奉行"产品主义"。 《投资者网》张伟 月薪5000你就不要吃火锅，哪怕吃个麻辣烫"。曾因该言论引起广泛争议的巴奴国际控股有限公司（下称"巴奴控股"或"公司"）正计划到香港 上市（IPO）。 2025年12月，巴奴控股第二次向港交所递交《招股书》。公司此前递交的《招股书》因满六个月失效。而在2025年8月，中国证监会国际司发 文，要求巴奴控股就股权架构设置、IPO前分红、社保欠费等事项出具补充材料。 据《招股书》披露，截至2025年12月，巴奴控股拥有162家直营门店，覆盖46个城市。不过巴奴国际的用工以非正式员工为主，目前正式员工 的占比不足20%，大量兼职人员、外包人员的情况，也引人关注。 创始人言论曾引起争议 据《光明网》报道，2025年2月，一张巴奴控股创始人杜中兵在"毛肚火锅发展研讨会"上发言的截图被广泛流传。有网友称，杜中兵在直播中 表示"月薪5000你就不要吃巴奴，哪怕吃个麻辣烫"。 该言论引发争议后，杜中兵迅速做出回应。他表示，"火锅不是服务底层人民"、"月薪5000就不要吃火锅，吃些麻辣烫就好了"等几句话不是连 在一起说的。如果连在一起说，就把他的真实本意曲解了。 纵观巴奴控股的发展过程，与毛 ...

以下文章来源于Vista氢商业 ，作者贾小乐 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 30块能吃饱的海底捞， 小料台成主角了。 文 ｜ 卢力麟 编辑 ｜ 贾小乐 来源｜ Vista氢商业（ID：Qingshangye666） 封面来源 ｜ unsplash "为一盘甜品吃了一顿火锅"，是当下流行的吃海底捞的心态。 11月，各地海底捞陆续进行了一轮小料台的升级，小料台被改造成了"大菜台"。 三里屯的海底捞门店里，颇具开创性地在芝麻酱、葱花旁边摆上了两排烘 焙甜品。 但海底捞的甜品不是你在酒店早餐自助里常见的1元速冻蛋挞和色素小蛋糕。 奶油角、肉松小贝、巧克力司康、抹茶瑞士卷，都是连锁烘焙里的熟面孔，其 中还有"身家不菲"的好利来同款——"没想到头一回敞开吃好利来是在海底捞"。 于是如今去吃海底捞的，大多不是奔着火锅，而是小料台上的自助餐。除了甜品，你还能在不同城市的海底捞店里吃到卤菜、冰粉和海鲜，或者是"入座即 送"的成箱车厘子。 "海底捞，快把火锅小料台做成慈善午宴了。" 30块能吃饱的海底捞 小料台成主角了 如果世界上有什么联动比"在海底捞里吃到免费好利来"更能勾起打工人兴趣， ...

运营商财经网 周颖/文 此外，巴奴的现金情况也不容乐观。2022年至2024年，巴奴期末现金及现金等价物分别为3.32亿元、 2.69亿元、2.23亿元，呈逐年下降态势。今年前三季度，巴奴现金及现金等价物由去年同期的2.66亿元 大幅下降至6962.7万元，而同期流动负债增至7.19亿元，公司资金状况承压。 | | | 截至12月31日止年度 | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 人民幣千元 | 人民幣千元 | 人民幣于元 | 人民幣千元 | 人展幣千元 | | | | | | (未經濟計) | | | 經營活動所得現金淨額 | 262.389 | 428,573 | 494.721 | 375,544 | 335,624 | | 投資活動所用現金淨額 | (107,163) | (252,995) | (360.978) | (269,819) | (300,660) | | 融資活動所得 (所用)現金淨額 .. | 56,520 | ...

Core Insights - The hot pot industry in China is experiencing significant growth, with the market size expected to reach 617.5 billion yuan in 2024, a year-on-year increase of 5.6%, and projected to exceed 650 billion yuan by 2025 [1] - The popularity of hot pot among young consumers is evident, with Douyin search index for "hot pot" rising from approximately 6 million at the end of 2023 to around 9 million by the end of 2024 [3] - Financial support from institutions like Ping An Rongyi is crucial for small and micro enterprises in the hot pot sector, enabling them to expand and thrive despite challenges [5][11] Industry Growth - The hot pot market is characterized by diverse regional styles, with Sichuan and Chongqing hot pot accounting for over 30% of the market share [3] - The hot pot economy is not just about food; it reflects cultural significance and community engagement, serving as a social hub for gatherings [12][13] - The integration of financial services with the hot pot industry is enhancing operational efficiency and supporting the growth of small businesses [11] Financial Support - Ping An Rongyi provides tailored financial solutions that address the urgent funding needs of small hot pot businesses, facilitating quick access to capital [5][9] - The financial backing has allowed businesses like Yi Ba Shi Hot Pot to expand from community locations to larger commercial areas, increasing brand visibility and customer reach [4][11] - The financial services have also enabled suppliers in the hot pot supply chain to maintain a steady flow of quality ingredients, crucial for meeting rising consumer demand [10] Employment and Community Impact - The expansion of hot pot businesses is creating numerous job opportunities, with establishments like the upgraded hot pot garden increasing their workforce from 100 to 300 employees [12] - Hot pot restaurants are becoming vital community nodes, enhancing local social life and contributing to the vibrancy of neighborhoods [12][13] - The hot pot industry's growth is positively impacting upstream agricultural producers and suppliers, creating a stable income channel for them [12]

