Core Insights - The restaurant industry in China is experiencing steady growth, with a reported revenue of 457.8 billion yuan in May, reflecting a year-on-year increase of 5.9% [1] - The market size of the restaurant industry is projected to reach 5.57 trillion yuan by 2024, accounting for over 11% of total retail sales [1] - The chain restaurant rate has increased from 19% in 2021 to 23% in 2024, indicating a trend towards consolidation and brand development [1] Industry Trends - Digital transformation is a significant trend in the restaurant industry, with companies adopting technologies like smart ordering systems and AI recommendations to enhance operational efficiency and customer experience [2] - The demand for healthy and quality dining options is rising, leading to the growth of markets for health-focused meals and low-calorie products [3] - The integration of dining with cultural and tourism experiences is becoming a new trend, with consumers seeking immersive experiences that combine food with entertainment and culture [3] Government Support and Challenges - The Chinese government has introduced policies to promote high-quality development in the restaurant sector, including consumer incentives and support for service quality improvements [4] - Despite government support, the industry faces challenges such as intense competition, weak profitability, and rapid changes in consumer preferences [4] - There is a need for innovative multi-business models and enhanced consumer engagement to address these challenges and support consumption upgrades [4] Digitalization and Policy Recommendations - Accelerating digital transformation is essential for restaurant businesses to reduce operational costs and enhance service quality [5] - Encouraging the use of big data and AI can help restaurants better understand consumer needs and improve service delivery [5] - Ongoing policy support and funding are crucial for fostering local restaurant brands and enhancing market vitality [5]

证券研究报告·海外公司深度·旅游及消闲设施(HS) 小菜园（00999.HK） "好吃便宜"大众便民中餐，强激励助推强 势扩张 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,549 | 5,210 | 6,219 | 7,572 | 9,192 | | 同比(%) | 41.58 | 14.52 | 19.37 | 21.75 | 21.39 | | 归母净利润（百万元） | 532.06 | 580.62 | 709.89 | 878.47 | 1,119.39 | | 同比(%) | 123.96 | 9.13 | 22.26 | 23.75 | 27.42 | | EPS-最新摊薄（元/股） | 0.45 | 0.49 | 0.60 | 0.75 | 0.95 | | P/E（现价&最新摊薄） | 16.40 | 15.03 | 12.29 | 9.93 | 7.80 | [Table_Tag] [T ...

开第二家店？我差点把第一家都赔进去！ 这声叹息，是不是你昨晚在办公室抽烟时的心声？看着第一家店流水喜人，心里那点扩张的火苗刚蹿起来，现实就泼下一盆冰水：厨师被挖角味道走样、 新店长手忙脚乱、供应链突然断货、账上现金像漏了的水龙头... 扩张这碗饭，闻着香，吃着扎心。 从单店到连锁，从来不是简单的复制粘贴。它是把你亲手养大的孩子，逼着它长出钢筋铁骨，去闯一片新天地。成，则一方诸侯；败，往往尸骨无存。别 再听那些"快速裂变"的漂亮话，今天只捞干的说，讲讲怎么活着把店开出去。 一、 撑起连锁的"四根硬骨头"：缺一根都得瘸腿 1、产品：锁死味道，就是锁死命根子 痛点现实： 张师傅今天心情不好，炒的菜咸了淡了；李店新来的小王手一抖，招牌菜直接变味。顾客骂骂咧咧："这店完了！" 真本事： 痛点现实： （1）"去人化"才是硬道理 把你家招牌菜扒个底朝天：盐几克、油几秒、火多大，精确到刻度。核心料包，要么自己建个小"心脏"（中央厨房），要么死磕一家靠谱工厂给你定制封 罐。后厨操作？拍成傻瓜视频，新来的看三遍就能上手炒。目标就一个：闭着眼进任何一家店，吃不出差别。 （2）明早就干 把你家最赚钱的三道菜，从进货到上桌，每一步拆成 ...

