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2023年中国连锁餐饮行业市场洞察报告
Tou Bao Yan Jiu Yuan· 2025-05-14 12:44
报告标签:社会服务、连锁餐饮、餐饮品牌 2025年3月 中国连锁餐饮行业市场洞察| 2025/03 www.leadleo.com 报告提供的任何内容(包括但不限于数据、文字、图表、图像等)均系头豹研究院独有的高度机密性文件(在报告中另行标明出处者除外)。未经头豹 研究院事先书面许可,任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容,若有违反上述约定的行为发生,头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标,头豹研究院无任何前述名 称之外的其他分支机构,也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 Q1:中国连锁餐饮行业发展现状如何? ◼ 在中国餐饮行业整体格局中,当前仍以非连锁的独立餐厅为主体,呈现出高度分散的市场特征。 尽管近年来餐饮连锁化趋势逐渐增强,但从市场占有率来看,自营连锁餐厅仍处于相对弱势的地位。中餐作为世界上最为复 杂的饮食体系之一,其菜品种类繁多、口味多样且制作工艺精细,这些特征在一定程度上加剧了标准化管理与规模化复制的 难度。此外,中国消费者的饮食偏好呈现出快速变化的趋势,传 ...
2025年港股为何成为内地企业上市的“新宠儿”?
Sou Hu Cai Jing· 2025-05-07 09:09
2025年内地企业奔赴港股上市的热情不断高涨,形成了一股显著的潮流。那么,究竟是哪些因素促使内地企业纷纷选择赴港上市呢? 壹、政策环境的积极引导 通过一系列举措为内地企业境外上市构建起友好的政策环境。在资金管理领域,通过流程再造与制度优化,简化境外上市外汇登记手续,显著降低企业跨 境资金运作成本与合规门槛,有效提升资金流转效率。 在外汇开放领域,动态调整政策支持力度,针对性提高科技型企业融资便利额度,不仅助力科创企业减轻融资负担,也为跨国企业实现境内外资金灵活调 配与高效管理提供有力支撑。监管体系同步升级,通过完善制度框架、强化服务效能,为内地企业赴港上市筑牢制度保障,营造更加公开透明、规范高效 的监管环境。 贰、港交所的便利上市措施 作为全球重要的金融枢纽,香港证券市场凭借独特的区位优势与制度红利,持续吸引内地企业纷至沓来。港交所始终致力于提升市场竞争力,通过系统性 的制度创新与流程优化,不断强化其在国际资本市场的影响力。为更好地服务特专科技及生物科技企业,港交所计划开通 "科企专线",并联合证监会打 造高效便捷的上市通道,为科创企业融资发展提供有力支持。同时,香港证监会与港交所正围绕上市规则、市场架构及公 ...
沪上阿姨(02589):IPO点评报告
Guosen International· 2025-04-29 11:20
Investment Rating - The investment rating for the company is "5.5" for the IPO, based on various criteria [6][7]. Core Insights - The company, Hu Shang A Yi, is a leading chain in the fresh tea beverage market in China, operating through a franchise model with product prices ranging from 7 to 22 RMB [1]. - Revenue projections for 2022, 2023, and 2024 are 2.2 billion, 3.35 billion, and 3.28 billion RMB, with growth rates of 34%, 52%, and -1.9% respectively [1]. - The company has a significant market presence, with a total of 9,176 stores as of December 2024, 50% of which are located in tier-three cities and below [2]. - The fresh tea beverage market in China is experiencing rapid growth, with a market size of 258.5 billion RMB and a growth rate of 19% [3]. Company Overview - Hu Shang A Yi has established a robust supply chain network across China, including 12 major logistics warehouses and various cold chain facilities [4]. - The brand has gained national recognition since its inception in 2013, leveraging social media and collaborations to enhance its market presence [4]. - The company has seen significant store growth, with net increases of 1,531, 2,482, and 1,387 stores in 2022, 2023, and 2024 respectively, indicating a strong expansion strategy [1]. Industry Status and Outlook - The fresh beverage market in China is projected to continue its rapid growth, with a compound annual growth rate of 22.5% from 2018 to 2023 [3]. - Hu Shang A Yi ranks first in store count in northern China and holds a 4.6% market share by GMV, placing it fifth overall in the industry [3]. Investment Considerations - The IPO price range is set between 95.57 and 113.12 HKD, with a post-IPO market capitalization estimated at 10 to 11.8 billion HKD [6][7]. - The company has secured cornerstone investors, including Yingfeng Holdings and Huabao, which have committed to 24.7% of the total issuance [6].
