Core Viewpoint - Haidilao emphasizes the importance of food safety by implementing innovative practices that engage all employees in the process, ensuring that food safety is a collective responsibility rather than just a formal requirement [1][3]. Group 1: Employee Engagement in Food Safety - Haidilao has introduced the "One-Day Food Safety Officer" mechanism, allowing all employees, from kitchen staff to servers, to participate in food safety checks through a role-switching system [3]. - The company has established a "Dual Safety" certification system that integrates food safety knowledge into new employee training, requiring online courses, quizzes, and certification before employees can earn wages [3][5]. - A points redemption system has been implemented to motivate employees, allowing them to earn points by identifying food safety issues, which can be exchanged for rewards [5]. Group 2: Training and Development - New employees undergo a "Teach Three, Practice Four" training method, ensuring they understand key food safety points and essential knowledge for their roles [5]. - The training is conducted one-on-one to guarantee that new hires grasp the critical aspects of food safety from their first day [5]. Group 3: Industry Contribution - In addition to enhancing its own food safety management, Haidilao supports suppliers, participates in standard-setting, and conducts public education to improve food safety standards across the restaurant industry [5].

Core Insights - Product innovation is the core driving force for companies to break through the "involution" competition in the restaurant industry, with Haidilao leading the way through open innovation models involving customers, suppliers, and production bases [1][2] Group 1: Customer Engagement - Starting in 2023, Haidilao introduced a customer feedback segment in its internal "team-building conference," allowing loyal customers to communicate directly with executives to express their needs and suggestions [1] - In the 2024 conference, customers requested a more spacious and private hot pot dining experience, leading to the establishment of the first private room store in Xi'an by December 2024, catering to business dinners, family gatherings, and team-building events [1] - Haidilao has implemented nearly 500 optimizations related to products and services based on customer feedback from the last three customer communication meetings [1] Group 2: Supplier Collaboration - Haidilao is transforming suppliers from "behind-the-scenes" roles to "co-creators," collaborating with Shuhai Supply Chain and over a hundred suppliers to integrate regional ingredients and intangible cultural heritage resources [2] - In 2024, the company plans to launch over 20 national new products and 200 regional specialty dishes, showcasing a full-chain collaboration from ingredient selection to dining [2] - The introduction of themed business models like the "Beef Workshop Store" and the implementation of a digital supply chain ecosystem optimize procurement, production, and logistics [2] Group 3: Product Traceability - Haidilao employs a "direct sourcing + standardized production + full-chain traceability" model to establish a food safety closed loop from farm to table [2] - Through deep collaboration with users, supply chains, and original production areas, Haidilao is reshaping the hot pot consumption scene and experience boundaries, achieving a comprehensive innovation ecosystem that benefits all parties involved [2]

Core Viewpoint - The article discusses the current operational challenges and ESG performance of Haidilao, highlighting its innovative service strategies, employee management issues, food safety incidents, and environmental sustainability goals. Group 1: Service Innovation and Customer Engagement - Haidilao is known for its diverse services, including nail care, photo printing, and birthday celebrations, which attract significant customer traffic, with over 415 million customers served in 2024 and an average table turnover rate of 4.1 times per day [3] - The introduction of a dedicated customer manager role aims to enhance employee-customer interaction, further improving service quality [3] Group 2: Employee Management and Retention - The total number of full-time and part-time employees at Haidilao decreased to 137,200 in 2024, a reduction of 10.78% compared to 2023, with average store staffing dropping from 109 to 97 employees [4] - The employee turnover rate for 2024 was reported at 67%, which is significantly lower than the average turnover rates of competitors in the hot pot industry [4] - However, the calculation of turnover rates may be skewed as it only includes full-time employees and does not account for the approximately 40% of part-time staff [4] Group 3: Food Safety Issues - Haidilao has implemented a comprehensive food safety management system, conducting over 5,562 quality checks in 2024 [5] - Despite these efforts, the company faced several food safety violations, including incidents involving foreign objects in food and a significant refund due to a hygiene issue [5] Group 4: Environmental Sustainability Goals - Haidilao's MSCI ESG rating is B, which is lower than its competitor, with a focus on reducing carbon intensity rather than total emissions [6] - The company aims to reduce greenhouse gas emissions per unit of revenue by 12% annually from 2022 to 2026, achieving a 16.7% reduction in 2024 compared to the baseline year [6] - However, total carbon emissions increased by 1.42% in 2024, totaling 946,400 tons of CO2 equivalent, with electricity usage being the primary source of emissions [6][7] Group 5: Challenges in Green Operations - Haidilao aims to reduce average waste generation and electricity usage by 10% by the end of 2025, but has faced challenges in achieving these targets [8] - In 2024, average electricity consumption per store increased by approximately 19.06%, and water usage per million yuan of revenue rose by about 12.71% compared to 2018 [8] - The company has successfully reduced waste generation by 21.47% since 2018, with an average of 181.88 tons of waste produced per store [8]

