Group 1 - The company, Jiumaojiu (09922), announced a non-binding term sheet to acquire shares from existing shareholders of Big Way Group Inc. for a total purchase price of $15 million and a subscription price of $28 million [1] - Upon completion of the investment, the company is expected to hold approximately 49.0% of Class A shares in Big Way Group, which will grant it about 10.8% voting rights and 49.0% participation rights [1] - Big Way Group operates a chain of restaurants under the "Big Way Hot Pot" brand, offering a self-service hot pot dining experience with a focus on high-quality meats, seafood, fresh vegetables, and various seasonings [1] Group 2 - The target company has established effective localization in the North American market and is in an expansion phase, indicating strong development foundations and growth potential [2] - The investment is expected to support the target company's further development in areas such as standardized replication of the chain brand, operational management system establishment, and organizational and talent development [2] - The company aims to leverage the established business foundation of the target company in North America to create a more solid business foothold and generate positive synergies within the group's brand network, leading to strategic value and economic returns [2]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The report highlights that the hot pot industry chain leaders are recommended for investment, particularly focusing on companies like Guoquan and Xiaocaiyuan, which have shown strong growth in revenue and operational efficiency [3][29] - The overall restaurant industry in October 2025 saw a year-on-year revenue increase of 3.8%, with the growth rate surpassing that of retail goods [3][11] - The report indicates that the coffee segment has experienced significant concentration growth, with a CR10 increase of 26.2% in October [3][15] Summary by Sections Market Overview - In October 2025, the A-share, H-share, and US stock markets saw significant gains in the restaurant sector, with Guoquan leading due to strong Q3 performance forecasts [2][7] - The report notes that the restaurant industry's revenue growth has accelerated compared to previous months, driven by holiday effects and domestic demand policies [3][11] Segment Tracking - The report tracks various segments, noting that coffee and Huizhou cuisine saw the largest increases in market concentration, while the milk tea segment experienced a decline [3][15] - The expansion of Western fast-food brands was prominent, with major players like KFC and McDonald's leading in new store openings [24] Store Expansion Data - Guoquan reported a significant increase in store openings, with a net addition of 361 stores in Q3 2025, aiming for a total of 1,000 new stores by year-end [29] - Xiaocaiyuan plans to open 29 new stores in November 2025, continuing its expansion trend [29] Core Brand Performance - The report indicates that Haidilao's table turnover rate has turned positive due to low base effects and early winter conditions, while other major brands maintain stable same-store performance [28] - The tea beverage sector is facing challenges with growth rates slowing down due to reduced platform subsidies, although leading brands are still managing to grow through product diversification [28]