Group 1: Overall Market Performance - The consumer market experienced a "good start" during the 2026 New Year's holiday, with a significant increase in restaurant scene activity [1] - 58.1% of surveyed restaurants reported stable or increased customer traffic on New Year's Day, while 69.6% saw stable or increased takeaway orders [1] - Daily average consumption in dine-in restaurants during the holiday increased by 19% compared to the same period in 2025 [1] Group 2: Specific Company Performance - The group behind "Xiabuxiabu" reported over 20 million yuan in revenue from its "Coucou" stores during the holiday, with a customer flow of 140,000 and a peak daily revenue exceeding 8 million yuan [2] - "Xiabuxiabu" brand stores nationwide saw a total net sales exceeding 30 million yuan, with a year-on-year growth of over 30% and a peak daily revenue surpassing 10 million yuan [2] - "Xibei" restaurants attracted around 500,000 customers during the holiday, with no impact from subsidy cessation on overall customer flow [2] Group 3: New Tea Beverage Sector - "Nayuki" tea outlets experienced a sales increase of over 700% compared to pre-holiday levels, with some stores recording single orders exceeding 1,000 cups [3] - "Nayuki" tea's overseas locations, including in New York and Bangkok, became popular among local tourists, with the New York store generating nearly 40,000 USD (approximately 279,000 yuan) in sales over three days [3] - "Moli Naibai" brand sold nearly 1.9 million cups on New Year's Eve and continued strong sales with 1.53 million cups sold on New Year's Day, with some stores seeing sales growth close to 300% [3]

Group 1 - The national catering market experienced a consumption boom during the New Year's holiday, with major cities seeing a surge in restaurant patronage and pre-booked tables for popular dining spots [1] - In Beijing, from January 1 to January 3, the average daily sales of monitored catering businesses increased by 4.6% year-on-year, with dine-in sales rising by 25.4% [1] - Nearly 30 specialty restaurants reported a total online sales of 2.405 million yuan in the first two days of the New Year, indicating robust holiday dining consumption [1] Group 2 - Hot pot restaurants, particularly Haidilao, saw significant customer traffic, serving over 4.5 million customers nationwide from December 31 to January 1, driven by cold weather and holiday gatherings [2] - Xibei reported approximately 500,000 customer visits during the New Year period, with overall foot traffic unaffected by the cessation of subsidies [2] - The trend of "staying home for New Year" has led platforms and restaurants to enhance online channels, with Dazhongdianping collaborating with over one million high-rated restaurants to distribute 45 million vouchers [2] Group 3 - The catering industry is a crucial pillar for promoting consumption, benefiting livelihoods, and stabilizing employment, serving as a barometer for economic recovery [3] - From January to November 2025, the total retail sales of consumer goods reached 45.6067 trillion yuan, with catering revenue at 5.2245 trillion yuan, reflecting a year-on-year growth of 3.3% [3] Group 4 - Industry experts anticipate that the traditional consumption peak at year-end will further release dining demand [4]

Group 1 - The national catering market experienced a consumption boom during the New Year's holiday, with major cities seeing high foot traffic in restaurants and strong reservation rates for popular dining spots [1] - In Beijing, from January 1 to January 3, the average daily sales of monitored catering businesses increased by 4.6% year-on-year, with dine-in sales rising by 25.4% [1] - Nearly 30 specialty restaurants reported a cumulative online sales of 2.405 million yuan in the first two days of the New Year, indicating robust holiday dining consumption [1] Group 2 - The hot pot segment performed exceptionally well due to cold weather and holiday gatherings, with Haidilao serving over 4.5 million customers nationwide from December 31 to January 1 [2] - The dining experience during the New Year saw a peak in customer flow, with some Haidilao locations reporting table turnover rates exceeding 10 times on New Year's Eve [2] - Xibei reported approximately 500,000 customer visits across its national locations during the New Year period, showing resilience despite the cessation of subsidies [2] Group 3 - The catering industry is a crucial pillar for promoting consumption, benefiting livelihoods, and stabilizing employment, serving as a barometer for economic recovery [3] - From January to November 2025, the total retail sales of consumer goods reached 45.6067 trillion yuan, with catering revenue at 522.45 billion yuan, reflecting a year-on-year growth of 3.3% [3] Group 4 - Industry experts anticipate that traditional year-end consumption demand will further increase as the peak season approaches [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

