杨国福能否靠麻辣香锅、小火锅赛道突围？

Core Viewpoint - The controversy surrounding the high prices of ingredients at Yang Guofu's hotpot chain, particularly the price of mung bean sprouts at 28.8 yuan per kilogram, has sparked public outrage and raised questions about the company's pricing strategy and consumer perception [1][2]. Pricing Strategy - Yang Guofu's pricing for mung bean sprouts is significantly higher than competitors, with a price of 28.8 yuan per kilogram compared to 8.25 yuan per kilogram at Sam's Club [2]. - The company has not implemented a unified pricing strategy across its locations, attributing price variations to local costs such as rent and labor [2]. - The "weight-based pricing" model, which allows consumers to choose their ingredients, has been successful but may mislead consumers regarding actual costs, leading to negative brand perception [3][5]. Market Position and Competition - According to the "2025 Hotpot Development Report," Yang Guofu remains a leading brand in the hotpot sector, but its appeal is declining compared to more affordable competitors [4]. - The average consumer spending at chain hotpot brands is 31.4 yuan, which is 35% higher than the overall average of 23.2 yuan for hotpot [4]. - The company faces intense competition from similar food categories such as hotpot and skewers, which are encroaching on its market share [7][8]. Expansion and New Ventures - Yang Guofu submitted a listing application to the Hong Kong Stock Exchange in February 2022, aiming to become the first publicly listed hotpot company [6]. - The company has expanded its restaurant network from 5,783 to nearly 7,000 locations, including around 200 overseas [6]. - In response to competitive pressures, Yang Guofu has ventured into new categories such as herbal hotpot and small hotpot, leveraging its existing supply chain capabilities [8]. Quality Control and Consumer Trust - The company has faced criticism for inconsistent service quality and food safety issues, including a recent incident involving a rodent at one of its locations [7]. - Yang Guofu has initiated measures to improve food safety management and training across its outlets [7]. - Analysts suggest that the company should focus on improving product quality and customer experience rather than solely on pricing strategies [5].