[Table_Summary] 核心结论: 证券研究报告|投资策略周报 [Table_Date] 2025 年 07 月 20 日 [Table_Title] 三家外卖平台被约谈，小商品城六区招标价格创新高 [Table_Title2] 海外周报 ► 三家外卖平台被约谈，鼓励构建消费者、商家、 外卖骑手和平台企业多方共赢的良好生态 事件：7 月 18 日，市场监管总局约谈饿了么、美团、京东 三家平台企业，要求相关平台企业严格遵守《中华人民共 和国电子商务法》《中华人民共和国反不正当竞争法》 《中华人民共和国食品安全法》等法律法规规定，严格落 实主体责任，进一步规范促销行为，理性参与竞争，共同 构建消费者、商家、外卖骑手和平台企业等多方共赢的良 好生态，促进餐饮服务行业规范健康持续发展。 平台优惠力度和订单数量均有减少。7 月 5 日起，美团、 淘宝闪购等平台开启新一轮外卖大战。据美团数据显示， 7 月 12日 23时36分，美团即时零售日订单量超过1.5亿。 其中，拼好饭单量超过 3500 万，神抢手单量超过 5000 万。据海峡都市报，与网友于 7月12 日发布"20 单单外卖 中 17 单实现'0 元购' ...

中国烹饪协会认为，上半年餐饮业呈现"营收增速放缓、利润下滑、竞争加剧"的态势，行业面临严峻的 挑战。 业内人士则认为，行业需通过回归食材本质、轻资产运营及精准定位寻求破局，应对挑战。 进行更轻量化的运营也是当下餐饮企业寻求新生的解法。 在消费者的决策转变与外卖平台价格战的双重挤压下，餐饮行业正经历一场"瘦身"潮。多家品牌主动缩 减门店、下调均价，行业利润普遍下滑。 回归食材本质，轻资产破冰 薄利之下品牌"瘦身" 作为餐饮行业的"老人"，今年以来，消费者决策逻辑的转变，让辣龙门清油火锅创始人朱果感触尤 深："以前是挑好吃的，再比价格，现在是先看谁便宜，再勉强接受它的品质。"他举了一个典型例子， 一位顾客在团购平台下单了他门店价格最低的套餐后，甚至不知道里面有什么。 今年，为应对消费变化趋势，朱果已将门店均价下调15%，毛利从50%压缩至35%。 朱果的经历并不是个例。一位大型连锁餐饮集团内部人士告诉记者，公司整体业绩较去年上半年微降。 上市餐饮企业的业绩也不甚乐观。全聚德中报预告数据显示，公司上半年归属于上市公司股东的净利润 1100万-1400万元，去年同期盈利2934万元。 国家统计局7月15日发布数据也体 ...

酒业 水井坊预计上半年销售量增加14.54%，Q2商务宴请和宴席场景承压，致发货恢复节奏放缓 7月14日，水井坊发布2025年半年度业绩预告。披露预计 2025 年半年度公司实现归属净利润为1.05亿 元，与上年同期相比，预计下降 56.52%；预计上半年实现营业收入14.98亿元，预计下降 12.84%；预计 销售量与上年同期相比增加 543 千升，同比增加 14.54%。2025年上半年，白酒行业整体仍处于深度调 整阶段。尤其在第二季度，商务宴请和宴席等传统消费场景持续承压，市场恢复节奏放缓。在上述因素 影响下，公司上半年营业收入预计同比下降 12.84%。由于白酒产品毛利率较高，收入下滑对利润造成 的影响更为显著，预计归属于母公司股东的净利润同比下降56.52%。春节期间总体消费表现低于预 期，导致渠道库存水平高于预期，进而对春节过后几个月的发货量造成一些影响。疲软趋势在第二季度 进一步加剧，宴席和商务宴请等关键场景需求不振，进一步影响了去库存进程，放缓了发货恢复的节 奏。 食品饮料 百事Q2净销售收入227.26亿美元，桂格切入咸味轻食新赛道 7月17日，百事公司公布2025年第二季度业绩，期内净销售 ...

