以下文章来源于餐企老板内参 ，作者戴丽芬 餐企老板内参 . 餐饮头部新媒体平台！精准覆盖数百万餐饮产业高质量读者；财经作家吴晓波、源码资本等投资；业务涵盖媒体传播、峰会、培训、游学餐访、中餐出 海、"餐里眼"大数据、"72餐"供应链平台、行研报告等…(更多资讯服务下载：餐饮老板内参APP) 板前模式，不只是餐饮表演。 文 ｜ 戴丽芬 来源｜ 餐饮老板内参（ID：cylbnc） 封面来源 ｜ IC Photo 快餐、火锅、烧烤... 在广州番禺天河城，仅一个商场内就出现了3家板前模式的餐厅，包括日料店半藏、天妇罗专门店博多天妇罗泰，以及台湾菜简餐品牌小然同学。 半藏番禺天河城店，摄图：内参君 近期，煲仔饭品牌煲仔皇也将不少门店都改造为板前模式。 内参君探店了煲仔皇中华广场店看到，有2个U形的餐台，中间是操作间，2位员工穿梭在其中作业，从煮米、加料，到蒸煮、出锅，全流程都在顾客眼前 完成。消费者环坐台前，既是用餐，也是全程观看与监督。门店仍保留一间小型厨房，负责食材的清洗、切配等基础工作，再将半成品送至前场烹饪。 煲仔皇创始人薛国巍透露，品牌计划在未来一年半内，将全国200多家门店逐步完成板前化改造。 餐饮 正在 ...

Core Viewpoint - The Chinese government is launching the "Happy Shopping Spring Festival" initiative to boost consumer spending during the upcoming extended Spring Festival holiday, with a total of 20.5 billion yuan allocated for consumer benefits through various forms of subsidies and vouchers [1][2]. Group 1: Consumer Incentives - The initiative includes a "trade-in" program supported by 62.5 billion yuan in national subsidies to encourage consumers to exchange old products for new ones during the holiday [2]. - A lottery for invoices will be implemented in 50 cities, with a total of 10 billion yuan in prizes available during the Spring Festival, allowing consumers to participate by obtaining invoices for purchases over 100 yuan [2][3]. - Financial institutions will offer various discounts and promotions in collaboration with merchants across multiple sectors, including airports, hotels, and restaurants, to enhance consumer spending [2]. Group 2: Participating Cities and Rules - The 50 cities participating in the invoice lottery include major municipalities and provincial capitals, such as Beijing, Shanghai, and Guangzhou [4]. - Each participating city will establish its own specific rules for the lottery, with funding allocated based on city size, ranging from a maximum of 3 billion yuan for mega cities to 1 billion yuan for smaller cities [6]. - Consumers can participate by submitting electronic invoices for purchases over 100 yuan, with potential prizes of up to 800 yuan per invoice [8][10]. Group 3: Implementation Timeline - The invoice lottery program will run for six months, from February to July, with cities gradually launching their systems for participation [10].

Core Viewpoint - McDonald's has achieved its fastest sales growth in over two years in the U.S. during the fourth quarter, driven by value meals appealing to cost-conscious consumers [1] Group 1: Financial Performance - McDonald's reported fourth-quarter revenue of $7 billion, a year-over-year increase of 9.5%, exceeding expectations by $160 million [1] - Adjusted earnings per share were $3.12, surpassing forecasts by $0.07 [1] - Comparable sales at existing U.S. restaurants grew by 6.8% year-over-year, marking the highest growth rate in 2023 [1] Group 2: Strategic Initiatives - The company aims to achieve a global target of 50,000 restaurants by the end of 2027, with an accelerating pace of new openings [1] - McDonald's has focused on re-establishing its position as an affordable dining option post-pandemic, with successful initiatives including value menu items and meals priced as low as $5 [1] Group 3: Marketing and Consumer Engagement - CEO Chris Kempczinski noted that a focus on affordability has improved customer traffic in the fourth quarter [2] - Successful marketing campaigns, including the reintroduction of the "Monopoly" game and the "Grinch" themed meal, contributed to increased customer spending [2] - The "Grinch" meal performed exceptionally well, leading to the highest sales day in the company's history [2] Group 4: Competitive Landscape - Despite challenges, McDonald's is gaining market share as consumers adjust their spending habits due to rising costs [3] - Competitors like Yum Brands and Chipotle have also reported strong sales, with Taco Bell's low-priced menu items gaining popularity [3]

