近日，受寒潮影响，全国多地气温创下半年来新低。随着寒意渐浓，走在大街小巷，各类主打"温暖"元 素的消费场景随处可见。火锅、热奶茶成为消费者的冬季餐饮首选，"暖经济"持续升温，点燃冬季消费 市场活力。 沪上阿姨相关人员表示，含有五谷、坚果、当季鲜果等食材的茶饮销量，近日有明显增长。这也侧面反 映出消费者对于冬季"温润食补"传统的认同。 火锅消费成冬日餐饮主角 美团、大众点评数据显示，入冬以来，火锅、烧烤等餐饮"暖消费"需求升温，其中，火锅店餐饮堂食线 上交易额位居全品类第一，持续占据餐饮消费热点。美团"火锅季"开启以来，平台上的相关主题团购订 单量较去年同期增长超330%。口味方面，相较往年冬季，今年滋补养生、云贵山野风味火锅更受欢 迎，黑山羊火锅、菌菇火锅、火锅鸡线上交易额同比增长均超70%。 巴奴毛肚火锅营运负责人李素娟告诉第一财经记者："立冬以来，门店整体客流和销量持续上升，尤其 在热门商圈的门店，周末及节假日每天中午11点左右就开始出现排队现象。周末高峰时段，等位时间甚 至超过2个小时，消费者对火锅消费的热情显著提升。" 自立冬以来，呷哺呷哺门店客流整体较此前显著增长10%至15%。北京、石家庄等城市门 ...

%% %% research.95579.com 1 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司深度丨海底捞（06862.HK） [Table_Title] 海底捞深度报告：以服务立身，凭供应链致远 %% %% 报告要点 [Table_Summary] 海底捞是一家品牌矩阵丰富、管理特色突出、供应链壁垒深厚的大型餐饮企业。我们看好海底 捞主要基于：1、海底捞主品牌的极致服务深入人心，在下沉市场仍有开店潜力，新品牌矩阵加 速构建，打造了主品牌筑基+新品牌破局的双轮驱动的成长蓝图；2、海底捞单店模型优势突出， 翻台率高，运营效率与盈利能力强劲，奠定扎实的业绩基础；3、供应链体系成熟，从源头把控 食材品质，为全国门店提供稳定、统一、安全的食材保障。未来，公司有望在餐饮市场持续领 航。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] ...

Core Insights - The self-service hot pot concept has gained significant popularity in the restaurant industry, with a projected 28.9% year-on-year growth in consumption scale for 2024 [2] - The rise of self-service hot pot is attributed to its affordability and the ability to cater to diverse consumer preferences, offering a unique dining experience at a lower cost compared to traditional hot pot brands [2][4] - The self-service model is evolving, with many brands adopting a "half self-service" approach, which reduces labor costs while still providing a variety of food options [5][6] Industry Trends - The number of self-service hot pot establishments in China has surpassed 24,000, with a year-on-year growth rate of 33.5%, indicating a strong market demand [4] - Brands like Weila Hot Pot and Yang Guofu have rapidly expanded their store counts, with Weila exceeding 1,000 locations in 2024 [2][4] - The self-service hot pot trend is not limited to traditional settings; it has also penetrated shopping malls, enhancing the dining environment and attracting office workers [4] Business Model Analysis - The self-service model allows for a mix of unlimited supply of low-cost items and a la carte high-quality dishes, catering to different consumer segments [5][6] - By minimizing staff requirements and allowing customers to serve themselves, businesses can significantly reduce labor costs, which is crucial in the current economic climate [17][19] - The half self-service model has proven effective in various dining categories, particularly in hot pot and barbecue, where food preparation is straightforward and can be standardized [20] Consumer Behavior - The affordability of self-service hot pot and barbecue has resonated with consumers, especially in a market where price sensitivity is increasing [16][17] - The experience of self-service dining, while appealing to some, raises concerns about food safety and quality control, as customers are responsible for their own cooking [22][23] - Despite the low-cost appeal, additional charges for essential items like charcoal and sauces can lead to consumer dissatisfaction, highlighting the need for transparent pricing [23][25]

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 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,574,000,000 | | 0 | | 5,574,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5,574,000,000 | | 0 | | 5,574,000,000 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 海底捞国际控股有限公司 呈交日期: 2025年12月4日 | 1. 股份分類 | 普通股 | 股份類 ...

