文 | 首席消费官，作者 | 多半 沸沸扬扬的"西贝预制菜"风波逐渐落下了帷幕，这场风波不仅让西贝承受了巨大的舆论压力，也让不少 餐饮企业感受到了危机。 不过危机之外也存在机遇，一些餐饮企业通过主打"现做"、开启"明厨亮灶"模式赢取好感度，就连西贝 都在进行调改。在这波餐饮企业"爆改"潮下，中小餐饮企业和连锁餐饮企业还得找到适合自己的方向。 于是在西贝预制菜风波之后，不少餐饮企业开始更多地关注起了"现制"，还有通过"明厨亮灶"的方式直 观地展现菜品的制作过程。让消费者知道他们吃的是什么、怎么制作的，以及是否与宣传一致等。 "爆改潮"下的"伪与真" 西贝预制菜风波推动餐饮企业主动转变 尽管很多餐饮企业都不愿意给自己贴上"预制菜"的标签，但事实却是，消费者认知中的"预制菜"可能是 连锁餐饮企业的必然选择。 一方面，连锁餐饮企业需要保证出餐率和标准化，如果单纯通过现炒现做还要满足上菜速度与口感统 一，相对来说难度很大； 另一方面，现在连锁餐饮企业的经营成本不断水涨船高，人力成本、租金成本都是不容忽视的大头，预 制菜能够在一定程度上实现降本增效。 从目前的餐饮市场来看，依赖中央厨房和预制加工的不在少数。通过中央厨房将 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in domestic and international travel bookings ahead of the National Day holiday, with domestic flight bookings up approximately 25% year-on-year [15] - The second-hand toy market is experiencing rapid growth, with transaction volumes on platforms like Xianyu increasing over 300% year-on-year in Q2 2025 [25] - The report emphasizes the shift towards fresh and healthy dining options in the Chinese restaurant sector, particularly in response to controversies surrounding pre-prepared meals [31] - The education sector is seeing favorable policy changes, with many companies in the higher education space showing strong profit growth and high dividend yields [35] Summary by Sections Travel and Tourism - The report notes a surge in travel bookings for the upcoming holiday, with a 25% increase in domestic flight bookings and a 15% increase in international bookings [15][16] - The revival of direct flights between China and Cambodia has led to a 48% increase in Chinese tourists visiting Cambodia in the first seven months of 2025 [16] Toy Market - The second-hand toy market is rapidly expanding, with Xianyu reporting over 300% growth in order volume and GMV in Q2 2025 [25][26] - New domestic IPs are gaining popularity, with significant rankings improvements for local designs compared to international counterparts [28] Restaurant Industry - The pre-prepared meal sector is facing scrutiny, leading to a decline in growth rates, while the market for cooking robots is expected to grow significantly, reaching over 110 billion yuan by 2030 [31][32] - The report identifies "Xiaocaiyuan," a fresh-cooked Chinese restaurant chain, as a key beneficiary of the trend towards healthier dining options [34] Education Sector - The higher education sector is benefiting from favorable policies, with many companies reporting substantial profit increases and attractive dividend yields [35][39] - The report highlights that several education companies have seen their net profits rebound significantly in FY2025H1 [37] Local Life Services - The report discusses the growth of instant retail services, with Taobao's daily active users reaching 419 million, a 16% increase from the beginning of the year [41] - Alibaba's Gaode Map has launched a new ranking system to enhance offline consumer engagement, aiming to drive foot traffic to local businesses [45][46]