Core Viewpoint - The article discusses the evolving landscape of the restaurant industry in China, highlighting the tension between consumer desire for unique dining experiences and the increasing prevalence of standardized chain restaurants. It suggests that as consumers become more discerning, there is a growing demand for quality and authenticity in dining options, which may lead to a resurgence of local, non-chain establishments [1][41][44]. Group 1: Consumer Behavior and Trends - During the recent Dragon Boat Festival and Children's Day, many restaurants, especially those near tourist attractions, saw high demand, with special "family packages" introduced to attract customers [2][4]. - A report from Deep Blue Think Tank revealed that 28.2% of consumers prioritize product quality over brand, while 20.6% prefer well-known brands, indicating a complex relationship with brand loyalty [5][7]. - Consumers exhibit a mix of loyalty and curiosity, with 32.2% often choosing familiar restaurants, while 29.6% are willing to try new places if the price is right [10][12]. Group 2: Market Dynamics and Competition - The share of chain restaurants in China has increased from 15% in 2019 to 22% in 2024, with projections suggesting it could reach 24% by 2025 [16]. - Major global brands like McDonald's and Starbucks dominate the market, with McDonald's alone purchasing 35 billion pounds of potatoes annually, showcasing the scale and purchasing power of these giants [21][22]. - Chinese brands like Mixue Ice City and Luckin Coffee are also expanding rapidly, with Mixue boasting 46,000 stores, primarily in Asia [20]. Group 3: Standardization vs. Local Flavor - The article notes that many traditional dishes are becoming standardized, with some brands achieving 60%-70% standardization in their offerings [32]. - The rise of "internet celebrity" restaurants, which create unique dining experiences, is highlighted as a response to consumer fatigue with uniformity [33][36]. - The future of the restaurant ecosystem in China may not mirror the U.S. model of dominance by a few giants, but rather a coexistence of large chains and small, unique establishments [49]. Group 4: Future Outlook - As consumer preferences shift towards quality and authenticity, the article suggests that brands must refine their offerings to meet these expectations, focusing on product quality, service, and brand culture [44][50]. - The article concludes that the competition will increasingly hinge on the ability to provide unique experiences and maintain a connection to local culture, as consumers seek out authenticity in their dining choices [52].

｜2025年5月22日星期四｜ NO.1 第二十一届文博会5月22日在深圳开幕 5月22日，第二十一届中国（深圳）国际文化产业博览交易会（以下简称文博会）将盛大开幕。本届文博会首次设立人工智能展区， 汇聚了60余家人工智能领域企业参展，覆盖机器人、无人机、智能眼镜、智能耳机等前沿领域，集中展示AI技术如何重塑文化产业 的形态与边界。 点评：当前深圳正打造"人工智能先锋城市"，在此次展会上展示的人工智能领域产品，也将让观众感受到深圳的科技魅力。 NO.2 2024年深圳民营企业增超10万户 据"深圳发布"微信公众号5月21日消息，2024年，深圳市民营企业数量超260万家，增长10万户以上。其中，7家深圳民企入围世界500 强，27家上榜中国民企500强，40家成为广东省民企100强。 点评：深圳始终把优化营商环境作为"一号改革工程"，近年不断推出改革举措，推动市场化、法治化、国际化营商环境持续优化。 NO.3 广东餐饮连锁化率达31.7% 据金羊网5月21日消息，第16届CRE广州餐博会近日开幕，会上发布的报告显示，中国餐饮连锁化率去年达到22%，预计今年将突破 24%。而广东餐饮连锁化率更是高达31.7%， ...

Core Viewpoint - Anjiu Food Group Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of up to 59,521,400 overseas listed ordinary shares, marking a significant step in the company's internationalization strategy [2] Group 1: Company Overview - Anjiu Food is a leading player in China's frozen food industry, holding a 6.2% market share in 2023, making it the industry leader [3] - The company has a market share of 12.7% in the frozen prepared food segment, which is four times that of the second-place competitor, and leads the frozen dish products market with a 4.9% share, surpassing the combined share of the second to fourth competitors [3] Group 2: Competitive Advantages - The company has established a comprehensive multi-channel sales network with over 2,000 distributors, covering traditional distribution, supermarkets, catering, and e-commerce [4] - Anjiu Food offers a diverse product matrix with over 400 SKUs across four main categories: frozen fish products, frozen meat products, frozen noodle and rice products, and frozen dish products [4] - The company has a strong focus on research and development, possessing a national-level enterprise technology center and holding 150 international management system certifications [4] Group 3: Strategic Significance of H-Share Listing - The H-share listing will provide multiple development opportunities, including expanding international financing channels and optimizing the capital structure [5] - It will enhance the company's international brand influence and support overseas market expansion [5] - The listing is expected to attract international strategic investors, improving corporate governance and laying the groundwork for future cross-border mergers and acquisitions [5] Group 4: Future Outlook - The frozen food industry is anticipated to experience broader growth due to ongoing consumption upgrades and the trend of restaurant chain expansion [6] - Anjiu Food aims to leverage its comprehensive product matrix, strong R&D capabilities, and extensive sales network to further enhance its leading position as industry concentration increases [6]