Group 1 - The State Council emphasizes the need to comprehensively promote AI technology innovation, industrial development, and application empowerment to foster new productive forces and drive high-quality development [3] - The State Council aims for a unified national electricity market system to be fully established by 2035, transitioning to unified pricing and joint trading [13] - The National Bureau of Statistics reports that China's CPI rose by 0.2% year-on-year in January, while PPI fell by 1.4%, with the data reflecting a base period adjustment [4][13] Group 2 - The automotive industry in China saw production and sales of 2.45 million and 2.346 million vehicles in January, respectively, with a slight year-on-year increase in production and a decrease in sales [13] - The banking wealth management scale decreased by 100 billion yuan in January, indicating a rebalancing of funds among deposits, wealth management, insurance, and equity assets [13] - The Hong Kong Monetary Authority is actively processing license applications for stablecoin issuers, aiming to position Hong Kong as a global innovation center for digital assets [15] Group 3 - The capital market continues a "zero tolerance" regulatory approach, with numerous penalties issued to listed companies and intermediaries for various violations, reflecting an increase in accountability and comprehensive regulation [9] - The Hong Kong IPO market has seen a rare "zero break" phenomenon, with 22 new stocks listed this year not experiencing any price drops on their first day [9] - The MSCI announced its quarterly index adjustments, including the addition of 37 stocks to the MSCI China Index, which will take effect after the market closes on February 27 [9]

Core Viewpoint - Starbucks is transitioning its China operations to a franchise model through a joint venture with Boyu Capital, expected to be completed by spring 2026, aiming to accelerate store expansion in the Chinese market [1][2]. Recent Events - The joint venture will see Boyu holding 60% of the equity while Starbucks retains 40%, with the Chinese operations no longer included in Starbucks' consolidated financial statements. This shift aims to enhance profit margins through a light-asset model, with expected international operating profit margins increasing from 13% to a range of 16%-19% [2]. Business Progress - Following the transaction, all 8,011 of Starbucks' directly operated stores in China will convert to a franchise model, marking a significant shift towards light-asset expansion. Starbucks will continue to engage in the Chinese market through brand licensing fees and supply chain revenues rather than direct operations [3]. Company Project Advancement - Starbucks plans to increase its store count in China from approximately 8,000 to between 15,000 and 20,000, with a target of opening over 1,000 new stores annually. The expansion will focus on lower-tier markets, having already entered 13 county-level cities in the first quarter of fiscal year 2026. The company is also enhancing competitiveness through product adjustments (such as price reductions and healthier options) and innovative scenarios (like breakfast offerings) [4]. Performance and Operations - In the first quarter of fiscal year 2026 (ending December 28, 2025), Starbucks reported a 5% year-over-year increase in global revenue, with China experiencing an 11% double-digit growth in revenue and positive same-store sales for three consecutive quarters. The company is strengthening global cost controls to address pressures from coffee bean prices and tariffs, with expectations that total management expenses for fiscal year 2026 will be lower than those in fiscal year 2023 [5]. Future Development - Starbucks is facing a shareholder lawsuit due to allegations of concealing declines in sales in the U.S. and China markets, with future developments dependent on updates from judicial proceedings [6].

顺义奥林匹克水上公园"奥水英歌·奇幻光影"游园会。 本报记者 和冠欣摄 文化消费 重体验也重实惠 本报记者 路艳霞 以"乐购新春·京彩四季"为主题的新春文化消费盛宴，在京城推出460余项丰富多彩的活动。 年味升腾 商圈消费赏年景 全市重点商圈化身为沉浸式年味体验场，让消费场景本身成为可赏、可玩、可品的节日风景。 中轴线上寻古韵：漫步大吉巷"巷里集市"，可触摸古都文脉；探访红星前门源升号博物馆，能亲历国家级非遗酿造技艺；而北辰荟则带来集中国味、国际范 与科技感于一体的新春游园会，让传统与未来在此对话。 传统年俗焕新彩：中关村大融城的"醒狮贺春"鼓乐喧天，蓝色港湾的"迎财神巡游"福气满满，三里屯太古里的"狮王入京"更让非遗舞狮跃动于潮流地标，演 绎出跨越时空的活力。 潮流风尚领前沿：THE BOX以"潮启中国年"解锁新年潮玩方式，喜隆多则借力AI技术打造"喜AI织境"特展，科技为传统节庆注入全新想象。 亲子同乐享天伦：全市超35场亲子主题活动，让"遛娃"充满乐趣。中粮·祥云小镇的史努比冰雪奇遇、檀谷的冰雪游园会，成为冬日家庭休闲优选；北冰洋 义利乐园、北投爱琴海等打造的特色亲子空间，融趣味互动与文化体验于一体，创 ...

