导语：火锅"中高端"叙事失灵？从巴奴IPO受阻看行业信任重构 曾声援过西贝的巴奴，最近自身也遇到了难关。 近日，香港证监会、香港交易所联名致函IPO保荐人，称旨在表达监管层对近期所递交的新上市申请中所观察到的质量下滑，以及某些不合规行为的监管关 切。 港交所表示，为了推动资本市场的蓬勃发展，港交所致力确保新上市申请的审核能及时且严谨进行。同时，港交所也积极与发行人、保荐人及专业顾问保持 紧密沟通，以确保提交的上市资料内容完整并维持高素质。 看起来今年港股IPO的质量确实有待提高，而最近卡在IPO失效期的，就有巴奴。 一般来说，港股IPO申请6个月是生死线，港交所IPO流程规定，企业递交的招股书有效期为6个月。在港交所递表满6个月未获聆讯的企业，通常意味着这次 申请已经失效。 而巴奴于今年6月16日提交了IPO申请，至今没有通过。 | 27/06/2025 | 巴奴国际控股有限公司 | | --- | --- | | | 27/06/2025 整體協調人公告-委任（經修訂） 回 | | | 16/06/2025 申請版本（第一次呈交）全文檔案 多檔案 > | | | 前提交文件: | | | 16/06/202 ...

火锅是重庆闪亮的美食名片，但长期以来，火锅料理技艺的传承主要依靠师徒间的口传心授，缺乏 统一、规范的评价标准。2023年，火锅料理师作为新工种，被正式纳入职业分类大典。这意味着，火锅 制作成为获得国家认可、拥有明确技能等级和职业发展路径的正规职业，为行业规范发展和从业者职业 晋升奠定了基础。 重庆市火锅产业协会发布的数据显示，截至2024年底，重庆有火锅企业1.77万家、门店3.7万家，全 市火锅产业链产值已达3000亿元。 "过去带徒弟全靠手把手教。现在有了技能标准，大赛有了评价标尺，年轻人学起来有章可循。"重 庆秦妈火锅创始人李杰说，火锅料理师工种，是火锅行业不断细分与升级的一个缩影。未来的竞争，将 不再是单一产品的竞争，而是贯穿整个产业链的体系竞争。其中，标准化与专业化成为两大关键趋势。 比如，专业小料师推荐的特色蘸碟，能让顾客满意度提升20%，也间接带动了复购率。 职业身份的"转正"，不仅赋予了从业者尊严与自豪感，也为行业吸引了更多新鲜血液。重庆市火锅 协会会长陈国华表示，火锅料理师这一新工种的出现，让众多火锅传承者感到振奋，这不仅是对火锅行 业从业者的肯定，更有利于火锅文化的传承与弘扬。 近年来，从 ...

Core Insights - The "Chongqing Hotpot Production and Sales Connection Conference" aims to enhance collaboration between Shandong and Chongqing, focusing on industry synergy and consumer interaction through hotpot as a medium [2][5] - The event is part of a broader national strategy to promote regional coordinated development and common prosperity [4] Group 1: Event Overview - The event took place in Jinan from December 12 to 14, featuring a three-day hotpot cultural festival with various exhibitions and interactive activities [11] - The festival adopted a "1+1+2" exhibition model, including one connection meeting, one main venue, and two sub-venues, showcasing the entire hotpot industry chain [11] Group 2: Industry Collaboration - A strategic cooperation agreement was signed between the Chongqing Hotpot Industry Association and the Shandong Hotpot Catering Association to establish industry standards and share resources [10] - The Chongqing hotpot industry has developed a complete industrial chain with a total output value of 300 billion yuan [7] Group 3: Market Engagement - The event featured a lively atmosphere with discussions on supply chain integration, product innovation, and market channel collaboration among representatives from both regions [10] - Various promotional activities, including discounts and interactive experiences, were organized to attract public participation and enhance consumer engagement [11]

