[Table_Title] 研究报告 Research Report 31 Oct 2025 老凤祥 Lao Feng Xiang (600612 CH) 3Q25 收入增速环比提升，净增门店与高端化布局稳步推进 Sequential Revenue Growth Acceleration in 3Q25, Steady Progress in Net Store Additions and Premiumization Strategy 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com Summary [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 30 日，老凤祥发布 2025 年三季度报告。 3Q25 收入增速环比提升，毛利率同比恢复扩张。2025 年前三季度，公司实现营业收入 480.01 亿元，同比下降 8.71%。分业务板块看 ...

Core Insights - Guangzhou Restaurant is experiencing a disconnect between traditional offerings and modern consumer preferences, leading to stagnant profits despite a slight revenue increase [1][2][4] - The company reported a revenue of 1.991 billion yuan in the first half of 2025, a year-on-year increase of 4.16%, while net profit decreased by 33.11% to 39.1 million yuan [1] Group 1: Traditional vs. Modern Consumer Preferences - The signature products of Guangzhou Restaurant, such as lotus seed mooncakes and preserved meat gift boxes, are not resonating with the new generation of consumers who prefer low-sugar and trendy options [2] - The dining experience at Guangzhou Restaurant is struggling to adapt to the experience economy, where competitors are integrating cultural performances and workshops into their offerings [2] Group 2: Online Presence and Market Identity - The company's online sales efforts are cautious, lacking viral products that can generate significant social media buzz, contrasting with competitors who engage audiences through interactive content [3] - Communication with customers remains formal and restrained, missing opportunities for engaging interactions that resonate with modern consumers [3] Group 3: Cultural Relevance and Future Directions - Guangzhou Restaurant is not facing a survival crisis but must navigate the challenge of remaining a cultural symbol in a rapidly changing market [4] - The company needs to adjust its offerings to appeal to younger consumers who seek new culinary experiences rather than merely nostalgic visits [4]

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