8月25日晚间，绿茶集团（下称"绿茶"）发布了上半年中期业绩报告。 2024年以来，餐饮行业整体进入"hard模式"，在消费复苏不及预期、人力成本攀升、行业竞争激烈等多 重压力的艰难经营状态下，多家餐饮企业发出盈利预警，作为"初代网红餐厅"的绿茶却逆势走出了一条 上升之路。 外卖业务增长74.2% 今年上半年，绿茶实现收入22.9亿元，同比增长23.1%；期内利润2.34亿元，相较去年同期上涨34.1%； 本公司权益股东应占期内利润为2.34亿元，增长34.0%。经调整净利润为2.51亿元，增长40.4%。 根据中报来看，绿茶的利润增加主要得益于门店网络持续扩张带来的收入增加以及经营效率提升导致门 店盈利能力增加。 绿茶的收入主要包括餐厅经营、外卖业务和其他业务，上半年上述三项业务分别实现收入17.58亿元、 5.24亿元和0.08亿元，全部上涨，其中外卖业务增幅更是高达74.2%，受此影响绿茶收入结构进一步优 化，餐饮经营收入占比降至76.7%，外卖业务提升至22.9%。 实际上，去年绿茶开始推行"品质外卖增长策略"，为了在同质化、低质化突出的外卖市场杀出重围，其 打出爆款菜研发、数字化运营和"质价比"定位 ...

Core Viewpoint - The article discusses the international expansion of the Chinese hot pot brand "Happy Little Sheep," which was established by the original team of "Little Sheep" after its acquisition by Yum Brands. The brand emphasizes maintaining traditional cooking methods and adapting to local markets, particularly in North America and Europe, to attract a diverse customer base beyond the Chinese community [3][4][5]. Group 1: Brand Background and Strategy - "Happy Little Sheep" has expanded to over 60 locations across more than a dozen countries, starting from its first store in Toronto, Canada [3][4]. - The brand's success is attributed to its focus on supply chain management and strategic location selection, as well as its commitment to traditional cooking methods, such as hand-made broth [4][5]. Group 2: Market Positioning and Customer Base - The brand aims to serve not only the Chinese population but also the broader local market, with over 50% of its customers being non-Chinese, and in some locations, this figure reaches 70-80% [13][14]. - The average customer spending varies by country, with approximately $35 in the United States, reflecting a strategy to offer "delicious yet affordable" dining options [18]. Group 3: Supply Chain Management - The establishment of a local supply chain is crucial for international operations, with the brand setting up a factory in Inner Mongolia to ensure high-quality hot pot ingredients [20]. - The brand has facilitated the entry of British lamb into the U.S. market, promoting local agricultural products while educating local suppliers on the preparation of lamb for hot pot [22]. Group 4: Location Strategy - The brand strategically chooses to enter markets with higher consumer spending power, such as North America, rather than opting for easier markets like Southeast Asia, which may have lower purchasing power and political instability [24]. - Successful location choices include street-side stores in mainstream communities rather than in areas with high competition among similar brands, such as Chinatown [25]. Group 5: Key Capabilities for International Expansion - Companies seeking to expand internationally must have a strong product offering, a committed leadership team, and a focus on long-term brand development rather than short-term gains [26]. - The article emphasizes the importance of cultural integration and the potential for culinary exchange as part of the international expansion process [27].

证券研究报告 中餐方兴未艾，品牌格局渐明 ——餐饮系列研究之中餐深度 行业评级：看好 分析师 钟烨晨 邮箱 zhongyechen@stocke.com.cn 电话 S1230523060004 zhongyechen@stocke.com.cn S1230523060004 前言 2 u 万亿刚需+高频复购，中餐是最具粘性的优质消费主粮赛道。 u 连锁化率低+客单价亲民，大众便民中餐空间广阔、渗透待起。 u 标准化突破+冷链提效，行业从"能复制"迈入"能规模化"阶段。 ü 老乡鸡作为中式快餐龙头，千店规模+直营&加盟模式下沉领先，正打开广域复制空间，长期成长确定性强； ü 小菜园炒菜机器人+中央厨房体系破题出品复制，稳居"50–100 元中餐"赛道头部，有望厚积薄发； ü 绿茶餐厅半成品供应+自建加工设施实现出品管控，结构均衡扩张+香港试水，成长边界持续外延。 Ø 行业规模 • 2024年中国内地餐饮市场规模达55000+亿元，2020–2024年CAGR 约9%，其中中式餐饮为市场主力，2024年中餐市场规模为36000+亿元，弗若斯特沙利文预计至2028年 将增长至53000+亿元，2025–2027年 ...

