经历风波两个多月后，西贝正积极自救并初见成效。近日，部分西贝门店客流回升，周末高峰时段出现等位现象，11月客流与去年同期基本持平。此前，西 贝通过降价、发放代金券、优化菜品、建设"阳光厨房"等一系列举措，逐步挽回消费者信任，不过，代金券活动结束后，消费者能否持续回流仍待观察。从 风波起初的开放厨房硬气回应，再到如今的系列整改，西贝似乎也在尝试不同角度思考挽回消费者信任。在业内人士看来，西贝需找准定位，通过精细化运 营巩固信任、优化成本结构，摆脱对短期促销的依赖，形成长期竞争壁垒。 代金券拉动客流 周末傍晚近六点，西贝北京望京万象汇店内已经坐满，其中不乏带着孩子的家长，门前也陆续迎来了等位的消费者。店内靠近门口处，一位工作人员正在片 烤鸭，另一位工作人员照看着五个冒着牛肉香气的小锅。后厨中工作人员忙碌的身影透过透明玻璃映入眼帘，西贝似乎在用力强化"现制"标签。 "门店菜品都是现做，所以上菜会慢一些，周末的时候门店会更忙一些。"西贝一工作人员表示。北京商报记者也注意到，原来桌面上的沙漏也已经消失，点 单后的提示语也与上菜速度无关。 风波过去两个多月，在调改菜品、降价、发放代金券等多种举措的作用下，近日，西贝门店内 ...

Core Viewpoint - The company "Yujian Xiaomian" is set to become the first publicly listed Chinese noodle restaurant on the Hong Kong Stock Exchange, with a planned IPO on December 5, 2023, and has secured cornerstone investors committing a total of $22 million, representing 25% of the total fundraising [1][2]. Company Overview - Founded in 2014 in Guangzhou, Yujian Xiaomian has expanded to 465 locations, primarily in Guangdong, with a focus on serving spicy noodle dishes to university students and white-collar workers [3][4]. - The company’s main market is in Guangdong, where it has 281 stores, accounting for approximately 60% of its total outlets, with significant presence in Beijing and Shanghai as well [3][4]. Market Positioning - The company targets a demographic of external migrants in Guangdong, where the local cuisine is generally milder, thus catering to the taste preferences of people from spicier regions like Sichuan [4][5]. - The noodle segment is seen as a potential "Chinese version of McDonald's," with a low chain restaurant penetration rate of 23% in China compared to 50% in the U.S., indicating significant growth potential [6][8]. Financial Metrics - The IPO price range is set at HKD 5.64 to 7.04, corresponding to a market capitalization of HKD 4 to 5 billion, with a projected P/E ratio of around 70 based on 2024 net profit estimates [1][2]. Competitive Landscape - The valuation of Yujian Xiaomian is significantly higher than other restaurant chains, such as Haidilao and Xiaocaiyuan, which have P/E ratios of 16 [2]. - The noodle market has faced challenges, particularly with the rise of food delivery services, which have impacted the sales of noodle dishes due to their inherent delivery limitations [11][12]. Future Outlook - The company is expected to focus on expanding its store count to enhance its business scale and increase its chain restaurant ratio, with single-store profitability becoming a key performance indicator [13].

Core Insights - After facing a public relations crisis for over two months, the operational situation of Xibei is gradually returning to normal, with customer traffic recovering due to various measures taken by the company [2][9] Group 1: Customer Traffic Recovery - Xibei's customer traffic significantly declined after the controversy on September 10, but began to recover from late September due to adjustments in menu items, price changes, and promotional activities [2][4] - By October, the restaurant's occupancy rate reached around 70-80% during weekdays, with wait times of about 15 minutes observed in some locations [2] - In November, customer traffic remained stable compared to the same period last year, despite the cessation of large discounts [2] Group 2: Pricing and Promotions - The increase in customer traffic is largely attributed to significant price reductions and the distribution of coupons [4][9] - Xibei reported that 70% of its sales in October and November came from member consumption, indicating a strong reliance on loyalty programs [4] - The promotional campaign "Xibei Treats You to Dinner" offered customers a 100 yuan dining voucher with any purchase, which led to a surge in customer visits [5][9] Group 3: Menu Adjustments and Pricing Strategy - Xibei has reduced prices on 41 menu items, with price cuts ranging from 8.4% to 26.9% [6][9] - The average customer spending has decreased to approximately 75 yuan due to these price adjustments [6][9] - The company has also implemented a strategy to attract families, with a focus on children's meals and special birthday services [10][13] Group 4: Employee Management and Internal Challenges - The recent crisis has posed challenges for frontline employees, necessitating additional training in food preparation and customer service [13] - To support employees affected by the crisis, Xibei has introduced various subsidies and bonuses, including a "compensation award" for those facing extreme criticism [14][15] - The company is also focusing on optimizing its store operations, having closed several locations while planning to open new ones [16]

