Core Viewpoint - The article discusses the decline of the hot pot chain "Xiabuxiabu," which has transformed from a leading brand to a "penny stock" due to strategic missteps and increasing competition in the hot pot industry. The company reported a loss of 398 million yuan in 2024, accumulating losses of 1.2 billion yuan since 2021, with its stock price plummeting to 0.86 HKD per share [3][6][7]. Company Overview - Established in 1998, Xiabuxiabu initially thrived with its unique "Taiwan-style individual hot pot" model, gaining popularity in the market. However, recent strategic shifts during brand upgrades have led to significant financial losses [3][8]. - The company experienced rapid expansion after receiving investments in 2008 and 2012, reaching nearly 1,000 stores by 2022 and serving over 100 million customers [9][10]. Financial Performance - In 2024, Xiabuxiabu reported a loss of 398 million yuan, bringing total losses since 2021 to 1.2 billion yuan. The stock price has dropped from a peak of 27.15 HKD in 2021 to 0.86 HKD in 2025, resulting in a 97% decrease in market value [6][11]. Industry Challenges - The hot pot market is projected to exceed 650 billion yuan by 2025, but competition is intensifying. Major brands like Haidilao are expanding their market share, while smaller and emerging brands are capturing niche markets through differentiated offerings [4][20]. - The article highlights the need for hot pot brands to innovate in product offerings, enhance service quality, and optimize supply chains to maintain competitive advantages [20][21]. Strategic Missteps - Xiabuxiabu's attempt to upgrade its brand and increase prices led to a loss of its original customer base, as consumers shifted to lower-priced competitors. The company's failure to effectively manage this transition contributed to its financial decline [11][17]. - The brand's identity became muddled as it moved away from its initial value proposition of affordability, leading to decreased consumer trust and loyalty [17]. Recovery Efforts - In 2019, Xiabuxiabu acquired a key agricultural enterprise to strengthen its supply chain, aiming to enhance its operational capabilities and product offerings [13]. - The company has introduced a "Chongqi Card" to boost customer engagement, achieving sales of 2 million cards in 2024, with a significant increase in average spending among members [13][15]. Market Trends - The hot pot industry is experiencing a shift towards diverse regional flavors, with new entrants offering unique culinary experiences. This trend necessitates that established brands adapt to changing consumer preferences [20][21]. - The article suggests that brands should explore new growth opportunities in lower-tier cities and consider cross-industry collaborations to enhance their market presence [22].

Core Viewpoint - Haidilao reported a revenue of 42.75 billion yuan and a net profit of 4.708 billion yuan for 2024, marking year-on-year growth of 3.14% and 4.65% respectively [1] Group 1: Business Performance - The table turnover rate increased from 3.8 times per day in 2023 to 4 times per day in 2024, reaching the company's internal threshold for expansion [1] - In 2024, Haidilao opened 62 new restaurants, re-opened 2 previously closed locations, and closed or relocated 70 restaurants [2] - The average table turnover rate for new restaurants in 2024 was 4.4 times per day, outperforming older locations [3] Group 2: Franchise Strategy - Haidilao launched its franchise model in 2024, with a total of 1,368 restaurants, including 13 franchise locations, of which only 3 were newly opened franchises [2] - The company established a three-round screening mechanism for franchisees to ensure quality and operational capability, resulting in a low approval rate for applicants [2] - The franchise model is seen as a supplement to existing operations rather than a replacement, with 70% of franchise applications coming from third-tier cities and below [2] Group 3: Financial Metrics - The average customer spending decreased to 97.5 yuan in 2024, a drop of 1.6 yuan year-on-year, returning to levels seen eight years ago [3] - Despite the decline in average spending, there was a slight increase in the second half of 2024 compared to the first half, with a year-on-year increase of 1.6 yuan in the latter half [3] - Haidilao's takeaway business saw a revenue increase of 20.4%, rising from 1.0415 billion yuan in 2023 to 1.254 billion yuan in 2024, driven by the introduction of a "single meal" premium takeaway service [3]

