%% %% research.95579.com 1 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司深度丨海底捞（06862.HK） [Table_Title] 海底捞深度报告：以服务立身，凭供应链致远 %% %% 报告要点 [Table_Summary] 海底捞是一家品牌矩阵丰富、管理特色突出、供应链壁垒深厚的大型餐饮企业。我们看好海底 捞主要基于：1、海底捞主品牌的极致服务深入人心，在下沉市场仍有开店潜力，新品牌矩阵加 速构建，打造了主品牌筑基+新品牌破局的双轮驱动的成长蓝图；2、海底捞单店模型优势突出， 翻台率高，运营效率与盈利能力强劲，奠定扎实的业绩基础；3、供应链体系成熟，从源头把控 食材品质，为全国门店提供稳定、统一、安全的食材保障。未来，公司有望在餐饮市场持续领 航。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] ...

北京商报讯（记者 张天元）12月7日，"昌平区2025年涮肉美食节"在昌平区玖耀里商街正式启动。本次活动以"涮！昌平的烟火"为主题，由昌平区商务局主 办，旨在融合美食、文化与消费，并通过"1+3+N"多元活动体系，全面激活区域冬季消费活力。据悉，本次活动将持续至2026年1月31日。 据介绍，本次活动通过主题市集、跨界快闪、线上线下联动，打造沉浸式、趣味化消费新场景，在烟火气中激发区域消费活力。北京商报记者在现场看到， 活动汇聚了阳坊涮肉、巴图锡盟羊肉等地域品牌，海底捞、呷哺呷哺等火锅企业以及北冰洋、昌平文旅集团等本土企业在内的近30家品牌机构，共同打造 出"涮肉+文创+农产品"多元融合的消费场景。 值得一提的是，随着"昌平区2025年涮肉美食节"的正式启动，三大主题快闪活动陆续开展，开启跨界体验新玩法。活动串联昌平滑雪、温泉、采摘等冬季特 色旅游资源，带来 "美食 + 体验" 深度融合的多元玩法。首场 "涮肉 + 滑雪" 于 12 月 20 日 - 21 日在军都山滑雪场举办；第二场 "涮肉 + 温泉" 将于 2026 年 1 月 10 日 - 11 日登陆小汤山九华山庄；压轴的 "涮肉 + 采摘" 定于 ...

对此，郑州市一家巴奴毛肚火锅门店工作人员表示，这道菜是12月新推出的，在12月1日至31日期间销 售，其就是云南的海菜花，当地大家都叫它"水性杨花"。这个菜品推出后收到不少顾客反馈，提示这个 词可能存在歧义，现在已改名"海菜花"。另一家门店的工作人员也表示，"水性杨花"这个名字已全面下 架，相关菜单均已更新。 根据博物公众号，火锅店内售卖的"水性杨花"指的是云南的湖泊中生长的沉水草本植物海菜花，属于水 鳖科海菜花属，供人食用的部位是它的花梗和未开放的花序。虽然以"海"为名，但海菜花之"海"是云南 方言里湖泊之意，并不是大海。它扎根水底，细长的茎、柔软的叶片浸没在水中随波摇曳，令人联想起 海带，只有顶端的花苞浮在水面。海菜花的花期较长，可以从5月持续到10月。当花期到来，海菜花开 出洁白的三瓣小花，在白天浮出水面绽放，夜间闭合沉入水中，成为特有的风景。海菜花的花朵虽然也 能吃，但容易腐烂，产地之外吃的海菜花都是有梗无花的。 北京商报讯(记者张天元)12月5日，"巴奴新菜品水性杨花被指有歧义"相关话题引发热议。根据湖北经 视《经视直播》栏目微博，近日有消费者反映，巴奴毛肚火锅在今年12月推出名为"水性杨花"的尝鲜 ...