餐饮行业2024年年报总结:行业供需重构变局之年,重视供应链与品牌流量价值
2025-04-22 04:46
摘要 • 2024 年连锁餐饮业需求端进入平稳期,消费者更注重性价比,导致客单 价普遍下降 5%-15%。限额以上餐饮公司收入增长仅为 3%,低于社会零 售总额的 3.5%,表明大型连锁企业恢复较慢。 • 供给侧方面,餐饮业新增门店数量持续扩张,但需求复苏乏力导致供需错 配加剧,闭店率创历史新高,行业洗牌加速。企业需调整大单品策略,关 注品牌接受度和线上流量,以适应下沉市场。 • 借鉴日本经济泡沫破裂后餐饮业经验,中国餐饮企业即使在需求承压时期, 仍可通过优化经营策略和创新产品实现增长。优化供应链、提升运营效率 是关键。 • 各子板块中,咖啡茶饮收入同比增长 23%,表现最强劲,门店高速扩张是 主要驱动力,但同店销售面临压力。火锅赛道收入增速较慢,但头部公司 通过提升内部经营效能,利润韧性最强。 • 快餐赛道同店销售表现优于其他赛道,得益于稳健扩张策略、适中的价格 带、下沉市场布局以及与外卖场景的良好结合。达威股份和老乡鸡的同店 销售额均有所增长。 Q&A 2024 年连锁餐饮行业在经营环境较差的情况下,龙头公司采取了哪些措施使 得业绩和股价表现良好? 2024 年连锁餐饮行业在经营环境不佳的情况下,龙头公司 ...
快手本地生活,一份七亿人的消费新样本
远川研究所· 2025-04-20 10:18
《哪吒2》创造的票房神话,有一大半是三四线城市的功劳。 据猫眼专业版数据,截至今年2月13号,一至四线城市的累计票房成绩分别是9.84亿、32.05亿、19.27亿、 36.60亿,三四线城市累计贡献了全国票房总量的57.2%。 透过票房可窥见新线城市消费力的冰山一角,近年来,互联网流行的"县城中产"、"县城贵妇"等高频词汇, 都是下沉市场消费力量上浮的证明。 全国171个公布2024年社会消费品零售数据的非一线城市中,97.1%都实现了消费增长,其中,增长率最高 的,是许多人都会感到陌生的四线小城——云南玉溪。 种种迹象表明,新线城市正从"五环外配角"进阶为"增长主舞台",新线城市用户也正在逐渐掌握消费话语 权。 体现在移动互联网的生意场上亦是如此,汇聚7亿老铁用户、在新线市场深耕的快手,已经吃到消费市场结 构变迁的头茬红利,在去年实现11.8%的营收增长、72.5%的净利润增长。 而在所有欣欣向荣的业务线里, 2024年GMV同比增长200%的本地生活业务尤为亮眼,其中,新线城市用 户的贡献达到六成, 是当之无愧的中流砥柱。 一个从规模到潜力都足够庞大的消费群体摆在眼前,过去一年里,越来越多商家涌向快手, ...
白酒出清筑底,大众渐次改善
Huachuang Securities· 2025-04-15 09:45
Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].
投中统计:一季度纳斯达克中企IPO数量最多 A股IPO周期重启
投中研究院· 2025-04-15 00:45
Investment Rating - The report indicates a positive investment outlook for the IPO market, with a notable increase in the number of IPOs and total fundraising amounts compared to previous periods [11][34]. Core Insights - In Q1 2025, a total of 63 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, representing an 18.87% year-on-year increase in IPO numbers and a 13.57% increase in total fundraising to 31.8 billion yuan [11][20][34]. - The report highlights that the advanced manufacturing sector performed the best in terms of IPO fundraising, with a total of 63.04 billion yuan raised, accounting for 55.91% of the total fundraising across all sectors [84][88]. - The report notes that the VC/PE institutions had a penetration rate of 52.38% in the IPO market, with 33 companies having VC/PE backgrounds successfully listed [12][64][73]. Summary by Sections IPO Market Overview - In Q1 2025, the total fundraising from IPOs reached 31.8 billion yuan, with the highest fundraising amounts coming from the Hong Kong market, which raised 13.5 billion yuan [11][20][54]. - The number of IPOs in the US market remained stable, with 22 companies going public, marking an 83.33% year-on-year increase [60][62]. Sector Analysis - The advanced manufacturing sector led the IPO market with 14 companies listed, followed by the electronic information sector with 11 companies [84][88]. - The electronic information sector reported a significant exit return of 102.83 billion yuan, the highest among all sectors [68][71]. Regional Analysis - Zhejiang province topped the list with 13 IPOs, raising 69.54 billion yuan, which accounted for 21.87% of the total fundraising in Q1 2025 [94][99]. - The report indicates that the IPO performance in Zhejiang has doubled compared to the same period last year [99]. Notable IPO Cases - The top five fundraising companies included Mixue Group, Chifeng Gold, and Gu Ming, with Mixue Group raising 3.187 billion yuan, the highest in the quarter [106][110]. - The report emphasizes that the first-day performance of IPOs was strong, with 25.4% of companies seeing their closing prices more than double on the first day [42][60]. Policy and Market Trends - The report discusses the resumption of the A-share IPO cycle and the approval of new liquidity regulations in the US market, which are expected to enhance the IPO environment [34][30]. - It also highlights ongoing support for traditional industries in the Hong Kong market, which continues to attract consumer brand listings [54][60].