Core Viewpoint - The recent incident involving forged health certificates at Juewei Foods has raised serious questions about the company's franchise model and its implications for food safety and brand reputation [1][2][3] Company Summary - Juewei Foods has been implicated in a food safety scandal where 22 employees at a franchise store were found to have forged health certificates, leading to a significant public outcry [1][2] - The company has stated that the implicated store is managed by a franchisee and has taken measures to suspend operations at the affected location while conducting nationwide checks on health certificate authenticity [2][3] - Juewei Foods operates a franchise model where franchise stores account for 74.61% of its total revenue, which presents challenges in maintaining food safety standards [3][4] Industry Summary - The incident highlights vulnerabilities in the franchise model of food safety management, as franchisees may prioritize cost-cutting over compliance with health regulations [4][5] - The overall growth of the marinated food industry is slowing, with significant operational pressures facing leading companies, including Juewei Foods [5] - Juewei Foods has announced strategic adjustments to focus on its core duck neck business and improve revenue per store while ensuring franchisee survival [5][6] - The company reported a revenue of 5.015 billion yuan for the first three quarters of 2024, a decrease of 10.95% year-on-year, while net profit increased by 12.53% [5]

面对火锅主业的增长瓶颈，2024年8月，海底捞加速推进"红石榴计划"，以孵化多品牌来分散风 险。财报数据显示，截至2024年末，海底捞通过内部创业创立了焰请烤肉铺子、火焰官、小嗨 火锅等11个餐饮品牌共计74家门店，覆盖正餐、简餐、快餐等不同消费场景。2024年，海底捞 其他餐厅实现收入4.83亿元，同比增长39.6%。 文 | 《BUG》栏目 徐苑蕾 3月25日晚，海底捞发布2024年业绩报告。尽管连续两年实现正向增长，但数据背后难掩海底 捞的增长疲态。 财报显示，2024年，海底捞营收和利润增速均较2023年骤降，与2019年前双位数的高增长相比 更是相形见绌。作为核心业务，海底捞餐厅的经营面临瓶颈，2024年营收仅微增不到3%。 此外，海底捞自营店收缩、客单价持续下滑等问题凸显。2024年，海底捞关闭19家自营店，客 单价进一步下滑至97.5元。 尽管以价换量策略带动客流量回升，但餐饮行业整体承压，海底捞的破局之路仍充满不确定 性。在消费者愈发挑剔、竞争日益激烈的背景下，海底捞的多品牌与加盟尝试能否成为新的增 长引擎，尚待市场检验。 业绩增速放缓， 加盟收入首进财报 2024年海底捞实现营收427.55 ...

Core Viewpoint - The article discusses the challenges faced by the tea brand Cha Bai Dao due to aggressive expansion and marketing strategies, highlighting the need for better management and response to public relations crises [1][5][10]. Marketing and Public Relations - Cha Bai Dao's recent public relations crisis stemmed from a marketing blunder involving its celebrity spokesperson, leading to significant backlash from fans [1][5]. - The brand's reliance on celebrity endorsements and aggressive marketing strategies has resulted in increased distribution and sales expenses, with growth rates of 193%, 134%, and 140% from 2022 to the first half of 2024 [9]. - The company has faced criticism for its handling of promotional materials and the management of its franchisees, which has led to consumer dissatisfaction [10][11]. Franchise Management Issues - Cha Bai Dao's rapid expansion through a franchise model has revealed significant management shortcomings, particularly in supply chain control and franchisee oversight [11][15]. - The number of franchise stores has increased dramatically, reaching 8,376 by the first half of 2024, but this growth has not translated into revenue increases, with a reported 9.4% decline in revenue to 24.22 billion yuan in the first half of 2024 [12][17]. - The company has implemented various incentives to attract new franchisees, including significant fee reductions, but this has not alleviated the operational challenges faced [14][15]. Financial Performance - Cha Bai Dao's net profit for the first half of 2024 dropped by 59.7% to 2.37 billion yuan, with projections indicating a potential annual decline of up to 60% [17]. - The rapid increase in franchise locations has led to a higher closure rate, with the closure rate rising from 0.2% in 2021 to 2.9% in the first half of 2024 [17]. - The brand's focus on quantity over quality in its franchise model has raised concerns about sustainability and long-term profitability [17].

