盒饭和冒菜的餐车推到街头售卖。这些产品的价格也相对亲民，比如海底捞早餐 的茶叶蛋的售价为1.5元/个，盒饭的售价则普遍在15元/左右。 （齐鲁晚报·齐鲁壹点客户端编辑张宝帆 综合蓝鲸新闻、封面新闻、小红书、网友评论等） 有分析称，这些新产品也反映出在短期内可能无法通过大规模开设门店实现业绩增长的情况下，海底捞正在尝试通过将产品细分化的方式，找到新的增长 点。 公开数据显示，海底捞1-2月翻台率同比下滑约3%至4.0次/天，其中春节期间翻台率虽达5次/天，但同比仍有低单位数下降。一季度海底捞新增门店约20家 （主要为三四线城市社区店），但关闭低效门店15家，净增仅5家，总门店数维持在1368家左右；加之原材料成本上升：牛肉、蔬 ...

当你走进国内1368家海底捞门店时，有13/1368的几率进入的是加盟店，但你可能毫无感知。 在2024年3月正式宣布开放加盟后，海底捞收到了两万余份加盟申请。但海底捞保持了克制：在一年多 的时间里，最终只"开设"了13家加盟店。（虎嗅注：13家加盟店之中，有10家由老店转化而来） 与极度克制伴生的是神秘。除海底捞内部少数高管，外界乃至海底捞内部绝大部分管理层均不清楚在海 底捞遍及全国的1368家门店中究竟哪13家是加盟门店。 海底捞对加盟商身份的保密近乎"军事级"。 即便坐在周兆呈对面"逼问"，他仍不肯透露任何加盟商的具体信息。包括他们是谁、分布在哪些城市、 具体有着怎样"雄厚"的背景。但从他的概述中，可以总结出加盟商的四大特点：钱多、资源多、高度认 同海底捞文化、甘当'甩手掌柜"。 据加盟事业部相关负责人透露，这些坐拥千万资产的"神秘"加盟商们大致可以分为四类： 第一类是职业加盟商，他们此前或多或少加盟过连锁酒店、正餐、珠宝、茶饮等品牌，经验丰富且专业 度足够；第二类是所谓的甲方或自持物业者，在整个加盟体系中占比最高，同时他们手握的城市黄金地 段及点位也最为海底捞看重。 这正是海底捞运转一年的加盟策略的关 ...

Group 1: Luckin Coffee - Multiple drinks at Luckin Coffee have been reduced by 3 yuan, with prices now in the 6.9 yuan range for non-core beverages like light milk tea and fruit C Americano, down from 9.9 yuan [2] - Classic coffee drinks such as coconut latte and meteor latte remain priced between 13 to 17 yuan, with some products even experiencing price increases [2] - Luckin Coffee clarified that the price adjustments are part of promotional offers for the Dragon Boat Festival and Children's Day, involving the distribution of 6.9 yuan discount coupons rather than an overall price reduction [2] Group 2: Haidilao - Haidilao has opened its first crispy fish-themed restaurant in Guangzhou, integrating the local specialty crispy fish with traditional hot pot offerings [2] - The restaurant emphasizes a "fresh and crispy" experience, aiming to enhance consumer engagement through innovative regional ingredients and upgraded visual experiences [2] - This opening follows previous themed restaurant launches, including a fresh-cut chicken and a beef workshop, showcasing Haidilao's strategy to diversify its offerings in Guangdong [2] Group 3: Guming - Guming has established a holding company in Zhejiang with a registered capital of 1.1 billion yuan, focusing on holding company services, machinery development, software development, and enterprise management [4] - The new company is fully owned by Guming's associated company, Guming (Hong Kong) Limited, indicating a strategic move to expand its operational capabilities [4]