Core Viewpoint - The introduction of a tipping system at Haidilao has sparked controversy among consumers, highlighting a clash of consumption philosophies between traditional Chinese practices and Western tipping culture [3][6]. Group 1: Consumer Reactions - Many consumers express discomfort with the idea of tipping for services that they believe should be included in the already high prices of Haidilao's menu items [3][6]. - A significant majority of participants in an online poll indicated that they are unwilling to tip, with 90% of over 80,000 respondents preferring that service fees be included in the total price [6]. Group 2: Service Industry Perspectives - Some supporters of the tipping system argue that it could enhance service quality by providing a direct incentive for service staff [3]. - A restaurant industry insider noted that while Haidilao's service staff salaries are slightly higher than average, the demanding nature of the job justifies the need for a tipping mechanism as a way to reward hard work [3]. Group 3: Cultural Context - The attempt to integrate Western tipping culture into the Chinese dining experience may have overlooked the differences in consumer expectations and practices [3][4]. - In the U.S., tipping is often seen as a necessary part of the dining experience, with automatic service charges being common, contrasting sharply with the Chinese preference for clear pricing and straightforward transactions [6].

Core Viewpoint - The introduction of a QR code for tipping at Haidilao could undermine its core service model, leading to consumer distrust and a potential decline in service quality [3][4][46]. Group 1: Haidilao's Service Model - Haidilao's core competitive advantage lies in its service, which is supported by its pricing strategy [7][8]. - Consumer perception of service quality is crucial, and any differentiation in treatment can lead to dissatisfaction [10][12]. Group 2: Impact of Tipping - The introduction of tipping can lead to questions about the motives behind service quality, potentially causing consumer anger [24][35]. - When tipping is involved, consumers may feel that service quality is contingent on whether they tip, which alters their expectations [31][38]. Group 3: Consumer Expectations - With the introduction of tipping, consumer expectations shift, and they may begin to compare Haidilao's service to that of high-end restaurants [39][40]. - The visibility of tipping through a QR code can create a perception of unfairness, leading to a trust crisis between consumers and service staff [46][47].

Core Viewpoint - The article emphasizes the importance of long-term value investing and the need for investors to remain patient and focused on their investment goals, even when market trends do not align with their current holdings [2][3]. Group 1: Market Trends and Investment Strategy - The current market is characterized by a focus on bank stocks and small-cap stocks, which the author's friend's portfolio lacks, leading to underperformance compared to market trends [2]. - A portfolio consisting of high ROE stocks can outperform the market over the long term, provided that investors are not overly focused on short-term gains [3]. - Investors should be cautious of high-risk investments, as most individuals lack the ability to manage such risks effectively, and high returns are not guaranteed [4]. Group 2: Valuation Metrics - The banking sector currently has a dividend yield of around 4%, but the high leverage involved poses significant risks, making it less attractive compared to lower-leverage consumer stocks with similar yields [4]. - The current PE ratio of the CSI 2000 index is 132, placing it in the 92.36th percentile historically, indicating limited upward potential [4]. - The PB ratio of the CSI 2000 index is 2.46, which is in the 94.98th percentile historically, suggesting that valuations are stretched and may not support further price increases [4][5]. Group 3: Investment Philosophy - The article advocates for a rational and detached approach to investing, where investors avoid chasing trends and instead focus on the long-term value of their holdings [5]. - The "Snowball Three-Point Method" is introduced as a strategy for long-term investment and asset allocation, emphasizing diversification across assets, markets, and timing to achieve risk mitigation and diversified returns [6].

Core Insights - The camping economy in China is experiencing significant growth, with the core market size expected to reach 2,483.2 billion yuan in 2023 and projected to grow to 4,879.8 billion yuan by 2030 [2] - The rise in camping activities has led to a surge in demand for ready-to-eat foods, pre-prepared dishes, and barbecue ingredients, with 53.8% of campers primarily engaging in barbecuing and picnicking [2][3] - Companies are innovating their product offerings to cater to the camping trend, including outdoor dining products and delivery services, with major retailers launching "camping packages" that include various ready-to-eat items [2][3] Industry Trends - The camping economy is expanding not only in terms of market size but also in the variety of food products available, with a notable increase in the development of pre-prepared meals and self-heating foods [2] - Businesses are enhancing consumer experiences by establishing physical locations at popular camping sites, creating a dual consumption model that combines online convenience with immersive offline experiences [3] - Local enterprises are leveraging regional characteristics to create competitive advantages, exemplified by unique dining experiences that integrate local culture and social activities [3]