Core Insights - The wild edible mushroom industry in Yunnan is experiencing significant growth, with the potential to become a trillion-yuan industry driven by natural resources and high-quality development [2][10] - Yunnan is known as the "Kingdom of Wild Mushrooms," with over 900 species, accounting for approximately 36% of the world's known wild edible mushrooms [1][9] Market Dynamics - The peak season for wild mushrooms in Yunnan runs from June to November, with July and August being the months of highest supply [1] - Prices for wild mushrooms have increased this year due to excessive rainfall affecting supply, with chicken mushrooms priced around 120 yuan/kg and green-headed mushrooms at about 70 yuan/kg [3][6] - The price of wild mushrooms typically starts high in June and decreases as supply increases, with prices for the same type of mushroom potentially dropping from 10,000 yuan/kg to several hundred yuan/kg from June to September [3][9] Supply Chain and Distribution - The supply chain for wild mushrooms involves local villagers harvesting mushrooms, which are then sorted and transported via cold chain logistics to markets across the country [7][8] - The Yunnan Mushuihua Wild Mushroom Trading Center is the largest trading market in China, with significant trading volumes reported in June and July [7][8] E-commerce and Retail - E-commerce platforms like Hema and Dingdong Maicai are facilitating the sale of wild mushrooms outside Yunnan, with Hema focusing on major cities like Beijing and Shanghai [4][5] - The development of fresh food e-commerce has simplified distribution channels and expanded the consumer base for wild mushrooms [8][9] Industry Challenges and Opportunities - The wild mushroom industry faces challenges such as climate change and unsustainable harvesting practices, leading to fluctuating production levels [9] - There is a growing need for deep processing and standardization in the industry to enhance product value and profitability [9][10] Export Potential - The demand for Yunnan wild mushrooms is expected to grow, particularly with the rise of Chinese cuisine abroad, which could boost both domestic and international markets [10][11] - The Belt and Road Initiative and RCEP are expected to facilitate trade and logistics, enhancing the export potential of Yunnan's wild mushrooms to Southeast Asia [11][12]

Core Viewpoint - The article discusses the increasing trend of Chinese restaurant brands expanding into the U.S. market, highlighting the urgency and challenges they face in this process [5][6][14]. Group 1: Market Entry and Expansion - In the first half of the year, over 10 Chinese restaurant brands opened their first stores in the U.S., with notable entries including 喜家德, 花小小, 喜茶, and others [7][8]. - Brands like 瑞幸咖啡 have adopted aggressive pricing strategies, offering significant discounts to attract customers, with prices as low as $2.17 for certain drinks [10][12]. - The U.S. market presents significant opportunities due to its high consumer spending power, with projections indicating that the average American consumer will spend 415,000 yuan in 2024, which is 10.8 times that of Chinese consumers [16][17]. Group 2: Challenges in Market Entry - The process of opening a restaurant in the U.S. is lengthy, often taking 9-12 months due to various approvals and renovations, compared to about one month in China [20][24]. - The U.S. market has a more complex regulatory environment, requiring multiple permits related to food safety and business operations, which can vary significantly by state [30][31]. - Many brands face difficulties in site selection due to long lease terms and limited availability of suitable locations [25][26]. Group 3: Localization and Consumer Preferences - Successful market entry requires brands to adapt their offerings to local tastes and preferences, which may differ significantly from those in China [36][40]. - Marketing strategies must also be tailored to the digital landscape of the U.S., where platforms like Google Maps and social media play crucial roles in consumer decision-making [37][38]. Group 4: Supply Chain Challenges - The supply chain for Chinese cuisine in the U.S. is still developing, with many brands relying on a mix of imported and locally sourced ingredients [44][45]. - The fragmented nature of the supply chain in North America poses challenges for smaller brands, often requiring them to establish their own logistics solutions [49][50]. Group 5: Industry Outlook - The trend of Chinese brands expanding internationally is seen as a shift from "Made in China" to "Brand from China," reflecting a broader move towards high-quality development [51]. - The successful entry of major brands like 瑞幸 and 喜茶 is expected to inspire further enthusiasm among other restaurant companies to explore international markets [52].

