2025年12月，格隆汇"金格奖"年度卓越公司评选结果重磅揭晓。其中，达势股份（01405.HK）获得"年 度卓越消费品牌企业"。达势股份是达美乐比萨在中国大陆、中国香港特别行政区和中国澳门特别行政 区的独家总特许经营商。对于达美乐中国来说，此次入选是市场对公司发展的一份认可。 "年度卓越消费品牌企业"从品牌知名度、影响力、增长潜力等多角度出发，甄选出了在大消费行业中高 质量发展、坚韧极强并做出不断实践创新的企业，最终结果通过定量数据分析和专家评审团等方式得 出，颇具含金量。 对企业而言，这份认可也侧面印证了其在核心竞争力与市场适应力上的积淀。 如果深入分析其获奖逻辑，达美乐中国的看点主要包括如下两个方面。 1、持续践行"走深、走广"的开店策略，逆势快速扩张 2025年的中国餐饮市场，依然在深度调整中探寻方向。一个颇具震撼力的数据揭示了行业的整体寒意： 上半年，平均每分钟就有6家餐饮门店闭店，退场总数高达161万家。这也深刻印证了"开店难"的普遍困 境。 然而，达美乐中国新门店拓展速度迅猛，下沉战略推进尤为坚定。 根据最新市场资料显示，截至2025年12月31日，达美乐中国已在中国大陆60个城市开设1315家 ...

迪阿股份（301177）(301177.SZ)公告，公司2025年12月新增自营门店4家，包括：DR合肥瑶海天地店、 DR十堰武商MALL店、DR深圳布吉万象汇店、DR深圳宝安大仟里店。 ...

机构：中金公司 研究员：蒋菱钢/林思婕/查玉洁 潜在催化剂：国内同店恢复表现超预期，国内开店进展超预期。 盈利预测与估值 我们预计公司25~27 年EPS 分别为0.61/0.68/0.8 元，25~27 年CAGR 为15%。当前对应26 年P/E 12 倍。 首次覆盖给予跑赢行业评级，目标价11.6 港元，对应26 年P/E 15 倍，上行空间30%。 风险 开店进展不及预期，行业竞争加剧，食品安全风险。 投资亮点 首次覆盖小菜园（00999）给予跑赢行业评级，目标价11.60 港元，基于P/E 估值法，对应26 年15x P/E，按24 年收入算，公司是国内休闲中式餐饮排名第二的企业。理由如下： 门店规模扩张及单店模型优化，进入加速扩张期。1）门店扩张方面，小菜园门店采取全直营模式，截 至2025 年6 月30日，公司一共有672 家在营门店。凭借自有供应链及门店标准化运营等核心竞争力，公 司持续加密国内强势区域及开拓准新市场，我们看好小菜园国内门店扩张潜力；2）单店模型优化方 面，虽然1H25 同店表现承压，但小菜园通过将门店面积从300 平米降至220 平米，实现了租金和人员成 本等各项费用率的下降 ...

太平洋证券表示，古茗为茶饮赛道中最具备"确定性和空间性"的标的，外卖补贴退坡后同店表现依旧稳 健，今年开店目标积极，门店扩张的核心抓手是已进入区域加密+战略市场突破。今年同店目标维稳， 将通过渠道结构调改，提高堂食占比方式增加加盟商实收率，以及通过咖啡、烘焙新品类形成同店支 撑。 古茗(01364)尾盘涨幅扩大，截至发稿，涨6.15%，报26.94港元，成交额1.55亿港元。 消息面上，据不完全统计，古茗2025年净开店约3000家，门店总数已提升至约1.3万家，开源证券指 出，全国仍有17个省份尚未布局，空白市场开拓空间广阔，按照目前浙江门店密度复制全国，以长期终 局思维，推算国内长期开店天花板超4万家。 ...

Core Viewpoint - Hema has faced multiple food safety issues over the past year, raising concerns about consumer trust in the brand due to repeated incidents of product quality failures [9][10][19]. Group 1: Recent Food Safety Issues - A recent incident involved a consumer purchasing sunflower seeds from Hema that lacked a production date, leading to questions about the legality of selling such products [5][8]. - Hema's official response included a refund to the customer and a claim that other sunflower seeds in stock did not have the same issue, while the brand is conducting further investigations [8]. - The company has been previously criticized for various food safety problems, including the sale of eggs with veterinary drug residues and kiwis with excessive growth agents [10][19]. Group 2: Consumer Complaints and Quality Control - Hema has received a significant number of consumer complaints, totaling 17,835, with issues ranging from spoiled fish to contaminated bread products [12]. - Complaints about cherries sold at Hema highlighted problems with quality control, as many customers reported receiving spoiled fruit and issues with weight discrepancies [12][20]. - Experts have pointed out that Hema's rapid expansion may be contributing to systemic quality control issues within its supply chain and management processes [19][20]. Group 3: Industry Context and Challenges - Hema's aggressive expansion strategy has seen the opening of 72 new stores in 2024, with a total of nearly 430 locations, surpassing Walmart's presence in China [19]. - The company reported a revenue growth of over 40% in 2025, serving over 100 million consumers, but this rapid growth has put pressure on its supply chain and management systems [19][21]. - Industry experts emphasize that both Hema and its competitors, like Sam's Club, face significant challenges in maintaining quality control while expanding their market presence [20][21].

