机构：东吴证券 公司是海底捞海外上市平台： 特海国际是海底捞集团旗下专注海外市场的餐饮上市公司，2012 年在新 加坡开设第一家门店，领跑中餐出海。2024 年实现营收7.8 亿美元，yoy+13.4%，实现归母净利润2180 万美元；2025H1 实现归母净利润2835 万美元，同比扭亏。2024 年末在营门店122 家，东南亚/东亚/北 美/其他地区门店分别为73/19/20/10家。公司坚持海底捞品牌定位，直营稳步扩张，以东南亚为主要市 场，逐步覆盖全球市场，2024 年东南亚门店数占比59.8%。公司凭借"核心菜品"+"本地化产品"，满足 海外市场多元化需求。 中餐出海正当时：2024 年上市正餐品牌同店增速仅海底捞为正，出海成为头部企业的第二增长曲线。 海外火锅市场潜力巨大，预计规模达到300 亿美元，海外逾6000 万华人华侨群体支持中国餐饮品牌产业 化，同时本地消费者将助力品牌扩张。海外传统中式餐饮行业集中度低，规模不及西化中式餐饮品牌， 火锅作为标准化程度较高的中式品类，有望复制西化中式餐饮品牌成功路径。而特海国际是最大的源自 中国的中式餐饮品牌，在社媒工具的加持下，有望进一步渗透海外市场。 ...

东吴证券主要观点如下： 公司是海底捞海外上市平台 中餐出海正当时 东吴证券发布研报称，考虑到背靠海底捞强大中后台能力，中式餐饮出海市场潜力较大，首次覆盖特海 国际(09658)，予以"增持"评级，预计2025-2027年公司归母净利润为4945/5636/7444万美元(按美元：人 民币=7.13换算人民币为3.5/4.0/5.3亿元)，3年复合增速为50.6%，对应当前2025-2027年PE分别为 24/21/16X。作为海底捞的海外上市平台，正在不断完善全球化门店布局，加速中餐出海。预计未来 2025-2027年海外门店数分别达到129/140/149家。 2024年上市正餐品牌同店增速仅海底捞为正，出海成为头部企业的第二增长曲线。海外火锅市场潜力巨 大，预计规模达到300亿美元，海外逾6000万华人华侨群体支持中国餐饮品牌产业化，同时本地消费者 将助力品牌扩张。海外传统中式餐饮行业集中度低，规模不及西化中式餐饮品牌，火锅作为标准化程度 较高的中式品类，有望复制西化中式餐饮品牌成功路径。而特海国际是最大的源自中国的中式餐饮品 牌，在社媒工具的加持下，有望进一步渗透海外市场。 特海国际是海底捞集团旗下专注 ...

火锅第一品牌，海外逐渐破圈 中餐出海正当时 2024年上市正餐品牌同店增速仅海底捞为正，出海成为头部企业的第二增长曲线。海外火锅市场潜力巨 大，预计规模达到300亿美元，海外逾6000万华人华侨群体支持中国餐饮品牌产业化，同时本地消费者 将助力品牌扩张。海外传统中式餐饮行业集中度低，规模不及西化中式餐饮品牌，火锅作为标准化程度 较高的中式品类，有望复制西化中式餐饮品牌成功路径。而特海国际是最大的源自中国的中式餐饮品 牌，在社媒工具的加持下，有望进一步渗透海外市场。 智通财经APP获悉，东吴证券发布研报称，考虑到背靠海底捞强大中后台能力，中式餐饮出海市场潜力 较大，首次覆盖特海国际(09658)，予以"增持"评级，预计2025-2027年公司归母净利润为4945/5636/7444 万美元(按美元：人民币=7.13换算人民币为3.5/4.0/5.3亿元)，3年复合增速为50.6%，对应当前2025-2027 年PE分别为24/21/16X。作为海底捞的海外上市平台，正在不断完善全球化门店布局，加速中餐出海。 预计未来2025-2027年海外门店数分别达到129/140/149家。 东吴证券主要观点如下： 公司是 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company, Tehai International, serves as the overseas listing platform for Haidilao, leading the expansion of Chinese cuisine internationally. It aims to enhance its global store layout and accelerate the internationalization of Chinese dining [6][11]. - The overseas hot pot market is projected to reach a scale of $30 billion, supported by over 60 million overseas Chinese, with local consumers also contributing to brand expansion [6][41]. - Tehai International is positioned as the largest Chinese dining brand in international markets, leveraging its strong brand presence and operational capabilities [6][47]. Summary by Sections Company Overview - Tehai International operates as the overseas platform for Haidilao, with 122 stores globally as of 2024, focusing on direct operations and local product offerings [11][12]. - The company has achieved significant revenue growth, with a projected revenue of $778.31 million in 2024, reflecting a year-on-year increase of 13.07% [1][6]. Industry Overview - The report highlights that the internationalization of Chinese cuisine is timely, with Tehai International being a key player in this trend. The company is expected to benefit from the growing acceptance of hot pot among local consumers [6][37]. - The international Chinese dining market is characterized by low concentration, providing opportunities for growth, especially for standardized offerings like hot pot [6][45]. Competitive Advantages - Tehai International is recognized as the leading hot pot brand, with a robust operational framework and supply chain management that supports its international expansion [6][56]. - The company has optimized its store model, reducing the average return period to 5.1 years, and is enhancing customer engagement through localized services and cultural events [6][31]. Financial Analysis - The financial projections indicate a compound annual growth rate (CAGR) of 50.6% for net profit from 2025 to 2027, with expected profits of $49.45 million in 2025 [1][6]. - The report anticipates a steady increase in the number of overseas stores, reaching 149 by 2027, further solidifying the company's market position [6][11].