Core Insights - The restaurant industry in Beijing experienced significant revenue growth during the New Year holiday, with many establishments reporting long queues and high customer turnout [1][2][3] Group 1: Performance of Traditional Brands - Traditional brands like Huaitian Group's restaurants, including Tongheju and Tongchun Garden, saw strong demand, with revenue surpassing the previous year's figures during the holiday [2] - The restaurant near Shichahai, Gu Lou Ma Kai, reported over 10% revenue growth on New Year's Day, with all dining rooms fully booked [2] - Classic dishes such as Mao's Braised Pork and Dong'an Chicken were highly popular, leading to long queues at takeaway windows [2] Group 2: Popular Dining Spots - Popular dining areas like Guijie saw a 49% increase in customer traffic for Hu Da restaurant during the holiday, with an average wait time of about 4 hours [3] - The restaurant recorded over 4,800 tables of reservations on New Year's Day, indicating high demand [3] - Spicy cuisine, particularly from brands like Fei Dashi, also thrived, with peak wait times reaching 1,500 tables on New Year's Eve [3] Group 3: Nighttime Consumption Trends - Nighttime dining saw a notable increase, with Haidilao serving over 4.5 million customers nationwide during the holiday [6][10] - The late-night dining trend was particularly strong, with many restaurants experiencing peak hours extending into the early morning [6] - Other hotpot brands like Zizhu and Xiaobai also reported significant revenue growth, with Zizhu's total revenue exceeding 20 million yuan during the holiday [10] Group 4: Preparations for Upcoming Festivals - Many restaurants are now focusing on the upcoming Spring Festival, with traditional brands fully booked for New Year's Eve dinners [11] - Several brands have launched "home delivery" New Year's Eve meal boxes, with significant pre-orders already recorded [11] - The variety of meal boxes offered has expanded, catering to different family sizes and preferences, indicating a shift towards convenience in festive dining [11]

Core Insights - The restaurant industry experienced a significant surge in consumer traffic during the New Year's holiday, marking a hopeful recovery after a challenging year [2][6][8] - Major brands like Hai Di Lao, Xi Bei, and Fei Da Chu reported high demand, with some locations experiencing wait times of up to 1500 tables [2][5][6] Group 1: Market Performance - The New Year's holiday saw a 142% year-on-year increase in traffic for the "must-eat" list on Meituan [3] - Xi Bei reported approximately 500,000 customer visits across its national stores during the holiday period, with an average wait time of 40-50 minutes on January 1 [3][4] - Hai Di Lao's reservation data indicated over 400,000 tables booked for the New Year's period, reflecting strong consumer interest [3][5] Group 2: Brand Strategies - Hai Di Lao launched interactive activities to enhance customer engagement, including themed events and prize giveaways [7] - Xi Bei and other brands implemented pre-holiday promotional strategies to attract customers, such as themed collaborations and lottery events [7][8] - Fei Da Chu opened a new location in Changsha and extended operating hours to accommodate increased demand, with wait times reaching over 200 tables during peak hours [8] Group 3: Industry Outlook - The resurgence in consumer activity during the New Year's holiday is expected to set a positive tone for the restaurant industry in 2026, with overall consumption growth projected to exceed double digits [8] - Analysts suggest that restaurants should adapt to changing consumer preferences by enhancing experiential dining and integrating with tourism [8]

以下文章来源于Vista氢商业 ，作者贾小乐 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 30块能吃饱的海底捞， 小料台成主角了。 文 ｜ 卢力麟 编辑 ｜ 贾小乐 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ unsplash "为一盘甜品吃了一顿火锅"，是当下流行的吃海底捞的心态。 11月，各地海底捞陆续进行了一轮小料台的升级，小料台被改造成了"大菜台"。 三里屯的海底捞门店里，颇具开创性地在芝麻酱、葱花旁边摆上了两排烘 焙甜品。 但海底捞的甜品不是你在酒店早餐自助里常见的1元速冻蛋挞和色素小蛋糕。 奶油角、肉松小贝、巧克力司康、抹茶瑞士卷，都是连锁烘焙里的熟面孔，其 中还有"身家不菲"的好利来同款——"没想到头一回敞开吃好利来是在海底捞"。 于是如今去吃海底捞的，大多不是奔着火锅，而是小料台上的自助餐。除了甜品，你还能在不同城市的海底捞店里吃到卤菜、冰粉和海鲜，或者是"入座即 送"的成箱车厘子。 "海底捞，快把火锅小料台做成慈善午宴了。" 30块能吃饱的海底捞 小料台成主角了 如果世界上有什么联动比"在海底捞里吃到免费好利来"更能勾起打工人兴趣， ...

