近日，一则"顾客带宠物狗进火锅店"的新闻引发社会关注，涉事餐厅后被证实为仿冒"宏源南门涮肉"的 门店，这一乌龙事件不仅令无辜的正牌品牌声誉受损，也再次将含地名的商标维权复杂性与紧迫性置于 公众视野。 据报道，正牌"南门涮肉"起源于1994年，最初名为宏源涮肉，首店选址南二环天坛公园南门。这家店凭 借铜锅清汤、手切鲜羊肉的地道老北京风味圈粉无数，食客们口口相传，直呼其"南门涮肉"。久而久 之，这个源于地名的称呼，便成了品牌的代名词。品牌方曾于2006年申请注册"南门涮肉"商标，却 因"南门"系地名等原因被驳回；直至2012年，才成功注册"宏源南门涮肉"核心商标。目前，该品牌在全 国仅布局21家门店，其中北京地区仅9家，且始终坚持直营模式，从未开放加盟权限。然而，随着品牌 声名鹊起，各类打着"南门涮肉"旗号的仿冒门店层出不穷，由此引发了商标权属争议。 "南门涮肉"受法律保护吗？ 尽管法律原则清晰，但两位律师均坦言，含有"地名"商标的权利人在维权过程中依然面临多重现实挑 战。 金杰指出，首先面临的是"举证难"。权利人需要收集大量证据来证明自身商标的知名度和市场影响力、 被诉行为商标性使用以及仿冒行为造成的混淆后果， ...

近日，呷哺呷哺旗下品牌凑凑火锅被曝郑州门店已清零，相关话题引发广泛关注。 1月15日，智通财经在大众点评查询发现，凑凑火锅的郑州万象城店、正弘城店均已关闭。随后，记者 致电呷哺呷哺官方客服，工作人员表示，凑凑之前在郑州大约有两家店，目前确实都已关闭。谈及关店 原因，其称"属于正常的战略调整"。当被问及后续是否还会重新在郑州开店时，对方表示，目前没有接 到相关通知。 据报道，2025年下半年以来，凑凑在全国范围内出现多个门店关闭、部分城市门店"清零"等现象。除了 郑州之外，厦门、苏州、青岛等地的部分门店也陆续关闭。 智通财经查询窄门餐眼数据获悉，目前其在大陆的在营门店数量为146家，人均消费大约126元，覆盖17 省、33个城市。除了上海、广东超过20家门店外，多省门店仅剩下个位数。比如，辽宁、湖南和云南均 为1家，河北、山西、甘肃均为2家。 源：窄门餐眼 与此同时，其关店数量增多。呷哺呷哺2024年报曾称，报告期内关闭了138家呷哺呷哺餐厅及73间凑凑 餐厅。关闭的原因为其大多数产生亏损，多数于不符合呷哺呷哺推广的"高性价比"模式的地区经营，且 其模式不能够恰当反映品牌形象等。 呷哺呷哺2025年中期报告称， ...

张勇同时点将四位"80后"女高管——李娜娜、朱银花、焦德凤和朱轩宜，入局董事会，任执行董事，组 建新的管理团队。 55岁海底捞当家人，重返一线。 1月13日晚，这一火锅连锁帝国公告称，现任CEO苟轶群辞任，创始人张勇时隔近四年，再度出任 CEO。 "张勇亲征，信号只有一句——海底捞不能再靠惯性奔跑。"眺远咨询董事长兼CEO高承远对《21CBR》 表示。 张勇上次担纲CEO，尚在2018年1月到2022年3月期间。彼时，海底捞从上市后的狂飙突进，陷入亏损困 局。 张勇退居幕后，将CEO交给"最牛打工妹"杨丽娟，两人联手推动"啄木鸟计划"，通过关停低效门店、重 启优质门店、开放加盟等动作，成功扭亏为盈。 2024年，张勇进行人事调整。 "张勇在集团的地位是'无与伦比'的。" 海底捞相关人士告诉《21CBR》，2026年是重要节点，张勇重回CEO，有助于各项业务推行更顺畅， 做大"红石榴计划"。 张勇回任消息一出，海底捞次日大涨9.15%，总市值超877亿港元，显露出投资者对其的信心。 应对疲态 其在2024年回升到4.1次/天后，再度回落至3.8次/天，客流量同比下降，整体同店日均销售额7.83万元， 下滑近10 ...

