截至月份: 2025年9月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 海底捞国际控股有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06862 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | 0.000005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50 ...

Group 1 - The dual holiday of National Day and Mid-Autumn Festival has created an annual consumption peak in the dining market, driven by economic recovery and innovative business models [1] - Traditional brands are revitalizing their offerings, with new products and experiences being introduced to cater to local consumers [2][4] - The demand for family gatherings, travel, and celebrations has significantly increased during this holiday period [1] Group 2 - Established brands like Xilai Shun are launching new outlets with unique offerings, such as special meat pies and traditional dishes, to attract local customers [2] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is innovating traditional cooking techniques to create new dishes [4] - The introduction of promotional strategies, such as free dishes during the holidays, is aimed at enhancing customer experience and driving foot traffic [5] Group 3 - Large chain restaurants are experiencing a surge in reservations and foot traffic, particularly for group dining and celebrations [6] - Hai Di Lao has opened a banquet-themed restaurant that offers customized dining experiences for various occasions, including weddings and birthdays [8] - The trend of hosting casual and unique celebrations in restaurants is gaining popularity, as seen in the example of a couple choosing Hai Di Lao for their wedding [6][8] Group 4 - The demand for diverse dining experiences is rising, prompting companies like Xiaobuxiang to launch extensive marketing campaigns [9] - Xiaobuxiang is focusing on value-for-money offerings and enhancing customer experience through innovative dining models [10] - The company aims to set new consumption records during the holiday season by providing a wide range of dining options [10]

Core Insights - The combination of the National Day and Mid-Autumn Festival has led to a significant boost in the dining market, creating a peak in consumer spending during the holiday period [1] Group 1: Traditional and Innovative Dining Experiences - Established brands like Xilai Shun are innovating by introducing new products such as unique meat pies and various local snacks to cater to neighborhood customers [2][4] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is integrating traditional cooking techniques with modern flavors, such as the introduction of "Siberian Autumn Grilled Lamb Ribs" [4] - Traditional eateries are also offering special promotions, such as free gifts with purchases, to attract customers during the holiday season [5] Group 2: Event and Celebration Dining - Large chain restaurants are seeing a surge in bookings for group dining and celebrations, with establishments like Haidilao launching themed banquet venues to cater to various events [7] - Haidilao's banquet store in Shenzhen is designed to accommodate different types of gatherings, including weddings and birthday parties, enhancing the dining experience for special occasions [7] - The trend of hosting casual weddings at restaurants is gaining popularity, as evidenced by couples choosing Haidilao for their wedding celebrations [7] Group 3: Marketing and Consumer Engagement Strategies - The Xiaobuxiang Group is implementing extensive marketing campaigns to meet the rising consumer demand for value and experience during the holiday season [8] - The group is launching multiple themed marketing activities and has introduced a dual-point dining model to enhance customer experience and cater to diverse consumer preferences [9] - The company's strategy includes offering high-quality ingredients at competitive prices, aiming to create new consumption records during the holiday period [9]