Core Viewpoint - Xiong'an New Area is launching a series of consumption activities titled "Happy Shopping for the Spring Festival" to enhance local economic activity and attract visitors during the 2026 Spring Festival [1] Group 1: Consumption Activities - The activities are centered around six themes: good food, good accommodation, good transportation, good tourism, good shopping, and good entertainment [1] - Various measures will be implemented, including the issuance of consumption vouchers, hosting special events, and introducing favorable policies to engage residents and tourists [1] Group 2: Specific Initiatives - In the "Good Food" category, consumption vouchers are issued for dining, offering discounts such as "spend 200 get 60 off" and "spend 100 get 30 off," which can be combined with bank vouchers for a maximum discount of 110 yuan [1] - For "Good Accommodation," a trade-in policy for digital and home appliances will provide a 15% subsidy, with a maximum of 1500 yuan for home appliances and 500 yuan for digital products [1] - The "Good Transportation" initiative includes a car consumption carnival from February 1 to March 31, with 15 million yuan allocated for subsidies ranging from 1500 to 7000 yuan based on vehicle price [1] Group 3: Cultural and Entertainment Activities - The "Good Tourism" aspect features the third Spring Festival Carnival, which includes a variety of cultural and tourism integration activities, such as "Little Horse Parade" and "Intangible Cultural Heritage Iron Flower" [2] - In the "Good Shopping" category, over 100 merchants in five core business circles and six characteristic commercial streets will offer government consumption vouchers, with discounts up to 200 yuan when combined with bank promotions [2] - The "Good Entertainment" segment will host over 600 cultural and sports activities, promoting traditional cultural experiences through events like the Folk Culture Carnival and "Celebrating the New Year in the Library" [2]

Core Viewpoint - The "乐购新春" (Happy Shopping Spring Festival) initiative aims to stimulate consumer spending during the Spring Festival by organizing various festive activities and promotions across different regions in China, enhancing the overall shopping experience and boosting local economies [6][15]. Group 1: Event Organization and Activities - The "乐购新春" initiative includes a series of activities designed to create a festive atmosphere, such as themed markets, cultural performances, and interactive experiences [6][8][12]. - In Beijing, the "乐购新春" activities feature vibrant decorations and local food markets, attracting consumers to participate in various events [7]. - Guangzhou is introducing innovative experiences like robot calligraphy and themed flower markets to engage consumers in new ways [8]. Group 2: Consumer Engagement and Promotions - Various regions are offering substantial discounts and promotional activities, such as "满减" (discounts based on spending thresholds) and "满赠" (gifts with purchases), to attract shoppers [10][11]. - The Ningbo Second Department Store is implementing a range of promotional strategies, including electronic coupons and prize draws, to enhance consumer participation [10]. - In Fujian's Quanzhou, traditional dining experiences like "流水席" (flowing banquet) are being highlighted to attract both local and visiting consumers [9]. Group 3: Collaboration and Support - Local governments and businesses are collaborating to create a unified approach to promote the "乐购新春" activities, enhancing the overall consumer experience [12][14]. - The initiative includes online and offline integration, with platforms like Douyin (TikTok) facilitating live broadcasts and interactive events to drive foot traffic to physical stores [13]. - The "购在中国，乐在湖北" (Shop in China, Enjoy in Hubei) campaign showcases international products, enhancing the shopping experience for both local and international consumers [14]. Group 4: Market Impact and Future Outlook - The "乐购新春" initiative is expected to create a significant surge in consumer spending at the beginning of 2026, contributing to the overall growth of the retail market [15]. - Data indicates that the retail sales of consumer goods reached over 50 trillion yuan in 2025, with a growth rate of 3.7%, suggesting a positive trend in consumer spending [12].