Core Viewpoint - Haidilao has undergone a significant management restructuring, with Zhang Yong returning as CEO, indicating a shift towards a governance structure centered around the founder amidst challenges in its traditional hotpot business and a push for innovation and digital transformation [1][2][6]. Management Changes - On January 13, Haidilao announced that Gou Yiqun resigned as Executive Director and CEO, while Zhang Yong was appointed as CEO, consolidating the roles of Chairman and CEO [1][6]. - This marks the third CEO change in four years, reflecting ongoing adjustments in response to business pressures and strategic shifts [2][12]. - Other board changes include the resignation of Song Qing and Gao Jie, with Gou Yiqun focusing on digital transformation and operational efficiency post-resignation [8][12]. Financial Performance - For the first half of 2025, Haidilao reported a revenue of RMB 20.703 billion, a decrease of 3.7% year-on-year, and a net profit of RMB 1.755 billion, down 13.7% [14][15]. - The average table turnover rate fell to 3.8 times per day, down from 4.2 times, attributed to increased competition and changing consumer behavior [14][15]. Business Strategy and Innovation - Haidilao is accelerating its exploration of new growth avenues, including takeout, multi-brand strategies, and franchising, with takeout revenue growing nearly 60% to RMB 0.928 billion [15][17]. - The "Pomegranate Plan" has incubated 14 restaurant brands, with 126 stores operational, showcasing a significant increase in revenue from these new ventures [15][17]. - The company aims to enhance operational efficiency and decision-making through digitalization and innovation initiatives [12][13].

Core Viewpoint - The incident involving a customer allowing their pet dog to lick food at a hot pot restaurant has led to significant public attention and resulted in the restaurant's temporary closure and compensation to affected diners. This situation has inadvertently harmed the reputation of "Nanmen Shuanrou," a well-known brand in Beijing [1]. Group 1: Brand Integrity and Consumer Rights - The restaurant involved in the incident is not the authentic "Nanmen Shuanrou," but rather a counterfeit establishment that exploits the brand's name. The genuine brand operates only nine locations in Beijing and has never franchised [3]. - Numerous imitation hot pot restaurants have emerged, misleading consumers and damaging their rights. These counterfeit establishments benefit from the established reputation of the original brand without investing in quality or service [3]. - The rise of delivery services has led to an increase in counterfeit shops, which sometimes attract more customers than the original brand. This trend highlights the challenges of brand protection in the current market [3]. Group 2: Legal and Cultural Implications - There is a growing need for stronger legal measures against trademark infringement to protect cultural assets associated with well-known brands. Increasing the cost of violations is essential to eliminate the environment that allows counterfeit brands to thrive [4]. - Brands should enhance their trademark strategies and actively publish information about legitimate stores to help consumers make informed choices. Consumers are encouraged to research and support authentic brands to preserve the cultural significance of their favorite foods [4]. - The emphasis on integrity and genuine business practices is crucial for the long-term success of brands. New brands that focus on quality and customer satisfaction can also become recognized names in the future, reinforcing the idea that trust and authenticity are the best business strategies [4].