中国的餐饮行业向来是老百姓生活中不可或缺的一环。从街边小摊到五星级酒店，这些地方不仅填饱了我们的肚子，还养活了不少人。最近几年，随着大 家钱包鼓起来了，加上互联网的普及，整个餐饮市场正在发生翻天覆地的变化，机会也越来越多。 最近的市场数据让人眼前一亮，餐饮行业在2024年可能要迎来前所未有的好光景。老字号中餐还是当之无愧的主角，七成左右的份额说明老百姓的胃还是 最认这一口。不过有意思的是，现在年轻人扎堆的地方总能看到奶茶店和咖啡馆排长队，这些新式饮品不知不觉就成了带动整个行业往前冲的生力军。 现在人们吃饭可不仅仅是为了填饱肚子了，更讲究的是吃得开心、吃得有滋味。街边小吃摊的烟火气、朋友聚餐的热闹劲儿，还有突然想吃点小零食的冲 动，这些消费场景越来越受欢迎。餐饮业确实挺能扛的，特别是那些小吃店、奶茶铺之类的非正餐业态，发展前景依然很可观。 餐饮行业这几年变化挺大的、连锁经营已经成为主流玩法。虽然跟国外比、咱们国家的连锁化程度还不算高、但机会真的不少。业内专家预测、接下来五 年这个市场每年能保持5%左右的增长速度。有意思的是、在49个细分领域里、有18个特别有潜力、未来可能会带动整个行业的增长。 火锅这几年火得不 ...

国家统计局最新数据显示，5月份全国餐饮收入4578亿元，同比增长5.9%。全国消费市场呈现蓬勃活 力，"五一"假期、端午小长假期间，餐饮消费更是成为拉动假日经济的重要力量。 民以食为天，餐饮业是提振消费的重要抓手。今年以来，在一系列政策持续发力下，餐饮业呈现出哪些 特点？行业又是如何增加优质供给满足市场需求？面对即将到来的暑假旺季，又该如何把握发展机遇？ 打造消费新场景 夏日炎炎，位于北京市西城区骡马市大街的大吉巷人潮涌动。一到饭点，餐饮门店最繁忙。方砖厂炸酱 面、阳坊涮肉、羲和烤鸭等北京地方特色餐饮门前，叫号声此起彼伏；煮叶、青山与茗、如是茶馆等茶 饮门店也人声鼎沸，座无虚席。 如是茶馆主理人车一哲介绍说："作为街区的当头铺位，我们希望借助古院落布局呼应商圈内的各种业 态，让顾客在茶、食、器融合的空间中，有新的独特体验。" 打造"美食+美景"新场景已然成为行业改善消费体验的共识。今年"五一"期间，海底捞联合江苏南京溧 水天生桥景区推出"门票+火锅"组合套餐。游客通过线上平台预订，即可享受由专人将锅具、食材直送 露营点服务，实现"美食+美景"无缝衔接。在海底捞露营火锅北京妙峰山店，传统火锅场景延伸至户 外，顾 ...

南方财经记者魏彤 广州报道 "7元吊龙，30秒出餐。"一系列采用"酸汤+牛肉+米线+废墟风"模式的云贵式生烫牛肉米线品牌迅速崛 起，攻占了广州的街头巷尾。凭借独特的酸辣口味、丰富的食材运用，贵州烙锅、凯里酸汤鱼、云南菌 菇汤等云贵菜系深受年轻人青睐。 为何云贵菜系能异军突起成"城市新宠"呢？也许能从一份专业研究报告中找到答案。 近日，毕马威中国联合广东省餐饮服务行业协会、深圳市烹饪协会发布《湾区食韵绘新章——2025年餐 饮企业发展报告》报告（以下简称《报告》），从消费趋势、资本动向、供应链升级等多个维度，深入 解析了全国及粤港澳大湾区的餐饮业发展现状，通过深刻洞察大湾区餐饮业投融资市场的环境、趋势以 及热点领域，充分挖掘赋能餐饮价值链成长的新风口。 大湾区餐饮连锁化率31.7%领跑全国 《报告》显示，2024年全国餐饮收入达5.6万亿元，同比增长5.3%。 粤港澳大湾区作为中国经济最活跃的区域之一，其餐饮市场近年来展现出强劲的增长势头。2024年，广 东餐饮收入达5904.9亿元，居全国首位，同比增长2.5%，同比增速较广东社零增速高1.7%。广东餐饮 收入增速波动小于全国，连锁化、规模化、一体化是核心竞争 ...