Core Viewpoint - The government of Chengdu has introduced policies to promote the "ticket root economy," which connects various consumption scenarios through concert and event tickets, enhancing consumer engagement and driving local economic growth [1] Group 1: Policy Initiatives - Chengdu has launched a "ticket root economy" discount list covering major events like the Chengdu Universiade and concerts, allowing ticket holders to enjoy exclusive benefits at over 100 restaurants and popular tourist attractions [1] - The Chengdu Cultural, Radio, Television, and Tourism Bureau has implemented measures to support large-scale performances, offering free museum visits to ticket holders [1] Group 2: Economic Impact - In 2024, Chengdu hosted over 20,000 performances, a 67.1% increase year-on-year, generating ticket revenue of approximately 1.693 billion yuan, up 27.71%, and driving overall consumption of 6.35 billion yuan [1] - The "ticket root economy" is expected to connect diverse consumption scenarios, with a reported 58% year-on-year growth in related consumption in Q1 2025 [1] Group 3: Consumer Engagement - Many consumers are unaware of the ticket root benefits, indicating a need for better communication and marketing strategies to enhance consumer awareness [1] - Businesses like Haidilao are innovating by providing transportation services to concert venues, significantly increasing their sales during event periods [1]

一位博主在小红书发帖称已"亲测体验了打赏后的变化"："服务员明显更热情了，主动送果盘+陪聊，还 偷偷说'打赏全归我们，月底冲榜能多赚1K+！'"还有博主总结了"可打赏场景"，包括"帮忙哄娃、庆 生、送惊喜"，同时提示，如果是基础服务（倒水、上菜）以及暗示打赏等行为就"别惯着"。 新京报讯（记者王萍）近日，"海底捞服务员胸前戴打赏二维码"的话题引发网友热议并登上微博热搜。 7月9日，新京报记者致电海底捞客服，对方表示，目前没有查询到此类信息，可以帮忙登记反馈，具体 以海底捞微信公众号、小程序和官方网站发布的相关信息为准。 网友发帖显示，在海底捞部分门店，有服务员胸前戴了一个有"二维码"的胸牌，上面写着"如果服务满 意，请打赏￥3.99"。扫描二维码后发现，手机会直接跳转到个人的微信付款页面。据媒体报道，涉事 门店回应称，店内服务员确实佩戴有打赏二维码的胸牌。"胸牌是一直有的，是看顾客心情打赏的，不 给也没关系，胸前的名牌是实名制的。" 对于海底捞刮起"打赏风"，网友意见不一。有网友认为，这发生在"喜欢玩创新"的海底捞并不新 奇。"其实也不是什么创新了，你叫个外卖、网约车，下面不也都有'打赏'选项嘛。这个纯属个人 ...

Core Viewpoint - Haidilao is diversifying its offerings and exploring new business models to adapt to a competitive market, including launching self-service meals and various themed restaurants, while facing growth challenges in a saturated industry [1][2][14]. Group 1: Business Innovations - Haidilao has introduced a 22 yuan self-service lunch in select locations, including a variety of dishes and drinks, as part of its strategy to attract customers during weekdays [1][3]. - The company has experimented with various formats, such as 12 yuan boxed meals, 5 yuan breakfast options, and street food stalls selling items like "boiled chicken" and "German wheat beer" [3][6]. - In 2024, Haidilao launched themed restaurants, including private rooms, family-friendly venues, and late-night dining spots, aiming to enhance customer experience and engagement [6][7]. Group 2: Strategic Plans - The "Pomegranate Plan" aims to create new sub-brands and diversify Haidilao's offerings, with over ten new brands in development, including barbecue and hot pot concepts [7][8]. - The company is focusing on improving operational efficiency by decentralizing decision-making to individual stores, allowing them to adapt to local market conditions [7][8]. - Haidilao's management emphasizes the importance of both major innovations in business models and minor improvements in daily operations and service [8]. Group 3: Market Performance - In 2024, Haidilao served 4.14 billion customers, a significant increase from 2.43 billion in 2019, but revenue growth has slowed to 3.1%, with net profit growth narrowing to 4.6% [11][14]. - The average customer spending has decreased to 97.5 yuan, continuing a downward trend since 2023 when it first fell below 100 yuan [11][14]. - Compared to competitors like Xiaobai and Taier, Haidilao's performance remains relatively strong, although the overall restaurant industry is under pressure, with significant profit declines reported [13][14]. Group 4: Future Outlook - Haidilao plans to continue focusing on stabilizing its main brand while exploring new market opportunities, particularly in lower-tier cities, despite the associated risks [11][14]. - The company is expected to maintain a cautious approach to expansion, having opened 59 new self-operated stores while closing 70 underperforming ones in 2024 [14].