Financial Performance - Revenue for the first half of 2024 reached RMB 21,490.9 million, a 13.8% increase compared to the same period in 2023[4] - Core operating profit (non-IFRS measure) for the first half of 2024 was RMB 2,798.9 million, up 13.0% year-over-year[4] - The company's net profit for the first half of 2024 was RMB 2,033.1 million, a 10.0% decrease compared to the same period in 2023[4] - Revenue increased by 13.8% from RMB 18,885.9 million in H1 2023 to RMB 21,490.9 million in H1 2024[6] - Net profit decreased from RMB 2,258.9 million in the six months ended June 30, 2023, to RMB 2,033.1 million in the same period in 2024[25] - Core operating profit (non-IFRS measure) increased from RMB 2,476.4 million in the six months ended June 30, 2023, to RMB 2,798.9 million in the same period in 2024[26] - Revenue for the six months ended June 30, 2024, is RMB 21,490.9 million, a 13.8% increase compared to RMB 18,885.9 million in the same period in 2023[38] - Net profit for the six months ended June 30, 2024, is RMB 2,033.1 million, a decrease of 10.0% compared to RMB 2,258.9 million in the same period in 2023[38] - Basic earnings per share for the six months ended June 30, 2024, is RMB 0.38, compared to RMB 0.42 in the same period in 2023[39] - Total revenue for the six months ended June 30, 2024, was RMB 21,490.9 million, compared to RMB 18,885.9 million for the same period in 2023, representing a 13.8% increase[46] - Restaurant business revenue for the six months ended June 30, 2024, was RMB 20,596.4 million, up 14.2% from RMB 18,040.0 million in the same period in 2023[46] - Delivery business revenue for the six months ended June 30, 2024, was RMB 581.2 million, a 23.3% increase from RMB 471.4 million in the same period in 2023[46] - Revenue from Mainland China accounted for RMB 20,760.6 million (96.6% of total revenue) for the six months ended June 30, 2024, up 14.2% from RMB 18,182.3 million in the same period in 2023[48] - Basic earnings per share for the six months ended June 30, 2024, were RMB 2,038,125 thousand, compared to RMB 2,258,052 thousand in the same period in 2023[54] Restaurant Operations - The average table turnover rate for Haidilao restaurants in the first half of 2024 was 4.2 times per day, up from 3.3 times per day in the same period in 2023[3] - The company served over 209.9 million customers in the first half of 2024[4] - Haidilao opened 11 new restaurants and closed 43 underperforming restaurants in the first half of 2024, resulting in a total of 1,343 restaurants as of June 30, 2024[4] - As of June 30, 2024, Haidilao operated 1,320 restaurants in Mainland China and 23 in the Hong Kong, Macau, and Taiwan regions[4] - Haidilao restaurant operations accounted for 95.0% of total revenue, with a 13.8% increase from RMB 17,935.4 million in H1 2023 to RMB 20,414.0 million in H1 2024[8] - Average table turnover rate increased from 3.3 times/day in H1 2023 to 4.2 times/day in H1 2024[8] - Same-store sales in first-tier cities increased to RMB 3,502,065 thousand, up 11.3% YoY[12] - Same-store sales in second-tier cities rose to RMB 7,632,547 thousand, up 13.9% YoY[12] - Same-store sales in third-tier and below cities grew to RMB 7,836,184 thousand, up 19.9% YoY[12] - Total same-store sales reached RMB 19,605,740 thousand, up 15.3% YoY[12] - Average daily sales per same-store in first-tier cities increased to RMB 88.6 thousand, up 10.5% YoY[12] Customer Metrics - Customer spending per capita decreased to RMB 97.4 in the first half of 2024, down from RMB 102.9 in the same period in 2023[3] - Customer per capita spending decreased from RMB 102.9 in H1 2023 to RMB 97.4 in H1 2024[8] Expansion and New Formats - The company plans to significantly increase the number of new restaurant openings in the second half of 2024 compared to the first half[4] - The company introduced a franchise model to expand coverage and enter lower-tier markets[5] - The "Red Pomegranate Plan" was launched to incubate and develop new dining brands, with 5 projects in operation in H1 2024[6] - New dining formats such as camping hotpot, campus