作者 | 第一财经 马晓华 备受关注的预制菜国家标准已进入征求意见阶段。 2月6日，食品安全国家标准审评委员会秘书处发布《食品安全国家标准 预制菜》（征求意见稿）（下称"标准"），明确了预制菜的定义及相关标准， 并将中央厨房制作的菜肴排除在了预制菜范围之外。 根据标准，预制菜是指以一种或多种食用农产品及其制品为原料，使用或不使用调味料等辅料，不添加防腐剂，经工业化预加工（如搅拌、腌制、滚 揉、成型、炒、炸、烤、煮、蒸等）制成，配以或不配以调味料包，需经加热或熟制后方可食用的预包装菜肴产品。该定义不包括主食类食品、净菜类 食品、即食类食品，以及中央厨房制作的菜肴。 中央厨房的兴起，源于中国传统餐饮后厨分散、加工环节多、监管难度大，安全风险点难以全面控制，中央厨房通过集中采购、标准化生产、规范化品 控，将食品加工的关键环节置于一个可全程监控、可追溯的封闭环境中，大幅降低了微生物污染、非法添加、原材料质量不一等风险。这为国家从源头 到终端实施高效、统一的食品安全监管提供了可行路径，尤其在应对学校配餐、集体供餐等大规模餐饮需求时，中央厨房模式被视为提升安全等级的核 心手段。 "中央厨房生产的菜肴，如果在企业连锁体系内 ...

Core Viewpoint - The article discusses the challenges faced by Salia, a popular low-cost Western restaurant chain in China, as it experiences a slowdown in growth despite its historical success and cost-cutting strategies [3][6][11]. Group 1: Company Background and Growth - Salia was founded in the late 1960s in Japan, initially struggling with high prices and low customer traffic until it adopted a low-cost model, which became its brand identity [4]. - The company expanded into China in 2003, quickly growing its presence in major cities like Shanghai and Beijing, capitalizing on the demand for affordable Western dining [5][6]. - In the 2023 fiscal year, Salia reported a nearly 30% increase in overall revenue, with the Chinese market contributing about 80% of its overseas earnings [6]. Group 2: Recent Challenges - Despite previous growth, Salia's revenue in China only increased by 6.3% in the 2025 fiscal year, with significant profit declines in major cities like Beijing, Shanghai, and Guangzhou [6][9]. - The company has faced rising operational costs, leading to price increases on menu items, which have eroded its competitive pricing advantage [7][8]. - The saturation of the market in first-tier cities has resulted in intense competition among Salia's own stores, negatively impacting profitability [9][11]. Group 3: Market Dynamics - The Chinese restaurant industry is experiencing a slowdown, with the market size expected to grow only 3.5% by 2025, significantly lower than previous years [10]. - Salia's reliance on external suppliers in China contrasts with its successful vertical supply chain in Japan, limiting its ability to control costs and quality [10]. - The rise of new competitors offering similar value propositions has intensified the competitive landscape, challenging Salia's market position [11].

Core Viewpoint - The recent public debate between Luo Yonghao and Jia Guolong has sparked significant attention towards the "prepared dishes" market, which is poised for more comprehensive industry standards [1][3]. Group 1: Industry Trends - The Chinese catering industry is transitioning from a rough model to a more refined one, with the recent controversy guiding companies like "Xibei" to explore new paths [3]. - Japan's experience in the catering sector, particularly during economic downturns, may provide valuable insights for Chinese companies facing similar challenges [3]. - Data from Guoxin Securities indicates that from 1990 to 2024, Japan's consumer services sector saw the emergence of 20 tenfold stocks, with 11 from the restaurant industry [3]. Group 2: Company Comparisons - The development strategies of Xibei and Japan's Izumi Group show both similarities and differences, leading to divergent fates for the two companies [4]. - Izumi Group emphasizes supply chain development and has established a vertically integrated supply chain, which includes nine subsidiaries managing all processes from procurement to retail [6]. - In contrast, Xibei has not successfully developed sub-brands and faces higher transportation costs due to its reliance on cooperative supply chain models [4][6]. Group 3: Financial Developments - Xibei recently secured A-round financing, increasing its registered capital from approximately 89.9 million RMB to about 102 million RMB, marking a 13% increase [8]. - Notable investors include Zhang Yong and Hu Xiaoming, who bring operational expertise and experience in brand management to Xibei [8]. Group 4: Future Outlook - As national standards for prepared dishes and related regulations are refined, the Chinese catering market may witness a consolidation similar to Japan's, with smaller enterprises potentially being pushed out [9]. - Jia Guolong must leverage funding and diverse stakeholder interests to navigate Xibei through current challenges and towards its goals [10].

