餐饮食品连锁加盟行业 丨白皮书 核心摘要： 中国餐饮食品连锁加盟行业正经历着深刻的变革。在宏观经济回暖、居民消费能力稳步提升的背景下，餐饮食品市场规模持续扩大。连锁化率虽有提升，但与欧美发 达国家相比仍有巨大增长空间。在家餐食市场的快速崛起，以及消费者对健康、效率和社交价值的更高需求，正在重塑行业结构。在这种背景下，连锁品牌正加速其 数字化转型和全渠道营销布局，以构建核心竞争力。同时，具备丰富经验的 "职业加盟商"群体不断扩大，品牌与加盟商之间的关系正从粗放式扩张转向精细化运营与 双向选择。本报告深入探讨了中国餐饮食品连锁加盟市场的现状与发展机遇，重点梳理了行业发展趋势、加盟业态特点以及加盟商的决策要素变化，并对餐饮食品加 盟业态主要细分赛道进行了多维度的对比。 中国餐饮食品市场结构拆解 中国餐饮食品消费概况 宏观回暖驱动内需释放，消费市场已进入温和增长新常态 2020年至2024年，中国国内生产总值（GDP）的年均复合增长率为6.9%，中国社会消费品零售总额（社零）的年均复合增长率约为5.5%，反映经济增 长对消费的持续拉动。从居民端来看， 同期人均可支配收入和人均消费支出的年均复合增长率分别为6.4%和为 ...

餐饮食品连锁加盟行业 丨白皮书 核心摘要： 中国餐饮食品连锁加盟行业正经历着深刻的变革。在宏观经济回暖、居民消费能力稳步提升的背景下，餐饮食品市场规模持续扩大。连锁化率虽有提升，但与欧美发 达国家相比仍有巨大增长空间。在家餐食市场的快速崛起，以及消费者对健康、效率和社交价值的更高需求，正在重塑行业结构。在这种背景下，连锁品牌正加速其 数字化转型和全渠道营销布局，以构建核心竞争力。同时，具备丰富经验的 "职业加盟商"群体不断扩大，品牌与加盟商之间的关系正从粗放式扩张转向精细化运营与 双向选择。本报告深入探讨了中国餐饮食品连锁加盟市场的现状与发展机遇，重点梳理了行业发展趋势、加盟业态特点以及加盟商的决策要素变化，并对餐饮食品加 盟业态主要细分赛道进行了多维度的对比。 中国餐饮食品市场结构拆解 中国餐饮食品消费概况 宏观回暖驱动内需释放，消费市场已进入温和增长新常态 2020年至2024年，中国国内生产总值（GDP）的年均复合增长率为6.9%，中国社会消费品零售总额（社零）的年均复合增长率约为5.5%，反映经济增 长对消费的持续拉动。从居民端来看， 同期人均可支配收入和人均消费支出的年均复合增长率分别为6.4%和为 ...

11月27-28日，被誉为"年度科技与商业风向标"的36氪WISE2025商业之王大会，在北京798艺术区传导空间落地。 今年的WISE不再是一场传统意义上的行业峰会，而是一次以"科技爽文短剧"为载体的沉浸式体验。从AI重塑硬件边界，到具身智能叩响真实世界的大门； 从出海浪潮中的品牌全球化，到传统行业装上"赛博义肢"——我们还原的不仅是趋势，更是在捕捉在无数次商业实践中磨炼出的真知。 我们将在接下来的内容中，逐帧拆解这些"爽剧"背后的真实逻辑，一起看尽2025年商业的"风景独好"。 大会现场 以下演讲内容来自麻六记品牌创始人汪小菲先生，经36氪整理—— 尊敬的来宾，各位朋友们，大家上午好！ 今天我演讲的主题是"五载川香、味浓如初，麻六记的五年与未来"，麻六记诞生的这5年，离不开我们从1990年开始，对餐饮、对食品行业30年的摸索和执 着。 提起麻六记，大家首先想到的可能是麻六记的线下餐饮店。我们现在已经开设48家直营店，第一家坐落在北京的国贸中心。紧接着会想到在电商、线下超市 便利店主推的一个大单品--桶装速食酸辣粉。最近我们又开拓了一个新的业态，把大单品酸辣粉下沉到酸辣粉小店，做到人均20元左右的客单价，同 ...

