证券之星吴凡 近期，呷哺呷哺(0520.HK)披露了2025年上半年盈利预告，公司预计上半年实现营收19亿元，同比上期 减少约18.9%；预计上半年将录得净亏损约在0.8亿元至1亿元之间。尽管公司亏损幅度较上年同期呈现 收窄，但仍未能实现业绩扭亏，2021年至今年上半年，呷哺呷哺已累计亏损超13亿元。 呷哺呷哺上半年的盈利减亏更多得益于对成本的优化，整体营收增长仍显乏力。证券之星了解到，2016 年，呷哺呷哺尝试从平价快餐转向中高端市场转型，推出子品牌"湊湊"并提升主品牌客单价，公司营收 自2021年达到顶峰，然而此后便一路震荡下行。其原因既有后疫情时代下消费结构出现变化的外部环境 压力，也有公司高端化转型不及预期后遗留的后遗症。 从"增长王牌"到"亏损黑洞" 2021年是呷哺呷哺业绩亏损的元年，该年受疫情冲击，国内餐饮企业经营承压，呷哺呷哺也未能幸免， 公司全年关闭230间经营亏损的呷哺呷哺餐厅，大规模闭店潮叠加部分餐厅经营业绩持续下滑，最终使 得公司2021年净利润大幅亏损2.93亿元。 这一年，呷哺呷哺餐厅的收入增长也显露疲态，仅较上年同期不足1%，相较之下，同年公司旗下中高 端火锅品牌"湊湊"餐厅的收 ...

近日，海底捞在北京亦庄华联购物中心3层推出全国首家创新概念店。据创新概念店负责人介绍，门店8 月5日正式营业，首个周末门店翻台率破6，上周末已破7，工作日用餐高峰期也需要等位。 据悉，该创新概念店的等位区增设了甜品站、互动娱乐区。顾客可点一份手工冰淇淋、小吃炸物或现打 果汁，参与门店推出的娃娃机挑战赛。据门店负责人介绍，娃娃机游戏币可以现金、捞币形式兑换，开 业首周娃娃机订单数超500。 海底捞门店负责人透露，为适配不同消费场景，门店在空间设计上配备三时段智能切换系统，推出正 餐、清吧、俱乐部派对三种光效模式。其中，俱乐部模式的光效，会随着节奏变化，为每晚九点、十一 点的夜宵主题派对营造氛围。这也为未来承接大型聚会、婚庆等各类主题派对提供了支持。 亲子用餐体验方面，该门店联合猿编程、斑马进行儿童乐园升级，引入AI体验装置，并设计AI学习互 动模块，增强儿童乐园趣味性、互动性。 （企业公告） 店内采用开放式出菜窗口，后厨采用开放式厨房设计。食材从清洗、加工到摆盘上桌全程透明；门店引 入智能打锅机，由系统控制汤料比例，打锅全流程同样可视化。 此外，店内独立的BAR调酒区位于就餐区中心区域，可提供精酿啤酒、特调微醺 ...

【#海底捞全国首家创新概念店在北京开业#】#海底捞推全国首家创新概念店#甜品站、娃娃机、调酒 区、DJ舞台、AI亲子主题空间……近期，海底捞在北京亦庄推出首家创新概念店，不仅增设各种功能 区，还配备三时段智能切换系统，正餐、清吧、俱乐部派对三种光效模式切换，主打一个"总有一款适 合你"。海底捞方面介绍，创新概念店更像是"拼图式创新实验室"，这种模式可以将创新拆分为独立单 元，单独落地或组合适配新和老店局部翻新，重构"火锅+"的无限可能。 ...