Core Insights - Haidilao's new "Dapaidang" hotpot concept is currently in internal testing in Guangzhou, with plans to expand to cities like Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning [1][3] - The Dapaidang hotpot differentiates itself by incorporating a fresh market concept, offering over 200 products presented in functional areas such as a teppanyaki zone, fresh-cut area, seafood zone, and fruit and beverage zone [1][2] - The pricing model is based on a per-plate system with four color-coded price tiers, allowing customers to select their ingredients [1][2] Supply Chain and Operations - The Dapaidang hotpot leverages Haidilao's supply chain for sourcing, cold chain transportation, and temporary storage, ensuring fresh seafood is kept alive until preparation [2] - A "seafood consultant" role has been established to provide expertise in product selection, supply chain management, and seafood handling [2] Market Trends and Consumer Preferences - There is a trend of scene integration in offline dining, with supermarkets introducing ready-to-eat sections and restaurants incorporating market and retail elements [2] - Consumers are increasingly valuing "smoky atmosphere," relaxation, and emotional value during dining experiences, showing a willingness to pay for fresh and interactive dining [2] Brand Development - Since the launch of the "Pomegranate Plan," Haidilao has developed 14 restaurant brands, including "Yanshi Barbecue" and "Xiao Hai Fried," with a total of 126 outlets under this initiative as of June 2025 [3] - The revenue from "other restaurants" reached 597 million yuan, marking a 227% year-on-year increase [3]

Core Insights - Haidilao's new "Dapaidang" hotpot restaurant is set to open its first location in Guangzhou, currently in the internal testing phase [1] Product Offering - The restaurant will feature over 200 different products, including fresh-cut meats, live seafood, teppanyaki items, and a fruit beverage area [1] - Customers will have the opportunity to select items from various functional areas, creating a market-like experience, and will dine using a "one person, one pot" format [1] - The menu will be dynamically adjusted according to seasonal changes, ensuring a fresh experience for customers [1]

Core Insights - Haidilao's new "Dapaidang" hotpot restaurant in Guangzhou has entered the internal testing phase and is set to officially open soon [2][5] Group 1: Product Offering - The restaurant will offer over 200 products, including fresh-cut meats, live seafood, teppanyaki items, and a fruit beverage area, allowing customers to select items in a market-like experience with a "one pot per person" dining format [2][5] - The menu will be dynamically adjusted according to seasonal changes, ensuring a fresh experience for customers [2][5] Group 2: Supply Chain and Quality Control - The restaurant relies on Haidilao's supply chain system, ensuring that ingredients are sourced from the origin, transported via cold chain, and temporarily stored at the restaurant, maintaining high-quality standards [2][5] - A "low-temperature cold chain direct delivery, same-day shelving" supply model is implemented, allowing seafood to remain alive before processing, which meets the demands for on-site preparation and fresh presentation [2][5] Group 3: Food Safety Measures - The first Dapaidang location will adhere to Haidilao's food safety standards, utilizing digital tools such as AI inspection systems, pest control systems, and food safety responsibility systems to effectively manage kitchen operations, environmental hygiene, and accountability [2][5] Group 4: Expansion Plans - Following the Guangzhou opening, Haidilao plans to launch additional Dapaidang locations in cities such as Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning, with product structures tailored to local consumer preferences [3][6] Group 5: Business Performance - As of June 30, 2025, Haidilao's "Red Pomegranate Plan" has successfully incubated 14 restaurant brands, with a total of 126 stores under this initiative, and "other restaurant revenue" reaching 597 million yuan, a year-on-year increase of 227% [3][6]

Core Insights - The small hot pot segment is experiencing a resurgence, driven by the "one person, one pot" model, with major restaurant chains entering the market [1][4] - The market size for small hot pots is projected to reach 40 billion yuan by 2025, with a year-on-year growth rate of 14% [4][2] Market Trends - The search index for "small hot pot" has increased from less than 500,000 in early 2024 to approximately 1.5 million by November 2025 [2] - On social media platforms, the "small hot pot" topic has garnered significant attention, with Douyin videos reaching over 2.47 billion views and Xiaohongshu accumulating over 360 million views [2] Competitive Landscape - As of November 2025, there are approximately 48,000 small hot pot outlets in China, accounting for about 10% of the total hot pot restaurants [4] - The number of small hot pot-related enterprises has exceeded 24,000, reflecting a year-on-year increase of 2.6% [4] Growth Drivers - Consumer demand for cost-effective dining options is a key factor driving the growth of small hot pots, as average spending in the restaurant sector has decreased from 34.4 yuan in January 2025 to 33.2 yuan in October 2025 [7] - Intense competition in the hot pot market has led brands to adopt low-price strategies, further accelerating the development of the small hot pot segment [9] - Improvements in the hot pot supply chain have provided essential support for the rapid growth of the small hot pot market [11] Brand Development - Notable brands in the small hot pot sector include Weilai, which has over 1,000 outlets, and Xiaobubub, with more than 700 locations [14] - Established hot pot brands like Haidilao and Yang Guofu are also launching small hot pot sub-brands and products to capture market share [17] Consumer Preferences - The small hot pot market is diversifying into various price segments, with 31.2% of outlets priced between 20 and 40 yuan, and 34.5% priced above 60 yuan [19] - Brands are increasingly focusing on quality and health, introducing high-quality ingredients and unique dining experiences to attract consumers [24][26] Future Directions - The small hot pot segment is evolving towards specialization, quality enhancement, and fast-casual dining [20] - Brands are exploring new growth paths, including one-person meal packages and enhancing dining experiences to meet social interaction needs [36][40]