Group 1 - The company is shifting from a reliance on large B2B clients in the restaurant sector to a "selective supermarket customization" strategy, collaborating deeply with retailers like Sam's Club, Walmart, and Hema to launch customized products [1] - In Q3 2025, revenue from supermarket channels reached 220 million, a year-on-year increase of 28.1%, with this model becoming a clear new performance engine due to low costs, rapid development, and high premiums [1] - The company is adopting a product-driven approach, focusing on high-margin, high-value consumer products to stimulate the existing market and lead consumption trends, while also expanding into the frozen baking sector through acquisitions [1] Group 2 - The company is implementing a "de-involution" strategy, emphasizing "not engaging in unprofitable activities" and replacing "cost reduction" with "quality improvement" to optimize market competition [1] - The company has established a total cost leadership advantage through supply chain, logistics, and flexible production, with raw material and logistics costs below industry levels, supported by 12 production bases for flexible capacity allocation [1] - The company has formed a comprehensive distribution matrix involving distributors, specialty channels, and new retail/e-commerce to effectively diversify risks and drive growth [1] Group 3 - The company is projected to achieve revenues of 15.944 billion, 17.338 billion, and 18.836 billion from 2025 to 2027, with year-on-year growth rates of +5.4%, +8.7%, and +8.6% respectively [2] - The net profit attributable to the parent company is expected to be 1.419 billion, 1.621 billion, and 1.789 billion for the same period, with a year-on-year change of -4.5%, +14.2%, and +10.4% respectively [2] - The company is expected to maintain a dividend payout ratio of 70% in 2024, with a first-time coverage rating of "buy" [2]

Core Insights - The restaurant industry is experiencing significant changes by 2025, driven by evolving consumer preferences and market dynamics [1] Trend Summaries Trend 1: Value Upgrade - Consumers are not just looking for cheaper options but for better value, leading businesses to focus on "value reconstruction" by enhancing core products while reducing costs in non-core areas [3] Trend 2: Community Dining Focus - As competition in commercial dining intensifies, community dining is on the rise, with successful community stores focusing on serving the local area within a 500-meter radius [4] Trend 3: Selling Emotional Value - Dining experiences are shifting from mere food consumption to providing emotional value, with restaurants offering unique atmospheres and experiences that justify higher price points [4][6] Trend 4: Extreme Single Product Strategy - Many successful restaurants are adopting a strategy of focusing on a single dish, simplifying supply chains and enhancing brand recognition [6] Trend 5: Restaurant Retail Integration - Restaurants are evolving into food experience centers, combining dining with retail to create additional revenue streams and enhance brand influence [6] Recommendations for Restaurant Operators - Avoid blindly following trends and instead find a niche that aligns with the business's strengths [7] - Maintain fundamental principles of good food, hygiene, and service quality regardless of changing business models [8] - Start with small-scale trials to validate market responses before full-scale implementation, managing trial costs effectively [9] Market Outlook - The 2025 restaurant market is expected to favor innovators who can accurately respond to consumer changes and deliver quality products and services, while speculative players may be eliminated [9]