等位区新增设了甜品站、互动娱乐区。据门店负责人介绍，娃娃机游戏币可以现金、捞币形式兑换，开业首周娃娃机订单数超500。 近年来，随着消费需求愈加多元化，以"餐+饮+空间"的复合型用餐体验正在成为越来越多消费者的选择。受消费需求驱动，餐饮品牌在门店模型、场景打 造、产品更新等方面加速创新迭代，餐饮业态正从传统单一形态向多元化、场景化、功能化、数智化等方向深度演进。 门店内划分为用餐区、夜宵区、饮料区、打锅区等不同区域。从门店入口往左手边看去，独立的BAR调酒区与甜品站、开放式出菜窗口互相呼应，位于就 餐区中心区域。"调酒区提供精酿啤酒、特调微醺以及贵酱白酒等系列酒水，夜宵派对时段会有DJ互动，在吧台能近距离体验。"海底捞门店负责人表示。为 适配不同消费场景，该店在空间设计上配备三时段智能切换系统，推出正餐、清吧、俱乐部派对三种光效模式。 北京商报讯（记者 郭缤璐）在包间店、臻选店、亲子主题店、夜宵主题店、企业店等场景推出后，8月19日，北京商报记者从海底捞获悉，海底捞又在北京 亦庄推出了全国首家创新概念店。与以往创新场景不同，创新概念店在功能、视觉、场景等均有大幅度创新。 重视亲子用餐体验是海底捞门店的一大特色 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The report highlights strong expansion in tea beverage brands and active growth in Western fast food, with average transaction prices stabilizing month-on-month [5][8][10] Summary by Sections Western Fast Food - The expansion of Western fast food is active, with average transaction prices remaining stable, indicating market resilience [8] - Notable trends in net store openings for major brands include: - KFC: -0.4% in August 2024 - McDonald's: 0.2% in August 2024 - Pizza Hut: -1.8% in August 2024 - Domino's: 0.0% in August 2024 [8] Tea Beverage - Leading brands in the tea beverage sector are expanding significantly, while overall average transaction prices are fluctuating as they seek balance [10] - Key trends in net store openings for major tea brands include: - Mixue Ice Cream: -2.3% in August 2024 - Heytea: -1.1% in August 2024 - Naixue's Tea: -0.3% in August 2024 [10] Coffee & Hot Pot - The coffee segment shows strong expansion momentum, with notable net store openings: - Luckin Coffee: 1,812 new stores, 8% increase - Kudi Coffee: 2,495 new stores, 25% increase [12] - The hot pot industry is facing adjustments, with several brands showing negative net openings [14] Other Food Segments - The overall opening of stores in segments like pickled fish, snacks, and small pubs is cautious, with average transaction prices stabilizing [15] - Key trends in net store openings for snack brands include: - Zuiyan Zhiwei Chicken: -463 stores, 8% decrease - Juewei Duck Neck: -1,127 stores, 9% decrease [17]

8月16日，记者从公司方面获悉，呷哺集团旗下中高端火锅品牌湊湊的全新门店"锅韵"，近日于上海金 山爱琴海购物公园正式开业。该店延续湊湊核心产品模式与运营体系，并以像素风为设计主题，通过拼 接积木打造玩趣的就餐氛围，旨在为当地消费者带来焕新的用餐体验。 湊湊相关负责人表示，"锅韵"门店的装修设计别具一格，采用拼接积木元素，营造出年轻化、充满玩趣 的氛围。这一设计理念明确面向年轻消费客群及亲子家庭。目前"锅韵"已受到以大学生为代表的年轻群 体和亲子家庭的关注与喜爱。 此次"锅韵"门店的开业，是湊湊品牌"一店一景"差异化开店策略的最新举措。据介绍，品牌通过为不同 门店赋予独特的设计主题，持续提升顾客体验。此前，湊湊在台湾地区的首店以中国传统文化典籍《兰 亭集序》中的"曲水流觞"为灵感，采用朱雀红搭配黑色的主题风格，融合传统东方元素与现代设计。 今年以来，湊湊在产品、营销等方面动作频频，包括在5月与国际知名IP米菲MIFFY开展了为期三个月 的全维度联名合作，通过主题套餐、周边产品及主题门店打造沉浸式体验；随后在6月推出"锅底58、78 元自由选"活动，提供不同价位的经典及全系列有料锅底拼配选择，以满足消费者多元化需 ...

Core Viewpoint - Haidilao is entering the high-end restaurant market with its first "premium store" in Beijing, marking a strategic shift from its traditional mid-range positioning to capture high-net-worth consumers [1][4][5] Group 1: Market Entry and Store Concept - Haidilao's first premium store, located near Beijing's Guomao, operates under a different concept, lacking the typical branding and atmosphere associated with its traditional outlets [1][2] - The premium store features a two-story layout with independent dining rooms, a tea room, and a cocktail area, emphasizing a more upscale dining experience [1][2] Group 2: Menu and Pricing Strategy - The menu at the premium store focuses on Cantonese flavors, offering high-end dishes such as lobster soup and chicken pot, and does not include the signature spicy hot pot [2] - The average spending per customer exceeds 500 yuan, indicating a significant shift in pricing strategy aimed at affluent consumers [2] Group 3: Strategic Rationale - The move into the high-end market is part of Haidilao's diversification strategy, allowing the company to cater to both budget-conscious consumers and those seeking premium dining experiences [4][5] - Entering the high-end segment is seen as a way to enhance brand competitiveness and profitability, especially as the traditional hot pot market faces increasing competition and margin pressure [7] Group 4: Operational Challenges - While the high-end strategy is strategically significant, it may not become the mainstream focus for Haidilao due to its core competencies in standardized and replicable service models [7][9] - High-end dining relies on personalized and unique experiences, which may conflict with Haidilao's established operational model, suggesting that the premium stores may function more as pilot projects rather than a large-scale expansion [9] Group 5: Long-term Outlook - The exploration of various business models is essential for Haidilao to adapt to changing consumer demands and achieve diversified growth [8][9] - Despite the high-end venture, the prevailing consumer trend remains focused on value for money, necessitating that Haidilao maintains its core competitive advantage through efficient management and quality service [9]

