Core Insights - Service consumption is becoming an important direction for consumer upgrades as people's quality of life improves, shifting focus from "having" to "quality" [1] Group 1: Restaurant Industry Innovations - Haidilao has increased its nighttime dining services, transforming its Sanlitun location into a night snack-themed restaurant, resulting in a noticeable increase in nighttime customer flow, particularly among young people [2] - Major restaurant companies are actively innovating through product, scene, and model innovations to cultivate new service consumption growth, contributing to the industry's sustainable development [2] - McDonald's China aims to leverage its brand value to boost business growth while supporting consumption recovery, aligning with national policies to stimulate domestic demand [2][3] - Haidilao has opened over 50 night snack-themed restaurants in major cities, catering to diverse consumer needs [3] - The brand "CuoCuo" under the Xiaobai Group has collaborated with international IPs to enhance its market presence, leading to positive feedback and improved operational data [3] Group 2: Tourism Industry Upgrades - Travel and hospitality companies are innovating to meet diverse consumer demands, focusing on multi-faceted and refined services [4] - Hainan Airlines emphasizes service upgrades centered around passengers, utilizing digital empowerment to create new revenue streams and enhance domestic demand [4] - Huazhu Group is exploring new growth points in service consumption by offering tailored services for different consumer segments, including the elderly and marathon participants [4] Group 3: New Consumption Trends - The shift from product consumption to service consumption is accelerating as China's GDP per capita exceeds $13,000, indicating a rapid growth phase for service consumption [7] - National policies are increasingly supporting service consumption, with initiatives aimed at enhancing service quality in key areas such as dining, accommodation, and home services [7] - In the first half of the year, final consumption expenditure contributed 52.0% to economic growth, with a notable increase in service consumption driving economic vitality [7]

黄金时代"熄火" "八月份预订取消了一半，客单价从1800元降到1200元，客人依然不满座。"在上海外滩经营米其林二星餐厅的法国主厨Pierre无奈地摇头。他望着窗外黄 浦江的璀璨夜景，落地窗映照出大厅里稀稀落落的客人。 高端餐饮的黄金时代正在褪色。曾经需要提前三个月预订的顶级牛排馆，如今工作日上座率不足五成；人均消费超过千元的怀石料理，开始推出"买一送 一"的促销活动。 2025年，高端餐饮行业正经历一场寒冬。 沃夫冈牛排馆全球创始人Peter Zwiener坦言："即使原料舍弃率高达35%-45%，我们也要坚持品质。"他所说的"舍弃率"，是指干式熟成牛排加工时需切除 表层硬化部分的损耗。 在沃夫冈，当熟成周期延长至90天时，损耗率更将升至45%。相较之下，冷冻牛肉损耗率仅5%-10%，但高端品牌仍坚持使用冰鲜空运牛肉以保持原汁原 味。这也成了高端店坚守品质的卖点。 回顾以往，高端餐饮曾有着火爆的黄金时代。时间回到2016年，上海首本米其林指南发布时，唐阁的预订电话被打爆三天三夜。 在中产的朋友圈里，一张人均千元的餐桌照片配文"简单吃点"，成为身份认同的暗号。米其林三星意味着"值得专程飞一趟"，二星是"绕路 ...

格隆汇8月13日丨海底捞(06862.HK)宣布，董事会会议将于2025年8月25日(星期一)举行，藉以(其中包 括)审议及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，考虑派发中期股 息(如有)以及处理其他事项。 相关事件 海底捞(06862.HK)拟8月25日举行董事会会议批准中期业绩 研报掘金｜中金：下调海底捞目标价至16港 元 短期投入致利润承压 ...

董事會會議日期 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董 事會會議將於2025年8月25日（星期一）舉行，藉以（其中包括）審議及批准本公司 及其附屬公司截至2025年6月30日止六個月之中期業績及其發佈，考慮派發中期 股息（如有）以及處理其他事項。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HAIDILAO INTERNATIONAL HOLDING LTD. 海底撈國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6862） 承董事會命 海底撈國際控股有限公司 主席 張勇 截至本公告日期，本公司董事會包括主席兼執行董事張勇先生、副主席兼執行董 事周兆呈先生、執行董事苟軼群先生、李朋先生、宋青女士及高潔女士；及獨立 非執行董事蔡新民醫生、許廷芳先生、齊大慶先生、馬蔚華博士、吳宵光先生及 張俊傑先生。 北京，2025年8月13日 ...

