4月21日，据扬子晚报，近日，江苏苏州的陈女士发帖称她在海底捞（06862.HK）就餐时遭遇意外，触 碰到蘸料台的金属边缘后导致左手触电受伤，之后持续出现僵硬、乏力、麻木症状。 据陈女士讲述，3月30日中午，她与朋友在海底捞相城天虹门店用餐。点完单后，她前往蘸料台取料， 左手下意识碰到蘸料台边缘的金属部分，瞬间被电到，左臂产生强烈刺痛感。随后，陈女士在海底捞工 作人员陪同下前往医院检查。由于第一家医院无法接治电伤患者，陈女士被转至苏州市立医院北区。经 诊断，陈女士因电击导致神经受损，需进行两到三个月的康复治疗。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 余承东宣布大消息→ 创纪录！首破4万亿元 海底捞方回应称，事发当天检测电路无异常，小料台电气开关（漏电保护装置）的检查记录均显示正 常。海底捞已联络第三方专业检测机构对小料台再次核查，并承诺依法承担相应责任。 海底捞2024年财报显示，公司全年营收同比增长3.1%，平均翻台率从2023年的3.8次/天提升至4.1次/ 天，但顾客人均消费从2023年的99.1元降至97.5元。另外，尽管2024年业绩亮眼，但市场普遍关注2025 年一季度的压 ...

先不用着急唱衰，重生版"呷哺呷哺"正在路上。 去年的火锅行业里，"以价换量"似乎成了共识。 前有呷哺呷哺小火锅继续降价，后有海底捞、怂火锅等知名火锅品牌相继推出低价产品，将客单价拉回百元以内，连客单价一度飙升到150元的湊湊，也 在去年通过推出小份菜，将客单价拉到120元的水平。 但同样是降价，海底捞和呷哺集团却呈现了不同的结果。 根据海底捞2024年财报显示，海底捞成功将翻台率提升回4.1次/天，营收、净利润实现了两年增长，并创下历史新高；反观呷哺呷哺集团，在2024年亏损 扩大至4.01亿元，达到4年来最高，一度被给予厚望的湊湊成了呷哺呷哺集团最拖后腿的业务，亏损3.5亿元，占总亏损九成。 从业绩上来看，降价版的湊湊和呷哺呷哺显然都没有被消费者买账。和海底捞相比，呷哺集团到底差哪儿了？ 01 降价，没换来量 在火锅行业里，湊湊的客单价曾一骑绝尘。 2022年以前的呷哺集团，乘着消费升级的风，顺利几番涨价，在2022年巅峰时期，客单价一度飙到150元以上。 但近两年的火锅市场并不好过。消费降级的趋势下，降价成了火锅同行们的集体动作，客单价逐年下滑。海底捞将自己的客单价拉回百元以内，主打川渝 的怂火锅也在逐年 ...

Core Viewpoint - The company, Xiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxiaobuxi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01 海底捞变"小"了，增设小火锅、小份菜 最近，很多网友爆料，部分海底捞门店出了小锅和小份菜。 在锅底选择上，除了传统的单锅、拼锅、四宫格，增设了小锅的选项，目前设置有8款特色锅底，价格区间在16~22元不等，比如真香锅18元、海鲜粥锅 底22元、经典麻辣火锅19元。 一个人也能吃"满汉全席" 值得注意的是，就餐同样可以积累捞币，成长值，相关等级权益可以享受；小份菜只有工作日的9点~17点时间段有；目前是部分门店有，有的在改造， 有的试行，具体还是以门店通知为准 。 锅底和菜品都变"小"了 有体验过的网友表示：也是在海底捞吃上满汉全席了，kuku点完8个菜用完69折才50多，一个人吃超级爽，我会经常去...... 在菜品上，这里需要注意，小份菜不同于半份菜，在价格和份量上是真的"小"，荤菜35款，素菜18款，小吃3款，有小酥肉、炸牛奶、注心火锅油条，官 方表示还在持续更新中。 其实，早在1月份，福建海底捞小红书账号就透露试点推广小锅、小份菜：菜品丰富、价格亲民、花同样的钱，收获双倍快乐，后来陆陆续续更多门店试 点，从目前的顾客反馈来看，无一例外都是好评。 海底捞部分区域门店在小红书上也官宣："小份菜、整份爱 ...

