今年初，卸任 CEO 近 4 年的张勇，再次回归海底捞。 昨晚，海底捞交出了张勇回归后的首份年度成绩单。其中，营收增速进一步放缓，创下近 3 年来新低；归母净利润更是同比下降 13.98% ，为近四年来首次同比下滑。 糟糕的业绩背后，是核心运营指标的表现不佳。 2025 年海底捞自营餐厅整体翻台率为 3.9 次 / 天，相比 2024 年的 4.1 次 / 天出现下降，也未达到 4 次 / 天的"及格线"； 2025 年，海底捞接待的顾客更是直接减少了超 3100 万人次。 挑战之下， 2025 年海底捞关停或搬迁了 85 家自营餐厅，还有 45 家自营餐厅转为加盟， 员工总数相比 2024 年更是直接减少了 11558 名；海底捞还孵化了 20 个细分子品牌，同 文 | 《BUG》栏目 张俊 时加大在外卖上的投入，但目前这两块业务为海底捞带来的收入还相对有限。 近4年来首次净利下滑， 翻台率跌破及格线 从营收来看，海底捞遭遇了增长瓶颈。 数据显示， 2025 年海底捞集团实现营收 432.25 亿元，同比增长 1.1% ，营收增速相比 2024 年进一步放缓，创下近三年来新低。海底捞在财报中给出的理由是， ...

Core Viewpoint - The company, Meili Tianyuan, is actively expanding its business through acquisitions, reporting significant revenue and profit growth in the first half of 2025, with a year-on-year revenue increase of at least 27% and a net profit increase of at least 35% [1][3]. Group 1: Financial Performance - Meili Tianyuan's revenue for the first half of 2025 is projected to reach a new high, potentially approaching 3 billion yuan for the full year [1]. - The company's revenue growth is attributed to its "Double Beauty + Double Health" business model, which has increased the proportion of high-margin business revenue [1][3]. - The company has maintained a dual strategy of "internal growth + external expansion," leading to increased scale and market share [1][3]. Group 2: Business Model and Strategy - The "Double Beauty + Double Health" model focuses on acquiring customers through beauty services and smart beauty maintenance, then offering medical beauty and sub-health medical services, with gross margins exceeding 50% for the latter [1][3]. - Following the acquisition of Nai Rui Er in 2024, the company has expanded its store count to over 554, with Nai Rui Er providing differentiated services such as acupuncture and traditional Chinese medicine [3][6]. - The company is actively working on converting beauty service customers to medical beauty and health services, with 24.9% of beauty and health members having consumed medical beauty or sub-health services by 2024 [8]. Group 3: Market Trends and Challenges - The overall growth rate of the beauty industry is showing signs of fatigue, prompting Meili Tianyuan to invest more in higher-margin medical beauty and health management services [6]. - The beauty industry remains highly fragmented, with the top five companies holding only 0.7% market share, indicating significant room for consolidation [10]. - The industry is trending towards specialization and segmentation, with emerging vertical brands focusing on specific technologies potentially threatening traditional large-scale beauty institutions [10]. Group 4: Operational Management - To ensure service quality across its expanding franchise network, Meili Tianyuan implements a "one-year contract" system for franchisees, with regular evaluations and quality control measures [11]. - The company faces challenges in maintaining consistent service quality across its franchise locations, as the nature of offline beauty services emphasizes service quality over product offerings [11].