hotpot, and corporate hotpot were introduced to diversify customer experience[6] - Haidilao's new brands, such as "Yanqing BBQ Shop" and "Xiao Hi Hotpot," are targeting different price segments and consumer groups[6] Costs and Expenses - Employee costs increased by 24.0% to RMB 7,155.7 million, accounting for 33.3% of revenue[16] - Raw material and consumables costs rose by 9.1% to RMB 8,387.2 million, but decreased as a percentage of revenue to 39.0%[15] - Depreciation and amortization decreased by 11.1% to RMB 1,339.1 million, accounting for 6.2% of revenue[20] - Other expenses increased by 28.9% to RMB 881.1 million, mainly due to increased marketing activities[21] - Financial costs decreased by 23.2% to RMB 140.5 million, driven by reduced interest on bank borrowings and lease liabilities[24] - Income tax expenses increased by 54.1% from RMB 554.9 million in the six months ended June 30, 2023, to RMB 855.0 million in the same period in 2024, primarily due to higher tax losses utilized in the previous year[25] - Employee costs for the six months ended June 30, 2024, increased to RMB 7,155,747 thousand from RMB 5,769,263 thousand in the same period in 2023[52] - Depreciation and amortization expenses for the six months ended June 30, 2024, were RMB 1,339,057 thousand, down from RMB 1,506,422 thousand in the same period in 2023[52] - Financial costs for the six months ended June 30, 2024, totaled RMB 140,504 thousand, a decrease from RMB 183,021 thousand in the same period in 2023[51] - Tax expenses for the six months ended June 30, 2024, amounted to RMB 854,957 thousand, compared to RMB 554,930 thousand in the same period in 2023[51] Cash Flow and Financial Position - Cash and cash equivalents increased from RMB 6,475.5 million as of December 31, 2023, to RMB 8,424.9 million as of June 30, 2024, driven by operating activities[29] - Inventory decreased from RMB 1,074.6 million as of December 31, 2023, to RMB 818.9 million as of June 30, 2024, with inventory turnover days decreasing from 23.9 days to 20.4 days[31] - Trade receivables decreased from RMB 412.0 million as of December 31, 2023, to RMB 278.6 million as of June 30, 2024, with turnover days decreasing from 3.2 days to 2.9 days[32] - Trade payables decreased from RMB 1,859.4 million as of December 31, 2023, to RMB 1,470.7 million as of June 30, 2024, with turnover days increasing from 34.3 days to 35.9 days[33] - Bank borrowings as of June 30, 2024, amounted to RMB 294.4 million, with new loans of RMB 50.0 million and repayments of RMB 379.7 million during the six-month period[33] - The company held time deposits with initial maturities exceeding 3 months of RMB 3,256.8 million as of June 30, 2024, with total bank balances and cash amounting to RMB 11,681.7 million[29] - Right-of-use assets recognized under IFRS 16 amounted to RMB 3,207.9 million as of June 30, 2024[30] - Capital-to-debt ratio as of June 30, 2024, is 24.6%[34] - Total assets as of June 30, 2024, are RMB 25,372.7 million, compared to RMB 24,677.0 million as of December 31, 2023[40] - Total liabilities as of June 30, 2024, are RMB 15,833.5 million, compared to RMB 13,160.1 million as of December 31, 2023[41] - Non-current assets as of June 30, 2024, were RMB 6,825.2 million, a decrease of 13.0% from RMB 7,844.5 million as of December 31, 2023[48] - Interest income for the six months ended June 30, 2024, was RMB 244.8 million, an 83.8% increase from RMB 133.1 million in the same period in 2023[49] - Government subsidies for the six months ended June 30, 2024, were RMB 23.0 million, a 31.6% decrease from RMB 33.6 million in the same period in 2023[49] - Net impairment losses reversed for the six months ended June 30, 2024, were RMB 30.6 million, compared to a net impairment loss of RMB 11.5 million in the same period in 2023[50] - Exchange loss for the six months ended June 30, 2024, was RMB 25.9 million, compared to an exchange gain of RMB 192.5 million in the same period in 2023[50] - Dividends declared for the six months ended June 30, 2024, were RMB 4,061,454 thousand, significantly higher than RMB 