Core Insights - The company is cautiously expanding its franchise model, having received over 20,000 applications since opening franchise opportunities in March 2024, but only three new franchise stores have been opened by the end of 2024 [2][20] - The franchise model is seen as a key solution for the company to penetrate lower-tier cities, where 70% of the franchise applications come from [23][31] - The company emphasizes a strong management control system for franchisees to maintain service quality consistent with its direct-operated stores [11][19] Group 1 - The company requires franchisees to have over 10 million yuan in capital, but having only this amount may not guarantee approval [9][20] - Franchisees must first "purchase" an existing store, which includes all previous operational costs, to ensure they understand the business model and market dynamics [4][5][7] - The franchise model is designed to leverage local franchisees' resources and connections to enhance store performance and customer acquisition [7][25] Group 2 - The company has implemented a strong management system where franchisees do not have direct control over store operations, ensuring consistency in service and product standards [11][12][19] - Franchisees can suggest locations for new stores, but the final decision remains with the company [13][14] - The company does not guarantee profits or fixed returns for franchisees, but it does provide operational support in case of difficulties [15][19] Group 3 - The company has faced challenges in expanding its franchise model, with a significant contrast between its slow growth and the rapid expansion of competitors [21][22] - The company’s cautious approach stems from past experiences of aggressive expansion leading to significant losses, prompting a more measured strategy [20][22] - The company is exploring new brands and concepts to diversify its offerings and find new growth avenues, with a focus on lower-tier cities [22][23]

Group 1 - The core idea of the articles highlights the employee welfare initiatives of Haidilao, particularly focusing on educational subsidies and support for employees' children [1][3][5] - In September 2024, Haidilao will distribute scholarships totaling 4.47 million yuan to 508 children of employees entering university [1] - The company has been providing educational subsidies since 2005, covering various stages from preschool to university, with a specific program offering 8,800 yuan for university students [3] Group 2 - Haidilao has implemented a "parent-child companionship" program since 2019, which includes housing, education, and childcare subsidies to help employees bring their children to their work locations [5] - For employees unable to relocate their children, Haidilao offers support for those willing to return to their hometown stores, facilitating family reunification [5] - The company's welfare programs are seen as a benchmark in the industry, demonstrating a commitment to employee care and support [5]

Core Insights - The article discusses the experience of Haidilao in expanding its brand internationally, emphasizing the integration of culture and technology to promote Chinese culinary culture globally [3][4]. Company Strategy - Haidilao has been expanding internationally since opening its first overseas store in Singapore in 2012, currently operating 123 self-owned restaurants across 14 countries on four continents as of Q1 2025 [4]. - The company aims to attract 29.9 million customers at its overseas locations in 2024 [4]. - Haidilao employs a dual-track product strategy, retaining its signature dishes while introducing localized products to better connect with target markets [4][5]. - Cultural performances, such as Sichuan opera face-changing and noodle-throwing, are incorporated into the dining experience to enhance brand engagement and emotional connection with local consumers [4][5]. Cultural Integration - The "Panda Reception Hall" project serves as a cultural exchange platform, showcasing Chengdu's charm and promoting cultural tourism and trade [5][6]. - The project has been implemented in four Haidilao locations, featuring local arts and performances to attract diverse audiences and enhance cultural understanding [5][6]. - Chengdu has become the second most popular city for Thai tourists visiting China, highlighting the success of Haidilao's cultural initiatives [6]. Future Outlook - Haidilao plans to continue leveraging its "city reception hall" concept to provide a "food + culture" experience, aiming to spread the essence of Chinese aesthetics globally [7].

