Industry Overview - In 2022, China's catering industry revenue was 43,941 billion yuan, a year-on-year decline of 6.3% due to macroeconomic factors and recurring pandemic challenges [2] - The catering industry began to recover in the first half of 2023, with national revenue reaching 24,329 billion yuan, a year-on-year increase of 21.4% [2] - Revenue from catering units above a certain scale was 6,230 billion yuan, growing by 23.5% year-on-year [2] Restaurant Type Distribution - Formal dining remains the mainstream choice, accounting for 57% of the catering industry's total market share in 2022 [3] - The fast-food sector has seen rapid growth, with market size increasing from 8,917 billion yuan in 2017 to 10,359 billion yuan, representing 24% of the market share in 2022 [3] Cuisine Breakdown - Chinese cuisine dominated the market with a share of 78% in 2022, with Sichuan cuisine holding 23% of the Chinese dining market [5] Chain Restaurant Growth - The number of chain restaurant outlets in China has steadily increased, with 43,000 outlets in 2021, a 1.4 times growth since 2012, and revenue up by 96.8% compared to 2012 [7] Company Spotlight - Tongqinglou, a recognized Chinese time-honored brand, reported total revenue of 1.67 billion yuan in 2022, marking a 3.9% increase despite industry challenges [10]