570,479 thousand in the same period in 2023[52] - The company purchased property, plant, and equipment worth RMB 400,465 thousand during the six months ended June 30, 2024, up from RMB 91,044 thousand in the same period in 2023[55] - Impairment losses on property, plant, and equipment for the six months ended June 30, 2024, were RMB 18,618 thousand, compared to RMB 24,048 thousand in the same period in 2023[57] - Impairment losses on right-of-use assets for the six months ended June 30, 2024, were RMB 20,094 thousand, compared to RMB 7,267 thousand in the same period in 2023[57] - Trade receivables decreased to RMB 278,608 thousand as of June 30, 2024, from RMB 411,995 thousand as of December 31, 2023, a decline of 32.4%[58] - Total trade and other receivables and prepayments decreased to RMB 1,480,897 thousand as of June 30, 2024, from RMB 2,028,657 thousand as of December 31, 2023, a decline of 27.0%[58] - Trade payables within 60 days decreased to RMB 1,384,470 thousand as of June 30, 2024, from RMB 1,784,199 thousand as of December 31, 2023, a decline of 22.4%[59] - Employee cost payables decreased to RMB 1,689,900 thousand as of June 30, 2024, from RMB 1,749,831 thousand as of December 31, 2023, a decline of 3.4%[59] - The company repurchased USD 11.5 million of its 2026 senior notes in April 2024 at a cost of USD 10,795,120, reducing the outstanding principal to USD 285.48 million[60] - As of June 30, 2024, the company had utilized HKD 7,072.9 million of the global offering proceeds, representing 96.9% of the total, with HKD 226.4 million remaining[62] - The company allocated 60.0% of the global offering proceeds (HKD 4,379.5 million) to expansion plans, which have been fully utilized as of June 30, 2024[63] - As of June 30, 2024, the company had utilized HKD 1,545.6 million of the 2021 placement proceeds, representing 66.1% of the total, with HKD 791.4 million remaining[64][65] - The company expects to utilize the remaining HKD 791.4 million from the 2021 placement proceeds by the end of 2026, subject to market conditions and business needs[66] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.391 per share for the first half of 2024[3] - The company announced an interim dividend of HKD 0.391 per share (equivalent to RMB 0.358) for shareholders on the register as of September 16, 2024, totaling HKD 2,117,265 thousand (equivalent to RMB 1,938,570 thousand)[53] - The company has declared an interim dividend of HKD 0.391 per share (equivalent to CNY 0.358) for the six months ending June 30, 2024, payable to shareholders registered by September 16, 2024[68] - The interim dividend is expected to be paid on or before October 2, 2024, calculated based on the average benchmark exchange rate of CNY to HKD published by the People's Bank of China five working days prior to August 27, 2024[68] - Share transfer registration will be suspended from September 11, 2024, to September 16, 2024, to determine eligibility for the interim dividend[68] Management and Governance - Yang Lijuan resigned as Executive Director and CEO, and Gou Yiqun was appointed as Executive Director and CEO, effective July 1, 2024[67] - Zhang Junjie has been appointed as an independent non-executive director effective August 27, 2024, with an annual remuneration of CNY 1,200,000[70] - Zhang Junjie has over 13 years of experience in the catering industry and is the founder and CEO of Chagee Holdings Limited[70] - The company's board now includes Chairman and Executive Director Zhang Yong, Vice Chairman and Executive Director Zhou Zhaocheng, and other executive and independent non-executive directors[72] Strategic Plans - The company plans to continue refining the management of its restaurants, exploring diversified business strategies, and strategically seeking acquisitions of high-quality assets[37] Reporting and Compliance - The company will publish its interim results announcement and interim report on the HKEX website and its own website, with the report containing all information required under Appendix D2 of the Listing Rules[69]

高盛：海底捞股价调整反映下行风险，股东回报提供支持 ...