一、行业整体规模与连锁化进程 2024年中国餐饮市场规模突破5.5万亿元，同比增长5.3%，增速高于社会消费品零售总额。连锁化率持续提升至23%，较2021年的19%显著增长，头部品牌 加速扩张，蜜雪冰城、瑞幸咖啡等6大品牌组成"万店俱乐部"，其中蜜雪冰城全球门店达4.5万家，成为现制饮品连锁标杆。501-1000家规模的品牌门店数增 速最快（93.6%），地方区域品牌通过加盟模式快速崛起，推动行业从规模扩张转向效率与质量并重的新阶段。 二、品类与业态创新 1. 品类连锁化差异显著：饮品店连锁化率稳定在49%，自助餐、地方菜成为增长亮点。自助餐通过"低价大众"（如19.9元炒菜自助）与"品质高端"（如海鲜 料理自助）双向突破，连锁化率提升5%；云南菜、西北菜等地方菜系借文旅融合东风，增速超行业平均水平，贵州酸汤火锅热搜增速达828.3%。 2. 数字化与门店模型创新：老乡鸡、九毛九等品牌通过"卫星店"模式拓展外卖场景，租金成本降低60%，单店订单量提升1.74倍；智能炒菜机器人应用于霸 碗盖码饭等品牌，实现标准化与效率提升，推动现炒快餐连锁化。 2. 资本聚焦效率与创新：2024年餐饮投融资笔数降至70次，资 ...

Core Insights - Guizhou Luoguo has seen a significant surge in popularity, with group purchase orders increasing by 354% during the May Day holiday, indicating strong market demand [1] - The dish is characterized by its simple cooking method, where various ingredients are cooked in a round iron pot, leading to a rich and non-greasy flavor [1][2] - The expansion of Guizhou Luoguo restaurants across China is notable, with some brands already opening over 200 locations nationwide [4][6] Market Trends - The popularity of Guizhou Luoguo is driven by the increasing interest in Guizhou cuisine, particularly as tourism in the region rises [4] - Several brands have begun to establish a national presence, such as "Po Tan Guizhou Intangible Cultural Heritage Luoguo," which has over 200 stores, and "Liangdu Qingwafang," with over 70 stores [4][6] - The average consumer spending at these restaurants is around 60 RMB, making it more affordable compared to traditional Japanese and Korean barbecue [10] Brand Characteristics - Guizhou Luoguo restaurants primarily target street-side locations, appealing to everyday consumers and extending from late-night snacks to full meals [7][9] - The dining experience is interactive, with customers sitting around the pot, which enhances social engagement during meals [9] - The menu features a wide variety of ingredients, including local specialties, and offers a range of pricing options to attract different customer segments [10][12] Challenges and Opportunities - Despite the growth, Guizhou Luoguo faces challenges such as unclear category recognition and competition with similar dining styles like teppanyaki [13][15] - The presence of "pseudo-Luoguo" establishments lacking authentic flavors and ingredients poses a risk to brand integrity [15] - For Guizhou Luoguo to establish a strong national brand, it must focus on enhancing brand identity, supply chain management, and operational standardization [16]