Core Viewpoint - The article discusses how Haidilao has successfully positioned itself as a popular post-concert gathering spot for fans, leveraging the "fan economy" to boost its business and customer engagement [4][66][68]. Group 1: Haidilao's Strategy - Haidilao has expanded its business model to include post-concert gatherings, where fans often go to enjoy hot pot after attending concerts [6][7][50]. - The brand has effectively utilized transportation services, such as buses, to transport concert-goers to its restaurants, creating a seamless experience for fans [15][20][59]. - The restaurant chain has tailored its offerings to cater to fans, including themed decorations and special services that resonate with concert-goers [31][36][41]. Group 2: Impact on Business - During peak concert seasons, Haidilao has seen significant increases in customer traffic, with reports of up to 400 fans dining at a single location after a concert [48][70]. - The late-night dining trend has been revitalized, with fan attendance boosting the restaurant's evening customer flow by 50% to 100% [78]. - The brand's ability to attract fans has led to a notable increase in revenue, with some locations reporting a 20% year-on-year growth during concert events [72]. Group 3: Customer Experience - Fans have expressed that the experience of dining at Haidilao post-concert is more about the communal joy and excitement rather than the food itself [84]. - The atmosphere created by Haidilao, including fan interactions and themed events, has made it a preferred choice for post-concert gatherings [44][68]. - The brand's understanding of fan culture and preferences has allowed it to create a unique dining experience that resonates with concert attendees [32][36][66].

Core Insights - The new brand "Lao Bao Jie" under Haidilao has opened its first store in Changchun, focusing on "Old Beijing | Trendy Hot Pot" [1][6] - Haidilao's "Lao Bao Jie" concept was first introduced in 2023 during a pop-up event in Guangzhou [3][6] - The opening in Changchun reflects Haidilao's strategic market positioning and the use of regional characteristics to expand its sub-brands [6] Brand Development Strategy - In 2024, Haidilao launched the "Pomegranate Plan" aimed at incubating and developing more new restaurant brands [6] - In the second half of 2024, Haidilao created 11 sub-brands through the "Pomegranate Plan" [6] - The company continues to diversify its offerings, introducing new categories such as the bakery brand "SHUA BAKERY" and the clay pot dish brand "Cong Qian Yin Xiang" [6] Market Positioning and Consumer Feedback - "Lao Bao Jie" is speculated to combine traditional copper pot hot pot with modern trendy elements, likely maintaining a high cost-performance strategy [6] - Some consumers have expressed concerns about the location of the new store, noting it is not easily accessible [6] - Despite Haidilao's continuous innovation and multiple brand launches, the visibility of its sub-brands remains relatively low [6]

Core Insights - In the second week of August, a total of 20 chain brands closed at least 20 stores across various industries [1] Industry Summary - **Restaurant Sector**: 10 restaurant stores closed, including 2 coffee shops and 2 tea shops [3] - **Fashion Sector**: 2 fashion stores closed, specifically Other Stories and TAGME [3] - **Sports Sector**: 2 sports stores closed, both targeting the children's market, potentially impacted by declining birth rates [3] - **Luxury Goods**: The GUCCI store in Guiyang closed due to strategic adjustments, following a trend of luxury brands exiting the market [3][6] Company-Specific Summary - **Apple Store**: The Apple Store in Dalian closed on August 9, marking the first closure of an Apple retail store in mainland China. The closure was attributed to the departure of multiple retailers from the Dalian Century Plaza shopping center [4][5] - **GUCCI**: The GUCCI store in Guiyang closed, following the exit of other luxury brands from the same shopping center, indicating a potential chain reaction affecting secondary brands [6][7] - **Economic Context**: Guiyang's GDP has been steadily increasing, reaching 577.741 billion yuan in 2022, with a growth rate of 6%. However, the affluent consumer base remains limited, with only about 3,600 households having a net worth of over 6 million yuan, which constrains high-end consumption [8]