Core Insights - The company is optimizing its operational model through a multi-dimensional approach, focusing on product, scene, and management improvements [1] - The "Red Pomegranate" plan is showing positive results, with significant brand incubation and expansion efforts [1][2] Group 1: Operational Model Optimization - The company employs a bottom-up site selection mechanism and strictly controls franchisee entry standards, optimizing its operational model across three dimensions: product, scene, and management [1] - In the product dimension, the company plans to focus on fresh-cut meat and seasonal series by 2025 [1] - The scene dimension will see an emphasis on expanding themed stores and corporate park locations [1] - Management improvements include implementing a dual management store model and a dedicated customer manager system [1] Group 2: Franchise Development - The company will launch its franchise program in March 2024, with a rigorous selection mechanism that includes qualification reviews, operational capability assessments, and long-term development compatibility evaluations [1] - As of the end of 2024, 13 franchise stores have been established, with a strong management model to ensure service quality and standardization [1] Group 3: Brand Incubation and Growth - The "Red Pomegranate" plan, initiated in 2024, encourages the incubation of new brands, resulting in the establishment of 11 restaurant brands and 74 stores by the end of 2024 [1] - This initiative is expected to create a second growth curve for the company [1] Group 4: Digital and Supply Chain Enhancements - The company is leveraging big data and AI technology to enhance customer satisfaction and reduce churn rates through an AI-driven post-meal evaluation system [2] - The self-developed "HiHi System" app has achieved over 20,000 monthly clicks, and the deployment of over 50 AI robots is improving efficiency across customer service and supply chain operations [2] Group 5: Financial Projections - The company anticipates net profits for 2025-2027 to be 4.87 billion, 5.03 billion, and 5.27 billion yuan, reflecting year-on-year growth of 3.44%, 3.27%, and 4.77% respectively [2] - Earnings per share (EPS) are projected to be 0.87, 0.90, and 0.95 yuan for the same period, with corresponding price-to-earnings ratios of 15.90x, 15.40x, and 14.70x [2]

Investment Rating - The report maintains a "Buy" rating for Haidilao (06862.HK) [1] Core Views - The company is focusing on steady progress and active advancement, with expectations for revenue growth and profit improvement through various strategic initiatives [8] - The "Red Pomegranate" plan has shown positive results, with the company successfully incubating new brands and expanding its store network [8] - The company is enhancing its operational model through a bottom-up site selection mechanism and strict control over franchisee standards [8] Financial Projections - Total revenue is projected to grow from 41,622 million RMB in 2023 to 47,244 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million RMB in 2023 to 5,269 million RMB in 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 RMB in 2023 to 0.95 RMB in 2027 [1] Operational Strategies - The company is implementing a dual management model and exclusive customer manager system to optimize its management practices [8] - A strict selection mechanism for franchisees is in place, ensuring quality and operational capability [8] - Digital upgrades and supply chain optimization are being pursued through the use of big data and AI technologies [8]

Investment Rating - The report maintains a "Buy" rating for Haidilao (06862.HK) [1] Core Views - The company is focusing on steady progress and active advancement, with expectations for revenue and profit growth driven by operational optimizations and new brand incubations [8] - The "Red Pomegranate" plan has shown positive results, with 11 new restaurant brands and 74 new stores established by the end of 2024, indicating a potential second growth curve for the company [8] - The company is implementing a strict selection mechanism for franchisees to ensure quality and service standards, with 13 franchise stores already operational by the end of 2024 [8] - Digital upgrades and supply chain optimizations are being pursued through AI technology and data analysis, enhancing customer satisfaction and operational efficiency [8] Financial Projections - Total revenue is projected to grow from 41,622 million RMB in 2023 to 47,244 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million RMB in 2023 to 5,269 million RMB in 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 RMB in 2023 to 0.95 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.21 to 14.70 over the same period [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on steady progress and active advancement, with a strong emphasis on optimizing its operational model and expanding its store network [8] - The "Red Pomegranate" plan has shown positive results, with the company successfully incubating new brands and expanding its market presence [8] - The company is leveraging digital upgrades and supply chain optimization to enhance customer satisfaction and operational efficiency [8] Financial Projections - Total revenue is projected to grow from 41,622 million in 2023 to 47,244 million by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million in 2023 to 5,269 million by 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 in 2023 to 0.95 by 2027, indicating a steady growth trajectory [1] Operational Strategy - The company is implementing a bottom-up site selection mechanism and strict standards for franchisee entry, focusing on product, scene, and management optimization [8] - The company has initiated a franchise model with a rigorous selection process, ensuring quality and standardization across its outlets [8] - The company has launched multiple new restaurant brands under the "Red Pomegranate" initiative, aiming to create a second growth curve [8] Digital and Supply Chain Enhancements - The company is utilizing big data and AI technologies to improve customer feedback processing and enhance service quality [8] - The proprietary "HiHi System" app has achieved over 20,000 monthly clicks, indicating strong user engagement [8] - The deployment of over 50 AI robots across various operational areas is aimed at improving efficiency and customer service [8]