Core Insights - The opening of the new Xibei store in Nanjing on November 22 saw a strong customer turnout, with noticeable queues during peak dining hours. The store manager indicated that Xibei has recently implemented price reductions across nearly 40 menu items, with discounts ranging from 5% to 20% [1] - The topic of Xibei's price cuts trended as the number one topic on social media on November 23, with many netizens expressing support for the price reductions and praising the company's actions [2] - Following negative publicity related to the "Xibei Luo Yonghao incident," frontline employees faced online harassment, prompting Xibei to establish a "comfort award" for affected staff [5] Employee Compensation and Support - Xibei's public relations department confirmed that, in response to the incident, the company raised salaries for frontline employees by an average of 500 yuan per person per month starting in September. Additionally, those who experienced online harassment received a comfort award, and psychological counseling was offered to some staff [6] - The company has introduced various allowances for frontline employees, including a craftsman spirit allowance, service model allowance, and food safety guardian allowance, with total allowances ranging from 300 to 800 yuan per person [6] - Xibei's management has emphasized that there will be no layoffs or reduction in working hours, and staff are encouraged to engage in training during slow periods [7] Business Recovery - Reports indicate that after two months following the incident, Xibei's store operations have returned to normal levels, with many locations experiencing queues on weekends, particularly among families with children [7]

每经编辑｜许绍航 据现代快报报道，11月22日，记者前往西贝南京砂之船店探访。当日西贝门店首日开业，晚高峰就餐人流旺盛，出现明显排队情况。店长介绍称，近期西 贝全国门店产品降价调改，门店近40道产品降价，幅度在5%~20%不等。 图：西贝降价冲上热搜 图：部分网友评论 此前，受"西贝罗永浩风波"相关负面舆论影响，部分西贝门店一线员工遭遇"网暴"，一些门店甚至每天接到十几通辱骂电话，西贝为员工设立"委屈奖"以 表安慰。 11月23日，该话题（西贝降价）登上热搜第一。不少网友表示非常支持西贝降价，有网友表示"西贝涨薪又降价，很良心"，还有部分网友表示"西贝终于 听劝了"。 西贝公关部回应称："风波发生后，西贝对一线伙伴从9月起平均涨薪500元/人/月，对风波期间遭受网暴和极端辱骂的伙伴给予委屈奖补贴，并邀请心理咨 询师对部分门店伙伴进行辅导跟踪。同时，西贝每周在各门店评选'最美西贝人'，持续奖励热情服务顾客、获得顾客肯定的一线伙伴。" 据新京报，西贝相关负责人表示，一线伙伴涨薪消息基本属实。今年9月，西贝已经为一线伙伴（店长、厨师长级以下）每人发放500元津贴。自10月起， 门店设立工匠精神津贴、服务标兵津贴、食 ...

Core Viewpoint - The article discusses the recent price reduction strategy implemented by Xibei, which has led to increased customer traffic and positive public sentiment towards the brand [3][5]. Group 1: Price Reduction and Customer Response - Xibei has reduced prices on nearly 40 menu items by 5% to 20%, which has resulted in a noticeable increase in customer traffic, particularly during peak dining hours [3]. - Many customers have expressed support for the price cuts, with some labeling Xibei as "very conscientious" [3]. Group 2: Recovery from Negative Publicity - Following negative publicity related to the "Xibei Luo Yonghao incident," Xibei has seen a recovery in customer traffic, with increased seating rates observed in their Guangzhou locations since October [5]. - To regain customer flow, Xibei has also issued 100 yuan consumption vouchers and implemented other promotional measures [5]. Group 3: Employee Support Measures - In response to the backlash faced by frontline employees, Xibei has increased salaries by an average of 500 yuan per person per month since September and provided additional support for those affected by online harassment [6]. - Xibei has established a "委屈奖" (compensation for grievances) for employees who faced extreme verbal abuse, and has engaged psychological counselors to support staff [6]. - The company has committed to not reducing staff hours or laying off employees during this challenging period, instead focusing on training and development [6].

Core Insights - Chinese brand "Fish You Together" is successfully penetrating the Thai dining market through chain scale advantages and precise localization strategies [1][5] - The brand's second store in Bangkok has opened with significant customer turnout, indicating strong local acceptance [1][5] Store Performance - The first store achieved remarkable sales, with a single-day revenue of 192,000 Thai Baht (over 42,000 RMB) on opening day, and an impressive table turnover rate of 11.59 times [2] - Over five months, the first store maintained an average daily turnover rate of 8.5 times, peaking at over 10 times on weekends [2] - Approximately 80% of customers at both stores are local Thai residents, with a repurchase rate exceeding 50% [2] Localization Strategy - The brand has developed a mature localization innovation system, balancing familiar and surprising elements in its menu [3] - New dishes like Thai-style Tom Yum fish and coconut curry fish have been introduced while maintaining high-quality signature products [3] - The stores feature a modern design that incorporates Eastern cultural elements, creating a dining atmosphere that challenges the stereotype of fast food being low quality [3] Market Potential - The Thai restaurant market is projected to grow by 14% by 2025, with registered capital increasing by 49% over two years [2] - Southeast Asia is identified as a key area for Chinese cuisine brands, with a restaurant density of only 15 per 10,000 people, indicating significant room for consumer upgrade [4] Expansion Plans - The brand is expanding its presence in Thailand while also signing contracts for 80 stores in Malaysia, with 13 already opened and plans for six more in December [4] - The recovery of Thai tourism and policies like permanent visa exemptions between China and Thailand are seen as favorable for the brand's expansion [4] Competitive Landscape - The founder emphasizes that the Chinese restaurant industry's international expansion has entered a phase of systematic competition, requiring strong supply chain, organization, branding, and digital capabilities [4] - The future of global dining competition will focus on brands that successfully integrate products and resonate with local consumers [5]