Core Viewpoint - The 16th CRE Guangzhou Catering Expo highlighted the sustainable development of the catering industry in the Guangdong-Hong Kong-Macao Greater Bay Area, supported by government policies and market trends [1][2]. Group 1: Market Trends and Consumer Behavior - The catering market in the Greater Bay Area is expanding, driven by strong consumer purchasing power and policy support, leading to a diversified development pattern centered around Cantonese cuisine [2][3]. - Consumers in the Greater Bay Area are categorized into four groups: "Z Generation," middle-to-high-income individuals, Hong Kong and Macao consumers, and urban seniors, each exhibiting unique consumption preferences that drive innovation in the catering industry [3][5]. - The "Z Generation" shows a shift towards health-conscious dining, preferring balanced meals with lower calories, indicating a need for catering businesses to adapt their offerings [5]. Group 2: Economic Performance and Growth Projections - Guangdong's catering revenue is projected to reach 5.9 trillion yuan in 2024, with a year-on-year growth of 2.5%, outpacing the province's overall retail growth by 1.7 percentage points [5]. - The catering industry in Guangdong has consistently accounted for over 10% of the national total, maintaining a leading position in the market [5]. Group 3: Industry Dynamics and Capitalization - The trend of chain operations and capitalization is prominent in the catering industry, with the chain rate in Guangdong reaching 31.7%, significantly higher than the national average of 22% [8]. - A total of 17 catering enterprises headquartered in the Greater Bay Area have successfully gone public, with the Hong Kong stock market being a preferred choice due to its favorable conditions for the industry [9][10]. - The financial health of listed catering companies shows challenges, with nearly half experiencing low cash flow, necessitating improvements in financial management and operational strategies [9]. Group 4: Investment Opportunities - The sectors attracting investment in the Greater Bay Area include group meals, fast food, snacks, and tea drinks, with group meals expected to increase their market share from 14% in 2023 to 22% in 2024 [10].

Core Insights - The report indicates that the chain restaurant rate in China has shown a stepwise increase over the past seven years, reaching 22% in 2024 and expected to exceed 24% in 2025 [2] - In the Greater Bay Area, the chain restaurant rate is significantly higher at 31.7%, indicating a trend towards chain and capitalized operations in the industry [2] - The report highlights the diverse development of the restaurant market in the Greater Bay Area, driven by strong consumer capacity, policy support, and regional integration [2][3] Industry Trends - A total of 17 restaurant companies headquartered in the Greater Bay Area have successfully gone public, with over 32 nationwide listed on the Shenzhen and Hong Kong stock exchanges [3] - The Hong Kong stock market is particularly attractive for restaurant companies due to its higher tolerance for the industry, efficient listing processes, and abundant overseas capital resources [3] - The report anticipates that more restaurant companies will choose Hong Kong as their preferred listing destination due to the increasing regulatory strictness in the A-share market [3] Investment Focus - The sectors of group meals, fast food, snacks, and tea drinks are attracting significant attention from investment institutions [3] - From 2019 to 2024, group meals, fast food, snacks, tea drinks, prepared dishes, healthy food/light meals, restaurant supply chains, and coffee have been identified as the seven hot investment areas in the Greater Bay Area [3] - The proportion of group meals, fast food, and snacks is expected to rise from 14% in 2023 to 22% in 2024, while tea drinks will increase from 10% to 20%, maintaining their positions as the top two sectors in financing events [3] Digital Transformation - Digital transformation is becoming a key strategy for enhancing competitiveness in the Greater Bay Area restaurant industry [4] - The integration of digital tools helps restaurants manage the entire supply chain process, from raw material procurement to inventory management and order processing [4] - Data analytics and smart customer service are utilized to understand market trends and consumer preferences, enabling personalized marketing strategies and enhancing customer loyalty [4]

Group 1 - The core viewpoint of the report indicates that chain operations and capitalization are significant trends in the development of the restaurant industry in the Greater Bay Area [1][2] - The report highlights that the chain rate of China's restaurant industry has shown a stepwise increase over the past seven years, reaching 22% in 2024 and expected to exceed 24% in 2025, with Guangdong's chain rate at 31.7% [1] - The report states that 17 restaurant companies headquartered in the Greater Bay Area have successfully gone public, with over 32 restaurant companies listed on the Shenzhen and Hong Kong stock exchanges nationwide [1] Group 2 - The report notes that the Chinese restaurant industry has grown to become the second-largest restaurant consumption market globally, driven by urbanization, rising consumer spending, and innovations in chain operations [2] - The Greater Bay Area is identified as a leading region for restaurant development in China, benefiting from policy advantages, economic resilience, and consumer vitality [2] - The report categorizes consumers in the Greater Bay Area into four typical profiles: "Generation Z" young people, middle-to-high-income groups, Hong Kong and Macau consumers, and urban senior citizens, highlighting diverse consumption characteristics that drive innovation in the restaurant industry [2]