本报讯 （记者向炎涛）7月14日晚间，中国全聚德（002186）（集团）股份有限公司（以下简称"全聚 德"）发布2025年半年度业绩预告，公司预计2025年1月-6月实现归属于上市公司股东净利润1100万元至 1400万元。 在食品业务板块，继2024年的多款现象级爆款产品后，2025年以来，全聚德开发推出了更契合新消费需 求的新品，携手知名IP跨界营销，并拓展多样化渠道，全面发力餐饮产品食品化，为实现双轮驱动夯实 基础。 在渠道拓展方面，今年上半年，全聚德与711、大润发、好邻居等头部连锁体系加深合作，同时以丰泽 园品牌布局了3家社区便民门店，推动便民卤味、熟食、主食等高频消费场景的快速渗透。私域流量平 台"全记货铺"则依托小程序商城结合节日开展满减、秒杀等活动，销售单量不断提升，私域流量运营能 力显著提升。 今年以来，国内餐饮消费市场进一步呈现多元化发展趋势，"极致质价比"成为消费者追求目标。为此， 全聚德积极把握市场趋势，全面融合"场景+文化"要素，重点打造"产品+服务+场景"新格局，不断提升 服务品质，为消费者提供真正具有高质价比的就餐体验。 为了提供更加便捷的高效服务，全聚德加快线上布局，上半年与" ...

证券代码：002186 证券简称：全聚德 公告编号：2025-26 本次业绩预告相关的财务数据仅为公司财务部门初步测算结果，未经会计师 事务所预审计。 中国全聚德（集团）股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 | 项 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：1,100 | 万元–1,400 | 万元 | 盈利：2,934 | 万元 | | | 比上年同期下降：62.51%-52.28% | | | | | | 扣除非经常性损 益后的净利润 | 盈利：330 | 万元–430 万元 | | 盈利：2,538 | 万元 | | | 比上年同期下降：87.00%-83.06% | | | | | | 基本每股收益 | 盈利：0.04 | 元/股–0.05 | 元/股 | 盈利：0.10 | ...

Core Insights - Chinese dining brands are rapidly expanding globally, transitioning from individual store trials to systematic and large-scale international operations, driven by domestic market competition and policy support [1][3][4] - The "going global" trend is not merely about store expansion but involves deep localization of supply chains and cultural integration [1][4] Industry Overview - The overseas Chinese community has historically contributed to the spread of Chinese cuisine, with brands like Quanjude and Donglaishun leading the way post-reform [2] - The hot pot segment is a pioneer in this expansion, with Haidilao operating over 120 international locations, while other brands focus on Southeast Asia with differentiated offerings [2] - The new tea beverage sector is emerging as a significant player, with Mixue Ice Cream and Tea opening over 5,000 stores across 12 countries since 2018 [2] Market Dynamics - The domestic restaurant market is experiencing intense competition, with 1.347 million new registrations and 1.056 million closures in the first half of 2024, indicating a saturated environment [3] - Policy support, including the "Belt and Road" initiative, is facilitating the internationalization of Chinese dining brands [3] Global Demand - The overseas market for Chinese cuisine is expanding, driven by a growing Chinese diaspora and a global trend towards culinary experience [4] - The demand for Chinese dining is supported by local supply chain innovations, such as the "central kitchen + local procurement" model [4] Challenges - Cultural differences, supply chain construction, and regulatory barriers remain significant challenges for Chinese dining brands venturing abroad [4][5] - Localizing flavors while maintaining core brand identity is crucial for success in foreign markets [5][6] Supply Chain Issues - The complexity of international supply chains poses challenges, with many brands relying on domestic sourcing for core ingredients while facing local procurement difficulties [6][7] - Regulatory compliance varies by country, complicating the entry process for Chinese dining brands [7] Strategic Recommendations - Building a robust supply chain and understanding local regulations are essential for successful international expansion [8][9] - Collaboration across the entire industry chain is necessary to achieve economies of scale and ensure consistent quality [9][10] Innovation and Adaptation - New tea brands are exploring innovative supply chain solutions, such as local partnerships and self-developed products, to address supply challenges [10] - Digital platforms are enhancing the international presence of Chinese dining brands, with initiatives like Meituan's global restaurant guide [10][11] Cultural Integration - Successful internationalization requires a deep understanding of local cultures and consumer preferences, transforming dining experiences into cultural exchanges [11][12] - The evolution from "water and soil incompatibility" to "local coexistence" reflects the ongoing adaptation of Chinese dining brands in global markets [12]

Core Insights - The article highlights the innovative transformation of Quanjude, a 161-year-old brand, focusing on appealing to younger consumers through creative products and immersive dining experiences [1][6][11] Group 1: Brand Heritage and Innovation - Quanjude's Peking Duck cooking technique has been recognized as a national intangible cultural heritage since 2008, emphasizing its traditional culinary craftsmanship [3] - The company is committed to preserving its cultural heritage while actively seeking innovation, aiming to blend traditional Chinese culinary culture with modern consumer demands [6][11] Group 2: Product and Market Strategy - Quanjude has adopted a dual strategy of "catering + food products," with the food segment showing strong growth, contributing over 21% to the company's total revenue, amounting to nearly 300 million yuan in 2024 [6][8] - Seasonal products, such as festive gift boxes and themed food items, have been introduced to enhance sales and connect with traditional cultural practices [8] Group 3: Consumer Engagement and Experience - The company has revamped its stores to create immersive dining experiences, appealing to younger consumers with unique themes and interactive environments [9][11] - Quanjude has launched a series of creative products, including the "Mengbao Duck" IP, to engage with Generation Z and enhance brand visibility [9][11]