Core Insights - The restaurant industry in China is facing significant operational pressures in 2025, prompting companies to adopt various self-rescue strategies to regain consumer trust and focus on core business principles [1] Group 1: New Business Models - Major brands are launching sub-brands to explore new growth avenues, such as "Xiao Ma Liu" by Ma Liu Ji, which focuses on a lighter dining experience with a lower average spend of around 60 yuan compared to the main brand's 100 yuan [2] - Haidilao has opened community stores and a new style of hot pot restaurant, successfully diversifying into 14 different restaurant brands under its "Red Pomegranate Plan," generating 597 million yuan in revenue, a 227% year-on-year increase [2] - The introduction of new dining concepts like "Xiaboo Ranch" by Xiaoboo and "Bisheng Grilled Skewers" reflects a trend towards offering high-quality yet affordable dining experiences aimed at younger consumers [3] Group 2: Price Adjustments - Many restaurant brands have quietly reduced prices in response to declining customer spending, with notable examples including Jiumaojiu's price cuts and He Fu's 30% reduction in main product prices [4][5] - The average customer spending in the Chinese dining sector has seen a significant decline, with traditional Chinese dining experiencing a 29.5% drop in average spending since 2023 [5] Group 3: Shift Towards Freshly Cooked Meals - There is a growing consumer demand for freshly cooked meals, leading to a resurgence of "freshly stir-fried" offerings in the market, as seen with brands like Xi Bei and various noodle shops [6][7] - The trend towards "freshly cooked" is also influencing the takeaway sector, with companies like Qixian Xiaochu emphasizing fresh ingredients and transparent cooking processes [7] Group 4: Market Outlook - The overall revenue for the restaurant industry is projected to achieve low single-digit growth, reaching 5.7 trillion yuan in 2025, despite a high closure rate of restaurants [3] - Industry experts believe that returning to quality and service fundamentals will be crucial for companies to navigate the competitive landscape and seize new opportunities [8]

Core Viewpoint - A video surfaced showing a Haidilao employee accidentally dropping noodles on the floor during a performance, leading to significant public discussion and concern regarding food safety and customer service practices [1][2]. Summary by Relevant Sections Incident Description - A consumer in Kunming posted a video showing a Haidilao employee dropping noodles on the floor while demonstrating noodle-pulling skills, which were later served to customers [1][2]. Customer Response and Compensation - The consumer reported the incident to the store manager during a subsequent visit, who initially offered compensation of one noodle. After the video went viral, the store manager increased the offer to two noodles and invited the consumer to try new dishes [1][2]. - On the third day, a regional manager contacted the consumer, promising a free meal and unlimited noodle consumption at the store, which was later modified to unlimited noodles for one month [1][2]. Company Response - As of the report's publication, Haidilao had not issued an official statement regarding the incident. However, customer service indicated that customers experiencing similar issues could submit payment screenshots and related videos through the Haidilao WeChat mini-program for verification [1][2].

Group 1 - The report emphasizes the importance of service consumption in 2026, highlighting a year of strategic layout and potential improvements in specific sectors and cycles [4][6][8] - The overall recovery of the service sector is characterized by a moderate rebound and structural prosperity, with service consumption growth outpacing that of goods consumption [11][12] - The report identifies three key changes affecting demand, policy, and technology, including a shift towards more rational consumer behavior, the impact of policy and globalization on corporate decisions, and accelerated technological iterations [11][4][6] Group 2 - The investment strategy for 2026 focuses on boosting domestic demand, with significant potential for service consumption in China compared to developed countries [19][26] - The report outlines specific sub-sectors such as duty-free, hotels, and education, which are expected to perform differently based on demand and supply dynamics [7][8][34] - Recommendations include focusing on cyclical recovery and sector-specific prosperity, with suggested investments in companies like China Duty Free Group, Huazhu Group, and Meituan [4][34][8] Group 3 - The report notes that the service sector has underperformed compared to the broader market, with a year-to-date increase of 14.55%, lagging behind the CSI 300 index [14][12] - Structural trends indicate that leading companies in tea drinks and hotels have outperformed, while duty-free and hotel stocks have shown strength in the fourth quarter [14][12] - The report highlights the importance of policy measures aimed at enhancing service consumption, including various initiatives to stimulate demand and improve the consumer environment [26][28][27]