Core Insights - Yang Guofu has expanded its operations globally since 2017, opening nearly 7,000 stores in over 20 countries, with around 200 overseas locations, targeting both overseas Chinese and local consumers [1][4] - The challenges of Chinese cuisine going global involve not just taste modification but reconstructing a business logic that resonates with local cultures [1][4] Localization Strategy - The initial challenge faced by Yang Guofu in overseas markets was the cultural perception of food, with many Western consumers unfamiliar with dishes like "malatang" [4] - To address this, Yang Guofu introduced the "Built Your Own Bowl" model, transforming the selection process into a self-service experience similar to a salad bar, making it more accessible to Western consumers [4] - The company's overseas expansion strategy combines franchising and direct management, testing local market acceptance through franchise partners before optimizing the model [4][5] Supply Chain Management - Yang Guofu has established direct stores in Europe and North America as "showrooms" to test new products and enhance brand image [5] - The company has implemented a front warehouse model in the U.S. to localize common ingredient storage, reducing delivery times and minimizing food waste [5] - Plans for a European front warehouse by 2025 aim to further optimize the supply chain, while partnerships in Korea help manage inventory and emergency planning [5] Cultural Integration - Yang Guofu emphasizes cultural output as a form of "soft power," integrating traditional Chinese cultural activities into its overseas locations [6] - The design of stores incorporates elements of Eastern aesthetics, enhancing the consumer experience from the moment they enter [6] - The synergy of brand strength, supply chain efficiency, and localized operations is crucial for achieving stable profitability in overseas markets [6] Future Vision - The ultimate goal of Chinese cultural output is to make the "philosophy of delicious balance" a universal language in global dining [7] - The success of Yang Guofu is not solely measured by the number of stores but by how well its offerings resonate with diverse culinary practices around the world [7] - The company's experience illustrates that when brand strength, supply chain, and localization work together, Chinese cuisine can thrive in international markets, contributing to a global narrative of Chinese culinary culture [7]

Core Viewpoint - The article discusses the significant challenges faced by the Hong Kong restaurant industry, highlighting a wave of closures among local brands due to economic downturns, increased competition from mainland Chinese brands, and changing consumer behaviors [3][5][49]. Group 1: Industry Challenges - The Hong Kong restaurant industry is experiencing severe pressure, with the Hong Kong Restaurant Association noting that business is worse than during the pandemic due to a sluggish economy and reduced local consumer spending [6][49]. - In the first half of 2025, nearly 300 shops closed in Hong Kong, with 70% being restaurants, indicating a critical situation for long-standing local dining establishments [7][49]. - The total revenue for restaurants in Hong Kong for Q1 2025 was HKD 28 billion, reflecting a 1.8% decline compared to the same period in 2024, with Chinese restaurants seeing a 4.9% drop in revenue [13]. Group 2: Impact of Mainland Brands - The influx of mainland Chinese restaurant brands has significantly disrupted the local market, with over 60 brands entering Hong Kong, leading to a "big shake-up" in the dining landscape [16][19][24]. - Mainland brands are noted for their rapid product innovation and better service, which have attracted consumers away from traditional Hong Kong establishments [26][30]. - The competitive pricing and operational efficiencies of mainland brands have allowed them to thrive even in the high-cost environment of Hong Kong, with examples like Xue Wang offering products at one-third the price of local tea shops [36][49]. Group 3: Changing Consumer Behavior - A notable trend is the increasing number of Hong Kong residents traveling to Shenzhen for dining, with over 77 million visits recorded in 2024, leading to a consumption increase of nearly HKD 55.7 billion [41][45]. - Consumers are drawn to the greater variety, better service, and lower prices offered by mainland restaurants, which has contributed to the decline of local dining establishments [42][49]. - The shift in consumer preferences reflects a demand for more diverse and high-quality dining experiences, pushing local restaurants to adapt or face closure [49][50].

