华西证券（002926）发布研报称，春节作为餐饮消费的核心旺季，2026年节庆效应持续凸显，餐饮消费 回暖态势明确，为上游供应链复苏奠定坚实基础。细分赛道来看，速冻食品与调味品充分受益于旺季需 求拉动。随着餐饮门店客流回升与开店节奏加快，餐饮占比较高的头部企业有望率先承接需求红利，实 现销量与收入的稳步增长。该行维持"服务消费率先复苏"的核心判断，板块业绩与估值共振上行。 商务部数据显示，春节假期全国重点零售和餐饮企业日均销售额同比增长5.7%，78个重点步行街(商圈) 客流量同比提升6.7%、营业额同比增长7.5%，双重数据印证餐饮消费复苏势头强劲，终端需求韧性超 预期。 投资建议 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年夜饭预订订单同比增长105%，抖音年夜饭团 购销售额同比增长185%，彰显C端消费活力;同时，春节出行链持续高景气，带动目的地餐饮需求同步 升温，景区、核心商圈餐饮客流大幅攀升，B端餐饮场景复苏节奏加快。区域数据方面，江苏省春节9 天假期餐饮收入达183亿元，同比增长11.9%，成为区域餐饮消费复苏的标杆，侧面反映全国范围内餐 饮消费的全面回暖态势。 旺季需求传导至上游，备货和动 ...

[Table_Summary] 事件概述 春节作为餐饮消费的核心旺季，2026 年节庆效应持续凸 显，餐饮消费回暖态势明确，为上游供应链复苏奠定坚实基 础。 分析判断: ► 春节餐饮消费高景气，节庆效应凸显 商务部数据显示，春节假期全国重点零售和餐饮企业日均 销售额同比增长 5.7%，78 个重点步行街（商圈）客流量同比提 升 6.7%、营业额同比增长 7.5%，双重数据印证餐饮消费复苏势 头强劲，终端需求韧性超预期。 证券研究报告|行业点评报告 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节餐饮消费回暖，重视餐饮链投资机会 [Table_Title2] 食品饮料行业 从终端场景拆分来看，节日聚餐需求爆发式增长，美团年 夜饭预订订单同比增长 105%，抖音年夜饭团购销售额同比增长 185%，彰显 C 端消费活力；同时，春节出行链持续高景气，带动 目的地餐饮需求同步升温，景区、核心商圈餐饮客流大幅攀升， B 端餐饮场景复苏节奏加快。区域数据方面，江苏省春节 9 天假 期餐饮收入达 183 亿元，同比增长 11.9%，成为区域餐饮消费复 苏的标杆，侧面反映全国范围内餐 ...

高盛发布研报称，预期2026年内地餐饮销售增长加快至按年升4.2%，增速快于去年的3.2%。虽然整体 消费仍未见显着好转，但该行观察到过去数月餐饮需求已趋于稳定。同时，行业出现加价情况，该行认 为是为了应对营运和原材料成本上升，以及外卖订单占比增加，亦受需求回稳所支持。根据花旗渠道检 查，海底捞在2026年春节假的翻台率按年增长超过5%。该行预期海底捞在1-2月的翻台率将实现正增 长。海底捞仍为该行中国餐饮板块的首选股。 国金证券指出，春节假期延长+政策持续发力，刺激餐饮出行等数据向好，带动大众品需求增长。节前 经销商备货仍较为谨慎，库存处于合理水平，2月末-3月有望在高动销背景下开启补库存行情，叠加去 年Q1基数偏低。此前板块需求受各项外部因素扰动承压，26年有望逐步触底改善。该行认为，考虑到 春节期间餐饮、零食需求表现较好，有望拉动节后补库存动作，多数个股一季报有望实现触底改善。 智通财经APP获悉，餐饮股涨幅居前，截至发稿，海底捞(06862)涨5.82%，报17.45港元；特海国际 (09658)涨2.7%，报13.71港元；九毛九(09922)涨1.38%，报2.21港元；达势股份(01405)涨1 ...