Core Insights - The Chinese catering and food chain franchise industry is undergoing significant transformation, driven by macroeconomic recovery and increasing consumer spending power, leading to market expansion and digital transformation [1][4][9] Market Overview - The Chinese catering food market reached a scale of 12.6 trillion yuan, with a compound annual growth rate (CAGR) of approximately 7.2% from 2020 to 2024, driven by both catering services and retail [9] - The average annual growth rate of GDP is projected at 6.9%, while the retail sales of consumer goods are expected to grow at about 5.5%, indicating a resilient domestic demand [4] Consumer Behavior - Urban and rural residents' per capita consumption expenditure is showing a recovery trend, with urban residents growing at 6.4% and rural residents at 8.9% annually, reflecting the ongoing vitality of the lower-tier markets [6] - The demand for food and beverages remains stable, with food and alcohol expenditures showing strong resilience, providing a solid demand foundation for the catering industry [6] Industry Trends - The chain rate in the catering service sector is expected to rise from 15% in 2020 to 24% by 2025, indicating a shift towards more standardized and digitalized operations [12] - The rise of "at-home dining" is reshaping the industry, with this market segment growing at an annual rate of 18.4%, significantly outpacing overall food retail growth [10][36] Competitive Landscape - The franchise market is dominated by the catering sector, which accounts for nearly 50% of the market, but most franchise businesses are still in early expansion stages, with nearly 80% of franchise companies having fewer than 10 stores [20][22] - Major brands like Mixue Ice City and Zhengxin Chicken are rapidly expanding their networks, joining the "10,000 stores" club through franchise models [22] Investment Considerations - Franchisees are increasingly focused on competition and financial returns, with a shift from broad expansion to refined operations and careful site selection [24] - The "at-home dining" segment is favored by franchisees due to its lower investment threshold and shorter return on investment period, making it an attractive option for new investors [34][36] Digital Transformation - The industry is moving towards digitalization to support scale expansion and profitability, with brands leveraging data-driven site selection and standardized operational systems to reduce risks for franchisees [44] Franchisee Dynamics - A growing number of professional franchisees are emerging, leading to a two-way selection process between brands and franchisees, emphasizing the importance of operational support and clear profit models [47][48]

Investment Highlights - Company is the leading player in the domestic home meal solutions market, with a target price of HKD 4.90, corresponding to 22 times the 2026 P/E ratio [1] - The home meal market is expected to grow significantly, reaching CNY 13.6 trillion by 2027, with a compound annual growth rate (CAGR) of 7.9% from 2022 to 2027 [1] - The market is still relatively fragmented, with a CR5 of only 11.1% in 2022, indicating potential for increased concentration [1] Competitive Advantages - Company offers a comprehensive product range with approximately 300-500 SKUs per store, catering to diverse consumer needs [2] - Strong supply chain management, supported by seven self-owned factories and 19 central warehouses, enables cost reduction and efficient order fulfillment [2] - Digital infrastructure enhances operational efficiency, with membership growth of 63% and single-store membership growth of 51% as of 1H25 [2] Growth Potential - Company has room for expansion in store openings, particularly in rural markets [2] - Differentiated business model and advantages in supply chain, digitalization, and organizational efficiency are expected to drive long-term growth [2] Financial Projections - Earnings per share (EPS) are projected to be CNY 0.16 and CNY 0.20 for 2025 and 2026, respectively, with a CAGR of 35% from 2024 to 2026 [2] - Current stock price corresponds to 19.1 times the 2026 P/E, with an upward potential of 15% based on the target price [2]

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [1] Core Insights - Supply and demand are rebalancing, with capital expenditure peaks passing and demand gradually recovering under policy and consumption recovery [5][10] - New growth drivers are emerging through product innovation and channel expansion, breaking the price competition [5][36] - The industry logic is strengthening, with the standardization of prepared dishes and an increase in chain rates driving industry concentration [5][36] - Investment recommendations focus on the supply chain opportunities in the restaurant sector, highlighting major companies and smaller firms with growth potential [5][36] Summary by Sections Supply and Demand Rebalancing - Capital expenditure in the industry has significantly declined after 2023, with a focus on improving capacity utilization [5][10] - The price war is gradually coming to an end, and the third quarter of 2025 may mark an operational turning point for the industry [5][22] - Demand is stabilizing, with restaurant openings and closures balancing out, and consumption showing resilience during peak holiday periods [5][26][27] New Growth Drivers - Companies are shifting focus from price competition to product innovation and channel expansion, with retail trends becoming more pronounced [5][36] - Major companies are launching new products and optimizing channels to adapt to the changing market landscape [5][44] Strengthening Industry Logic - Recent regulatory developments in prepared dishes are expected to raise industry entry barriers, benefiting compliant leading companies [5][36] - The chain rate in the restaurant sector is projected to increase from 19% in 2021 to 23% in 2024, indicating a trend towards consolidation [5][36] Investment Recommendations - The report suggests focusing on major companies like Anjuke Food, Angel Yeast, and Haitian Flavoring, as well as smaller firms like Baoli Food and Lihigh Food for potential growth [5][36] - The overall market is expected to improve with a favorable chip structure and policy expectations [5][36]