Core Viewpoint - The article discusses the decline of the hot pot chain "Xiabuxiabu," which has transformed from a leading brand to a "penny stock" due to strategic missteps and increasing competition in the hot pot industry. The company reported a loss of 398 million yuan in 2024, accumulating losses of 1.2 billion yuan since 2021, with its stock price plummeting to 0.86 HKD per share [3][6][7]. Company Overview - Established in 1998, Xiabuxiabu initially thrived with its unique "Taiwan-style individual hot pot" model, gaining popularity in the market. However, recent strategic shifts during brand upgrades have led to significant financial losses [3][8]. - The company experienced rapid expansion after receiving investments in 2008 and 2012, reaching nearly 1,000 stores by 2022 and serving over 100 million customers [9][10]. Financial Performance - In 2024, Xiabuxiabu reported a loss of 398 million yuan, bringing total losses since 2021 to 1.2 billion yuan. The stock price has dropped from a peak of 27.15 HKD in 2021 to 0.86 HKD in 2025, resulting in a 97% decrease in market value [6][11]. Industry Challenges - The hot pot market is projected to exceed 650 billion yuan by 2025, but competition is intensifying. Major brands like Haidilao are expanding their market share, while smaller and emerging brands are capturing niche markets through differentiated offerings [4][20]. - The article highlights the need for hot pot brands to innovate in product offerings, enhance service quality, and optimize supply chains to maintain competitive advantages [20][21]. Strategic Missteps - Xiabuxiabu's attempt to upgrade its brand and increase prices led to a loss of its original customer base, as consumers shifted to lower-priced competitors. The company's failure to effectively manage this transition contributed to its financial decline [11][17]. - The brand's identity became muddled as it moved away from its initial value proposition of affordability, leading to decreased consumer trust and loyalty [17]. Recovery Efforts - In 2019, Xiabuxiabu acquired a key agricultural enterprise to strengthen its supply chain, aiming to enhance its operational capabilities and product offerings [13]. - The company has introduced a "Chongqi Card" to boost customer engagement, achieving sales of 2 million cards in 2024, with a significant increase in average spending among members [13][15]. Market Trends - The hot pot industry is experiencing a shift towards diverse regional flavors, with new entrants offering unique culinary experiences. This trend necessitates that established brands adapt to changing consumer preferences [20][21]. - The article suggests that brands should explore new growth opportunities in lower-tier cities and consider cross-industry collaborations to enhance their market presence [22].

本文3859字，约5.5分钟 作者 | 吕敬之 编辑 | 吾人 来源 | 融中财经 成立27年，上市11年，昔日的"连锁火锅第一股"熬了十年，成了股价跌倒1港元之下的"仙股"。 2024年，呷哺呷哺全年亏损3.98亿元，自2021年以来累积亏损已达12亿元，股价更是跌至0.86港元/股，沦为"仙股"。这家成立于1998年的火锅品牌，曾凭 借"台式一人一锅"的独特模式和精准的市场定位，在火锅江湖中占据一席之地。然而，近年来，呷哺呷哺在品牌升级过程中出现战略摇摆，最终陷入亏损 泥潭。 呷哺呷哺的困境不仅是其自身战略失误的结果，也反映了整个火锅行业在快速发展中面临的挑战。 2025年，火锅市场规模有望突破6500亿元，但市场竞争也愈发白热化。川渝火锅凭借麻辣鲜香的口味占据主导，而贵州酸汤火锅、云南酸菜牛肉火锅等地 域特色火锅也异军突起，推动市场细分。头部品牌如海底捞凭借强大的品牌影响力和标准化运营模式不断扩大市场份额，中小品牌及新兴品牌则通过差异 化定位、特色产品和服务抢占细分市场。 在这样的竞争格局下，火锅品牌若想脱颖而出，必须从产品创新、服务升级、营销拓展、供应链优化等多方面入手，打造差异化竞争优势，积极探寻新 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 42.75 billion yuan in 2024, a year-on-year increase of 3.1%, and a net profit of 4.71 billion yuan, up 4.6% year-on-year. In the second half of 2024, revenue was 21.26 billion yuan, down 5.8% year-on-year, while net profit increased by 19.1% to 2.67 billion yuan [4][5] - The overall table turnover rate improved to 4.1 times per day in 2024, compared to 3.8 times in 2023, indicating enhanced operational efficiency [6] - The company launched the "Pomegranate Plan," which includes 11 new restaurant brands, contributing to revenue diversification and growth [8] Revenue and Profit Structure - In 2024, the revenue breakdown was as follows: restaurant operations generated 40.398 billion yuan, delivery services 1.254 billion yuan, seasoning products and other sales 0.575 billion yuan, and other restaurant operations 0.483 billion yuan [5] - The company experienced a net decrease of 6 stores in 2024, ending the year with 1,368 locations [5] Cost Structure and Profitability - In the second half of 2024, the cost of raw materials accounted for 36.8% of revenue, down 4.2 percentage points year-on-year, contributing to an improved net profit margin of 12.6%, up 2.6 percentage points year-on-year [6][7] - The overall net profit margin for 2024 was 11.0%, reflecting a slight increase of 0.2 percentage points year-on-year [7] Future Outlook - The company plans to achieve a mid-single-digit growth in the number of new stores in 2025, focusing on expansion in lower-tier cities [9] - The successful operation of the "Pomegranate Plan" and the expansion of the "Flame Grilled Meat Shop" brand are expected to drive further revenue growth [9] Financial Projections - The projected net profit for 2025 is 5.355 billion yuan, with an expected growth rate of 13.7% [10] - The earnings per share (EPS) for 2025 is estimated at 0.96 yuan, with a price-to-earnings (P/E) ratio of 17x based on the current stock price [9][10]