国庆中秋双节期间，马来西亚再度掀起中餐热潮！以"鱼你在一起"为代表的中餐连锁品 牌，在当地各大商圈持续引爆消费热情。"6个月，从0到1，YONNY鱼你在一起已经成为马 来西亚中餐连锁头部品牌。"鱼你在一起创始人魏彤蓉介绍道。 (鱼你在一起创始人魏彤蓉探访鱼你在一起Starling商场店) 位于Starling商场的鱼你在一起餐厅是其在大马开设的首批加盟店。从开业以来，店铺 排队现象就屡见不鲜。商场招商负责人表示，其他餐饮品牌都是依靠商场的客源，而鱼你在 一起餐厅已经成为商场的引流单元，很多消费者慕名而来吃完中国美食再逛商场。马来西亚 消费者们在社交平台自发分享，也使这一中国餐饮品牌成为国庆期间东南亚市场备受瞩目的 新焦点。已经在中国华东地区开设6家鱼你在一起加盟店的何先生，这次也决定跟随鱼你在 一起进军东南亚餐饮市场。目前正在马来西亚考察选址，并且即将迎来自己的大马首店。 这股热潮背后，是东南亚餐饮市场的巨大潜力。放眼整个东南亚，2024年主要六国餐 饮市场规模已突破千亿美元，但每万人餐厅保有量仅15间，远低于美、日、中、韩等成熟 市场的23、47、77、141间/万人，且除新加坡外，多数国家客单价集中在2- ...

近年来，中餐出海势头迅猛。《中国餐饮出海发展报告2024》显示，截至2024年9月，海外中国餐饮门 店已近70万家，市场规模近3万亿元。东南亚得益于优越的地缘位置以及食味习性的高度契合，成为中 餐品牌出海的首选战场，众多头部品牌在此布局。 其中，酸菜鱼品类因酸辣口味广受东南亚消费者喜爱，且具备高度标准化属性，在地化扩张表现尤为突 出。2025年9月26日，国内知名酸菜鱼品牌鱼你在一起，在马来西亚吉隆坡蕉赖店隆重举行"六店同开， 全马同庆"启动仪式，新店分布在雪兰莪州、吉隆坡、柔佛新山等马来西亚主要城市的核心商圈，包括 Kota Kemuning 、Klang、Cheras、Subang、Sri Petaling和Sutera Johor Bahru。 "Think global,act local."真正的全球化，必然是深刻的本地化。拥有全球2500家门店的鱼你在一起深谙此 道，其成功并非简单复制国内模式，而是基于对东南亚市场深刻的洞察与尊重后开展的系统性在地化实 践。 鱼你在一起此次大规模集中扩张，不仅显露了其在东南亚市场"一马当先"的强劲增长势头，也标志着品 牌迈入"区域加密"的新阶段。马来西亚中国餐饮协 ...

Core Viewpoint - The article discusses the current state and future potential of Chinese cuisine brands going global, emphasizing the importance of legal compliance and strategic planning in the process of international expansion [1][2]. Group 1: Legal Compliance - Legal compliance has become a critical factor for Chinese restaurants expanding overseas, with various legal challenges identified, including intellectual property, overseas investment, taxation, supply chain, labor, store qualifications, data security, and marketing [3][4]. - The first step for Chinese restaurants going abroad is to secure their intellectual property rights, as many brands face issues due to lack of prior planning and registration [5][6]. - Each country has its own trademark registration process, which can take from a few months to several years, necessitating early planning for trademark protection [6][7]. Group 2: Franchise Model - Currently, 80% of Chinese restaurant brands expanding internationally are using the franchise model, which is recommended due to its low cost, high efficiency, and minimal political risk [16][17]. - The franchise model serves as a cultural export vehicle, allowing for the dissemination of Chinese culinary culture without the complexities associated with technology or national security [18][19]. - Legal barriers for franchising are relatively low, as many countries have harmonized their commercial laws, making it easier for brands to operate internationally [20][21]. Group 3: Compliance Risks - Common compliance risks for Chinese brands in international franchising include non-compliance with franchise qualifications and contracts, often due to inadequate legal preparation [27][28]. - Non-compliance can lead to severe consequences, including civil liabilities, administrative penalties, and potential criminal charges in some jurisdictions [34][35]. - Countries like Malaysia and the U.S. have specific legal requirements for franchising that must be adhered to, including trademark registration and disclosure obligations [36][37]. Group 4: Strategic Recommendations - Companies are advised to conduct thorough legal risk assessments and compliance research before entering foreign markets, focusing on intellectual property, franchising, and overseas investment [47]. - The article emphasizes the need for a proactive approach to compliance, suggesting that brands should not rely on last-minute preparations [48][52]. - It is crucial for brands to maintain a cooperative spirit in international markets, avoiding competitive sabotage that could harm the overall image of Chinese cuisine abroad [54][56].