Core Viewpoint - The Chinese hot pot market is undergoing an unprecedented shakeout, with significant price wars leading to a decline in average spending and a high number of store closures across various brands [5][6][8]. Market Overview - In 2024, the scale of the Chinese catering market is projected to reach 5.57 trillion yuan, with the hot pot segment accounting for 617.5 billion yuan, indicating that 10% of every 10 yuan spent on dining is for hot pot [8]. - The hot pot market has seen rapid growth, with a year-on-year increase of 5.6% last year and nearly 20% growth the year before [8]. - However, from November 2023 to November 2024, over 300,000 hot pot stores are expected to close, representing a significant turnover in a market that has maintained over 500,000 stores in recent years [8][9]. Consumer Behavior - Average spending on hot pot has decreased from over 86 yuan in 2022 to 77 yuan in 2024, affecting all segments of the market [8][9]. - The decline in demand for full-service dining experiences, particularly in the hot pot sector, is attributed to changing consumer preferences and increased competition from takeout options [10][11]. Company Performance - Haidilao reported a revenue of 20.7 billion yuan, a year-on-year decline of 3.7%, with net profit down 13.7% to 1.755 billion yuan [11][12]. - The average table turnover rate for Haidilao has dropped from 4.2 times to 3.8 times per day, reflecting decreased customer footfall [12]. - Other brands like Cuocuo and Xiaobai have also faced significant challenges, with Cuocuo closing 73 stores and Xiaobai 138 stores, leading to substantial stock price declines [6][19]. Competitive Landscape - The hot pot industry is experiencing intense competition, with brands like Haidilao and Banu engaging in price wars to attract customers [15][21]. - The small hot pot market is growing rapidly, with a growth rate of 28.9% in 2024, but the number of new entrants is at a historical low, indicating that existing players are simply shifting focus rather than new opportunities arising [15][16]. - Banu has positioned itself as a high-end alternative to Haidilao, focusing on product quality rather than service, but its financial performance does not significantly outperform its competitors [21][22]. Future Outlook - The ongoing price wars and market shakeout are expected to continue, with high-end brands also feeling the pressure as consumer preferences shift towards more affordable options [24]. - The hot pot industry, while currently facing challenges, may ultimately benefit consumers through lower prices and improved accessibility [26].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, and others, indicating a positive outlook for these stocks [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, with notable decreases in prices for Guizhou Moutai and Wuliangye, while prices for most consumer goods remain stable [4][10]. - The report highlights a significant drop in the discount rates for liquid milk products, indicating a shift in consumer purchasing behavior [6][18]. - Overall, the report suggests that the impact of funds is greater, advising attention to low-position stocks and heavyweight stocks in the consumer staples sector [8]. Summary by Sections Baijiu Pricing - Guizhou Moutai's wholesale prices for Feitian (case and single bottle) are 1790 and 1770 yuan, respectively, reflecting a decrease of 55 and 70 yuan from the previous month [4][37]. - Wuliangye's eighth-generation price is 895 yuan, down 25 yuan from last month [4][37]. - Luzhou Laojiao's Guojiao 1573 price increased by 10 yuan to 850 yuan [4][37]. Consumer Goods Pricing - The average discount rate for liquid milk products decreased from 74.8% to 69.4% since the end of August [6][21]. - Discount rates for soft drinks, condiments, instant foods, and beer remained stable, with slight variations in average and median values [19][35]. - The report notes that the discount rate for infant formula products also showed a minor decrease from 89.5% to 88.7% [21][35]. Investment Strategy - The report emphasizes the importance of monitoring low-position stocks and heavyweight stocks due to the greater impact of funds on the market [8].

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

Core Insights - The article highlights the rising popularity of tomato-based products in China, particularly the "6 Jin Tomato Hotpot" from Haidilao, which is expected to sell over 70 million servings in 2024, driving the annual procurement of tomato products to exceed 70,000 tons [1][10] - Haidilao's focus on fresh ingredients and innovative product offerings aims to enhance consumer experience and stimulate demand in the restaurant industry [4][5] Product Development - Haidilao's "6 Jin Tomato Hotpot" features tomatoes sourced from the premium planting regions of Xinjiang and Inner Mongolia, known for their rich flavor, and has undergone extensive recipe testing to achieve a unique taste profile [2][4] - The introduction of new dishes such as "Tomato Ring Beef Rolls" and "Tomato Mini Fried Dough Sticks" encourages consumer creativity and enhances the dining experience [4][5] Market Trends - The demand for tomato hotpot is growing, positioning it as one of the top three hotpot bases favored by young consumers, following spicy and Chaozhou beef hotpots [9][10] - China's processed tomato production is projected to increase significantly, from 3.8 million tons in 2018 to 10.45 million tons in 2024, contributing to 22.8% of global output [9][10] Regional Product Innovation - Haidilao is expanding its fresh-cut beef offerings across over 600 locations, with a focus on regional specialties to cater to local tastes [5][6] - Seasonal seafood products have also been introduced in various regions, enhancing the menu diversity and appealing to consumer preferences for fresh ingredients [6][12] Economic Impact - The growth of tomato hotpot and fresh-cut products is expected to stimulate local agricultural industries, creating a positive feedback loop between supply and demand [12] - Haidilao's strategy of leveraging high-quality products and regional specialties aims to support rural economic development and enhance consumer engagement [12]