未来5年,中国将至少需要数万名出海领航者
吴晓波频道· 2025-03-18 00:31
Core Viewpoint - The article emphasizes the accelerating globalization of Chinese enterprises, highlighting their growing influence in the global market and the challenges they face in international expansion [3][6]. Group 1: Global Expansion of Chinese Enterprises - Chinese companies are increasingly becoming significant players in global business, with examples such as Mixue Ice City surpassing McDonald's and Starbucks to become the largest chain restaurant globally [4] - BYD has overtaken Tesla to become the world's largest manufacturer of pure electric vehicles [5] - Miniso's flagship store in New York achieved over one million in daily sales, showcasing the potential of Chinese brands abroad [6] Group 2: Challenges Faced by Chinese Companies - The article discusses various challenges encountered by Chinese companies during their international ventures, including hidden costs in local land policies and cultural conflicts leading to high turnover of overseas executives [6] - New regulations, such as the EU's carbon emission laws, pose risks that could jeopardize years of overseas planning [6] Group 3: Importance of Leadership in Globalization - Successful international expansion requires experienced leaders, referred to as "navigators," who can guide companies through the complexities of foreign markets [7] - The article outlines the need for a significant number of skilled leaders and managers to support the globalization of Chinese enterprises, including hundreds of leaders for Fortune 500 companies and millions of mid-level and grassroots managers [9] Group 4: Training and Development for Global Leaders - To support Chinese companies in their international endeavors, a "Navigator Training Program" has been established to cultivate leaders with global perspectives and practical skills [12] - The program focuses on a comprehensive curriculum covering all aspects of international business, from strategy formulation to operational execution, aiming to reduce risks and enhance decision-making capabilities [12][16] - The training includes real-world case studies and practical exercises to ensure that participants can apply their learning effectively [12][13] Group 5: Course Details and Structure - The Navigator Training Program spans four months, with a focus on intensive learning and practical application, including a field trip to Southeast Asia [19] - The program is designed for company founders, executives, and managers involved in international operations, with limited enrollment to ensure personalized attention [19]
私募通数据周报:本周投资、上市和并购共112起事件
投资界· 2024-12-22 08:48
本周投资、上市和并购共112起事件涉及总金额445.02亿元人民币。 作者 | 私募通 | 地域 | 案例数(起) | 占比 (%) | 金额(万元) | | --- | --- | --- | --- | | 江苏 | 18 | 16.1 | 213534.69 | | 北京 | 14 | 12.5 | 1920019.89 | | 下海 | 14 | 12.5 | 76235.79 | | 广东 | 13 | 11.6 | 41279.73 | | 浙江 | 9 | 8.0 | 129394.27 | | 海外 | 7 | 6.3 | 131741.05 | | 天津 | 4 | 3.6 | 104386.85 | | 新疆 | 4 | 3.6 | 76176.84 | | 樊娜國守 | 4 | 3.6 | 13929.21 | | 重庆 | 3 | 2.7 | 1110000.00 | | 河北 | 3 | 2.7 | 93534.58 | | 山东 | 3 | 2.7 | 13821.56 | | 安徽 | 2 | 1.8 | 85783.26 | | 云南 | 2 | 1.8 | 29050.00 ...
​晚点财经丨大众计划关闭德国工厂,工会成为最大阻力;风投、私募市场收缩,机构数量连续12个月下降
晚点LatePost· 2024-09-04 08:12
大众计划关闭德国工厂,工会成为最大阻力 风投、私募市场收缩,机构数量连续 12 个月下降 关注《晚点财经》并设为星标,第一时间获取每日商业精华。 大众计划关闭德国工厂,工会成为最大阻力 大众汽车声明称,考虑关闭在德国的一家整车制造厂和一家零部件厂,并计划终止自 1994 年实施的 就业保障协议——规定公司不得在 2029 年前裁员。管理层希望通过这些措施到 2026 年能节省 100 亿 欧元的运营成本。 大众 CEO 奥利弗·布鲁姆(Oliver Blume)说,"欧洲汽车行业正处于一个非常严峻的形势中,特别是 德国,作为一个制造基地的竞争力落后。在这种环境下,我们必须果断采取行动。" 今年上半年,大 众收入增长,但营业利润同比下滑 11% 至 101 亿欧元,营业利润率为 6.3%。业绩会上,布鲁姆说, 降低成本将是未来几年的重点。 在大众集团此前公布的削减成本详细措施中,包括将大众品牌的行政成本削减五分之一;将产品开发 周期从 50 个月缩短至 36 个月,在 2028 年前节省 10 亿欧元;取消在总部沃尔夫斯堡投资 8 亿欧元建 设新研发基地的计划。 大众在欧洲本土和中国市场都面临压力。因德国削减消 ...