时隔近四年， 海底捞创始人张勇再度执掌CEO帅印，这则管理层变动公告，在资本市场掀起一阵波澜。 核心经营指标的下滑更显严峻。被视为海底捞生命线的翻台率，在2024年回升至4.1次/天的高位后，2025年上半年再度回落至3.8次/天； 客流量同比下降，整体同店日均销售额7.83万元，同比下滑9.7%。 尽管"红石榴计划"带动其他餐厅收入增至5.97亿元，占总营收比例提升至2.9%，但相较于主品牌的增长乏力，多品牌矩阵的对冲效应仍显 微弱。 1月13日晚间，港股火锅龙头海底捞发布公告称，现任CEO苟轶群辞任，创始人张勇回归一线；与此同时，宋青、高洁辞任执行董事，李娜 娜、朱银花、焦德凤及朱轩宜四位集团内部核心岗位高管入局董事会，新管理格局正式成型。 受此消息影响，海底捞开盘涨幅达5.76%，截至发稿报15.76港元/股，暴涨9.29%，总市值回升至878.46亿港元。 时间拨回四年前，张勇的首次卸任，源于一场迫在眉睫的危机。1994年在四川简阳起家的海底捞，自2018年登陆港交所后，便开启了狂飙 突进的扩张之路，门店数量从上市初期的300余家，一路飙升至2022年的1300家。 大规模扩张的后遗症，在2021年集 ...

Core Viewpoint - The return of founder Zhang Yong as CEO of Haidilao is seen as a strategic move to navigate the company out of its current transformation challenges, following a series of leadership changes and operational adjustments over the past few years [1][12]. Leadership Changes - Haidilao has experienced frequent leadership changes, with Zhang Yong returning after four years, marking the third CEO change in recent years, indicating a need for alignment with the company's evolving strategic requirements [2][12]. - The previous CEOs, including Yang Lijuan and Gou Yiqun, were all part of the founding team, reflecting a strong internal leadership pipeline [2][3]. Operational Challenges and Strategies - The company faced significant operational challenges, including a historic loss of 4.16 billion RMB in 2021 due to aggressive expansion, leading to the implementation of the "Woodpecker Plan" to close underperforming stores [3][4]. - Yang Lijuan's leadership saw the closure of 276 restaurants in 2021, with subsequent years showing a reduction in closures, indicating effective strategic adjustments [3][4]. Financial Performance - In 2023, Haidilao achieved record revenues of 41.453 billion RMB and a net profit of 4.495 billion RMB, with significant growth compared to 2019 [4]. - Despite growth in key metrics, the average customer spending in 2023 declined from 103.2 RMB to 97.3 RMB, reflecting broader consumer spending trends [4][13]. New Strategic Initiatives - The "Pomegranate Plan" was initiated to diversify the business model and mitigate risks associated with the main brand's performance, with a focus on developing new restaurant brands [8][12]. - By the end of 2024, Haidilao had established 11 new restaurant brands, contributing 4.83 million RMB in revenue, although this still represented a small portion of overall revenue [12][13]. Market Response - Following the announcement of Zhang Yong's return, Haidilao's stock price surged over 10%, indicating positive market sentiment towards the leadership change [15].

Group 1: Company Leadership Changes - Zhang Yong has returned to the CEO position of Haidilao, effective January 13, 2026, following the resignation of Guo Yiqun as CEO [1] - Zhang Yong previously handed over the CEO role to Yang Lijuan in March 2022, and Guo Yiqun took over in June 2024 [1] - The leadership change comes as Haidilao faces performance challenges, with a 3.0% year-on-year revenue decline to 20.703 billion yuan and a 13.7% drop in net profit to 1.755 billion yuan in the first half of 2025 [1] Group 2: Industry Context - The Chinese restaurant industry is experiencing a slowdown, with revenue growth decelerating, profits declining, and competition intensifying, as reported by the China Cuisine Association [1] - Competitors like Xiaobai Xiaobai reported an 18.88% revenue decline to 1.942 billion yuan and a net loss of 84 million yuan in the same period [1] Group 3: Strategic Initiatives - Zhang Yong's return is linked to the "Pomegranate Plan," a multi-brand incubation strategy launched in August 2024, aimed at creating a second growth curve for Haidilao [2] - As of June 2025, the "Pomegranate Plan" has incubated 14 restaurant brands, generating a 227% year-on-year revenue increase to 600 million yuan from related businesses [2] - The company is at a critical transformation juncture, with Zhang Yong becoming more involved in operational details [2]