Core Viewpoint - The recent opening of a pet-friendly Haidilao restaurant in Shenzhen has sparked public debate regarding health and safety concerns, despite the company's efforts to tap into the pet economy and innovate its business model [4][5]. Group 1: Company Initiatives - Haidilao has launched its first pet-friendly restaurant in Shenzhen, allowing customers to bring pets for dining, with specific health and safety measures in place [4][3]. - The restaurant features a separate dining area for pets, provides free clean drinking water, and offers pet-specific meals without salt or seasoning [4][3]. - The company is exploring the potential of the pet economy as a strategic move to diversify its revenue streams amid declining performance in its core business [5][6]. Group 2: Market Context - The hot pot market in China is projected to reach a scale of 617.5 billion yuan in 2024, with a year-on-year growth of 5.6%, indicating a competitive landscape as the number of hot pot restaurants fluctuates [5]. - Haidilao's revenue has faced challenges, with a 3.7% year-on-year decline in the first half of 2025, and a decrease in net profit by 13.7% [5]. - The number of Haidilao restaurants has decreased from 1,433 in 2021 to 1,368 by the end of 2024, reflecting a shift towards a more competitive environment [5]. Group 3: Financial Performance - In the first half of 2025, Haidilao reported an operating cash flow of 3.25 billion yuan, indicating a strong cash position to support new initiatives [5][6]. - The "Red Pomegranate Plan," which includes the launch of new restaurant brands, has shown significant results, with a 227% year-on-year increase in revenue from other restaurant operations [6].

Core Viewpoint - The recent opening of a pet-friendly Haidilao restaurant in Shenzhen has sparked discussions regarding public health and brand image, amidst the company's efforts to explore the pet economy potential [4][5]. Group 1: Company Initiatives - Haidilao has launched its first pet-friendly restaurant in Shenzhen, allowing customers to bring pets for dining, with separate dining areas for pets and regular customers [3][4]. - The restaurant provides free clean drinking water for pets and offers special pet meals, including beef and duck dishes without salt or seasoning [4]. - The company has seen a decline in its main business, with a 3.7% year-on-year revenue drop and a 13.7% decrease in net profit in the first half of 2025 [5]. Group 2: Market Context - The hot pot market in China is projected to reach a scale of 617.5 billion yuan in 2024, with a year-on-year growth of 5.6% [5]. - The number of hot pot restaurants is expected to peak at 535,500 by the third quarter of 2024 before gradually declining, indicating a shift to a competitive landscape [5]. - Since 2021, Haidilao's number of restaurants has decreased from 1,433 to 1,368 by the end of 2024, reflecting challenges in expansion [5]. Group 3: Financial Performance - Haidilao's operating cash flow reached 3.25 billion yuan in the first half of 2025, providing financial support for its "Red Pomegranate Plan" [5]. - The company's second brand initiative has resulted in 126 new restaurant locations, contributing significantly to revenue growth, with "other restaurant income" increasing by 227% to 597 million yuan [6].

Core Viewpoint - The recent opening of a pet-friendly Haidilao restaurant in Shenzhen has sparked controversy regarding public health and brand image, despite being an innovative attempt to tap into the pet economy amid declining performance in the core business [4][5]. Group 1: Company Initiatives - Haidilao has launched its first pet-friendly restaurant in Shenzhen, allowing customers to bring pets for dining, with specific health and safety measures in place [4][3]. - The restaurant features a separate dining area for pets, provides free clean drinking water, and offers pet-specific meals without salt or seasoning [4][3]. - The company is exploring the pet economy as a strategic choice to counteract declining revenue and customer traffic, as evidenced by a 3.7% year-on-year revenue drop in the first half of 2025 [5][6]. Group 2: Market Context - The hot pot market in China is projected to reach a scale of 617.5 billion yuan in 2024, with a year-on-year growth of 5.6%, indicating a competitive landscape as the number of hot pot restaurants fluctuates [5]. - Haidilao's store count has decreased from 1,433 in 2021 to 1,368 by the end of 2024, reflecting challenges in maintaining growth in a saturated market [5]. - The company's cash flow remains strong, with operating cash flow of 3.25 billion yuan in the first half of 2025, providing a financial cushion for new initiatives like the "Red Pomegranate Plan" [5][6].