上下半年业绩“两极反转”，全聚德2024年归母净利暴跌43%，投资收益输血难解主业困局

Core Viewpoint - The performance of the time-honored brand Quanjude (002186) showed a significant decline in the second half of 2024, particularly in the fourth quarter, resulting in a net loss of 36.32 million yuan, leading to an annual revenue of 1.402 billion yuan and a net profit of 34.13 million yuan, both of which fell short of market expectations [1][2][3] Group 1: Financial Performance - In the first half of 2024, Quanjude achieved a revenue increase of 2.87% and a net profit increase of 5.08% compared to the previous year, but the growth trend reversed in the second quarter, with the fourth quarter showing a net loss of 36.32 million yuan, a year-on-year decline of 210.25% [2][3] - The company's annual revenue and net profit for 2024 were 1.402 billion yuan and 34.13 million yuan, representing declines of 2.09% and 43.15% year-on-year, respectively [1][2] Group 2: Market Challenges - The domestic restaurant industry faced increased competition and pressure on profitability in 2024, with Quanjude particularly affected by a decrease in demand for business banquets and large gatherings, especially during the off-peak travel season in the fourth quarter [1][3] - Quanjude's reliance on the tourism market has been highlighted, as many of its stores are located in high-traffic tourist areas, which significantly contribute to its revenue [3][5] Group 3: Strategic Initiatives - To attract local consumers, Quanjude has increased its focus on local market development and has innovated its store environments, with specific stores achieving significant revenue contributions from new dining experiences [5][6] - The company has also attempted to diversify its business by launching a snack brand, "Zero Research Institute," but its performance has been underwhelming, contributing minimally to overall revenue [1][8] Group 4: Investment Income - Quanjude's investment income has been a crucial support for its profitability, with 2024 investment income amounting to 31.47 million yuan, accounting for 92% of its net profit [9][10] - The main contributors to this investment income were long-term equity investments, particularly from joint ventures, which provided significant cash dividends during the reporting period [9][10]