全聚德2024年第四季度亏损加剧！京外扩张“水土不服”

Core Viewpoint - The true competitors of Quanjude are not its traditional rivals but rather modern dining trends and consumer preferences, indicating a need for significant reform within the company [1][13]. Financial Performance - In 2024, Quanjude reported a revenue of 1.402 billion yuan, a year-on-year decrease of 2.09%, and a net profit attributable to shareholders of 34.13 million yuan, down 43.15% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 318 million yuan, a decline of 7.12% year-on-year, with a net loss of 36.32 million yuan, a staggering drop of 210.25% [1][2]. Seasonal and Operational Challenges - The decline in fourth-quarter performance is attributed to seasonal factors, as the winter months see a significant drop in tourist traffic to Beijing, impacting retail sales [2]. - Year-on-year revenue decline is due to rising costs, poor performance of out-of-town stores, and high expenses from strategic transformation efforts [3]. Regional Expansion and Market Saturation - Quanjude's strong regional characteristics limit its ability to expand nationally, as the high technical requirements for preparing Peking Duck create barriers to standardization [5]. - The number of Quanjude restaurants decreased from 118 in 2019 to 101 in 2024, with franchise locations dropping from 70 to 50 [5]. Profitability Issues - The company faces significant profitability challenges in regions outside Beijing, with gross margins declining sharply in areas like East China and Northeast China, where it even reported a gross margin of -10.56% [6][7]. Strategic Initiatives and Innovation - Quanjude is attempting to innovate and transform, increasing its R&D expenditure by 74% in 2024, although the R&D expense ratio remains low at 0.33% [11]. - Despite efforts to innovate with new dishes and marketing strategies, the impact on retail sales has been minimal, indicating a struggle to adapt to modern consumer preferences [12][13]. Market Position and Competition - Quanjude's traditional high-end positioning faces competition from more affordable and convenient dining options, such as casual snack brands and pre-prepared meal services [1][13]. - The company is also exploring new markets, such as opening a store in Hainan, which is a popular tourist destination, but the success of this venture remains to be seen [10].