Summary of Qianwei Yangchu Conference Call Company Overview - **Company**: Qianwei Yangchu - **Industry**: Frozen Food, specifically Frozen Noodle and Rice Products - **Established**: April 2012 - **Main Business**: Research, production, and sales of frozen noodle and rice products for the catering industry, providing customized and standardized frozen food solutions for restaurant chains, hotels, and group canteens [14][15] Key Financial Performance - **Q3 2025 Revenue**: 4.92 billion CNY, a year-on-year increase of 4% [2][4] - **Net Profit**: 0.18 billion CNY, a year-on-year decrease of 19% [2][4] - **YTD Revenue (2025)**: 13.78 billion CNY, a year-on-year increase of 1% [4] - **YTD Net Profit**: 0.54 billion CNY, a year-on-year decrease of 34% [4] - **Gross Margin**: 22.73%, down 1.52 percentage points year-on-year due to product structure adjustments [2][5] - **Sales Expense Ratio**: Increased by 0.79 percentage points, but reduced to 4.72% in Q3 due to strategic adjustments [2][5] Industry Insights - **Market Growth**: The frozen food industry is benefiting from improved cold chain logistics and consumption upgrades, with an expected market size of 270 billion CNY by 2026 [2][6] - **Frozen Noodle and Rice Products**: Represent 52% of the market, indicating significant growth potential despite a slight decline in market share [6] - **Competitive Landscape**: Dominated by three major players—Sanquan, Sinian, and Wan Chai Ferry—holding 64% of the market share [7] Market Trends - **Catering Market**: The Chinese catering market has reached 5 trillion CNY, with increasing chain restaurant penetration from 12% to 15% [8] - **Central Kitchen Model**: The rise of chain restaurants is driving the development of central kitchen models, which enhance cost efficiency and standardization [9] - **Takeout Market**: The booming takeout market demands quicker meal preparation, favoring the convenience of frozen noodle and rice products [10] Competitive Advantages - **Product Innovation**: Focus on scene-oriented product development, with a strong emphasis on R&D capabilities [15][19] - **Direct Sales and Distribution**: Combination of direct services to large chain clients and sales through distributors to small restaurants, leveraging early partnerships with major brands [20][21] - **Capacity Expansion**: Plans for nationwide capacity expansion through new projects and partnerships to enhance scale effects [15][16] Customer Insights - **B2B vs. B2C Demand**: B2B clients, especially large chains, prioritize cost-effectiveness and supply stability, while B2C clients face profit pressures from rising costs [12][19] - **Direct Client Strategy**: Collaborating with large chains ensures business stability and enhances product innovation capabilities [20] Conclusion - **Future Outlook**: Qianwei Yangchu is positioned to capitalize on the growing frozen food market, driven by strategic adjustments in operations, a focus on R&D, and a robust distribution model. The company is well-placed to meet the evolving demands of both B2B and B2C segments in the catering industry [2][10][21]

Group 1 - Xibei has announced nine rectification measures for its 370+ stores, including switching to non-GMO soybean oil and making children's meals on-site, without lowering prices [2] - The Chinese restaurant industry is entering a "micro-profit era," with average net profit margins dropping below 15%, and over 16% of businesses facing micro-profits or losses [3] - The number of restaurant closures in China reached 4.09 million in 2023, with a closure rate of 61.2%, indicating a challenging market environment [3] Group 2 - Xibei's average consumer spending exceeds 85 yuan, which is higher compared to competitors like Jiamaoji at 55 yuan and other brands like Waipojia and Lvyu at 67 yuan and 62 yuan respectively [3] - New emerging brands with lower average prices, such as Laoxiangji at 24 yuan and Xiaocaiyuan at 66 yuan, are redefining consumer expectations [4] - Analysts suggest that brands must balance quality and price to thrive in the current market, as consumer sensitivity to pricing has increased significantly [6] Group 3 - The restaurant industry is shifting towards efficiency improvements, with a focus on optimizing store operations and enhancing supply chain value [8] - The central kitchen model is becoming mainstream, improving survival rates and customer satisfaction for chain restaurants [8] - Xibei's previous IPO plans may be jeopardized due to recent controversies, highlighting the challenges faced by the brand [9] Group 4 - The pre-prepared food market in China is rapidly growing, with estimates suggesting its size could exceed 1.1 trillion yuan, despite the continued demand for freshly cooked meals [9] - Consumer willingness to pay 20% more for visible freshness indicates a strong market for high-quality dining experiences [9] - Companies must ensure their pricing strategies align with consumer perceptions of value to remain competitive in the evolving market landscape [10]

