旅游酒店餐饮一服务连锁正当其时，寻找未来的万千店品 牌 20250905 摘要 中国服务连锁品牌与美国成熟市场相比仍有较大提升空间，美国拥有 27 家百亿美金市值以上的服务消费企业，而中国仅有 7 家，表明中国市场 潜力巨大。 服务消费具备韧性和成长性，是美好生活和长期消费升级的重要抓手， 在经济周期波动中显示出一定韧性，如日本过去 30 年总消费支出下降， 但服务消费相关类目呈正增长。 连锁化率提升带来结构性机会，连锁相比单体具有标准化和品牌化优势， 在酒店行业中，连锁酒店入住率和经营管理效率均优于单体酒店。 筛选服务业企业需考量产品力（高质量产品）和强运营力（标准化做 大），以确保长期竞争力和成长潜力，品牌认知和口碑积累最终反映在 经营和财务表现上。 大众定位的成本派企业需极致化成本效率，如蜜雪冰城和华住旗下汉庭 全季；中高端定位的体验派企业需提供有价值感且个性化的非标体验， 如亚朵和霸王茶姬。 Q&A 今年上半年（2025 年）社服行业的表现如何？ 今年上半年（2025 年），社服行业中限制茶饮和一些餐饮企业密集上市，提 升了板块效应。其中，一些逆势较快增长的企业，如限制茶饮和亚朵酒店，其 股价表现相对 ...

Core Viewpoint - The service chain sector is experiencing significant growth, with companies that possess strong internal capabilities and innovative business models outperforming in stock performance, despite a challenging consumption environment [2][5][39]. Group 1: Market Performance - In 1H25, the service sector saw a stable overall stock performance, with notable differentiation among sub-sectors. Companies in the ready-to-drink tea and restaurant segments that achieved same-store growth and robust expansion outperformed others [5][39]. - The leisure tourism demand has entered a normalized growth phase, but most tourism companies showed limited short-term performance increases, resulting in overall flat stock performance [5][39]. - The hotel industry continues to face cyclical pressures, with only a few companies like Atour showing strong stock performance due to rapid network expansion and retail growth [5][39]. - The duty-free sector is seeing a gradual recovery, with sales declines narrowing, but still not indicating a return to growth [5][39]. Group 2: Investment Strategy - The focus remains on strong internal capabilities and high-growth niche leaders in the restaurant and beverage sectors, as they are expected to benefit from industry growth and market share gains [3][39]. - The service consumption sector is resilient and offers growth potential, supported by improved infrastructure and increasing consumer demand [17][20]. - The emergence of scalable chain brands indicates significant room for growth compared to mature markets, with only a fraction of Chinese service brands reaching valuations above $10 billion [18][20]. Group 3: Company Dynamics - Companies that excel in product, operational, brand, and organizational capabilities are more likely to succeed, especially in navigating the challenges of changing consumer preferences and market dynamics [22][28]. - Innovations in product offerings, store formats, and business models are crucial for driving growth, with examples including Luckin Coffee's online operations and the expansion strategies of various hotel brands [33][35]. - The competitive landscape is evolving, with head-to-head comparisons of leading ready-to-drink tea and coffee brands revealing differences in pricing strategies and market positioning [36][37]. Group 4: Future Outlook - The second half of 2025 is expected to present growth opportunities for comprehensive leaders and high-growth niche players, particularly as service consumption continues to evolve [2][39]. - The restaurant and hotel sectors are anticipated to experience varying degrees of recovery, with a focus on the performance of leading brands and their ability to adapt to market changes [44][46]. - The tourism sector is projected to see steady growth in travel volumes, although pricing pressures may persist [48][49].