海底捞(06862)涨超5%，截至发稿，涨5.46%，报17.39港元，成交额2.19亿港元。 消息面上，据九派新闻，从海底捞获悉，春节假期(2月15日至23日，共9天)，全国门店累计接待顾客超 1400万人次，较去年同期增长显著。其中，湖北省内海底捞门店表现亮眼，春节假期接待人次突破60 万。值得关注的是，襄阳、仙桃、天门、潜江等非省会城市的门店客流显著攀升，部分门店翻台率较平 日增长超50%。 国元国际此前指出，根据该行跟踪，公司25年下半年以来翻台率同比企稳，展望26年，在低基数效应以 及公司持续专注产品创新和门店升级的作用下，经营或继续改善，公司股息率达6%以上，值得积极关 注。 ...

Summary of Conference Call Notes Industry Overview - The notes focus on the **restaurant industry** in China, particularly highlighting major players such as **Haidilao** and **Yum China** [1][2]. Key Insights 1. **Restaurant Sales Growth**: The growth rate of restaurant sales continues to exceed the overall retail sales growth. In October, November, and December of 2025, the restaurant sales growth rates were 3.8%, 3.3%, and 2.2% respectively, while the overall retail sales growth rates were 2.8%, 1.0%, and 0.7% [1]. 2. **Recent Trends**: From January to April 2025, the growth rates of overall retail sales and restaurant sales were roughly equal. However, from May to September 2025, restaurant sales growth lagged behind overall retail sales growth, but began to surpass it again in October, indicating signs of recovery in restaurant consumption [1]. 3. **Impact of Holiday Season**: The data for January and February 2026 is expected to remain strong due to the extended Spring Festival holiday, which is likely to sustain the positive trend in restaurant sales [2]. 4. **Yum China's Performance**: In Q4 2025, Yum China's same-store sales growth was +3%, with KFC showing the highest growth rate among its brands at +3%, and Pizza Hut at +1%. Q4 was noted as the fastest quarter for same-store sales growth for KFC in 2025 [2]. 5. **Stock Performance**: The stock prices of leading restaurant companies like Haidilao and Yum China are gradually reflecting the trend of recovery in restaurant consumption. The expected valuations for 2026 are approximately 18x for Haidilao and 19x for Yum China, suggesting potential for valuation increases if recovery stabilizes [2]. Additional Recommendations - Attention is also recommended for other leading restaurant companies such as **Xiaocaiyuan** and **Dashihua** [3]. Risk Factors - A key risk highlighted is the potential for the recovery of mass consumption to fall short of expectations, which could impact the overall performance of the restaurant industry [3].

Investment Rating - The report assigns a "Buy" rating for Anjuke Foods (603345.SH) as the initial coverage [2]. Core Views - The report highlights that Anjuke Foods, as a leading player in the frozen food sector, is expected to benefit from the recovery in dining consumption, the implementation of national standards for prepared dishes, and the expansion of new products, leading to performance growth [6][7]. - The frozen food industry in China is projected to maintain steady growth, with a market size of approximately 210 billion yuan in 2024 and a CAGR of about 6.5% from 2019 to 2024 [6]. - The company’s revenue for 2025, 2026, and 2027 is forecasted to be 157.3 billion yuan, 168.3 billion yuan, and 182.5 billion yuan, respectively, with year-on-year growth rates of 4.0%, 7.0%, and 8.5% [6]. Summary by Sections Market Data - Closing price: 81.52 yuan - Market capitalization: 23,909 million yuan - Price-to-earnings ratio (PE): 17.6X for 2025 [2]. Financial Performance - Revenue for 2023 is projected at 14,045 million yuan, with a year-on-year growth rate of 15.3% [8]. - The net profit for 2025 is expected to be 1,359 million yuan, reflecting a decline of 8.4% compared to the previous year [8]. - Gross profit margins for various product lines are forecasted to improve, with frozen prepared food margins expected to reach 27.5% by 2025 [6][7]. Product and Innovation Strategy - The company is focusing on innovation in frozen dishes, with significant revenue growth in this segment, which accounted for 32.0% of total revenue in the first three quarters of 2025 [6][7]. - The acquisition of Dingwei Tai is expected to enhance the company's capabilities in the frozen baking segment, which is one of the fastest-growing areas in the frozen food industry [7]. Competitive Positioning - Anjuke Foods is positioned to benefit from the increasing standardization and regulation in the prepared food industry, which is expected to raise entry barriers and favor leading companies [6][7]. - The company has established strategic partnerships with major retailers and restaurant chains, enhancing its market presence and customer loyalty through customized product offerings [7].