Core Insights - Drip Irrigation Investment, a subsidiary of Drip Irrigation Group, has submitted its listing application to the Hong Kong Stock Exchange (HKEX) under Chapter 21, marking the first application of its kind in over a decade in the Hong Kong market [2] - The choice of Hong Kong as the listing location is attributed to personal ties, with potential future considerations for the US or UK markets [2] - The Chapter 21 mechanism allows for permanent capital financing and diversified investments, which has not been fully utilized in the past due to transparency and valuation challenges [2][3] Company Development Stages - The development of Drip Irrigation is categorized into five stages, with Stage 1 (1.0) focusing on validating the business model through investments in thousands of small stores [3] - Stage 2 (2.0) established a market system including clearing, trading, disclosure, and valuation methods [3] - Stage 3 (3.0) aims to create a "central kitchen" model, standardizing products for large institutional investors, which is the primary goal of the listing application [3] - Future stages include integrating asset packages on blockchain (4.0) and connecting with the digital currency world (5.0), both expected to commence next year [3] Investment Strategy and AI Utilization - Drip Irrigation's investment strategy differs from traditional credit models, focusing on risk capital and investment-return relationships with small store owners [4] - An AI factory has been developed to assist in investment decisions, analyzing factors such as location, foot traffic, and landlord relationships [4] - The long-term vision is to create a micro-economy ecosystem, positioning Drip Irrigation as an enabler for small businesses [4]

Core Viewpoint - The ongoing debate surrounding pre-prepared meals reflects a complex interplay between the development of the food industry, changes in dining models, and consumer demands [1] Group 1: Central Kitchen Model - The central kitchen model has gained popularity due to its ability to standardize semi-finished products and ready-to-eat meals, allowing for flexibility in taste adjustments at the store level [1][2] - This model is favored by chain restaurants as it reduces cooking steps, kitchen space, staff, and equipment, ultimately lowering operational costs and improving meal quality [2][3] - Central kitchens enhance food safety by implementing standardized production and centralized procurement, which minimizes ingredient waste and ensures consistent flavor across locations [2][3] Group 2: Food Safety and Preservation - The safety of long-frozen foods, such as broccoli and lamb, has become a public concern, with consumers questioning the nutritional value of such products [4] - Advanced freezing techniques, like liquid nitrogen freezing, preserve the texture and nutrients of vegetables better than traditional methods [4][5] - The development of food preservation technologies has alleviated issues related to agricultural surplus, enhancing food security [6] Group 3: Consumer Rights and Transparency - There is a growing demand for transparency regarding pre-prepared meals, with consumers wanting clear information about the use of such products in restaurants [7][8] - The introduction of national standards for pre-prepared meals is expected to enhance consumer rights by mandating disclosure of how these meals are used in dining establishments [7][8] - Industry associations are working to improve communication with consumers about the safety and nutritional aspects of pre-prepared meals, aiming to dispel misconceptions [8][9] Group 4: Future of Pre-prepared Meals - The future of pre-prepared meals is tied to technological advancements in the food industry and the protection of consumer rights [9] - Achieving a balance between efficiency and consumer experience will require a foundation of standards and transparency within the industry [9]