Group 1: Company Leadership Changes - Zhang Yong has returned to the CEO position of Haidilao, effective January 13, 2026, following the resignation of Guo Yiqun as CEO [1] - Zhang Yong previously handed over the CEO role to Yang Lijuan in March 2022, and Guo Yiqun took over in June 2024 [1] - The leadership change comes as Haidilao faces performance challenges, with a 3.0% year-on-year revenue decline to 20.703 billion yuan and a 13.7% drop in net profit to 1.755 billion yuan in the first half of 2025 [1] Group 2: Industry Context - The restaurant industry in China is experiencing a slowdown, with the China Cuisine Association noting a trend of "slowing revenue growth, declining profits, and intensified competition" in the first half of 2025 [1] - Competitors like Xiaobing Xiaobing reported an 18.88% revenue decline to 1.942 billion yuan and a net loss of 84 million yuan during the same period [1] Group 3: Strategic Initiatives - Zhang Yong's return is linked to the "Pomegranate Plan," a multi-brand incubation strategy launched in August 2024, aimed at creating a second growth curve for Haidilao [2] - As of June 2025, the "Pomegranate Plan" has incubated 14 restaurant brands, with a total of 126 stores, and the related business saw a 227% year-on-year revenue increase to 600 million yuan in the first half of 2025 [2] - The company is at a critical juncture for transformation, with Zhang Yong becoming more involved in operational details [2]

Core Viewpoint - Banu International Holdings Limited is making a second attempt to go public on the Hong Kong Stock Exchange, aiming to become the "third stock" in the Chinese hot pot market, following the recent update of its financial data after an initial failed submission [1][6]. Financial Performance - Banu's revenue is projected to grow significantly, with total revenues of RMB 14.33 billion, RMB 21.12 billion, and RMB 23.07 billion from 2022 to 2024, nearly doubling over three years [3][4]. - Adjusted net profits are expected to rise from RMB 41.5 million in 2022 to RMB 168 million in 2024, with a strong performance in the first three quarters of 2025, achieving RMB 2.35 billion in revenue and a profit margin of 24.3% [3][4]. - The average customer spending is reported at RMB 138, indicating a high turnover rate with an increase in table turnover from 3.0 times in 2022 to 3.6 times in the first three quarters of 2025 [3][15]. Market Position - Banu holds a 3.1% market share in the high-end hot pot segment, making it the largest brand in the quality hot pot market by revenue in 2024, while being the third largest in the overall hot pot market with a 0.4% share [1][9]. - The hot pot market is expected to grow to RMB 650 billion by 2025, with a notable concentration of market share among leading brands, highlighting the importance of capitalizing on this window for brand expansion [9][10]. Strategic Adjustments - In response to regulatory inquiries, Banu has restructured its ownership to alleviate concerns about concentrated voting rights and has introduced institutional investors to its capital structure [6][7]. - The company plans to use funds raised from the IPO for store expansion and supply chain optimization, with a goal of opening 157 new stores over the next three years [10][16]. Competitive Landscape - Banu faces intense competition from established players like Haidilao and Xiaobai Xiaobai, as well as emerging high-end brands, necessitating a strong differentiation strategy focused on its unique product offerings [5][18]. - The brand's commitment to high-quality ingredients, such as its signature beef tripe and mushroom soup, is central to its market positioning, although it must navigate challenges related to consumer price sensitivity and market dynamics [13][14]. Operational Challenges - Banu's workforce includes a significant proportion of non-formal employees, raising compliance concerns that the company is addressing through measures to improve labor practices [7][8]. - The company has experienced a decline in average daily customer volume, particularly in first-tier cities, which poses a challenge to maintaining its high-end market position [14][15].