一、现象级打卡：明星效应背后的城市符号 今年2月，黎耀祥、许绍雄等TVB演员来渝演出后，直奔北步园洪崖洞店，对着"锤锤手工虾滑"连点四份，直呼"鸭肠脆到上头"。无独有偶，时代少年团 成员苏新皓的打卡照更在粉丝圈疯传，评论区秒变"重庆旅游攻略"。除此之外，刘奕君、凤小岳、张伊君以及泰国艺人utor（土豆）和Yim（年糕），还 有体育圈的郭焱、杜凯琹等名人都去北步园老火锅打过卡。据店员透露，北步园品牌店内常年备有明星同款菜单，供游客复刻"偶像同款"。 明星频频打卡重庆北步园火锅，背后的流量密码与城市烟火气 近年来，重庆洪崖洞旁的一家火锅店频繁登上热搜——北步园老火锅。从TVB影帝黎耀祥到新生代偶像苏新皓，众多明星专程到店打卡，甚至引发粉 丝"追星式探店"。而同样隶属于北步园品牌的北步园火锅村（总店），也凭借独特的社区烟火气成为艺人私藏清单上的常客。这家位于江北区三钢二路的 老火锅，究竟有何魔力？ 三、商业逻辑：从网红到长红的破局之道 1. 爆款迭代：每月上新"流量收割机" 北步园品牌的菜单堪称"网红制造机"：竹筒宝藏茶、坛子奶茶等甜品迭代速度以周计，现摊苕皮、千丝黄喉等菜品专攻"猎奇心理"。其爆款逻辑是"视觉 冲 ...

Core Viewpoint - The article discusses the changing dynamics of the hot pot industry in China, highlighting the increasing consumer dissatisfaction with high-priced hot pot brands and the rise of alternative dining options that offer better value and experience [2][4][76]. Group 1: Consumer Sentiment and Market Trends - In 2024, the average monthly salary for residents is 3,000+ yuan, making a 5,000 yuan salary above average, indicating that consumers are reevaluating their spending on dining experiences [4]. - There is a noticeable shift among the new middle class, who are abandoning high-priced hot pot options in favor of more affordable alternatives [7][8]. - The perception that high prices equate to high quality is fading, leading to a growing distrust among consumers towards expensive hot pot brands [24][30]. Group 2: Pricing and Cost Challenges - The restaurant industry has entered a cost-up cycle, with operating costs in the dining sector rising nearly 50% year-on-year by Q3 2024 [25]. - High-end hot pot restaurants are facing a closure rate of approximately 30%-35%, with average losses exceeding 2 million yuan per store [28]. - Brands like Ba Nu have faced backlash for their pricing strategies, with some items priced excessively compared to their actual value [10][14][16]. Group 3: Competitive Landscape - The rise of alternative dining options such as "mala tang" (spicy hot pot) and "ma la kuan" (spicy skewers) is diverting consumers from traditional hot pot restaurants, with these alternatives offering lower prices and more diverse dining experiences [45][52]. - Major supermarket chains like Sam's Club and Hema are entering the market, providing consumers with safer and more convenient dining options at home [43]. - The emergence of differentiated dining experiences, such as KTV-themed hot pot restaurants, is becoming a trend to attract younger consumers [73][74]. Group 4: Future Directions - Hot pot brands are beginning to recognize the need for a balance between pricing and quality to meet consumer expectations [55][56]. - The concept of "hot pot+" is emerging, where brands are exploring additional services and experiences to enhance customer engagement [68]. - The focus is shifting towards creating unique dining experiences that resonate with younger consumers, who prioritize enjoyment and social interaction over mere food quality [71][75].

原标题：海底捞 " 小便门 " 后首个周末：下午 3 点有顾客就餐 店员称以前这时候还排队 海报新闻记者 赵恩 刘敬怡 上海报道 近日，两名17岁男子在海底捞向火锅锅底小便引发关注。3月15日下午3时许，海报新闻记者来到事发的海底捞上海外滩店，店内已有不少顾客用餐，但整 体上座率不高。针对此次"锅底小便"事件对门店客流量造成的影响，店内工作人员称："影响太大了，以前这个点我们外面还是在排队的，现在只有'忠实 客户'才会过来吃了。" 3月12日，海底捞发布声明，针对2月24日00:00至3月8日24:00期间，在海底捞上海外滩店堂食消费的4109单顾客，将全额退还当日餐费，并额外提供订单 付款10倍金额的现金补偿。 此外，对于涉案的两名男子，海底捞已在3月10日向上海市黄浦区人民法院提起民事诉讼申请，坚决依法追究其相关责任。 * 本文不代表凤凰网财经观点，转载已获授权。 【 热门视频推荐 】 点击在 看 持续关注↓↓↓ 海底捞上海外滩店 "放心，搬家式消毒，店都快'拆'了。"有工作人员如此回应。根据海底捞官方声明，上海外滩店已于3月8日凌晨将火锅锅具、餐具（含筷子）全部进行更 换。记者询问更换后旧锅具、餐具的处 ...