Sou Hu Cai Jing·2025-05-06 07:55Core Viewpoint - The restaurant industry is facing its most severe challenges in nearly a decade, with over half of the listed companies reporting a decline in net profits for the first half of 2024, leading to significant losses for major brands [1][4]. Financial Performance - More than half of the 20 listed restaurant companies reported a year-on-year decline in net profits, with some major brands like Nayuki and Ajisen turning from profit to loss, with the highest single loss reaching 900 million yuan [1] - Helen's net profit dropped by 143.20% to a loss of 78 million yuan, while Shanghai Xiao Nan Guo's net profit fell by 87.32% to a loss of 85 million yuan [3] - Nayuki's revenue decreased by 4.70% to 4.92 billion yuan, with a staggering net profit decline of 4495.69% to a loss of 919 million yuan [3] - The overall restaurant revenue in first-tier cities like Beijing and Shanghai saw declines of 3.5% and 3.1%, respectively [3]. Market Challenges - The industry attributes profit declines to shrinking consumer demand and intensified price wars, with fixed costs like rent and labor remaining high [4][6] - Price wars have become a necessary strategy for companies to maintain market share, with some brands significantly reducing prices without achieving sustainable growth [6]. Strategic Adjustments - Major restaurant chains are shifting from aggressive expansion to conservative management, focusing on cash flow and profitability [7] - Companies like Haidilao have implemented cost-optimization strategies, resulting in a net profit of 4.5 billion yuan in 2023, making it one of the few companies to grow against the trend [9]. Industry Outlook - The restaurant industry is entering a "micro-profit era," where blind expansion could lead to significant losses [10] - Despite the challenges, some brands are exploring differentiated strategies to find new growth opportunities, indicating a shift from rapid growth to refined operations [11][12].