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]

Core Viewpoint - The article discusses the operational adjustments of Xibei, a Chinese restaurant chain, including the closure and opening of stores as part of normal business practices, while also addressing the impact of a recent controversy regarding pre-prepared dishes and the subsequent promotional strategies employed to attract customers [3][4][5]. Group 1: Store Operations - Xibei has announced that the opening and closing of stores are normal operational behaviors in the restaurant industry, with dynamic adjustments based on business conditions [3]. - Recently, Xibei has closed stores in cities such as Shenzhen, Shantou, and Yiwu, while also planning to open eight new locations by the end of the year [3]. - The company aims to enhance service quality, optimize menu offerings and pricing, and improve customer dining experiences through initiatives like kitchen transparency and customer feedback [3]. Group 2: Response to Controversy - In September, Xibei faced backlash over its use of pre-prepared dishes, leading to a public apology and a commitment to adjust its production processes to prioritize on-site cooking [4]. - Following the controversy, Xibei implemented menu changes, including transitioning certain children's meals to be freshly prepared in-store [6]. Group 3: Promotional Strategies - To counteract a significant drop in customer traffic due to the pre-prepared dish controversy, Xibei has been issuing various discount coupons, such as a 100 yuan no-threshold coupon and a 50 yuan voucher for purchases over 50 yuan [7]. - The promotional strategy has reportedly led to a noticeable increase in customer traffic and sales across multiple locations, alleviating some operational pressures [7]. - However, experts warn that frequent promotions may undermine the brand's high-end image and lead to long-term challenges in maintaining perceived value among consumers [7].

Summary of Jiamaojiu Group Conference Call Company Overview - **Company**: Jiamaojiu Group - **Date**: November 10, 2025 Key Points Industry and Company Performance - In September 2025, Jiamaojiu Group experienced a decline in foot traffic due to public sentiment surrounding prepared dishes, leading to fluctuations in same-store sales. However, a rapid recovery began in late October, with expectations of positive growth by year-end [2][3] - The Taier brand has been actively promoting a fresh model, surpassing 120 stores, with same-store data outperforming the old model by approximately 15 percentage points. By the end of 2025, over 200 stores are expected, with a complete upgrade planned by mid-2026 [2][5] Store Management and Strategy - The company is closing underperforming stores, with Taier closing about 110 stores in the first half of 2025 and an estimated total of 130 closures for the year. This strategy aims to alleviate financial burdens [2][12] - Jiamaojiu and Song Hotpot are also exploring new models, with plans to open their first fresh model stores in Guangzhou [2][6] Sales and Customer Trends - Same-store sales for Jiamaojiu Group's brands showed signs of stabilization in Q3 2025, particularly for the Taier brand, which saw a narrowing decline to -9%. Key cities like Beijing and Shanghai reported positive same-store sales [3][7] - The average customer spending has remained stable with an upward trend since Q3 2024 [3] Delivery and Dining Experience - The proportion of delivery sales increased to 23%-25% in Q2 2025 but is expected to stabilize around 20% as the company focuses on enhancing dine-in experiences [2][9] - The company maintains a neutral stance on delivery services, recognizing both efficiency benefits and potential customer experience risks [9] Financial Outlook and Cost Management - The company anticipates achieving same-store sales growth by October 2025, supported by increased store openings and closures of underperforming locations. The low base in Q4 2025 also enhances the likelihood of positive year-over-year comparisons [7] - The fresh model has increased SKU counts and average transaction values, with initial gross margins slightly lower but expected to recover as operational efficiencies improve [4][15] Competitive Landscape - Taier's fresh model has shown significant performance differences across cities, with same-store sales in some areas outperforming the old model by 20-40 percentage points [15][17] - The company is adapting its offerings to attract family and business customers, responding to shifts in consumer demographics and preferences [19][21] Future Plans - The focus for 2026 will be on upgrading existing stores rather than new openings, as the fresh model's data is still being validated [13][22] - The company aims to optimize its operational layout and close unprofitable locations to prepare for future growth [14][12] Additional Insights - The company has faced challenges with its delivery-only stores, which have not performed as expected, leading to a shift back to focusing on dine-in operations [11][12] - Taier has been proactive in addressing public concerns regarding prepared dishes by showcasing its cooking processes and enhancing menu offerings [20][21] This summary encapsulates the key insights and strategic directions of Jiamaojiu Group as discussed in the conference call, highlighting both challenges and opportunities within the current market landscape.