Core Viewpoint - The article discusses the contrasting public perception and market performance of two restaurant brands, Xibei and Salia, highlighting Salia's successful low-cost model and its appeal to budget-conscious consumers amidst rising scrutiny of pre-prepared food in the industry [4][12][36]. Group 1: Xibei's Controversy - Xibei faced backlash over allegations of using pre-prepared dishes, ignited by a social media post from a prominent figure, which led to a wave of negative comments from consumers [4][8]. - The controversy intensified with claims about the use of concentrated chicken broth and frozen fish, further damaging Xibei's reputation [8][10]. - In contrast, Salia, known for its affordable pricing and perceived authenticity, remained unscathed by similar criticisms, demonstrating a stark difference in consumer sentiment [14][36]. Group 2: Salia's Business Model - Salia's revenue for the fiscal year 2024 is projected to grow by 23% to 224.5 billion yen (approximately 10.8 billion RMB), with significant growth in the Chinese market [14]. - The brand's low pricing strategy is rooted in its founder's philosophy, which emphasizes affordability, leading to a loyal customer base [26][29]. - Salia employs a central kitchen model, allowing for efficient production and distribution of semi-finished products, which helps maintain low prices while ensuring profitability [30][32]. Group 3: Consumer Perception and Market Position - Salia is often referred to as the "Italian version of Sha County Snacks," offering a wide range of dishes at prices comparable to street food, making it accessible to students and budget-conscious diners [15][21]. - The restaurant's menu features around 100 items across various categories, with prices that allow customers to enjoy a full meal without overspending [21][24]. - Salia's straightforward approach to pricing and food preparation has resonated with consumers, who appreciate the transparency and value it offers compared to higher-end dining options [38][40].

Core Viewpoint - The article discusses the success of Sally's, a budget-friendly Italian restaurant chain in China, highlighting its effective use of a central kitchen model and low pricing strategy, which contrasts with the negative perception surrounding pre-prepared meals in the industry [4][68]. Group 1: Financial Performance - Sally's reported a 23% year-on-year increase in revenue for the fiscal year 2024, reaching 224.5 billion yen (approximately 10.8 billion RMB) [6]. - In the Chinese mainland market, Sally's achieved revenue and operating profit growth, recording over 2.5 billion RMB in revenue within 12 months [7]. Group 2: Pricing Strategy - Sally's offers a wide range of affordable menu items, such as pasta for 14 RMB and pizzas for 22 RMB, making it accessible to students and budget-conscious consumers [11][21]. - The restaurant's pricing strategy is rooted in its founder's belief that low prices attract customers, leading to a significant increase in foot traffic after reducing prices by 70% [36][37]. Group 3: Central Kitchen Model - The central kitchen model allows Sally's to process ingredients into semi-finished products, which are then distributed to its chain stores, enabling cost-effective operations [40][42]. - This model minimizes the need for extensive kitchen facilities in individual restaurants, allowing staff to focus on simple heating and assembly of dishes [43][44]. Group 4: Operational Efficiency - Sally's emphasizes cost-cutting measures, such as selecting non-core locations in prime areas to reduce rent and using simple decor to keep expenses low [45][46]. - The restaurant employs various efficiency-enhancing tools, such as automatic cleaning devices and specialized food preparation machines, to streamline operations [49][52]. Group 5: Consumer Perception - Despite the low prices and simple presentation, consumers appreciate the quality and variety of food offered at Sally's, often considering it a good value for money [28][70]. - The restaurant's transparent approach to its central kitchen model contrasts with other establishments that face criticism for using pre-prepared ingredients, allowing Sally's to maintain a positive reputation [68][61].

Core Viewpoint - The ongoing conflict between Luo Yonghao and Xibei regarding the pre-prepared food industry highlights the challenges and consumer perceptions surrounding pre-prepared dishes, with Xibei facing backlash and a decline in customer traffic due to recent controversies [1][3][11]. Summary by Sections Industry Dynamics - The pre-prepared food sector is experiencing a complex landscape where consumer expectations and perceptions are not aligned with industry practices, leading to a demand for transparency in food sourcing and preparation [12][14]. - The central kitchen model is widely adopted in the restaurant industry to ensure consistency and efficiency, but it faces scrutiny from consumers who may equate central kitchen operations with pre-prepared food [13][14]. Company Responses - Xibei acknowledged a gap between its production methods and customer expectations, committing to adjust its processing techniques to enhance customer satisfaction [1][3]. - Luo Yonghao, while critical of Xibei's practices, clarified that his opposition is not to pre-prepared food itself but to the lack of transparency and high pricing associated with it [11][12]. Consumer Behavior - Recent visits to Xibei restaurants indicated a noticeable drop in customer traffic, attributed to the pre-prepared food controversy, while other restaurants like Laoxiangji reported a 10%-20% increase in customer flow during the same period [3][9]. - Consumer opinions on pre-prepared food vary, with some advocating for clear labeling and reasonable pricing, while others prefer freshly made dishes [12][13]. Market Trends - Despite the controversies, the pre-prepared food sector has shown resilience, with stock prices of related companies experiencing gains, indicating continued investor confidence [15]. - The upcoming national standards for pre-prepared food are expected to provide clarity and potentially improve consumer trust in the industry [14][15].