Group 1: Company Development Strategy - The company aims to enhance its "dual-wheel drive" industrial layout, focusing on refining its restaurant operations and expanding its food business [1] - In 2022, significant projects were completed, including the "Sky Courtyard" at the Peace Gate and the "Palace Celebration" at Wangfujing, which contributed to brand modernization [1] - The company is transitioning to a younger demographic by improving store environments and product presentations [1] Group 2: Store Operations and Performance - As of January 2023, the overall restaurant market is recovering, with a notable increase in demand during the Spring Festival, leading to a strong start for the year [2] - The "Chinese Unique" restaurant at the Peace Gate has improved its service and food quality, gaining consumer recognition [2] - Collaborative projects with the Palace Museum have enhanced consumer interaction and experience [2] Group 3: Food Sector Development - The company has established capabilities in food production, aiming to drive the "foodification" of its restaurant offerings [2] - Plans include accelerating the development of pre-packaged food products and enhancing production capacity for vacuum-packed roast duck [2] - The strategy focuses on leveraging culinary expertise to replicate restaurant brand advantages in the food sector [2]

Group 1: Impact of "Three Public Consumption" - The impact of "Three Public Consumption" on the company is believed to have reached its lowest point, with significant regulation observed this year [2] - Despite the regulations, there remains a certain volume of diplomatic and official reception tasks [3] Group 2: Brand Positioning and Market Focus - The company has engaged Trout & Partners for brand positioning, focusing on the "banquet" market while downplaying the influence of tourism on consumption [3] - Efforts include launching a membership card system to enhance consumer loyalty and focusing on classic dishes to attract customers [3] Group 3: Management and Operational Structure - The new Vice President from IDG, Tang Lixin, is responsible for investment development, overseeing the market development and engineering departments [4] - The management structure is divided by functions, with operations and marketing departments working closely together [4] Group 4: Expansion Plans - Plans for next year include opening at least two direct stores in Beijing and Shanghai, with a focus on franchise stores in second and third-tier cities [4] - The estimated annual usage of duck products for franchise stores is approximately 1 million [4] Group 5: Financial Outlook - Profit is expected to grow but remain stable, with a low likelihood of significant losses [5] - The company’s subsidiary, Fangshan Food Company, focuses on producing various types of food products and has a distribution function [5] Group 6: Sales Channels - Sales channels for vacuum-roasted duck include traditional stores, large clients, supermarkets, and e-commerce platforms like Tmall and JD [5]

Group 1: Current Business Operations - The company has shifted its market focus to non-public consumption, which has less impact compared to high-end private dining enterprises [3] - Two stores were closed in the first half of the year; the Changchun store was permanently closed due to unnegotiable rental price increases, while the Zhengzhou store is temporarily closed for observation [3] - The average consumption per customer remained stable compared to last year, with a 5% increase in seating rate [3] Group 2: Future Store Opening Plans - The company plans to open direct-operated stores in the Beijing-Tianjin-Hebei region and the Yangtze River Delta, with a focus on controlling investment and property costs [4] - The gross profit margin is close to 60%, with property costs targeted to be around 15% [4] - Labor costs are aimed to be controlled between 20%-25% through centralized management and professional operations [4] Group 3: Profitability and New Store Openings - The gross profit margin for major stores is around 60%, while direct-operated stores have a margin of about 55% [5] - New store openings are planned for the second half of the year, but specific numbers are not yet confirmed [5] Group 4: Core Advantages - The company has strong brand and cultural advantages, being recognized as a representative of Beijing cuisine [5] - The unique preparation method of Peking Duck creates an irreplaceable advantage, as it cannot be replicated at home [5] - Management practices in the restaurant industry are considered leading, although there is a sense of urgency to adapt [6] Group 5: Market Positioning - The company is focusing on the "banquet" market, leveraging its historical significance and reputation for hosting dignitaries [6] - Despite a challenging market environment, sales in the dining sector have remained stable compared to last year [6] Group 6: State-Owned Enterprise Reform - A new round of reforms for state-owned enterprises in Beijing has begun, focusing on salary, equity incentives, and other areas [6]

Group 1: Investment Appeal - Investors are attracted to Quanjude due to its status as a famous old brand in Beijing, with some investors having personal ties to the city [2] - Quanjude's brand is considered a landmark in Beijing, enhancing its appeal [2] - The company is perceived as a rare resource in the restaurant industry due to its public listing [3] Group 2: Product Quality and Pricing - Quanjude's roast duck is priced at 238 RMB, which is not the highest in the market, but it guarantees quality and weight [3] - The company offers three pricing tiers for roast duck, allowing stores to set prices based on their market environment [3] - Quanjude has a breeding base in northwest Beijing, ensuring high-quality raw materials [4] Group 3: Cooking Methods and Safety - The cooking method for roast duck balances traditional techniques and modern computer ovens, maintaining flavor consistency [4] - Quanjude's food safety measures are emphasized, ensuring consumer trust [4] - The company supplies around 20,000 roast ducks daily in its direct-operated stores [4] Group 4: Marketing and Expansion Challenges - The company acknowledges the need to adapt its marketing model, as many long-term employees have left [5] - Expansion efforts in other cities have not been ideal, indicating a need for improved store opening strategies [5] - Future store openings will focus on Beijing and Shanghai, with an emphasis on improving dish offerings and management [5]