本报讯 （记者李静）火锅市场正迈入高品质与平价化的发展新阶段。呷哺呷哺餐饮管理（中国）控股 有限公司（以下简称"呷哺呷哺集团"）近日宣布将正式开拓全新业务条线，推出自选小火锅品牌"呷哺 牧场"，首家门店将于2025年12月31日正式登陆上海财富广场。"呷哺牧场"聚焦年轻人社交，以"自然甄 选 聚享食光"为核心理念，打造高品质和亲民价格兼具的轻奢型自选小火锅体验，后续还将有两家门店 在春节前陆续进驻上海，完成该品牌的初步市场布局。 图 源：企业供图 在火锅店如雨后春笋般遍地涌现的当下，消费者饮食需求已逐渐转向品质健康与高性价比，"一人 食""轻社交"等高频消费场景需求持续增加。 据记者了解，"呷哺牧场"搭建了"高质价比+强供应链品质保障+广场景适配"的核心竞争力体系。价格层 面，"呷哺牧场"主打高品质、平价化策略，推出2.91元、5.91元、8.91元三档涮菜，肉品9.91元起，单人 消费低至29.82元即可享受锅底任选、调料全含及三十余款时蔬畅吃的超值体验，满足方便快捷、干净 健康的用餐需求。同时，"呷哺牧场"还提供5.91元饮品畅饮，搭配免费开胃小食，上百种高端食材搭配 呷哺呷哺秘制蘸料，提供让消费者安心又 ...

Core Viewpoint - Jiumaojiu Group plans to acquire a 49% stake in North American hot pot chain Big Way Hot Pot for a total transaction amount of $43 million, aiming to expand its presence in the North American market [1][2][5]. Group 1: Acquisition Details - The acquisition will cost approximately 3.01 billion RMB and will make Jiumaojiu the largest shareholder of Big Way, which operates 21 restaurants in Vancouver, Toronto, and California [1][2][4]. - Big Way's projected after-tax profits for 2023 and 2024 are $210,100 and $983,900, respectively, with an estimated market valuation of $76.89 million [4]. - Jiumaojiu previously acquired a 10% stake in Big Way in July 2025, and the acquisition is expected to be finalized by March 31, 2026 [4][5]. Group 2: Strategic Rationale - The acquisition aligns with Jiumaojiu's strategy to explore overseas opportunities for Chinese cuisine, building on the success of its brand "Tai Er" in Southeast Asia and North America [5][7]. - Jiumaojiu aims to leverage Big Way's established business foundation in North America to enhance its operational management and brand network, potentially leading to increased store numbers and revenue [5][6]. Group 3: Market Context - The North American market for Chinese cuisine is still in its early stages, with Jiumaojiu recognizing the growth potential in this sector [7][10]. - Other Chinese hot pot brands, such as Haidilao and Liu Yishou, have already established a presence in North America, indicating a competitive landscape [8][10]. - Jiumaojiu's approach differs from the mainstream direct or franchise models adopted by other brands, providing a new strategy for Chinese restaurants entering overseas markets [6][10].

12月30日，记者从公司获悉，呷哺呷哺集团将开拓全新业务条线，推出自选小火锅品牌"呷哺牧场"，首 家门店将于2025年12月31日在上海财富广场开业。据介绍，"呷哺牧场"定位轻奢型自选小火锅，旨在为 年轻人提供高品质与亲民价格兼具的社交火锅体验。春节前还将有两家门店陆续进驻上海，完成该品牌 的初步市场布局。 近年来，消费者饮食需求转向品质健康与高性价比，"一人食""轻社交"等高频消费场景需求持续增加， 这也是呷哺呷哺集团切入自选小火锅细分赛道的一大背景。 据记者了解，"呷哺牧场"搭建了"高质价比+强供应链品质保障+广场景适配"的竞争力体系。价格层面， 该品牌主打高品质、平价化策略，推出2.91元、5.91元、8.91元三档涮菜，肉品9.91元起，单人消费低至 29.82元。同时，"呷哺牧场"还提供5.91元饮品畅饮。模式与场景创新上，自选小火锅采用一人一锅。门 店采用商场店与社区店双布局策略，目前首店最多可容纳60人用餐。 公司方面介绍，"呷哺牧场"首家门店将于12月31日在上海财富广场正式开业，第二家、第三家门店将于 2026年农历新年前进驻上海御桥九六广场和鑫都满天星。上海作为核心消费市场，是公司全国布局 ...