Core Viewpoint - Quanjude, a representative of Chinese time-honored brands, celebrated its 161st anniversary, emphasizing the integration of heritage and innovation in its development strategy [2][5]. Group 1: Heritage and Tradition - The event featured a ceremony honoring four national-level culinary masters, highlighting the importance of intangible cultural heritage in Quanjude's 161-year history [3]. - The masters, including representatives from various traditional culinary schools, showcased classic dishes that reflect the deep integration of traditional skills with modern aesthetics [3]. Group 2: Product Innovation - Quanjude launched several new products that blend "Beijing rhythm aesthetics" with "Guochao creativity," including a Mid-Autumn Festival gift box that incorporates Peking opera elements [4]. - The company introduced the "Duck Fun Three Enjoyments" series, which replicates century-old duck preparation techniques, and a snack line called "Duck Three Treasures" aimed at younger consumers [4]. - A collaboration with another century-old brand, Liubiju, resulted in a new product called "Sauce Treasure," showcasing the brands' commitment to craftsmanship while appealing to modern market trends [4]. Group 3: Cultural Experience - Guests visited the newly established five-story restaurant "Chinese Unique: Sky Courtyard," which focuses on intangible cultural heritage cuisine, providing a dual experience of food and culture [5]. - The anniversary celebration demonstrated Quanjude's dedication to preserving intangible cultural skills while actively exploring product innovation, market expansion, and cultural output [5].

Group 1 - The core idea of the articles highlights the trend of listed companies providing tangible benefits to shareholders, such as food products and entertainment tickets, to enhance investor engagement and loyalty [1][2][3] - Companies are increasingly adopting diverse shareholder return methods, including cash dividends and share buybacks, reflecting a growing awareness of the importance of returning value to investors [2][3] - The practice of offering physical gifts is seen as innovative, but there are concerns regarding the sincerity of some companies' intentions, as past instances have shown that gifts may not always represent genuine value [2][3] Group 2 - Fairness in the distribution of gifts is a concern, as some companies impose minimum shareholding requirements or specific holding periods, which can lead to dissatisfaction among certain investors [3] - Despite the appeal of physical rewards, investors prioritize financial returns and the overall performance of the company, indicating that tangible gifts cannot replace monetary compensation [3] - Ultimately, companies must focus on solid performance, sound business strategies, and sustainable cash return plans to build trust and ensure long-term investor confidence [3]

Core Insights - The national catering market is experiencing a consumption boom driven by a series of holidays in May 2025, including Labor Day, Mother's Day, "520" confession day, and the Dragon Boat Festival, alongside increased demand for summer specialty dining [1] - The catering industry prosperity index significantly rose from 94.7 in April to 104.2 in May, reflecting a 10% month-on-month increase, indicating strong holiday economic impact and consumer vitality [1] - The index calculation method has been optimized to better capture industry trends, covering over 3,000 catering outlets across more than 50 cities, including various categories such as Chinese cuisine, fast food, hot pot, barbecue, and beverages [1] Industry Rankings - In the May 2025 Red Catering Index Top 100, Haidilao, KFC (China), and Luckin Coffee ranked in the top three, with McDonald's (China), Mixue Ice City, Starbucks (China), and Pizza Hut (China) following closely [5] - The fast food category had the highest representation with 36 brands, while Chinese cuisine had 23 brands, hot pot and beverages each had 13 brands, and specialty categories had 9 brands [5] Market Trends - The holiday economy has not only boosted the overall catering market index but also sparked innovation within the industry, with new product launches across key segments such as Western fast food, noodles, tea drinks, coffee, hot pot, and bakery [6][12] - In the Western fast food segment, regional flavors are gaining popularity, exemplified by Burger King's new shrimp and beef burger [8] - The tea drink market is led by fruit teas, with innovative products featuring local flavors and health elements [8] - The coffee market is vibrant, with new products incorporating fruit flavors and nut elements [10] - The hot pot market is seeing a surge in new side dish offerings, with Haidilao introducing popular new items [10] Financing Activity - In May 2025, there were 4 recorded financing events in the national catering sector, primarily focused on downstream catering brands, with 3 companies indicating IPO intentions [12] - These financing activities reflect the market's vibrancy and suggest future growth trends within the industry [12] Overall Market Outlook - The catering market in May 2025 is characterized by rising consumption, active innovation, brand expansion, and accelerated financing, injecting new vitality into the industry and enhancing consumer dining experiences [13]