Core Viewpoint - A consumer in Xi'an, Shaanxi province, reported a complaint against a Haidilao restaurant regarding discrepancies in the availability of a specific dish when using different discount platforms [1] Group 1: Consumer Complaint - The consumer purchased a Haidilao discount coupon from Meituan, which was advertised as applicable citywide, but found that the specific dish, dry mixed spicy hot pot, was marked as sold out at the Haidilao Yitian store [1] - The same dish was available for purchase on Taobao's flash sale at a higher price of around 30 yuan, while the Meituan coupon was priced at 22 yuan [1] - The consumer highlighted the inconsistency where the cheaper option on Meituan was unavailable, while the more expensive option on Taobao was still being sold [1] Group 2: Company Response - As of the report's publication, Haidilao had not provided any official response to the consumer's complaint [1]

本报记者 李静 火锅品牌巴奴国际控股有限公司（以下简称"巴奴"），在完成全国性战略布局的关键节点，迈出了资本化的重要一步。据 《证券日报》记者了解，继今年6月16日巴奴正式向港交所递交上市申请书后，巴奴在长三角、西北及华南地区持续落子，相 继在杭州、嘉兴、扬州、西安、东莞、许昌等城市开设新店，进一步巩固其在核心经济圈及战略要地的布局。 加速扩张 业绩稳健增长 6月16日，巴奴正式向港交所主板递交上市申请，联席保荐人为中金公司和招银国际。此次IPO募集的资金将主要用于拓展 自营餐厅网络、加强品牌建设、优化供应链体系以及补充营运资金。 根据巴奴向港交所提交的招股书，公司业绩呈现稳健增长态势。2022年至2024年，巴奴分别实现收入14.33亿元、21.12亿 元、23.07亿元，净利润由亏损转为盈利，2024年达到1.23亿元，经调整净利润率提升至8.5%。2025年第一季度，收入同比增长 25.7%至7.09亿元，经调整净利润达7670万元，经调整净利润率进一步提升至10.8%。 在消费趋势影响下，巴奴人均消费有所调整。截至2025年3月31日，顾客平均人均消费为138元，较上年同期的148元有所 下降。同时， ...

Core Viewpoint - Banu International Holdings Limited is facing scrutiny from the China Securities Regulatory Commission (CSRC) regarding its overseas listing plan, particularly in areas such as equity structure, data security, and dividend policy [1][2]. Company Overview - Founded in 2001 by Du Zhongbing in Anyang, Henan, Banu International focuses on healthy dining and high-quality hot pot, with its signature product being "Mao Du + Mushroom Soup" [1]. - As of 2024, Banu holds a 3.1% market share in China's quality hot pot market, with 145 direct stores across 39 cities, marking a 74.7% increase from 83 stores at the end of 2021 [1]. Financial Performance - The company's revenue has shown steady growth, with figures of 1.433 billion yuan in 2022, 2.112 billion yuan in 2023, and 2.307 billion yuan in 2024, while the first quarter of 2025 recorded revenue of 709 million yuan [2]. - After a net loss of 5.2 million yuan in 2022, Banu achieved a net profit of 102 million yuan in 2023, which further increased to 123 million yuan in 2024, and 55 million yuan in the first quarter of 2025 [2]. Regulatory Concerns - The CSRC has raised questions about the company's equity structure, particularly regarding the identification of the actual controller and the rationale behind not listing Han Yanli as a co-controller [2]. - Concerns were also expressed regarding the high dividend payout of 70 million yuan in January 2025, which accounted for 56.9% of the company's net profit of 123 million yuan for 2024, raising questions about the necessity of such dividends in light of the company's short-term debt repayment capacity [3]. Compliance Issues - Banu International has been noted for failing to fully pay social insurance and housing provident fund for some employees, with the company citing high employee turnover and personal preferences as reasons [4]. - The CSRC has mandated the company to clarify the social insurance contributions for non-full-time employees and the legality of its labor practices [4]. Data Security Requirements - The CSRC has imposed strict requirements regarding data security, demanding explanations on the collection, storage, and use of user information across various digital platforms, as well as measures for personal information protection and data security before and after the listing [5]. - To gain the trust of investors and regulatory bodies, Banu International must demonstrate a transparent equity structure, robust financial health, compliant employee welfare, and stringent data security management [5].