文｜ 张婉莹、陈慧（实习生） 编辑｜ 何子维 视觉 | 顾芗 正值冲刺港股上市的紧要关头，茶饮品牌沪上阿姨却因3·15期间曝光的食品安全问题，陷入消费者对其 的信任危机。 据湖北经视《3·15特别报道》披露，其武汉汉口城市广场门店员工在制作杨枝甘露时，使用过期的西柚 粒，并撕毁原保质期标签后重新打印虚假效期。武汉市市场监管局已依据《食品安全法》对涉事门店立 案调查，最高面临货值金额20倍罚款。 湖北经视曝光了沪上阿姨食品安全问题 这一事件将沪上阿姨推向舆论风口，也为其港股上市前夕蒙上一层阴影。 从2013年上海人民广场一间25平米的档口奶茶店，到坐拥8500家门店的现制茶饮巨头， 由"75后"夫妻单 卫钧和周蓉蓉创办的沪上阿姨，用超过十年时间，在茶饮江湖中撕开一条"血路"。 然而，如今来看，过期食材重复使用的"标签门"，或成为这家"夫妻店"IPO路上的拦路虎。 就在今年年初， 沪上阿姨带着年营收超33亿的成绩单冲刺港交所 ，试图成为继奈雪的茶、茶百道、古 茗、蜜雪冰城之后，第5家登陆资本市场的茶饮品牌。 可资本市场从来不缺故事，缺的是"确定性"。当蜜雪冰城以2.6万家门店在下沉市场筑起铜墙铁壁时，当 古茗、茶 ...

Core Viewpoint - Zhou Liufu is attempting to relist on the Hong Kong Stock Exchange after previous failed IPO attempts, with regulatory scrutiny focusing on its franchise model and financial disclosures [2][30]. Group 1: Company Overview - Zhou Liufu, established in Shenzhen in 2014, specializes in diamond-set jewelry and gold products, with revenue derived from franchise models, self-operated stores, and online channels [3]. - The franchise model has historically been the primary revenue source, contributing over 50% of total income, with service fees being a significant component [5][6]. Group 2: Financial Performance - The franchise model's profitability has shown signs of stagnation, with revenue and net profit growth slowing since 2023, and a decline in gross margin [3]. - In 2022, the gross margin for the franchise model reached 51.72%, significantly higher than the 17.54% margin of competitors like Zhou Dasheng [14][17]. Group 3: Regulatory Concerns - The franchise model has faced regulatory scrutiny, particularly regarding the use of authorized suppliers and potential financial manipulation [8][18]. - Zhou Liufu's adjustments to its franchise policies have raised questions about compliance with industry norms and the implications for financial reporting [9][10]. Group 4: Market Dynamics - The number of franchise stores decreased by 250 in 2024, marking the first decline, attributed to rising gold prices and increased market competition [3]. - The company's shift in product structure has seen a decrease in diamond-set product revenue from 44% in 2021 to 25% in 2022, while service fee revenue increased from 30% to 45% [13]. Group 5: Ownership and Disclosure Issues - Zhou Liufu's relationships with suppliers and franchisees have raised concerns about potential conflicts of interest, with several new shareholders linked to authorized suppliers [20][21]. - Discrepancies in financial disclosures between different versions of the prospectus have been noted, indicating possible inconsistencies in reported performance metrics [29].

2元一支的甜筒，均价8元的奶茶，撬动超1 3 0 0亿的市值，靠1杯柠檬水，每天从加盟商口袋掏 走近3 0 0万！ 3月3日，蜜雪冰城在港交所上市，成为继奈雪的茶、茶百道、古茗后第四家上市的新茶饮企 业。蜜雪集团( 0 2 0 9 7 .HK)打破了新茶饮企业"上市即破发"的行业魔咒，截至3月7日收盘， 一 周累计上涨7 5 . 3 1%，市值突破1 3 4 8亿港元，1个蜜雪冰城市值=4 8个奈雪的茶。 （ 注 ： 奈 雪 的 茶 最 新收盘 市值2 8 亿港元 ） | | 奈雪的茶 | 茶间道 | 合 古著 古容 | 23 25 7K1 | | --- | --- | --- | --- | --- | | 上市时间 | 2021年6月30日 | 2024年4月23日 | 2025年2月12日 | 2025年3月3日 | | 募资规模 ( ( ( ) ) | 50.94 | 25.86 | 18.13 | 34.55 | | 发行价 (港元/股) | 19.8 | 17.5 | 9.94 | 202.5 | | 二同直日股价 涨跌幅 | -13.54% | -26.86% | -6.44%% | 43.2 ...