Group 1 - The core viewpoint of the articles highlights the rapid expansion of Chinese restaurant brands in Southeast Asia, marking a new era of internationalization for Chinese cuisine [1][2][16] - Chinese restaurant brands have opened over 6,100 stores in Southeast Asia by the end of 2024, a significant increase from approximately 1,800 stores in 2022, indicating a growth of more than three times [1][5] - The Southeast Asian restaurant market has shown a year-on-year growth of 4.6%, reaching a scale of $132.9 billion, which is only 17% of the Chinese market size [5][6] Group 2 - The competitive landscape for Chinese restaurants in Southeast Asia is intensifying, with challenges such as supply chain issues, regulatory barriers, and cultural differences affecting consumer habits [2][11] - Localization is crucial for the success of Chinese restaurant brands abroad, as the degree of localization directly impacts the scalability of their overseas operations [2][17] - The preference for Chinese cuisine among Southeast Asian consumers is growing, with popular dishes like hot pot and dim sum gaining traction, reflecting a shift from traditional perceptions of Chinese food [3][12] Group 3 - Brands like Haidilao and Zhang Liang Spicy Hot Pot have successfully expanded into Southeast Asia, with Zhang Liang opening over 60 stores in the region, demonstrating the potential of the market [4][14] - The demographic factors in Southeast Asia, such as a large population and a significant Chinese community, contribute to the high demand for Chinese cuisine [4][5] - The restaurant industry in Southeast Asia is characterized by a high percentage of consumer spending on food and beverages, with Indonesia reaching 48.8% [6][11] Group 4 - The supply chain is a critical factor for the success of Chinese restaurants in Southeast Asia, with many brands adopting a hybrid approach of local and imported ingredients to ensure quality and compliance with local regulations [10][11] - The rapid expansion of Chinese restaurant brands is accompanied by a wave of closures, particularly in Singapore, where the market is becoming saturated [12][13] - Successful Chinese brands in Southeast Asia are those that effectively combine global standards with local adaptations, ensuring they resonate with local consumers [16][17]

Group 1 - Company is launching an IPO on the Hong Kong Stock Exchange, aiming for a listing on June 19, which sets a new high for the consumer sector IPOs in Hong Kong this year, second only to CATL's IPO [1] - The IPO has attracted a prestigious cornerstone investor team, including Hillhouse Capital, GIC, and UBS Asset Management, with total subscriptions nearing HKD 4.7 billion, accounting for approximately 50% of the offering [1] - Since its A-share listing in 2014, the company has shown robust growth, with revenue increasing from CNY 9.8 billion to CNY 26.9 billion over ten years, a growth rate of 174% [1] Group 2 - The company is pursuing a global strategy, responding to the rising international demand for condiments driven by the global spread of Chinese cuisine, and is innovating products for international markets [3] - The funds raised will focus on building a global R&D system, including attracting international talent and conducting overseas R&D collaborations [3] - The "A+H" dual-platform structure is expected to enhance brand global influence and attract more international investors, facilitating overseas acquisitions and channel development [3] Group 3 - The company's competitive edge is supported by a comprehensive barrier, including over 1,400 SKUs and seven products with annual sales exceeding CNY 1 billion, maintaining the top market position in soy sauce for 28 consecutive years [5] - The company has a strong brand presence, recognized as one of the first Chinese time-honored brands, covering 80% of Chinese households, with multiple products awarded top culinary honors [5] - The company’s sales network covers 100% of city-level and nearly 90% of county-level markets in China, supported by over 3,000 sales personnel and 6,700 distributors [5]

Core Insights - The trend of Chinese restaurant brands expanding into the U.S. market has intensified, with over 10 brands opening their first stores in the U.S. in the first half of the year [1][3] - The urgency for brands to go overseas is driven by a perception that failure to do so may lead to obsolescence in the domestic market [3][5] - The U.S. market presents significant opportunities due to its high consumer spending power, which is 10.8 times that of China [5][6] Brand Expansion - Notable brands that have opened stores in the U.S. include 喜家德 (Jia De), 花小小 (Hua Xiao Xiao), 喜茶 (Heytea), and 瑞幸咖啡 (Luckin Coffee), among others [2][4] - The tea and coffee segments are particularly active, with brands like 瑞幸 and 喜茶 employing aggressive pricing strategies to attract customers [3][4] Market Challenges - The process of establishing a restaurant in the U.S. is lengthy, often taking 9-12 months due to various regulatory approvals and the need for extensive renovations [10][11] - The U.S. market has a more complex regulatory environment, requiring multiple permits related to food safety and business operations, which can delay opening [14][15] Localization and Consumer Preferences - Successful market entry requires brands to adapt their offerings to local tastes and preferences, which may differ significantly from those in China [16][21] - Brands like 乐乐茶 (Lele Tea) have adjusted their product lines to cater to local dietary restrictions and preferences, such as reducing nut content in baked goods [21][22] Supply Chain Issues - The supply chain for Chinese cuisine in the U.S. is still developing, with many brands relying on a combination of imported core ingredients and local sourcing [22][24] - The fragmented nature of the supply chain in North America poses challenges for smaller brands, often necessitating the establishment of in-house logistics to ensure timely delivery of materials [24][25] Conclusion - The expansion of Chinese restaurant brands into the U.S. marks a shift from individual store openings to a more systematic and scalable approach, driven by the success of leading brands [25]