Core Viewpoint - Tianwei Food has initiated the process for a dual listing in Hong Kong, aiming to raise funds primarily for marketing and sales network expansion amidst declining sales in hot pot and recipe-based condiments [2][5]. Group 1: Company Overview - Tianwei Food is a leading compound condiment company in China, holding a market share of 9.7% in recipe-based condiments and 4.8% in hot pot condiments as of 2024 [3]. - The company operates under six major brands, including "Haorenjia" and "Dahongpao," and its business encompasses traditional retail, online retail, and catering customization [3]. Group 2: Financial Performance - The company's revenue and net profit for 2024 are projected to reach 3.447 billion RMB and 625 million RMB, respectively, but there has been a decline in both metrics in the first half of 2025 [5]. - In the first three quarters of this year, overall revenue growth has been weak, with net profit decreasing by 9% year-on-year [5]. - Sales volume for the three main condiment products has declined in the first half of this year, indicating weak market demand [5][9]. Group 3: Market Environment - The external environment has negatively impacted Tianwei Food's performance, with a significant drop in sales across its product lines [5][7]. - The domestic restaurant consumption recovery has been sluggish, with retail sales growth slowing down since June, and restaurant income growth lagging behind overall retail sales [7][9]. - The competitive landscape in the compound condiment sector is intense, with over 1,000 participants, exacerbating the challenges faced by Tianwei Food [9]. Group 4: Shareholder Actions - The company's ownership structure is characterized by a high concentration of shares held by the founding couple, who control approximately 74.64% of the voting rights [10][11]. - The founders have benefited from a generous dividend policy, with cash dividends increasing from 37.7 million RMB in 2022 to 585 million RMB in the first half of 2025 [12]. - The founders have frequently sold shares, cashing out nearly 1 billion shares since June 2022, totaling approximately 1.62 billion RMB [13]. Group 5: Future Outlook - Tianwei Food's attempt to raise funds through a Hong Kong listing comes at a challenging time, with declining sales and increased competition [14]. - The ability of Tianwei Food to reverse its performance decline and succeed in the Hong Kong market remains to be seen [14].