报告标签：社会服务、连锁餐饮、餐饮品牌 2025年3月 中国连锁餐饮行业市场洞察| 2025/03 www.leadleo.com 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 Q1：中国连锁餐饮行业发展现状如何？ ◼ 在中国餐饮行业整体格局中，当前仍以非连锁的独立餐厅为主体，呈现出高度分散的市场特征。 尽管近年来餐饮连锁化趋势逐渐增强，但从市场占有率来看，自营连锁餐厅仍处于相对弱势的地位。中餐作为世界上最为复 杂的饮食体系之一，其菜品种类繁多、口味多样且制作工艺精细，这些特征在一定程度上加剧了标准化管理与规模化复制的 难度。此外，中国消费者的饮食偏好呈现出快速变化的趋势，传 ...

Group 1: Industry Overview - The prepared food industry has undergone significant technological upgrades and category expansions, moving beyond traditional offerings like frozen dumplings to include complex dishes such as Baota meat and Squirrel Fish [1] - The chain restaurant trend in China is accelerating, with the national chain rate increasing from 15% in 2020 to 22% in 2024, and expected to reach around 24% by 2025, indicating substantial growth potential for standardized and pre-processed ingredients [2] Group 2: Company Performance - Anjiu Food reported a total revenue of 15.127 billion yuan in 2024, a year-on-year increase of 7.70%, with core categories like frozen prepared foods and frozen dishes achieving revenues of 7.839 billion yuan and 4.349 billion yuan, respectively, reflecting growth rates of 11.41% and 10.76% [1] - Qianwei Central Kitchen faced a decline in overall performance with a revenue of 1.868 billion yuan, down 1.71% year-on-year, but its frozen prepared dishes and other products saw a remarkable increase in sales revenue to 142 million yuan, up 273.39% [1] Group 3: Market Dynamics - The growth of frozen dish revenue is closely linked to the trend of restaurant chain expansion, as standardized production of prepared foods optimizes cooking processes and ensures consistent consumer experiences across multiple locations [2] - The industry faces challenges such as low market concentration, intense competition from emerging brands and traditional restaurants, and a strong consumer focus on cost-effectiveness, leading to price pressures on restaurant businesses [3] Group 4: Challenges and Opportunities - The prepared food sector is experiencing issues with product homogeneity, leading to price wars and a lack of innovation, while consumer concerns about quality and safety are increasing [3] - Companies need to innovate through technology, focusing on personalized and diverse consumer demands, and enhance brand trust by prioritizing quality and safety through transparent production and strict quality control [3]

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed Chinese noodle restaurant, reflecting the transformation of the Chinese fast-food industry and the modernization of traditional snacks [1][2][5]. Company Overview - Founded in 2014 by Song Qi, Yujian Xiaomian started as a small street shop in Guangzhou, combining the flavors of Chongqing noodles with fast-food efficiency [3][5]. - The company has successfully completed five rounds of financing, with a valuation reaching 3 billion yuan, supported by investments from various groups [4][5]. Market Position and Strategy - Yujian Xiaomian has differentiated itself in a competitive market by expanding its product line to include various Sichuan and Chongqing snacks, and by implementing a 24-hour service model in some locations [4][6]. - The company has adopted a "flavor modularization" strategy to cater to regional tastes while maintaining standardization, enhancing its market adaptability [7]. Industry Trends - The Chinese fast-food industry is experiencing a shift from rapid expansion to a focus on efficiency and value, with a chain restaurant penetration rate of 19% in 2023, compared to 54% in the U.S. [5][6]. - The market for noodle restaurants is projected to grow, with over 660,000 noodle shops expected by March 2025, and a market size surpassing 160 billion yuan [9][10]. Digital Transformation and Marketing - Yujian Xiaomian is leveraging digital systems for operational efficiency, including a membership program to enhance customer retention and a smart supply chain for inventory management [7][8]. - The company is also exploring new sales channels, such as group meal services for offices and retail products for home cooking [7][8]. Future Outlook - The company’s IPO is seen as a significant opportunity for brand enhancement and capital support, which is crucial for its long-term growth and operational efficiency [5][8]. - As the industry evolves towards quality competition, Yujian Xiaomian's focus on supply chain optimization and diverse service offerings positions it well for future challenges and opportunities [8][12].