Investment Rating - The report maintains a "BUY" rating for Haidilao with a target price of HK$21.52, indicating a potential upside of 46.6% from the current price of HK$14.68 [5][7]. Core Views - The management change at Haidilao, with Yang Lijuan resigning as CEO and Gou Yiqun taking over, is viewed as neutral for the company's operations, which continue to improve [2][3]. - Haidilao's financial performance has exceeded expectations, with significant improvements in table turnover rates and successful completion of operational programs [3]. - The company is confident in achieving its FY24E target of single-digit percentage growth in new store openings, despite a slow expansion pace in the near term [7]. Financial Summary - Revenue is projected to grow from RMB 41,453 million in FY23A to RMB 47,018 million in FY24E, reflecting a year-on-year growth of 13.4% [4]. - Net profit is expected to increase from RMB 4,495.4 million in FY23A to RMB 4,996.6 million in FY24E, with a diluted EPS of RMB 0.89 for FY24E [4][8]. - The company’s P/E ratio is projected to decrease from 16.9x in FY23A to 15.3x in FY24E, indicating an attractive valuation for long-term investors [4][9]. Operational Insights - Haidilao has successfully reopened 50 to 100 previously closed stores, contributing to a remarkable table turnover rate of approximately 4.3 times in the first five months of 2024 [3]. - The introduction of new products and enhanced customer engagement strategies have positively impacted the brand's market presence and customer loyalty [3]. - The potential for new store openings is bolstered by the upcoming launch of franchising stores and the success of campus stores [3]. Market Position - Haidilao's market capitalization stands at HK$81,826.3 million, with significant shareholding by Mr. Zhang Yong (60.4%) and Mr. Shi Sean (9.4%) [4]. - The stock has shown a relative performance of -20.6% over the past month, indicating a potential buying opportunity for investors [4][5].

Investment Rating - The report maintains a "Hold" rating for Haidilao (6862.HK) due to high current valuation despite strong recovery in table turnover rates [1]. Core Views - Haidilao has shown a strong recovery in table turnover rates, outperforming other players in the restaurant sector, attributed to effective marketing strategies and store management [1]. - The company is expected to face short-term challenges with a slowdown in table turnover growth in 2Q24 and a decline in profit margins in 1H24 due to high base effects [1]. - The current valuation is considered high, with 11x 2024E EV/EBITDA and 20x 2024E P/E, leading to potential downside risks for the stock price [1]. Financial Performance and Forecast - Revenue is projected to grow from 41,453 million RMB in 2023 to 46,861 million RMB in 2024, reflecting a 13% year-on-year increase [2][4]. - Net profit is expected to increase from 4,499 million RMB in 2023 to 5,018 million RMB in 2024, representing an 11.5% year-on-year growth [2][4]. - The operating profit margin is forecasted to slightly expand in 2024, despite facing pressure in 1H24 due to increased labor costs [1][4]. Store Expansion Plans - Haidilao plans to open between 60 to 100 new stores in 2024, primarily in second-tier cities, with a focus on the second half of the year [1]. - The company has opened only 4 new stores year-to-date, indicating a cautious approach to expansion [1]. Customer Metrics - The average customer spending is expected to rise to approximately 102 RMB in 2024, up from 99 RMB in 2023 [1]. - The overall table turnover rate is anticipated to exceed 30% year-on-year growth in 1Q24, with expectations of maintaining a high range of 3-4 times in 2Q24 [1].

证券研究报告 | 2024年05月16日 海底捞（06862.HK） 买入 经营呈现逆势高景气度，期待运营端的积极变化  公司研究·公司快评  社会服务·酒店餐饮  投资评级：买入（维持评级） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 钟潇 0755-82132098 zhongxiao@guosen.com.cn 执证编码：S0980513100003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 事项：海底捞官方数据显示，5月1日至5月4日，海底捞累计接待约750万人次，同比去年增长 约15%，下沉市场门店增长更加显著。 国信社服观点： 1）核心逻辑：经营呈现逆趋势高景气度，高业绩可见度理应享受板块的估值溢价。受外部环境影响，2023H2 餐饮行业普遍面临增长压力，据国信社服跟踪，火锅赛道2023H2同店普遍恢复至2022年同期80%，而海 底捞翻台率同比恢复程度却逆势逐月走高（23年7-12月同比恢复率为1 ...