每经AI快讯，12月30日，记者从公司获悉，呷哺呷哺集团将开拓全新业务条线，推出自选小火锅品 牌"呷哺牧场"，首家门店将于2025年12月31日在上海财富广场开业。据介绍，"呷哺牧场"定位轻奢型自 选小火锅，旨在为年轻人提供高品质与亲民价格兼具的社交火锅体验。春节前还将有两家门店陆续进驻 上海，完成该品牌的初步市场布局。（证券时报） ...

Core Viewpoint - The company must reconstruct a win-win model with franchisees, optimize the supply chain, control prices, and strengthen food safety measures to alleviate its current survival predicament in the context of a challenging hot pot industry landscape in 2025 [2][32]. Group 1: Industry Overview - The hot pot industry is experiencing a dual scenario of decline and growth, with a significant drop in new registrations of hot pot enterprises, only 22,000 in the first half of 2025 compared to 50,000-100,000 annually from 2021 to 2024 [33]. - Despite the industry's downturn, the company is projected to achieve revenue of 1.85-2.05 billion yuan in Q3 2025, representing a year-on-year growth of 13.6%-25.8% [33]. - The company's stock price has nearly doubled from 1.57 HKD per share in January 2025 to 4.44 HKD in November 2025, reflecting a 98.1% increase [33]. Group 2: Franchisee Challenges - Franchisees face three main challenges: significant regional differences in dietary preferences, food safety issues eroding consumer trust, and limitations in the hot pot category that hinder new business exploration [35]. - Many franchisees report a drastic decline in daily sales during peak seasons, with some stores earning only a few hundred yuan, leading to unsustainable losses due to high fixed costs [37][38]. - The competitive pricing of external hot pot restaurants has diminished the appeal of the company's at-home hot pot offerings, with consumers increasingly opting for cheaper alternatives [38]. Group 3: Market Dynamics - The average consumer spending on hot pot has decreased from over 80 yuan to around 70 yuan by the end of 2024, with leading brands also experiencing a drop in average transaction values [39]. - The company’s internal competition has intensified due to the rapid opening of new stores, leading to customer traffic dilution and unhealthy competition among franchisees [41]. - The target demographic of young consumers is increasingly absent from county and town markets, as many have migrated for education or work, leaving behind a primarily older demographic with different consumption habits [42]. Group 4: Strategic Responses - The company has implemented several strategies to address its challenges, including expanding its product offerings, enhancing online and offline marketing efforts, and investing in smart store technologies [45][46]. - Despite these efforts, franchisees report a decline in overall profit margins, with many experiencing a drop to 15%-20% due to high delivery platform fees and operational conflicts arising from diverse retail scenarios [46][47]. - The company’s reliance on frozen and pre-packaged foods is increasingly at odds with consumer preferences for fresh and made-to-order meals, further complicating its market position [48]. Group 5: Industry Pressures - The frozen food industry is facing a downturn, with many companies reporting declining revenues and profits, exacerbating competitive pressures on the company [54][55]. - The shift towards direct-to-consumer sales by frozen food manufacturers is undermining the company's traditional distribution model, making it harder to maintain price competitiveness [55]. - Franchisees are burdened by stringent performance metrics and penalties imposed by the company, which further complicates their operational challenges [27].

来源：餐饮老板内参 总第4445期 作者 | 餐饮老板内参内参君 地域特色火锅崛起， 千亿市场打开增长新窗口 2025年，火锅行业与餐饮大盘同频，全面转向价值增长。 当前，火锅依然是引领着餐饮创新与增长的第一大品类。据Frost&Sullivan数据，2024年火锅行业规模约6199亿元，预计2025年增长 至6599亿元，始终保持高增速。 火锅门店数整体同样呈增长趋势。天眼查最新统计数据显示，截至2025年12月4日，国内火锅相关企业存量已达43.10万家，较上年同 期增长4.59%。 其中，川渝火锅始终是最稳固的基本盘，以57.8%的门店数量占比稳坐行业头把交椅。在这一高基数之上，川渝火锅也显现出两大变 化：一是整体占比较此前下滑3%，核心原因在于细分品类的分流；二是川渝火锅大类下衍生出水火锅、茶火锅等诸多创新方向，为 传统品类注入新活力。 市场精细化发展的同时，地域火锅的机会窗口随之打开。这一趋势在抖音平台被内容放大和加速，地方风味通过短视频和直播突破地 域限制，形成全国性消费潮流。 抖音生活服务数据显示，2025年云南火锅订单量占比同比增长0.49%；老北京火锅订单量占比同比增长0.61%；海鲜火锅订 ...