Group 1 - The core viewpoint is that the entry of restaurant companies into overseas markets is primarily through three mainstream models: direct chain franchising, regional chain franchising, and joint ventures, which directly influence how the supply chain is localized or internationalized [1] - The understanding of the supply chain has evolved beyond just ingredients and sauces; it now encompasses international procurement planning, logistics, distribution, warehousing, and the entire process at the store level, indicating a more complex international supply chain than previously thought [3] - The traditional method of Chinese restaurant brands finding local partners through exhibitions is becoming less viable, and by 2025, relying solely on short-term exhibitions to solve sales issues and find local partners may prove very challenging [3] Group 2 - The importance of local supply chains is increasing, and the ability to find local partners for production, processing, cooperation, and agency services is becoming essential for restaurant companies expanding overseas [3] - Restaurant companies are advised to have their supply chain and R&D departments spend more time in local markets to establish long-term cooperative relationships with various local supply chain partners, rather than focusing solely on headquarters [3] - A higher-level perspective is necessary for viewing the overseas supply chain, emphasizing the need for a long-term development approach rather than relying on past logic to address today's global market challenges [3]

Core Insights - The World Hunan Cuisine High-Quality Development Conference was held in Changsha, focusing on the opportunities and challenges of Chinese cuisine going global, with a particular emphasis on Hunan cuisine [1][3] - According to the "2024 Report on the Development of Chinese Cuisine Going Global," there are nearly 700,000 Chinese restaurant outlets overseas as of September 2024, indicating a burgeoning overseas Chinese dining market [1][3] Group 1: Market Trends - Hunan cuisine is transitioning from a niche offering to a mainstream choice in the United States, with increased acceptance among foreign diners [1][3] - Southeast Asia has emerged as a primary destination for Hunan cuisine brands, with notable brands like Pengchu and Zhengliujiji establishing a presence [3] - The overseas Chinese restaurant market is projected to reach 3 trillion RMB by 2024, with a compound annual growth rate of 11.2% [3] Group 2: Strategic Recommendations - Companies are advised to adopt international strategies that promote supply chain and restaurant service collaboration for successful market entry [3] - The need for localization in taste and compliance with local regulations is emphasized, particularly in Australia, where 50 to 100 Hunan cuisine outlets are currently operational [3] - The conference highlighted the importance of long-term investment and systematic planning for Chinese cuisine's global expansion, with supply chain localization and resource integration being key factors [3][5] Group 3: Future Projections - The conference anticipates five major trends in the global expansion of Chinese cuisine by 2026, including a rise in pre-packaged food exports and the integration of traditional Chinese medicine concepts into Hunan cuisine [5] - The signing of a strategic cooperation agreement for a global seafood ingredient festival aims to promote Hunan cuisine and food culture overseas [4]

Core Viewpoint - The founder of Yunhaiyao, Zhao Han, has passed away, which raises concerns about the future leadership and direction of the company, a leading player in the Yunnan cuisine restaurant sector [1][5]. Company Overview - Yunhaiyao specializes in Yunnan cuisine, particularly known for its steam pot chicken, and has been recognized as one of the top dining establishments in China [1][3]. - The company reported annual revenues exceeding 1 billion yuan in 2020, positioning itself among the top tier of Chinese casual dining chains [1]. - As of now, Yunhaiyao operates 138 stores across 15 provinces and cities in China, with 97% of its locations situated in shopping centers [1][3]. Founder’s Background - Zhao Han was born in 1985 in Kunming, Yunnan, and founded Yunhaiyao while studying at Renmin University of China [1][2]. - He initially faced challenges in establishing the first restaurant due to a lack of experience and the niche market for Yunnan cuisine, leading to early financial losses [2]. Business Strategy and Expansion - The company shifted its business model to focus on expansion within shopping centers, capitalizing on the growth of commercial real estate in China [3]. - Yunhaiyao has adapted its menu to cater to a broader audience, combining traditional Yunnan dishes with popular flavors to appeal to urban consumers [3]. Recent Challenges - Yunhaiyao faced a significant setback due to a food safety incident in Singapore, which resulted in food poisoning among employees of ByteDance, leading to legal repercussions and a fine [4]. - The company is also experiencing brand aging issues, with newer dining concepts gaining popularity among younger consumers [5]. Leadership Transition - Following Zhao Han's passing, the company’s operations are primarily managed by Lu Zhitang, with Zhao's focus shifting to restaurant investments [5]. - In February 2025, the board of directors was restructured, with Zhu Haiqin taking over as chairman and CEO, indicating a shift in leadership and strategic direction [5].