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 ...

Group 1: Company Positioning - The company positions itself as a high-end player in the roast duck market and a mid-to-high-end player in the overall dining market, focusing on family, friend, and business banquet consumption [2] - Franchise pricing is slightly lower than direct store pricing due to raw material procurement costs [2] Group 2: Delivery and Internet Strategy - The "Little Duck Brother" delivery service has performed well in Chongqing, with potential expansion to first-tier cities like Wuhan and Chengdu [3] - The company has launched online ordering and a membership card system as part of its "Internet Plus" strategy, achieving good results through partnerships with platforms like JD and Tmall [3] Group 3: Marketing Strategy - The company leverages its brand heritage for marketing, utilizing cultural and seasonal themes with the slogan "Monthly Activities, Seasonal Promotions" [3] - Official social media channels have been established, yielding positive feedback, particularly from collaborations with the National Sports Administration [3] Group 4: Store Opening and Investment - New store investments are controlled at around 2 to 3 million, with a focus on entering locations that already have basic facilities [4] - The company aims for profitability within the first year for well-managed stores, with general profitability expected by the second or third year [4] Group 5: Cost Control and Future Plans - The company is focused on controlling investment costs, reducing renovation expenses, and managing labor costs effectively [4] - Future investment and acquisition plans are actively being pursued, with expectations for reforms in state-owned enterprises, particularly in equity structure and incentives [4]

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]

Group 1: Company Innovation and Development - The company faces challenges in innovation due to constraints in mechanisms, systems, and concepts, but sees significant opportunities through continuous development [2][3]. - The focus is on becoming a "new type, comprehensive catering industry group," with a strategic emphasis on the banquet market, targeting family, friends, and business gatherings [2][3]. - The company has seen a substantial increase in revenue from its food sales, with nearly 100 million in profit from its subsidiary, Fangshan Food [3]. Group 2: Financial Performance and Projections - The company estimates a growth rate of approximately 10% for the upcoming year, with strict internal controls on gross margins and expenditures [4]. - The impact of IDG's investment is expected to enhance the company's market value and provide strategic advice for new store openings [4]. - The company plans to open 3 to 5 new direct-operated stores annually, focusing on first and second-tier cities, particularly in the Beijing-Tianjin-Hebei region and the Yangtze River Delta [5][6]. Group 3: Marketing and Brand Strategy - The marketing strategy combines soft advertising with hard advertising, leveraging cultural advantages in Beijing and various promotional activities [3]. - The company is developing an online food delivery brand, "Little Duck Brother," which has shown promising results in Chongqing [3]. - Future store openings are planned in commercial centers, with a focus on maintaining a reasonable profit margin [6]. Group 4: Franchise and Expansion Plans - The franchise fee is set at 1.5 million, with additional deposits based on the size of the franchise [5]. - The company is exploring opportunities to open stores near the "Universal Studios" and in large commercial centers [6]. - The overall strategy includes transitioning from tourism products to fast-moving consumer goods, targeting daily consumption markets [6].

Group 1: Company Overview and Strategy - The company initiated refinancing in October 2014, with funds secured last year [2] - The "12th Five-Year Plan" aims to build a "new, comprehensive catering industry group," focusing on the "banquet" market rather than low-end daily consumption or tourism [3] - The new strategic positioning has led to a 5% increase in store attendance rates, with stable per capita consumption [3] Group 2: Business Development and Financial Performance - The catering gross profit margin is around 60%, with labor costs accounting for 25%-30% of expenses and rent comprising 10%-15% of sales revenue [5] - The company aims to open 3-5 new direct stores and 3-5 franchise stores annually, with a focus on overseas franchise development [5] - The company has seen significant improvements in the profitability of its out-of-town stores, with expectations for good development in the main catering business over the next two years [3] Group 3: Innovations and Market Expansion - The company has made breakthroughs in e-commerce by establishing a joint venture with Chongqing Kuangcao Technology Co., Ltd. and testing the "Xiao Ya Ge" takeaway product [4] - The company is focusing on daily consumer products and fast-moving consumer goods, with a notable increase in sales revenue from mooncakes [4][6] - The company has invested approximately 70-80 million in a joint venture for food production, with an annual profit of around 30 million [5] Group 4: Franchise and Employee Management - The franchise fee has been adjusted from 2 million to 1.5 million, with annual management fees ranging from 300,000 to 500,000 [6] - The company has implemented various reforms in equity incentives, personnel management, and salary structures to stay ahead in the industry [4] - There is no specific statistic on employee tenure, but it is noted that employees have long service periods [6]