各位投资人大家好我是天风参赛的分析师罗斯利 今天跟我们同事赵雨凡一起主持海底捞的交流然后我们很荣幸的邀请到了海底捞的L&R陈总跟大家做交流分享因为刚刚那个五一过去公司也跟大家分享了五一比较亮眼的数据然后我觉得在港股餐饮乃至港股消费里我们能有这个表现是非常难得也恭喜公司然后为了红衣要不然 帮大家更新一下就是四五月份情况吧呀辛苦了好呀好呀好呀谢谢苏丽然后也谢谢大家 那其实我们的情况来讲的话呢刚才Felipe也说到了今年来看的话其实整个从一月份到四月份恢复情况还是比较的好的那当然这里面有一个原因就是因为我们其实在二三年年初的时候刚刚这个疫情政策放松的那一段时间我们因为门店的很多员工这个人手不足的情况其实会有不少的门店他开放的区域并不是完全的开放 那所以对于我们来讲的话呢,可能跟大家比较熟悉的其他产业会有一个趋势上的不一样。那对于我们来说,去年的这个开年的一季度,其实对我们来说算是一个比较低的基数。 所以今年在比较正常之后呢能够看到我们一季度的同比翻台率增长情况还是比较的明显的在二月份三月份的时候基本上都有同比超过百分之三四十的增长到四月份以来呢这个增长速度稍微的放缓但是也都是比较区域正常的一个水平了就是在四月份包括 ...

Revenue Growth - Group revenue increased by 33.6% from RMB31,038.6 million in 2022 to RMB41,453.3 million in 2023[48] - Haidilao restaurant operation accounted for 94.7% of total revenue in 2023, with revenue increasing by 35.7% from RMB28,942.6 million in 2022 to RMB39,266.6 million in 2023[51] - Revenue from sales of condiment products and food ingredients increased from RMB662.2 million in 2022 to RMB788.7 million in 2023, accounting for 1.9% of total revenue[50] Customer Spending - Average spending per guest decreased from RMB104.9 in 2022 to RMB99.1 in 2023, primarily due to increased price concessions[51] - Average spending per guest in Tier 1 cities decreased from RMB114.2 in 2022 to RMB105.7 in 2023[53] - Average spending per guest in Tier 2 cities decreased from RMB104.3 in 2022 to RMB98.3 in 2023[53] - Average spending per guest in Tier 3 cities and below decreased from RMB97.9 in 2022 to RMB92.8 in 2023[53] Operational Efficiency - Average table turnover rate for Haidilao restaurants in 2023 was 3.8 times per day, up from 3.0 times per day in 2022[51] - Table turnover rate in Hong Kong, Macau, and Taiwan regions increased from 3.5 times per day in 2022 to 4.2 times per day in 2023[53] Delivery Business - Revenue from delivery business decreased from RMB1,280.1 million in 2022 to RMB1,041.5 million in 2023, accounting for 2.5% of total revenue[50]

Investment Rating - The report gives a "Buy" rating to Haidilao (06862 HK) with a target price of HKD 19 88 per share based on a 20x PE multiple for 2024 [4] Core Views - Haidilao is the leader in the hotpot industry with a 30-year history and a market share ranking first in the industry As of the end of 2023 the company operated 1 374 Haidilao restaurants serving nearly 400 million customers [2] - The company has optimized its store model and improved operational efficiency after the "Woodpecker Plan" which involved closing or suspending some underperforming stores The turnaround rate reached 3 8 times in 2023 up 0 8 times year-on-year [2] - Haidilao's management model is a key driver of its success with a focus on employee incentives and decentralized decision-making This has enabled the company to maintain high service standards and innovate continuously [2] - The company has significant room for expansion in mainland China and is exploring new store formats themes and product categories to drive future growth [2] - The report forecasts Haidilao's net profit to grow by 13 7% 10 8% and 10 2% year-on-year from 2024 to 2026 reaching RMB 5 12 billion RMB 5 67 billion and RMB 6 25 billion respectively [2] Financial Summary - Revenue for 2023 was RMB 41 45 billion up 33 6% year-on-year with EBITDA of RMB 8 80 billion and net profit of RMB 4 50 billion a 227 3% increase [3] - The company's ROE was 39 0% in 2023 and is expected to remain strong at 31 9% 27 0% and 23 7% from 2024 to 2026 [3] - EPS for 2023 was RMB 0 83 and is projected to grow