Core Viewpoint - The controversy surrounding the dish name "水性杨花" highlights the brand's lack of cultural sensitivity and raises questions about its high-end positioning in the market [3][17][25] Group 1: Brand Positioning and Identity - The brand aims to establish itself as a high-end hot pot restaurant, but its actions often contradict this goal, leading to a series of controversies [4][5][18] - The founder's comments about income and class divisions have alienated potential customers, suggesting that the brand does not cater to ordinary consumers [6][20] - The brand's repeated pricing controversies indicate a disconnect between perceived value and actual quality, undermining consumer trust [11][23] Group 2: Product Quality and Marketing Issues - Instances of overpriced ingredients and quality issues, such as the scandal involving duck meat being sold as high-calcium lamb, have damaged the brand's reputation [9][24] - The brand's marketing strategies have failed to resonate with consumers, leading to perceptions of "value imbalance" where price increases are not justified by quality improvements [10][11] - The recent dish name controversy serves as a metaphor for the brand's broader issues with reputation management and cultural awareness [25][27] Group 3: Operational Challenges - The company has faced scrutiny over its labor practices, including a high ratio of outsourced workers and unpaid social security contributions, which raises concerns about its operational integrity [12][24] - The brand's attempt to project a high-end image is undermined by internal practices that prioritize cost-cutting over employee welfare, affecting service quality [13][25] - The upcoming IPO plans have been met with regulatory challenges, reflecting ongoing issues with corporate governance and financial transparency [12][24]

近日，有河南的网友发文称，巴奴毛肚火锅12月推出名为"水性杨花"的尝鲜菜，认为该名称带有歧义， 涉事门店随后将菜品改名。 近日，有河南的网友发文称，巴奴毛肚火锅12月推出名为"水性杨花"的尝鲜菜，认为该名称带有歧义， 涉事门店随后将菜品改名。 12月4日，据经视直播，郑州市一家巴奴毛肚火锅门店工作人员介绍，这道菜是12月新推出的，在12月1 日至31日期间销售，其就是云南的海菜花，当地大家都叫它"水性杨花"。 此外，工作人员也表示，这个菜品推出后收到不少顾客反馈，提示这个词可能存在歧义，现在已改 名"海菜花"。另一家门店的工作人员也表示，"水性杨花"这个名字已全面下架，相关菜单均已更新。 公开资料显示，海菜花为水鳖科水车前属的多年生草本植物，主要分布在中国云南的大理、洱海等地， 茎叶可供食用，是云南特色食材。因其花与叶随水漂动，在云南当地常被称为"水性杨花"，有清热化 痰，解毒利尿的功效。 有律师也指出，虽然"水性杨花"是该菜在云南当地的俗称，但在其他地区作为菜名容易引发误解，可能 涉嫌违反公序良俗。 巴奴毛肚火锅，创办于2001年，总部位于河南省郑州市，是以"毛肚火锅"为核心品类的连锁火锅企业， 主要针对中 ...

Core Insights - The self-service hot pot concept has gained significant popularity in the restaurant industry, with a projected 28.9% year-on-year growth in consumption scale for 2024 [2] - The rise of self-service hot pot is attributed to its affordability and the ability to cater to diverse consumer preferences, offering a unique dining experience at a lower cost compared to traditional hot pot brands [2][4] - The self-service model is evolving, with many brands adopting a "half self-service" approach, which reduces labor costs while still providing a variety of food options [5][6] Industry Trends - The number of self-service hot pot establishments in China has surpassed 24,000, with a year-on-year growth rate of 33.5%, indicating a strong market demand [4] - Brands like Weila Hot Pot and Yang Guofu have rapidly expanded their store counts, with Weila exceeding 1,000 locations in 2024 [2][4] - The self-service hot pot trend is not limited to traditional settings; it has also penetrated shopping malls, enhancing the dining environment and attracting office workers [4] Business Model Analysis - The self-service model allows for a mix of unlimited supply of low-cost items and a la carte high-quality dishes, catering to different consumer segments [5][6] - By minimizing staff requirements and allowing customers to serve themselves, businesses can significantly reduce labor costs, which is crucial in the current economic climate [17][19] - The half self-service model has proven effective in various dining categories, particularly in hot pot and barbecue, where food preparation is straightforward and can be standardized [20] Consumer Behavior - The affordability of self-service hot pot and barbecue has resonated with consumers, especially in a market where price sensitivity is increasing [16][17] - The experience of self-service dining, while appealing to some, raises concerns about food safety and quality control, as customers are responsible for their own cooking [22][23] - Despite the low-cost appeal, additional charges for essential items like charcoal and sauces can lead to consumer dissatisfaction, highlighting the need for transparent pricing [23][25]