Group 1: Consumer Dynamics - Focus on the collaboration between Focus Media and Alipay to create a new ecosystem called "Tap to Win Red Envelopes" in elevator settings, leveraging over 3 million locations and 400 million consumers [1] - The initiative aims to activate urban consumption potential and inject new vitality into the economy by connecting residents with daily life through digital interactions [1] Group 2: Store Expansion - Lucky Coffee has reached 7,000 stores and plans to exceed 10,000 by the end of the year, doubling its market personnel to over 400 [2] - The company has lowered the franchise fee to 17,000 yuan for new stores signed before August 1, with additional support in key provinces and high-potential locations [2] Group 3: International Expansion - Heytea has surpassed 100 overseas stores, with over 30 in the United States, marking a sixfold increase in the past year [3] - The opening of a store in Cupertino, California, positions Heytea as the first new tea brand in Apple's headquarters area, highlighting its rapid growth in the U.S. market [3] Group 4: Joint Ventures - Anta Group has formed a joint venture with Korean e-commerce platform Musinsa, with plans to open physical stores in China later this year [4] - Musinsa retains operational control with a 60% stake, while Anta holds 40%, focusing on selling various Korean fashion brands [4] Group 5: Financial Performance - Uni-President China reported a revenue of approximately 17.09 billion yuan for the first half of 2025, a 10.6% increase year-on-year, with beverage revenue at 10.79 billion yuan, up 7.6% [6] - The tea beverage segment generated 5.068 billion yuan, reflecting a 9.1% increase, while juice and milk tea segments also showed growth [6] Group 6: New Brand Launches - Haidilao's new brand "Lao Bao Street" is set to open its first store in Changchun, focusing on "Old Beijing | Trendy Hot Pot" [7] - The brand aims to attract consumers with high cost-performance dishes, although specific details on the menu and business model are yet to be disclosed [7] Group 7: E-commerce Initiatives - IKEA China has launched its official flagship store on JD.com, expanding its omnichannel ecosystem and offering over 6,500 products across 168 categories [8] - This move is part of IKEA's strategy to enhance its digital presence and meet the growing demand for online home shopping in China [8] Group 8: Retail Developments - TUMI has opened its first flagship store in China, located in Shanghai, featuring interactive experience areas and a unique Shanghai-themed design [10] - The store aims to showcase TUMI's craftsmanship and innovation while establishing a deeper connection with the city [10] Group 9: Membership and Loyalty Programs - Alibaba's Taobao has introduced a new membership system that integrates various services, allowing members to access travel benefits through Fliggy [13] - The highest membership tier offers extensive travel perks, including free room upgrades and exclusive hotel pricing [13] Group 10: Market Trends - The high-end sleep brand "Nordic Sleep" has entered the Chinese market through a partnership with Fossflakes, launching its products on Tmall [12] - This collaboration aims to provide Chinese consumers with premium sleep solutions, leveraging Fossflakes' patented filling technology [12]

Core Viewpoint - The frequent equity stakes taken by insurance capital in Hong Kong-listed companies reflect a strategic shift towards value investment in a low-interest-rate environment, driven by the search for high dividend yields and quality assets [1][2][5]. Group 1: Investment Trends - Insurance capital has made a total of 17 equity stakes in the first half of the year, with 14 of these in Hong Kong-listed companies [1]. - 63% of insurance institutions plan to increase their investment in Hong Kong stocks by 2025 [1]. Group 2: Valuation and Market Conditions - The low valuation of Hong Kong stocks is a significant factor for insurance capital's interest, with the Hang Seng Index's P/E ratio at 10.7, compared to 13.1 for the CSI 300 [2]. - The AH premium index, despite a 9.13% decline, remains at 129.94, indicating that H-shares are undervalued compared to A-shares [2]. Group 3: Quality of Hong Kong Companies - The influx of high-quality mainland companies to the Hong Kong market, along with the active performance of technology and consumer sectors, enhances the attractiveness of Hong Kong stocks [3]. - Companies like Tencent, Meituan, and Xiaomi are leading in innovation, while brands like Anta and Li Ning are capitalizing on global market opportunities [3]. Group 4: Diversification and Risk Management - The internationalization of the Hong Kong market allows for better asset price diversification, reducing overall portfolio volatility for insurance capital [4]. - Hong Kong's mature financial infrastructure supports the global asset allocation strategies of insurance companies [4]. Group 5: Financial Reporting Standards - The implementation of IFRS 9 and IFRS 17 accounting standards necessitates a strategic approach to asset classification, with high-dividend stocks being favored to stabilize earnings [5]. - By classifying high-dividend Hong Kong stocks under FVOCI, insurance companies can smooth out performance fluctuations while securing stable income [5].

Core Insights - The restaurant market is undergoing iterative upgrades, with increasingly diversified consumer demands leading to a consensus among dining enterprises for refined layouts [1] - Haidilao has launched a new premium store in Beijing, focusing on Cantonese-style hot pot with high-quality seafood and Wagyu beef, enhancing the dining experience through a more sophisticated environment and service [1] - The company is decentralizing decision-making to frontline stores, allowing for differentiated operations while maintaining standardized service quality, achieving a "thousand stores, thousand faces" approach [2] Company Strategy - Haidilao is expanding its personalized service offerings through initiatives like the "Joyful Banquet" for customized dining experiences tailored to various important gatherings [1] - The new premium store features trained staff with backgrounds in high-end hospitality, aiming to provide a refined dining experience that meets consumer expectations for customization [1] - The company is balancing standardization and differentiation to maintain brand warmth while catering to the ceremonial needs of niche markets [2]