Core Viewpoint - The opening of the first pet-friendly themed restaurant by Haidilao in Shenzhen marks a significant shift in the dining experience for pet owners, reflecting a growing market trend towards accommodating pets in various service sectors [1][3]. Group 1: Pet-Friendly Restaurant Features - The restaurant is divided into large pet areas, small pet areas, and regular customer areas, with additional facilities for pet grooming and photography [1]. - A dedicated pet menu is offered, featuring snacks, cakes, and various dishes priced around 20 to 30 yuan, without increasing the prices of regular menu items [2]. - Staff training includes knowledge about pet dietary restrictions, enhancing customer satisfaction through attentive service [1][2]. Group 2: Market Trends and Growth - The pet-related business market in China has grown from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with projections of reaching 811.4 billion yuan by 2025, driven by young consumers who view pets as family [3]. - The rise of "pet-friendly" dining options is part of a broader trend where pet ownership is increasingly integrated into lifestyle choices, leading to diverse service demands [3]. Group 3: Competitive Landscape - Other brands, such as Starbucks and Manner, have also launched pet-friendly locations, indicating a competitive trend in the food and beverage industry [4]. - Haidilao's strategy includes diversifying its offerings with themed restaurants, such as night snack venues and family-friendly dining, to differentiate itself in a challenging market [4]. Group 4: Financial Performance - In the first half of 2025, Haidilao reported revenues of 20.703 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 1.755 billion yuan, down 13.7%, attributed to initial adjustments in service models [4]. - However, revenue from "other restaurant operations" surged from 182 million yuan to 597 million yuan, reflecting the success of new brands and themed restaurants [4]. Group 5: Consumer Sentiment and Feedback - Consumers generally view the pet-friendly restaurant concept positively, with many prioritizing pet accommodation over taste and price when choosing dining options [5][6]. - Some concerns have been raised regarding cleanliness and service during peak hours, suggesting a need for better management of pet areas and clearer communication about pet menu items [5][6]. Group 6: Future Outlook - Haidilao plans to continue expanding its themed restaurant offerings, recognizing that while these may not drive immediate profits, they enhance brand visibility and differentiation in a saturated market [6].

Core Viewpoint - The article highlights the innovative approach of Haidilao in launching a pet-friendly themed restaurant, reflecting the growing market demand for pet-inclusive dining experiences and the company's efforts to differentiate itself in a competitive industry [4][10]. Group 1: Haidilao's Pet-Friendly Themed Store - Haidilao opened its first pet-friendly themed store in Longhua District, Shenzhen, featuring designated areas for large and small pets, as well as a pet beauty and photo zone [4]. - The store staff demonstrated exceptional service by being knowledgeable about pet dietary needs and actively engaging with pets, which sets it apart from other restaurants that merely allow pets [5]. - The restaurant offers a dedicated pet menu with items priced around 20-30 yuan, while maintaining the same pricing for regular menu items, surprising pet owners [6]. Group 2: Market Trends and Consumer Behavior - The pet-related business market in China has grown significantly, from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with projections of reaching 811.4 billion yuan by 2025, driven by young consumers who view pets as family [7]. - The shift in consumer preferences has led to an increase in demand for pet-friendly services, transforming "pet-inclusive consumption" from a niche to a mainstream trend [7]. Group 3: Competitive Landscape and Financial Performance - Other beverage brands, such as Starbucks and Manner, have also ventured into the pet-friendly market, indicating a broader trend within the industry [8]. - Haidilao's financial performance showed a revenue of 20.703 billion yuan in the first half of 2025, a decrease of 3.7% year-on-year, while net profit fell by 13.7% due to initial adjustments in service and product innovation [8]. - Despite the financial challenges, revenue from "other restaurant operations" surged from 182 million yuan to 597 million yuan, reflecting the success of Haidilao's new brand initiatives and themed stores [8]. Group 4: Consumer Feedback and Future Outlook - Many pet owners now prioritize Haidilao as their first choice for hotpot dining, valuing pet-friendliness even over taste and price [11]. - Some concerns were raised regarding the management of pet areas and the clarity of pet menu item descriptions, indicating areas for improvement [11]. - Overall, consumer sentiment towards the pet-friendly concept remains positive, and Haidilao plans to continue expanding its themed store offerings in the future [11].

Group 1 - The report titled "2025 Young People's 'Hot Pot' Report" indicates that tomato hot pot is emerging as a popular choice among young consumers, contributing to growth in the domestic tomato industry [1] - Hai Di Lao has launched a series of new products featuring tomato hot pot, with projected sales exceeding 70 million servings in 2024, leading to an annual procurement of over 70,000 tons of tomato products [1] - The company is promoting its "6 kg Tomato Hot Pot" this autumn, aiming to stimulate consumer demand and drive industry development, which has also sparked a trend on social media [2] Group 2 - Hai Di Lao's fresh-cut beef products have been introduced in over 600 stores nationwide, with same-day delivery services [2] - Seafood products have been launched in 16 provinces, covering more than 600 stores, indicating a strong regional push for fresh seafood offerings [2] - The company anticipates a daily usage of approximately 6 tons of fresh-cut beef, primarily sourced from regions such as Ningxia, Gansu, Guizhou, and Inner Mongolia, following increased promotional efforts [2]