to RMB 0 92 RMB 1 02 and RMB 1 12 from 2024 to 2026 [3] Industry Overview - The hotpot industry is the largest segment in the Chinese dining market accounting for 14% of the total Chinese dining market in 2022 The market size reached RMB 529 3 billion in 2023 with Sichuan-style hotpot being the dominant category [18][19] - The industry is highly fragmented with the top five players accounting for less than 10% of the market Haidilao leads with a 5 8% market share in 2020 [31] - Hotpot is a highly standardized and scalable dining category with a strong social dining appeal making it suitable for chain expansion The industry's chain rate was 20 7% in 2021 higher than the overall dining industry's 18% [23] Company Overview - Haidilao was founded in 1994 and has grown to become a leading hotpot chain with 1 374 stores globally as of 2023 The company serves nearly 400 million customers annually and has 150 million registered members [36] - The company has gone through four stages of development: exploration (1994-2009) management transformation (2010-2016) rapid expansion (2017-2020) and operational adjustment (2021-present) [38] - Haidilao's core business is restaurant operations which accounted for over 95% of its revenue in 2023 Other businesses include delivery and condiment sales [43] Competitive Advantages - Haidilao's management model emphasizes employee incentives and decentralized decision-making enabling the company to maintain high service standards and innovate continuously [54] - The company's "mentorship system" encourages talent development and store expansion with store managers incentivized to train new managers and share in the profits of their mentees' stores [56] - Haidilao's service is a key differentiator with a focus on personalized and attentive customer experiences The company has also invested in technology to enhance the dining experience such as DIY hotpot bases and smart dining systems [63][64] Future Growth Drivers - Haidilao has significant room for expansion in mainland China with a focus on optimizing its store model and exploring new formats and themes [2] - The company is also exploring new growth opportunities such as night economy services and concert-related dining experiences to capture emerging consumer trends [66] - Haidilao's introduction of a franchise model in 2024 is expected to further accelerate its expansion and diversify its revenue streams [38]

又上热搜了！这次还是吐槽“锅底太贵” 为什么火锅锅底越来越贵？ 就在近两日，这个话题在微博上又“爆”了！有人发起话题#60多块的锅底算不算贵#？收获了数千次投票，其中选择“算，很贵”以75%的得票率“遥遥领先”，排行第二的则是“接受不了，不吃了”。选择“还行，能接受”的只有不到10%。 可见，大家对于贵价锅底的“怨气”不小。评论区也有人吐槽：我已经很久没去过火锅店了… 一面是“一点就炸”的顾客，另一面，是“卷生卷死”的行业竞争。 企查查数据显示，2024年第一季度，我国新增火锅相关企业1.14万家，注销吊销企业数量1.27万家。吊销的数量比注册的还有多，可见火锅赛道，承压无数。 从事二手设备回收生意的狗哥透露，今年发现了一个反常现象，年初往往是二手设备买卖的淡季，但是今年的一季度，依然是收不完的倒闭餐饮店，很多老店开的好好的，莫名其妙生意下滑一半。“辣火锅，串串香，老北京铜锅，这几个火锅品类闭店最多。” 不仅如此，年后，在“加盟扩张”道路上抛出橄榄枝的，也有不少是火锅品牌。前有后火锅“0加盟费、豪掷3500万补贴”狂揽优质加盟商；后有海底捞、珮姐等宣布放开加盟，筛选标准足够严苛却收获了大量申请。 不少行业人 ...

2024 年4 月10 日 消费服务: 中性 证券研究报告 / 公司更新报告 海底捞 (6862 HK, 买入, 目标价: HK$20.51) 颇具确定性且股息优异，理应享受估值溢价 目标价: HK$20.51 当前股价: HK$17.64 • 我们预计 24 年营收/归母净利润分别同比增长11.4%/15.1%至461.8/51.8 亿元； 股价上行/下行空间 +16% 52周最高/最低价 (HK$) 23.95/11.94 • 海底捞作为业绩确定性得到验证且股息率优异的行业龙头，理应享受估值溢价； 市值 (US$mn) 12,555 • 维持买入评级，下调目标价15%至20.51 港元，对应20 倍2024 年P/E。 当前发行数量(百万股) 5,574 三个月平均日交易額 32 中短期颇具确定性：海底捞23 年翻台率改善至3.8 次/天，对应店均消费人次29 万，基 (US$mn) 流通盘占比 (%) 100 本恢复至19 年水平，验证前期所推行的从产品迭代与营销获客，到薪酬结构调整与门店 主要股东 (%) 运营等一系列管理变革行之有效；当前也在继续探索提高老客复购并拓展新客的方法，进 NP Unite ...