Company Overview - China Quanjude (Group) Co., Ltd. has a brand history of 150 years, with the oldest store located at Qianmen [2] - The company was listed on the Shenzhen Stock Exchange on November 20, 2007 [3] - Currently operates approximately 90 stores domestically and 5 overseas [3] Business Structure - The main business consists of 80% restaurant services and 20% food sales [3] - The company has introduced a "50+50" dish structure, with 50 standardized dishes and 50 local specialties [4] Market Strategy - Focus on banquet markets, segmented into family, friends, and business banquets [3] - Plans to open new stores primarily in the Beijing-Tianjin-Hebei region and the Yangtze River Delta [4] - Average consumer spending is around 160-170 RMB, with major stores in Beijing having higher averages [5] Membership and Customer Engagement - Membership numbers are currently low due to insufficient staff training [4] - Aiming to enhance customer loyalty through a points-based membership system [4] Financial Performance - The company has maintained stable performance, with third-quarter results on par with the previous year [5] - The introduction of new investors is expected to benefit future development [3] Operational Challenges - The company is exploring the implementation of a central kitchen project, focusing on dish standardization [5] - There is a need to adapt traditional dishes to meet current market demands [5]

证券代码：002186 证券简称：全聚德 中国全聚德（集团）股份有限公司投资者关系活动记录表 编号：2015-002 | --- | --- | --- | |--------------|-------------------------|--------------------------------------------------------| | | | | | 投资者关系活 | ■ | 特定对象调研 □分析师会议 | | 动类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | | 中欧基金：庄波 盛海投资：张鹏 | | 及人员姓名 | | 中欧基金：龙宇飞 国信证券：曾光 | | | | 九泰基金：梁欣阳 中信建投：魏歆 | | | | | | | | 景顺长城：刘彦春 幸福人寿：李训勇 | | | | 国金证券：赵文娟 平安资产：李荣耀 | | 时间 | 2015 年 5 月 13 | 日 | | 地点 | 公司会议室 | | | 上市公司接待 | | 公 ...

证券代码：002186 证券简称：全聚德 中国全聚德（集团）股份有限公司投资者关系活动记录表 编号：2015-004 | --- | --- | --- | |--------------|----------------------------|--------------------------------------------------------| | | | | | 投资者关系活 | ■ | 特定对象调研 □分析师会议 | | 动类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 民生证券 赵汐雯 | | | 及人员姓名 | | | | 时间 | 2015 年 11 月 5 | 日 | | 地点 | 公司会议室 | | | 上市公司接待 | 公司副总经理、董秘：施炳丰 | | | 人员姓名 | | | | 投资者关系活 | 1 、公司的定位？ | | | 动主要内容介 | | 答：从价格定位来说，我们在烤鸭市场上是最高端的；从整个 | | 绍 | | 餐饮 ...

Group 1: Company Overview - The company, founded 151 years ago, operates several well-known brands including Quanjude and Fengze Garden, focusing on traditional Chinese cuisine and food sales [2] - Future development plans include adapting to market demands by introducing new business models and products, such as online food delivery targeting younger customers [3] Group 2: Seasonal Revenue Fluctuations - Revenue peaks occur during holiday seasons, with significant sales during the Mid-Autumn Festival, where mooncake sales can reach tens of millions [3] - The company is experiencing a recovery growth, influenced by events such as the "阅兵" in September [3] Group 3: New Store Formats - A new store model has been tested in Shanghai, featuring a smaller footprint of approximately 700 square meters and a focus on refined dishes [4] - The company plans to transition from large to small store formats to enhance management efficiency and accelerate store openings [4] Group 4: Delivery Service Development - The company is collaborating with a partner in Chongqing to establish a delivery service, aiming for a nationwide rollout [4] - The delivery model focuses on high-quality products with a higher average order value, targeting a price point of 238 RMB for two-person meals and 318 RMB for four-person meals [4] Group 5: Revenue from Franchise Fees - Franchise fees and management fees generate nearly 30 million RMB annually, with revenue from franchise stores monitored through duck product deliveries [5] - The company sets a revenue baseline for franchise stores to ensure compliance and performance [5] Group 6: Regional Revenue Contributions - Revenue from out-of-town stores is approximately 2 billion RMB from East China and 1 billion RMB from Xinjiang, contributing to a total restaurant revenue of around 14 billion RMB [5] - Profitability of out-of-town stores has improved, with the second store in Hangzhou becoming profitable by October [5]