Financial Data and Key Metrics Changes - In 2025, McDonald's achieved system-wide sales of nearly $140 billion, reflecting a 5.5% increase in constant currency for the full year [4] - Global comparable sales rose by 5.7% in Q4, with U.S. comp sales increasing by 6.8%, driven by positive check and guest count growth [12][16] - Adjusted earnings per share for Q4 was $3.12, including a $0.10 benefit from foreign currency translation, with a 7% increase in adjusted earnings per share on a constant currency basis compared to the prior year [19] Business Line Data and Key Metrics Changes - The U.S. market saw strong performance from the relaunch of Extra Value Meals (EVM), which improved units sold and value perception [15][16] - International operated markets reported a 5.2% increase in comp sales, with notable growth in the U.K., Germany, and Australia, each achieving mid to high single-digit growth [16][17] Market Data and Key Metrics Changes - In the U.K., the turnaround continued with market share gains for the first time in over a year, driven by successful promotions [16] - Japan's performance remained strong, supported by the launch of the My McDonald's Rewards loyalty program, while China maintained market share despite macroeconomic pressures [19] Company Strategy and Development Direction - McDonald's plans to accelerate new restaurant openings, targeting approximately 2,600 gross openings in 2026, aiming for a total of 50,000 restaurants by the end of 2027 [5][32] - The company emphasizes a disciplined focus on value, marketing, and menu innovation to outperform competitors [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging QSR industry environment, with expectations for continued sales growth driven by strategic initiatives [28][29] - The company anticipates that net restaurant expansion will contribute approximately 2.5% to system-wide sales growth in 2026 [28] Other Important Information - McDonald's capital expenditure for 2025 was $3.4 billion, slightly above the high end of the range, with plans for $3.7 billion to $3.9 billion in 2026 [20][32] - The company aims for a net income to free cash flow conversion rate in 2026 to be in the low- to mid-80% range, consistent with 2025 [32] Q&A Session Summary Question: U.S. sales trajectory in 2026 - Management highlighted the importance of the McValue program and EVM in driving sales growth, emphasizing the need for execution across value, marketing, and innovation [42][44] Question: Impact of value strategies on restaurant-level margins - Management indicated that predictable value and price-pointed items are both essential, with strong top-line sales growth necessary for margin improvement [50][52] Question: Capital budget increase - The increase in capital budget is attributed to a focus on accelerating new store openings and addressing gaps in trading areas, with positive early results from new sites [56][58] Question: Momentum in pipeline of ideas - Management noted that the company is testing various innovations across categories, leveraging new capabilities to enhance customer engagement and productivity [62][64] Question: Changes needed in kitchen for taste and quality goals - Management acknowledged the need for innovation in kitchen operations and equipment as part of the ongoing remodel cycle to improve taste and quality [68][70] Question: Franchisee sentiment on value strategy - Franchisees are generally enthusiastic about the business momentum, with the EVM strategy showing positive results, although support from McDonald's is temporary [76][78]

【宏观消息】 美国劳动力市场趋稳或为美联储按兵不动留空间。媒体评非农报告指出，美国1月非农就业增长加快， 新增13万个就业岗位大超预期，失业率则降至4.3%，这是劳动力市场趋稳的信号，可能使美联储在政 策制定者监测通胀之际，有空间在一段时间内维持利率不变。就业增长优于预期的部分原因在于，零售 商和快递公司等季节性敏感行业去年雇用的假日工人少于往常。1月通常是假日相关裁员最集中的月 份。鉴于季节性招聘低迷，裁员规模可能也相应缩小，从而提振了就业增长。尽管1月非农就业增加， 但劳动力市场依然不温不火，即使在经济增长强劲的情况下也表现挣扎。对就业和高通胀的焦虑已削弱 了美国民众对特朗普经济施政的满意度。 关税收入激增助力美国赤字缩减最高法院裁决成未来关键变量。数据显示，截至1月的四个月内，美国 预算赤字从去年同期的8400亿美元降至6970亿美元，降幅达17%。目前美国最高法院正在权衡特朗普是 否有权征收大部分关税，而赤字的缩减正凸显了这场裁决对政府利益的重大影响。由于收入增长快于支 出，总收入增长了12%，而支出仅增长了2%。去年10月至今年1月，关税收入总计1240亿美元，较2025 年同期增长约304%。周三 ...