不遭骂的“预制菜之王”萨莉亚，开始没人去了

Core Insights - The core identity of Salvia in the Chinese market, characterized by low prices, is beginning to weaken as the company faces increased competition and rising costs [1][17][19]. Financial Performance - In the fiscal year 2025, Salvia's global sales reached 256.71 billion yen (approximately 12.1 billion RMB), a year-on-year increase of 14.3%, with net profit rising by 37% to 11.16 billion yen (approximately 530 million RMB) [2]. - However, revenue from the Chinese market was only 70.96 billion yen (approximately 3.3 billion RMB), reflecting a modest growth of 6.3%, primarily driven by new store openings [2][22]. - The operating profit in key markets like Beijing, Shanghai, and Guangzhou has declined significantly, with drops exceeding 20% [2][22]. Pricing Strategy - Salvia has historically been known for its affordability, but recent years have seen a shift with price increases. The average customer price in overseas markets rose from 627 yen (approximately 30 RMB) in 2021 to 886 yen (approximately 42 RMB) in 2025 [17]. - Despite a previous commitment to not raise prices in China, Salvia has begun to increase prices on select menu items, with cumulative price hikes reaching 16.7% over two years [18][19]. Market Challenges - The competitive landscape in the Chinese restaurant industry has intensified, with many brands lowering prices while Salvia has raised them, leading to a potential erosion of its value proposition [4][34]. - Consumer dissatisfaction has emerged due to perceived reductions in portion sizes and quality, contributing to a decline in customer visits [20][21]. Expansion and Strategy - Salvia plans to expand its presence in China, aiming to increase the number of stores from 615 to nearly 1000 by 2035, with a focus on lower-tier cities [33]. - The company is also adapting its strategy by exploring delivery options, albeit cautiously, to address changing consumer behaviors [27][31]. Supply Chain and Operational Efficiency - Salvia has invested in local supply chain capabilities, including a new factory in Guangzhou, to reduce reliance on external suppliers and maintain its pricing advantage [36]. - The company employs a central kitchen model to enhance operational efficiency, which has been a key factor in its ability to offer low prices [12][36].