本文将对比海底捞与西贝危机公关案例，剖析二者处理方式，总结经验教训及餐饮企业生存法则 。 近期，餐饮圈热闹非凡，西贝莜面村在短短两个月内连续遭遇三次公关危机，可谓"祸不单行"。先是在预制菜价格方面引发消费者争议，面对质疑，西贝 创始人的回应强硬且固执，不仅未能平息风波，反而激起消费者更大的不满。紧接着，西贝推出一则主打情感牌的儿童煽情视频，本想借此打动消费者， 却因情节过于戏剧化、演员演技浮夸，遭到众多网友吐槽，被指责是在"消费"消费者情感。最后，西贝引入"日本煮饭仙人"试图提升品牌格调，然而在当 下民族自信高涨的社会环境下，这一举措被指不合时宜，引发诸多负面舆论。更为戏剧性的是，西贝试图通过开放后厨来证明自身品质，却被媒体发 现"保质期24个月的冷冻西兰花"，使得原本的"自证"变成了"自曝"，让危机进一步升级。 与之形成鲜明对比的是海底捞在2017年的危机处理。当时，海底捞北京两家门店的后厨问题被媒体曝光，一时间舆论哗然，所有人都以为海底捞会如常见 套路般推诿责任、甩锅员工。然而，海底捞却在短短三小时内迅速做出回应，这份回应堪称危机公关的范本，成功实现了从危机到转机的戏剧性反转，不 仅未使品牌形象受损，反而 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HK$20.40, representing a potential upside of 45% from the current price of HK$14.07 [3][9]. Core Insights - The company's revenue and profit are expected to show a mid-single-digit growth for the full year 2025, despite a projected decline in profit due to a significant drop in the first half of the year [5][6][9]. - The operational performance is anticipated to improve in the second half of 2025, with a gradual recovery in customer traffic and table turnover rates, particularly during the peak season in December [5][6][9]. - The investment logic for Haidilao has shifted from focusing on earnings to prioritizing dividends, with a high dividend payout ratio expected to continue [6][9]. Financial Performance Summary - For 2025, the estimated revenue is projected to be RMB 44.15 billion, with a net profit of RMB 4.84 billion, reflecting a year-on-year growth of 3.3% and 2.7% respectively [7][8]. - The earnings per share (EPS) for 2025 is estimated at RMB 0.87, with a price-to-earnings (P/E) ratio of 14.9 [8][9]. - The company has maintained a high dividend payout, with a dividend of HK$0.338 per share in the first half of 2025, indicating a payout ratio of 95% [6][9].

Core Viewpoint - The article discusses the challenges faced by Tehai International, the overseas arm of Haidilao, in its international expansion and profitability, highlighting the difficulties of adapting Chinese cuisine to foreign markets and the impact of operational strategies on financial performance [1][3][10]. Group 1: Financial Performance - Tehai International experienced significant losses from 2019 to 2022, totaling over $2 billion, with annual losses of $0.33 billion, $0.53 billion, $1.5 billion, and $0.41 billion respectively [3][4]. - In 2023, the company managed to turn a profit, but by the first half of 2024, it reported a net loss of $0.46 million [3][4]. - The third quarter of 2025 saw revenues of $214 million, a 7.8% year-on-year increase, but operating profit decreased by 15.4% [6][7]. Group 2: Operational Strategies - The company adopted a "price for volume" strategy, leading to a 5.1% increase in restaurant revenue, contributing $201 million in the third quarter [8]. - Customer traffic increased by 9.5% in the third quarter, with an average customer spend of $24.6, down from $25.8 the previous year [8][9]. - Tehai International has shifted from aggressive expansion to a more cautious approach, opening only 10 new restaurants in 2025 while closing one in Singapore and adjusting another in Thailand [9][15]. Group 3: Localization Challenges - The company faces significant challenges in localizing its offerings for international markets, as the hot pot dining experience is unfamiliar to many consumers outside of China [10][13]. - Tehai International has begun to innovate by incorporating local flavors and dining styles, such as introducing sukiyaki in Japan and optimizing single dining experiences in Western markets [13][14]. Group 4: Supply Chain and Future Plans - The company is focusing on optimizing its supply chain to reduce costs, with a strategy that includes local sourcing of fresh ingredients and centralized processing of specialty items from China [14]. - Under the leadership of CEO Yang Lijuan, Tehai International has initiated the "Red Pomegranate Plan" to diversify its offerings beyond hot pot, exploring new restaurant concepts like barbecue and fast food [15].