Core Viewpoint - The Chinese restaurant food chain franchise industry is undergoing profound changes, driven by macroeconomic recovery and increasing consumer spending power, leading to market expansion and digital transformation [1][4][9] Market Overview - The Chinese restaurant food market is projected to reach 12.6 trillion yuan, with a compound annual growth rate (CAGR) of approximately 7.2% from 2020 to 2024, driven by both service and retail sectors [9] - The average annual growth rate of GDP is expected to be 6.9%, while the retail sales of consumer goods will grow at about 5.5% during the same period, indicating resilient domestic demand [4] Consumer Behavior - Urban and rural residents' per capita consumption expenditure is showing a recovery trend, with urban residents growing at 6.4% and rural residents at 8.9% annually from 2020 to 2024, reflecting the vitality of the lower-tier market [6] - The demand for food and beverages remains stable, providing a solid foundation for the restaurant food industry [6] Industry Trends - The chain rate in the restaurant service sector is expected to rise from 15% in 2020 to 24% by 2025, indicating significant growth potential compared to developed countries [12] - The rise of "at-home dining" is reshaping industry structures, with this market segment growing at a CAGR of 18.4% from 2020 to 2024, significantly outpacing overall food retail growth [10] Franchise Dynamics - The franchise market is dominated by the restaurant sector, which accounts for nearly 50% of the market, but most franchise businesses are still in early expansion stages, with nearly 80% of registered franchise companies having fewer than 10 stores [20][22] - The competitive environment is shifting towards refined operations, with franchisees focusing on quality site selection and cost structure rather than engaging in price wars [24] Investment Considerations - Franchisees are increasingly favoring the "at-home dining" segment due to its lower investment threshold and shorter return on investment period, with expected payback periods of 10 to 20 months [34][36] - The leading brand in the at-home dining segment, Guoquan Shihui, is recognized for its low investment requirements and mature, replicable business model, making it a preferred choice for franchisees [39] Digital Transformation - The industry is experiencing a critical need for digital transformation to support scale expansion and profitability, with brands leveraging data-driven site selection and standardized operational systems [44] Franchisee Profile - The franchisee landscape is evolving, with a growing number of professional franchisees who have prior successful experiences, leading to a more selective relationship between brands and franchisees [47][48]

Core Insights - The Chinese restaurant food chain franchise industry is undergoing significant transformation, driven by macroeconomic recovery and increasing consumer spending power, leading to market expansion and digital transformation [1][4][9] Market Overview - The Chinese restaurant food market is projected to reach 12.6 trillion yuan, with a compound annual growth rate (CAGR) of approximately 7.2% from 2020 to 2024, driven by both service and retail sectors [9] - The restaurant service sector is recovering strongly post-pandemic, with an annual growth rate close to 9%, while food retail is experiencing structural upgrades with high-value subcategories [9][10] Consumer Behavior - Urban and rural consumer spending is showing a recovery trend, with urban residents' spending growing at a CAGR of 6.4% and rural residents at 8.9% from 2020 to 2024, indicating strong demand for food and beverages [6] - The at-home dining market is rapidly growing at a CAGR of 18.4%, reflecting changing consumer preferences towards convenience and health [10][36] Industry Trends - The chain franchise rate in China is expected to rise from 15% in 2020 to 24% by 2025, indicating a shift towards more standardized and digital operations [12] - The market is seeing a divergence in franchise categories, with ready-to-drink beverages leading in chain rates, while traditional Chinese cuisine remains lower due to its reliance on local tastes and chef skills [15] Investment Opportunities - The at-home dining segment is favored by franchisees due to its lower investment threshold and shorter return on investment periods, with average monthly sales ranging from 80,000 to 200,000 yuan and gross margins of 30-40% [34][35] - Brands like Guoquan Shihui are emerging as leaders in the at-home dining space, offering a diverse product matrix and strong operational support for franchisees [39][40] Digital Transformation - The industry is increasingly adopting digital solutions to enhance operational efficiency and scalability, with data-driven site selection and standardized operating procedures becoming essential for franchise success [44] Franchisee Dynamics - The franchisee landscape is shifting towards more experienced operators, with a growing number of professional franchisees who prioritize brands with clear profit models and operational support [47][48]