MEITUAN(HK:03690) 第一财经·2025-10-23 13:35Core Viewpoint - The restaurant industry is facing significant challenges, including declining revenue and increased competition, prompting businesses to adjust strategies for survival and growth [3][4][5]. Industry Challenges - National restaurant revenue decreased by 3.6% year-on-year in the first half of the year, indicating weakened growth momentum [4]. - The restaurant performance index for August was 43.25, down 2.90 from the previous month, reflecting a contraction in the industry [5]. - Factors contributing to the industry's downturn include rational consumer spending, intensified price competition due to platform subsidies, and rising labor costs [5][6]. Consumer Behavior Changes - Consumers are becoming more price-sensitive, leading to a shift in spending habits and increased demand for value [6]. - The rise of group buying and delivery platforms has altered traditional consumption patterns, forcing businesses into price wars [6][7]. Business Adaptation Strategies - Businesses are exploring new paths for development through refined operations and menu adjustments, such as lowering prices and introducing cheaper items [9][10]. - A barbecue restaurant successfully transitioned from loss to profit by adjusting its menu and focusing on cost-effective offerings [9][10]. - Emphasis is being placed on enhancing product quality and customer experience rather than engaging in price wars [10][11]. Market Dynamics - The restaurant industry is experiencing a high turnover rate, with 3.88 million new stores opened and 3.54 million closed last year, leading to a nearly 40% turnover rate in 2024 [13]. - The decline in the restaurant sector is expected to impact delivery platforms, reducing their average order value and overall revenue [14]. Support from Platforms and Government - Meituan announced a "prosperity plan" to invest 2.8 billion yuan to support the industry, including funds for innovation and infrastructure [15]. - Platforms like JD and Gaode are implementing measures to enhance food safety and support restaurant operations [16]. - Government initiatives are being introduced to improve the business environment and support the development of the restaurant industry [16].