Core Insights - The peak season for lamb sales in the catering industry has arrived, with increased customer traffic reported in various restaurants as temperatures drop [1][5] - Many hot pot brands are launching seasonal lamb products to capitalize on the rising demand for lamb dishes [1][5] Group 1: Industry Trends - Restaurants like a lamb soup restaurant in Dazhou and Zhu Ba lamb restaurant in Chongqing are experiencing significant increases in customer volume, with reports of daily table turnover exceeding two [1][2] - A report by First Financial and Douyin Life Services indicates that lamb ranks first in searches for health and nourishing hot pot ingredients [1] Group 2: Company Strategies - Haidilao has introduced winter-limited fresh-cut lamb in select stores, featuring high-quality ingredients and unique presentation, receiving positive feedback on social media [2] - Xiaobuxiang has launched a "lamb giveaway" campaign in major cities, resulting in a 45% increase in repeat visits from old members and nearly a 50% increase in customer flow on promotional days [4] Group 3: Product Innovations - Various hot pot brands are innovating with lamb products, such as Banu's lamb rolls and Hongjie Old Hot Pot's lamb dumplings, reflecting a trend towards specialized lamb offerings [5] - Non-hot pot restaurants are also introducing lamb dishes, such as Feifei Shrimp's whole roasted lamb, which has seen significant sales [5][7] Group 4: Pricing and Supply Chain - The average price of lamb has been rising, with recent data showing prices of 70.98, 71.11, and 71.32 yuan per kilogram over three weeks in November [7] - The rise in lamb prices is attributed to seasonal demand, and industry experts suggest that the price increase will be limited despite the demand surge [7][8] Group 5: Consumer Engagement - The trend of launching new lamb products reflects the current consumer interest in lamb dishes, and the industry will continue to monitor how long this trend lasts [8]

Core Insights - The high-end seafood hotpot market is experiencing a price reduction trend, moving away from its previous association with luxury pricing [1][3][5] - Brands that failed to adapt to changing consumer preferences are facing closures, while more affordable seafood hotpot options are gaining popularity [5][16] - The emergence of seafood market-style hotpot restaurants is reshaping the competitive landscape, focusing on value and consumer demand [8][12][20] Price Adjustments - The price of high-end seafood hotpot has been significantly reduced, with examples like Yonghehui's price dropping from 599 yuan to 388 yuan for dinner [1][3] - Other brands, such as Songlu and Haidilao, have also introduced lower-priced options, with average price reductions exceeding 30% [3][12] Market Dynamics - The closure of several high-end seafood hotpot brands indicates a market correction, with consumers increasingly favoring value-oriented dining experiences [5][16] - The seafood hotpot segment remains robust, with significant consumer interest reflected in social media engagement [7][8] Emerging Trends - Seafood market-style hotpot, exemplified by brands like Zhu Fugui, is gaining traction, with over 30 new locations opened in various provinces [8][10] - Traditional seafood hotpot brands are adapting by introducing market-style offerings, such as Hai Tian Sheng Yan's new budget-friendly locations [10][12] Consumer Behavior - Consumers are now more price-sensitive, with a shift towards valuing quality and transparency in seafood offerings [17][19] - The demand for a lively dining atmosphere and emotional value is driving the success of market-style hotpot restaurants [19][20] Industry Outlook - The transition from high-priced seafood hotpot to more affordable options reflects a broader trend in Chinese dining towards rational consumption [20] - Future success in the seafood hotpot market will depend on maintaining quality, transparency, and a focus on consumer needs [20]

Core Insights - Teh Hai International (09658.HK) reported a revenue of $214 million for Q3, a year-on-year increase of 7.8%, but the operating profit decreased by 15.4% to approximately $12.6 million, although it showed a quarter-on-quarter improvement of 240.5% [1] - The net profit attributable to shareholders fell dramatically by 90.4% to $3.609 million, primarily due to a significant increase in exchange losses compared to the same period in 2024 [1] Revenue Breakdown - The core revenue driver remains the dining operations, contributing $201 million in Q3, a 5.1% increase year-on-year, driven by store expansion and increased customer traffic and table turnover [2] - The average customer spending decreased to $24.6, down from $25.8, reflecting a 4.6% decline, attributed to pricing adjustments and marketing strategies aimed at increasing customer frequency and traffic [3][4] Customer Traffic and Store Expansion - The total customer traffic for Q3 exceeded 8.1 million, a 9.5% increase from 7.4 million in the same period last year, with an average table turnover rate of 3.9 times per day, slightly up from 3.8 times [4] - The company opened 10 new restaurants this year, bringing the total to 126, with plans for more openings despite some delays due to property handover and construction timelines [5] Delivery and Other Revenue Streams - The delivery business showed significant growth, achieving $4.4 million in revenue, a 69.2% increase year-on-year, as the company expanded its delivery channels and product offerings [6] - Other business segments generated $8.9 million in revenue, up 74.5%, driven by increased sales of hot pot condiments and contributions from the "Pomegranate Plan" which incubates new restaurant brands [7] Brand Development and Localization - The "Pomegranate Plan" aims to develop independent new brands outside of the hot pot segment, with successful launches in Canada and ongoing projects in Indonesia, Vietnam, and Japan [8] - The localization rate of customers has been steadily increasing, with over 90% in Asian markets like Korea and Indonesia, while North America shows a localization rate of 40%-50% [9]