点击图片▲立即订阅 " 过去，游客们忍受了千篇一律的古城和小镇，如今是千篇一律的美食和小吃。 " 文 / 巴九灵（微信公众号：吴晓波频道） 当端午节遇上儿童节，出去玩儿的理由便翻了倍。 毕竟，过完端午，下次放假就要等到三个月后的中秋，看着上半年最后的假期，人和店都在加把劲。 来自《北京商报》的一线探查说，不少餐饮店尤其是位于景区附近的店里，尤其是景区门店，端午节当天的包厢和散台早已订完，亲子游自然唱起 了主角，不少门店还特意推出了"亲子套餐"或者儿童消费赠礼，以期抓住"双节"机会。 线下门店热，线上也在努力"过节"，一些餐饮平台则联合百大知名餐饮、零售品牌启动"618"大促，发大额消费券。 有意思的是，小巴综合了许多与端午消费热相关的新闻后发现，那些热衷于策划新套餐并抓住节假日消费机会的，都是一些知名餐饮企业。 但消费者对它们的态度又如何呢？ 就在端午节假期开启几天前，深蓝智库发布《寻找消费力》报告，其中提到一组数据，反映了消费者对餐饮连锁品牌"既嫌又爱"的复杂情绪。 先看看消费者对品牌餐饮的态度吧。 28.2%的消费者认为"不在乎品牌，只要产品好就会选择"； 而20.6%的消费者喜欢选择大品牌、知名品牌的餐 ...

Financial Data and Key Metrics Changes - The company is on track to deliver over 8% adjusted operating income growth for the year, which is a fundamental part of its long-term algorithm [15][16] - Franchise profitability for Tim Hortons exceeded $300,000 annually per unit last year, increasing by $25,000 [70] Business Line Data and Key Metrics Changes - The acquisition of Carrols was a significant step for the Burger King brand, aimed at changing the franchise landscape to more local owner-operators [9] - The company has taken over its Burger King business in China, which had been struggling, and is now focused on improving operations and ramping up advertising [10][11] Market Data and Key Metrics Changes - In the U.S., stable employment levels are seen as a positive driver for QSR usage, while Canada has experienced a slight uptick in unemployment, presenting a tougher environment [30][31] - The company sees stabilization in consumer spending in China, with plans to open 300 restaurants there as part of its growth strategy [38][39] Company Strategy and Development Direction - The company aims to build compelling business models for franchise partners globally, focusing on sustainable unit economics [18] - The strategy includes refranchising Carol's restaurants and Burger King China to local operators, simplifying the business model over time [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about addressing fundamental challenges in the business, including turning around the Burger King brand and improving operations in China [16][17] - The management believes that the investments made will yield high returns and strengthen the business foundation by 2028-2029 [21] Other Important Information - The company has added a new segment called Restaurant Holdings, which includes Carol's, Popeyes China, and Firehouse Brazil, to provide clearer financial disclosure [20] - The company plans to maintain a high level of capital expenditures in 2025 and 2026, with expectations to stabilize around $300 million thereafter [25][27] Q&A Session Summary Question: What has changed in the past year for Restaurant Brands International? - Management highlighted the acquisition of Carrols and taking over Burger King in China as significant changes [9][10] Question: What are the top three takeaways for investors? - The company is on track for 8% adjusted operating income growth, addressing fundamental challenges, and building sustainable business models for franchisees [15][16][18] Question: What is the path to improve ROIC? - The focus is on refranchising Carol's and Burger King China, with a long-term view of simplifying the business model [24][25] Question: How is the macro environment affecting different markets? - The U.S. shows stable employment, while Canada faces challenges; China is stabilizing, and Western Europe has mixed performance [30][31][33] Question: How is Tim Hortons performing in Canada? - Tim Hortons has maintained strong performance due to its value proposition, despite macro challenges [35][36] Question: What is the strategy for Popeyes in China? - The company is optimistic about Popeyes in China, focusing on building a strong local management team and improving operations [41][42] Question: How does the company manage coffee price pressures? - The company hedges coffee prices by buying forward, which helps mitigate volatility, and coffee costs represent a small portion of COGS [70][71][72] Question: What is the outlook for Tim Hortons' same-store sales growth? - Management expects continued outperformance beyond the long-term algorithm of 2% due to consistent improvements in product quality and service [76][80]