Core Viewpoint - Haidilao is diversifying its offerings and exploring new business models to adapt to a competitive market, including launching self-service meals and various themed restaurants, while facing growth challenges in a saturated industry [1][2][14]. Group 1: Business Innovations - Haidilao has introduced a 22 yuan self-service lunch in select locations, including a variety of dishes and drinks, as part of its strategy to attract customers during weekdays [1][3]. - The company has experimented with various formats, such as 12 yuan boxed meals, 5 yuan breakfast options, and street food stalls selling items like "boiled chicken" and "German wheat beer" [3][6]. - In 2024, Haidilao launched themed restaurants, including private rooms, family-friendly venues, and late-night dining spots, aiming to enhance customer experience and engagement [6][7]. Group 2: Strategic Plans - The "Pomegranate Plan" aims to create new sub-brands and diversify Haidilao's offerings, with over ten new brands in development, including barbecue and hot pot concepts [7][8]. - The company is focusing on improving operational efficiency by decentralizing decision-making to individual stores, allowing them to adapt to local market conditions [7][8]. - Haidilao's management emphasizes the importance of both major innovations in business models and minor improvements in daily operations and service [8]. Group 3: Market Performance - In 2024, Haidilao served 4.14 billion customers, a significant increase from 2.43 billion in 2019, but revenue growth has slowed to 3.1%, with net profit growth narrowing to 4.6% [11][14]. - The average customer spending has decreased to 97.5 yuan, continuing a downward trend since 2023 when it first fell below 100 yuan [11][14]. - Compared to competitors like Xiaobai and Taier, Haidilao's performance remains relatively strong, although the overall restaurant industry is under pressure, with significant profit declines reported [13][14]. Group 4: Future Outlook - Haidilao plans to continue focusing on stabilizing its main brand while exploring new market opportunities, particularly in lower-tier cities, despite the associated risks [11][14]. - The company is expected to maintain a cautious approach to expansion, having opened 59 new self-operated stores while closing 70 underperforming ones in 2024 [14].

Core Insights - The restaurant market is entering a new phase characterized by price wars, with a notable decline in average dining prices despite an increase in order volume [1][4][6] - Major players like Haidilao and Banu are adapting their strategies in response to market changes, with Haidilao focusing on new brand development while Banu aims to maintain its position in the high-end hot pot segment [8][12][16] Market Trends - In 2024, the average dining price dropped by 10.2% while the per capita dining order volume increased by 15.4% [1] - 47.8% of ongoing restaurant operators reduced their average price, with over 80% of restaurants priced above 100 yuan experiencing a decline in customer spending [1][4] Company Performance - Haidilao reported a revenue increase of 3.1% to 42.75 billion yuan in 2024, while its net profit grew by 4.7% to 4.708 billion yuan [8] - In contrast, other listed companies like Xiaobuxiang and Quanjude faced significant revenue declines, with Xiaobuxiang's revenue down 19.7% to 4.755 billion yuan [7][8] Competitive Landscape - The competitive environment is intensifying, leading to a higher closure rate of restaurants, with 61.2% of new openings in 2024 exiting the market [5][6] - Haidilao's new brand initiatives, such as the "Red Pomegranate Plan," have led to the establishment of 11 new brands and 74 outlets, generating 483 million yuan in revenue, a 39.6% increase [8][9] Strategic Approaches - Banu is focusing on a cautious expansion strategy, prioritizing brand recognition in key cities and maintaining higher profit margins in lower-tier cities [12][14] - Banu's profit margin in first-tier cities is 20.7%, while it reaches 24.5% in second-tier and below cities, with the highest margin of 26.2% in Henan province [14][15] Future Outlook - Banu plans to leverage its established brand to explore multi-brand ecosystems in the future, indicating potential growth opportunities despite current market challenges [19][20]

据蓝鲸新闻，近日，有网友发现， 海底捞部分门店上线单价22元的工作日自助午餐。 2025.06. 12 本文字数：1135，阅读时长大约2分钟 根据网友发布的图片，该自助餐的品类包括3款热菜(土豆丝、豆腐、金针菇炒鸡蛋)、3款凉菜(黄瓜 醋粉、豆芽面筋、海带丝)、1款水果、2款饮料以及2款主食。 图源｜小红书截图 与此同时，近期也有网友透露， 海底捞部分城市的门店员工开始将卖早餐、盒饭和冒菜的餐车推到 街头售卖。 这些产品的价格也相对亲民，比如海底捞早餐的茶叶蛋的售价为1.5元/个，盒饭的售价则 普遍在15元/左右。 图源｜小红书截图 在此前，海底捞部分门店其实也上新过"小份菜"等适合"一人食"的产品。这些产品的分量往往要比常 规菜品更小，售价也更低，在4-25元之间。 而"自助午餐"，其实并不是海底捞第一次推出低客单价的非火锅产品。 在去年末，部分海底捞门店 就推出"工作日自助餐"等产品，售价也在20元上下，包含水果、主食、饮料和炒菜等。 由于主业火锅业务增长乏力，并且市场竞争激烈，海底捞也和其他餐饮企业一样，试图开创第二增长 曲线。 2024年，海底捞启动"红石榴计划"，孵化和发展了11个子品牌，包括"焰 ...