进入内地市场35年，麦当劳仍在填补市场盲区。 公开资料显示，麦当劳在内地市场的大部分门店均采取直营模式，在相对欠发达地区则授权发展式特许 经营人开设门店。2016年起，麦当劳中国停止了全国范围内特许经营商的公开招募。据宁夏当地媒体华 兴时报报道，新疆、西藏的两家当地企业在审批停止前，拿到了最后两张麦当劳特许经营牌照，而宁 夏、青海则错过了这趟特许经营的"末班车"。 麦当劳进驻宁夏与青海市场，也与当地政府部门推动有关。 据当地媒体报道，为了推动麦当劳首店落地，宁夏与青海商务厅都曾赴麦当劳中国经营主体金拱门（中 国）有限公司进行对接洽谈。沟通后，麦当劳中国决定采取特许经营方式进入宁夏市场，并由内蒙古市 场发展式特许经营人内蒙古润隆餐饮管理有限公司将宁夏市场纳入特许经营范围。在此前，距离银川最 近的麦当劳在内蒙古乌海市，有宁夏当地网友甚至调侃称"宁夏没有麦当劳，所以骑车骑内蒙买。" 而今年6月25日，在青海本地举行的青洽会西宁市重点项目签约活动上，麦当劳西宁项目现场正式签 约。 宁夏与青海门店开业当天，麦当劳仍吸引大量本地人前来捧场。在青海西宁的麦当劳门店，不少消费者 冒着严寒在店外排起长队，这种热闹场景，在门店开 ...

今年初，蜜雪冰城和古茗同日递表港交所，两大中国现制茶饮品牌齐齐向上市发起冲击。如果再加上2023年8月递表的茶百道，继奈雪的茶之后，港股有望 再添三支茶饮股。 争夺茶饮第二股 虽然中国国内现制茶饮品牌众多，但到目前为止仅有奈雪的茶这一上市"独苗"。 在竞争日益激烈的情况下，不少茶饮品牌亟需通过上市筹集资金来进一步扩张。据不完全统计，喜茶、茶百道、蜜雪冰城、古茗、沪上阿姨、霸王茶姬等均 传过准备上市的消息，目标都瞄准了"茶饮第二股"。现在，随着一个一个向港交所递交招股书，竞争下半场的帷幕也缓缓拉开。 值得注意的是，原本蜜雪冰城是最接近成为"茶饮第二股"的。早在2022年9月，蜜雪冰城曾准备在深交所主板上市，并进入了受理阶段，根据预披露的招股 书，蜜雪冰城拟募集64.96亿元，预计于2023年第一季度正式上市。但是随后遇上了全面注册制的落地，当时在审主板IPO大多转移到深交所受理，但是在平 移申报企业名单中却不见蜜雪冰城的身影，蜜雪冰城的A股之旅就此销声匿迹。随后在2023年下半年，业内就多次出现过蜜雪冰城要转战港股上市的消息， 直到今年初递表港交所消息才正式确定。 门店扩张 根据蜜雪冰城的招股书，其在中国开设超 ...

（文章来源：第一财经） 第一财经记者12月24日从德国平价超市品牌奥乐齐获悉，该品牌明年一季度在中国市场的门店数量将达 到100家。奥乐齐目前在华门店数量为80多家，基本都是直营店，2025年的新开店数量约30家，2026年 会提速发展，预计新开店数会更多。奥乐齐目前约90%为自有品牌商品。 ...

Core Viewpoint - Zhou Dasheng (002867.SZ) announced the addition of 8 new self-operated stores in November 2025 [1] Company Summary - Zhou Dasheng is expanding its retail presence by opening 8 new self-operated stores [1] Industry Summary - The announcement reflects a trend of growth and expansion within the retail sector, particularly in the jewelry industry [1]

Core Viewpoint - Pizza Hut is aggressively expanding into lower-tier cities, moving away from its original high-end positioning as a premium Western dining option, which is losing its appeal [3][4]. Expansion Strategy - Pizza Hut plans to increase its store count significantly, targeting over 6,000 locations by 2028, with a focus on adding more than 600 new stores annually [5][6]. - The company aims to attract franchisees, with a goal of having half of its stores as franchises by 2026-2028 [6]. - The introduction of the new WOW store format, which requires a lower investment of approximately 600,000 to 850,000 yuan, is designed to appeal to the lower-tier market [6][7]. Menu and Pricing Adjustments - The WOW store format features a simplified menu focusing on single-serving pizzas, priced between 20 to 30 yuan, catering to cost-conscious consumers [7][9]. - Pizza Hut has reduced its average customer spending from over 100 yuan in 2019 to around 70 yuan in the third quarter of this year, with plans to stabilize it between 60 to 70 yuan [9][10]. - The main menu has been streamlined from over 100 items to around 80, and the company has shifted some food preparation to suppliers to reduce costs [10]. Competitive Landscape - The pizza market has seen a decline in per capita spending, with nearly half of pizza outlets now offering prices below 30 yuan [9]. - Pizza Hut faces competition not only from similar brands like Domino's and Papa John's but also from budget fast-food chains, making price and portion size critical factors for consumer loyalty [13]. - The brand's past strengths in creating a dining atmosphere are challenged by a lack of product differentiation, as many competitors offer similar menu items [13]. Delivery and Operational Efficiency - To enhance delivery capabilities, Pizza Hut has introduced "satellite stores" in first-tier cities, requiring a lower investment compared to traditional stores [11]. - The company is testing a co-location strategy with KFC to share resources and improve operational efficiency [8].