Core Insights - The peak season for lamb sales in the catering industry has arrived, with increased customer traffic reported in various restaurants as temperatures drop [1][5] - Many hot pot brands are launching seasonal lamb products to capitalize on the rising demand for lamb dishes [1][5] Group 1: Industry Trends - Restaurants like a lamb soup restaurant in Dazhou and Zhu Ba lamb restaurant in Chongqing are experiencing significant increases in customer volume, with reports of daily table turnover exceeding two [1][2] - A report by First Financial and Douyin Life Services indicates that lamb ranks first in searches for health and nourishing hot pot ingredients [1] Group 2: Company Strategies - Haidilao has introduced winter-limited fresh-cut lamb in select stores, featuring high-quality ingredients and unique presentation, receiving positive feedback on social media [2] - Xiaobuxiang has launched a "lamb giveaway" campaign in major cities, resulting in a 45% increase in repeat visits from old members and nearly a 50% increase in customer flow on promotional days [4] Group 3: Product Innovations - Various hot pot brands are innovating with lamb products, such as Banu's lamb rolls and Hongjie Old Hot Pot's lamb dumplings, reflecting a trend towards specialized lamb offerings [5] - Non-hot pot restaurants are also introducing lamb dishes, such as Feifei Shrimp's whole roasted lamb, which has seen significant sales [5][7] Group 4: Pricing and Supply Chain - The average price of lamb has been rising, with recent data showing prices of 70.98, 71.11, and 71.32 yuan per kilogram over three weeks in November [7] - The rise in lamb prices is attributed to seasonal demand, and industry experts suggest that the price increase will be limited despite the demand surge [7][8] Group 5: Consumer Engagement - The trend of launching new lamb products reflects the current consumer interest in lamb dishes, and the industry will continue to monitor how long this trend lasts [8]

Core Insights - The high-end seafood hotpot market is experiencing a price reduction trend, moving away from its previous association with luxury pricing [1][3][5] - Brands that failed to adapt to changing consumer preferences are facing closures, while more affordable seafood hotpot options are gaining popularity [5][16] - The emergence of seafood market-style hotpot restaurants is reshaping the competitive landscape, focusing on value and consumer demand [8][12][20] Price Adjustments - The price of high-end seafood hotpot has been significantly reduced, with examples like Yonghehui's price dropping from 599 yuan to 388 yuan for dinner [1][3] - Other brands, such as Songlu and Haidilao, have also introduced lower-priced options, with average price reductions exceeding 30% [3][12] Market Dynamics - The closure of several high-end seafood hotpot brands indicates a market correction, with consumers increasingly favoring value-oriented dining experiences [5][16] - The seafood hotpot segment remains robust, with significant consumer interest reflected in social media engagement [7][8] Emerging Trends - Seafood market-style hotpot, exemplified by brands like Zhu Fugui, is gaining traction, with over 30 new locations opened in various provinces [8][10] - Traditional seafood hotpot brands are adapting by introducing market-style offerings, such as Hai Tian Sheng Yan's new budget-friendly locations [10][12] Consumer Behavior - Consumers are now more price-sensitive, with a shift towards valuing quality and transparency in seafood offerings [17][19] - The demand for a lively dining atmosphere and emotional value is driving the success of market-style hotpot restaurants [19][20] Industry Outlook - The transition from high-priced seafood hotpot to more affordable options reflects a broader trend in Chinese dining towards rational consumption [20] - Future success in the seafood hotpot market will depend on maintaining quality, transparency, and a focus on consumer needs [20]