丨证券研究报告丨 港股研究丨公司点评丨特海国际（9658.HK） [Table_Title] 2025 年一季度业绩点评：汇兑亏损下降，同店 翻台率增长 报告要点 [Table_Summary] 2025 年一季度，公司实现营业收入 1.98 亿美元，同比增长 5.4%；实现扣非归母净利润 0.12 亿美元，受益于汇兑亏损下降，同比扭亏为盈。在餐饮出海浪潮下，特海国际以其独特的服务 形式、优越的品牌力、快速本土化的适应能力成为中餐出海品牌中的弄潮儿。在规模庞大且竞 争格局分散的国际餐饮市场中，特海国际具备广阔的发展空间。公司单店模型不断优化，新店 快速实现盈亏平衡，我们看好火锅行业在国际市场的发展空间以及公司未来的发展前景，预计 公司 2025-2027 年实现归母净利润 4406.37、5515.09、6340.58 万美元，维持"买入"评级。 分析师及联系人 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 特海 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao (06862.HK) [1] Core Views - The company is focusing on steady progress and active advancement, with expectations for revenue growth and profit improvement through various strategic initiatives [8] - The "Red Pomegranate" plan has shown positive results, with the company successfully incubating new brands and expanding its store network [8] - The company is enhancing its operational model through a bottom-up site selection mechanism and strict control over franchisee standards [8] Financial Projections - Total revenue is projected to grow from 41,622 million RMB in 2023 to 47,244 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 3.62% [1] - Net profit attributable to shareholders is expected to increase from 4,499 million RMB in 2023 to 5,269 million RMB in 2027, reflecting a CAGR of about 4.77% [1] - The earnings per share (EPS) is forecasted to rise from 0.81 RMB in 2023 to 0.95 RMB in 2027 [1] Operational Strategies - The company is implementing a dual management model and exclusive customer manager system to optimize its management practices [8] - A strict selection mechanism for franchisees is in place, ensuring quality and operational capability [8] - Digital upgrades and supply chain optimization are being pursued through the use of big data and AI technologies [8]

特海国际(09658)发布2025年第一季度业绩，收入1.98亿美元，同比增加5.4%;股东应占溢利1193.8万美 元，上年同期股东应占亏损445.7万美元，同比扭亏为盈;每股基本盈利0.02美元。 公告称，2025年第一季度，公司持续调整餐厅网络，新开设4家海底捞餐厅，同时关闭3家经营表现不佳 的餐厅。海底捞餐厅总数从2024年12月31日的122家增加至2025年3月31日的123家。 整体平均翻台率为3.9次╱天，同店平均翻台率为4.0次╱天，2024年同期两项指标均为3.9次╱天。 总客流量超过780万人次，较2024年同期的730万人次同比增长6.8%。 特海国际首席执行官兼执行董事杨利娟女士表示："在2025年第一季度，我们的重点是主动调整经营策 略，通过多种方式让利给顾客，如更合理的定价、更实惠的份量、更丰富的聚餐场景，以此提升顾客的 长期黏性。同时我们也更注重员工的团队建设、薪资福利，以更好地凝聚员工。即使短期内面临经营溢 利率承压，我们也会坚定选择对此进行长期投入。此外，我们持续调整关闭业绩不够健康的餐厅，让团 队聚焦于健康餐厅的管理和提升。本季度我们的同店平均翻台率为4.0次╱天，同比提 ...

以下文章来源于零售圈 ，作者漾晴 零售圈 . 让大部分零售老板看见未来零售 市场拭目以待。 文 ｜ 漾晴 来源｜ 零售圈（ID： retailsphere） 封面来源 ｜ Unsplash 五一假期期间，杭州西湖银泰百货内，一家名为 "拾㧚耍· SCHWASUA "的面包店悄然开业。店内，黑麦蔓越莓标价 5.8 元、白芝麻海盐卷 6.8 元、小熊 面包 8.8 元，即便是大包法棍也不过 20 余元——这些贴着"海底捞旗下烘焙品牌"标签的高性价比产品，迅速吸引了消费者和业界的目光。 这并非海底捞首次跨界尝试。从启动 "红石榴计划"至今，这家火锅巨头已孵化了包括焰请烤肉铺子、小嗨火锅、小嗨爱炸等在内的 13 个子品牌，覆盖烤 肉、炸鸡、麻辣烫等多个品类，累计开设门店 74 家。但市场仍危机潜伏，火锅市场增速腰斩、主品牌翻台率低迷。红石榴计划被视作海底捞应对增长瓶 颈的"自救"方案——通过内部裂变、师徒制、跨品牌管理维持人才活力，以供应链优势切入高频低价赛道。然而，烘焙行业年关店率高企，新品牌间协同 性薄弱，这场"广撒网"式的扩张能否在面包店的烟火气里占居一隅，市场拭目以待。 高端设计，亲民价格 "拾㧚耍· SCH ...

据九派新闻报道，4月2 1日，针对"女子在海底捞就餐遭遇左手触电受伤"一事，海底捞方面回应称，3月3 0日中午1 0时5 6分左右，陈女士反馈 称在海底捞苏州相城天虹店小料台取用料碗时疑似"触电"。 海底捞告别狂飙 据《2 1世纪经济报道》此前报道，海底捞披露的年度业绩显示，2 0 2 4年，海底捞营收4 2 7 . 5 亿元，同比增长3 . 1%；归母净利润4 7 . 0 8亿元，同 比增长4 . 7%。 陈女士的诊断书显示因电击神经受损 图源：紫牛新闻 海底捞方面称对此非常重视，本着对陈女士身体健康的关心，门店随即安排专人陪同陈女士前往医院检查。在检查结束后，根据陈女士当时身 体状态与意愿，于1 3 : 0 8陪同陈女士返回门店继续用餐。 在接到陈女士反馈后，门店前堂负责人当即到小料台手触陈女士所指接触点，未出现漏电应激反应。门店一直设有"专职安全员"，安全员在3 月3 0日当天使用电笔、万用表、摇表对小料台检查亦未发现异常。 3月1日、4月1日对小料台电气开关（漏电保护装置）的检查记录显示均无 异常。已多方联络第三方专业检测机构对小料台再次进行核查。 针对陈女士的反馈，海底捞表示已安排专项服务小组积极沟 ...