Core Viewpoint - 富岭股份 has reported strong financial performance in the first half of 2025, with a revenue of 1.016 billion yuan and a net profit of 66.48 million yuan, benefiting from the recovery in the restaurant consumption sector and the implementation of government policies to boost domestic demand [1][8]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.016 billion yuan, with specific revenues from plastic dining utensils (700 million yuan), biodegradable materials (58.42 million yuan), and paper products (204 million yuan) [1]. - The gross profit margins for the respective categories were 19.75%, 24.98%, and 16.45%, with biodegradable materials and paper products showing year-on-year increases of 3.02% and 0.40% [1]. Group 2: Market Trends - The Chinese consumption market has shown positive growth, with a 4.8% year-on-year increase in retail sales of consumer goods from January to July 2025, driven by government policies and industry subsidies [1]. - The restaurant consumption sector, particularly in new tea drinks and chain coffee markets, is experiencing accelerated demand growth, with the number of chain tea drink stores reaching approximately 17,913 in the first half of 2025 [2]. Group 3: Competitive Advantages - 富岭股份 is recognized as a national-level champion in manufacturing, focusing on customized products that meet diverse customer needs, which is a significant advantage in the non-standardized production environment of the industry [2][3]. - The company has developed a competitive product matrix that includes a wide range of plastic and paper products, achieving a balance between customization and scalability [3]. Group 4: Technological Innovations - The company has made significant advancements in two key areas: high-performance modification of biodegradable materials and conventional plastics, and improvements in processing and production techniques [3][4]. - Innovations such as the high-temperature resistant biodegradable straw and high-performance modification technology for conventional plastics have enhanced product quality while reducing production costs [4]. Group 5: Global Expansion and Supply Chain - The global fast-food industry is projected to grow steadily, with the market size expected to reach approximately $64.86 billion in 2024 and $92.2 billion by 2033, reflecting a compound annual growth rate (CAGR) of about 4.5% from 2025 to 2033 [6]. - 富岭股份 has established a localized service network in the U.S. and has direct supply relationships with major fast-food brands like McDonald's and Burger King, enhancing its position in the global supply chain [6][7]. Group 6: Future Outlook - The company plans to further strengthen its dual-driven development strategy in both domestic and international markets, leveraging cost advantages from overseas production bases and expanding new product categories [8]. - In 2025, 富岭股份 aims to enhance its competitive edge by increasing investments in the domestic market and tapping into the recovery of restaurant consumption and environmental upgrades [8].

Core Insights - The consumption market in China showed significant activity during the May Day holiday, particularly in the restaurant sector, with key retail and catering enterprises reporting a sales increase of 6.3% year-on-year and a notable 8.7% increase in sales for monitored catering enterprises [1] - The "cultural tourism flow" transformed into "restaurant growth," with many restaurants experiencing a table turnover rate exceeding 10 times, indicating a surge in customer traffic [1][4] Restaurant Performance - The restaurant brand Fei Dazhu opened its first store in Chengdu on May 1, attracting over 150 tables waiting for a seat within one minute of opening, with wait times exceeding 3 hours, highlighting the high consumer interest in dining out [2][5] - In major cities like Beijing, Shanghai, and Guangzhou, restaurants such as Haidilao experienced significant customer inflow, with some locations achieving a turnover rate of over 11 times during the holiday [4][6] - Haidilao's store in Hangzhou achieved a record turnover rate of 12 times, leading the national rankings for restaurant turnover during the holiday [4] Expansion and Growth Strategies - Several restaurant brands, including Haidilao and Fei Dazhu, are accelerating their expansion plans, with Fei Dazhu opening multiple locations in cities like Beijing and Shenzhen just before the holiday [7] - The restaurant chain Xiaobuxiang reported an 18.85% year-on-year increase in overall revenue from May 1 to May 5, with its new store in Beijing achieving a daily revenue of over 50,000 yuan [7] - Xiaobuxiang plans to open 80 new stores by 2025, having already completed 24 new store openings and 11 restaurant upgrades by the end of April [7] Market Outlook - Analysts from Dongxing Securities predict that the consumption market will stabilize and recover gradually, particularly in the restaurant sector, which is expected to see further improvement as the economy rebounds [8]

Group 1 - The core viewpoint of the articles highlights the positive trend in the restaurant industry, with Haidilao reporting over 4 billion customer visits in 2024 and a steady growth in revenue and profit [1][2] - Haidilao's revenue for the year ending December 31, 2024, reached 42.755 billion yuan, an increase of 3.1% year-on-year, while net profit was 4.7 billion yuan, up 4.6% [1] - The company reported a core operating profit of 6.23 billion yuan, reflecting an 18.7% increase year-on-year, indicating a strong operational performance [1] Group 2 - The overall restaurant industry in China saw a revenue growth of 5.3% in 2024, reaching 55.718 billion yuan, which outpaced GDP growth and retail sales growth [2] - Haidilao served 415 million customers in 2024, with an average daily customer flow exceeding 1.1 million, marking a 4.5% increase from the previous year [2] - The average table turnover rate for Haidilao was 4.1 times per day, showcasing efficient service and high customer engagement [2]