Core Insights - The hot pot industry in China is experiencing structural differentiation, with a notable rise in self-service hot pot formats [4][11] - The number of small hot pot enterprises in China has reached approximately 23,000, with a compound annual growth rate of 2.8% from 2019 to 2023 [5] - Major brands like Haidilao and Yang Guofu are entering the self-service hot pot market, indicating a trend towards this format [7][8] Industry Overview - As of July 2024, the number of small hot pot outlets in China is expected to exceed 50,000, accounting for about 10% of the total hot pot outlets [9] - 81.6% of small hot pot brands have five or fewer outlets, highlighting a highly fragmented market with low chain rates [10][11] - Emerging regional brands are capitalizing on opportunities in this nascent market, with numerous players already present [12][13] Company Case Study: Long Ge Self-Service Hot Pot - Long Ge has rapidly expanded, surpassing 100 outlets and planning to reach 300 by 2025 [15][17] - The brand's growth is attributed to a well-developed single-store model and a replicable business strategy [20] - The single-store profitability model includes key elements such as customer targeting, product-service mix, location strategy, and operational tactics [22][23] Single-Store Model Development - Long Ge's initial store faced significant losses, prompting a shift to a more successful location model [25][26] - Customer feedback led to the introduction of single-portion dishes, although this increased labor costs [28] - The focus on customer satisfaction is critical, with Long Ge achieving a monthly repurchase rate exceeding 30% [39] Operational Efficiency - Long Ge emphasizes standardization in operations, reducing labor needs and simplifying employee tasks [40][41] - The self-service model allows for high standardization, which is essential for scalability in the hot pot sector [44] Business Model Design - The business model is designed to align the interests of all stakeholders, including suppliers, employees, and investors [49][50] - Long Ge's investment structure allows for significant employee participation in profit-sharing, enhancing motivation and reducing turnover [54][56] - The model has proven effective, with over 80 new outlets opened since 2019, indicating strong market acceptance [59]

Core Viewpoint - The rise of Chaoshan beef hotpot has transformed from street stalls to a billion-dollar industry, driven by modernization and cultural empowerment, showcasing the potential of traditional cuisine in the contemporary market [4][22][95]. Group 1: Industry Growth and Market Size - The market size of Chaoshan beef hotpot is projected to reach 48.18 billion yuan in 2024, with a year-on-year growth of 8.1%, and is expected to exceed 50 billion yuan by 2025 [27]. - The rapid expansion of store numbers reflects market enthusiasm, with major brands like Chaofan and Bahali forming a significant brand matrix [28]. - Guangdong province, as the origin and core market, accounts for 45.1% of the total store distribution nationwide, with over 4,000 beef hotpot restaurants in the Chaoshan region by October 2025 [30]. Group 2: Supply Chain Innovations - The industry faces challenges due to the geographical limitations of Chaoshan, which lacks large-scale cattle ranching resources, leading to a reliance on cattle transported from other regions [34][36]. - Major brands have adopted a "cross-province cattle raising" strategy to ensure quality control, establishing breeding bases in regions like Ningxia and Guizhou [39][40]. - A unique "grain-fed fattening" process has been developed to improve meat quality after long-distance transport [42]. Group 3: Workforce Development and Professionalization - The growth of the Chaoshan beef hotpot industry has led to an increase in the workforce, surpassing 800,000 nationwide, covering all aspects from breeding to service [45]. - The profession of "beef cutter" has emerged as a key role, transitioning from family inheritance to standardized training, with a significant influx of young workers [50][52]. - The new generation of workers is introducing innovative management practices, such as short video marketing and private domain operations, to modernize the industry [56]. Group 4: Cultural and Media Influence - The popularity of Chaoshan beef hotpot has been bolstered by its alignment with contemporary consumer trends and the influence of "media+" platforms [60]. - The health-conscious nature of the hotpot, with its clear broth and high-quality protein, resonates with modern dietary preferences, leading to significant social media engagement [65][67]. - The media's role in amplifying the cultural significance of Chaoshan beef hotpot has contributed to its transformation from a local delicacy to a national culinary trend [75]. Group 5: Challenges and Future Prospects - Despite market growth, the industry faces challenges such as insufficient standardization, leading to quality discrepancies across different outlets [81][83]. - Increased competition has compressed profit margins, with many new stores lacking innovation and merely replicating existing models [84]. - The upcoming Guangdong Chaoshan Beef Hotpot Cultural Festival aims to address these challenges by establishing industry standards and enhancing cultural recognition [90][92].