Core Viewpoint - The article discusses the rapid expansion of Haidilao's sub-brands in the competitive restaurant industry, highlighting both successes and failures of various brands under different companies, and emphasizes a shift towards cautious and strategic growth in the face of market challenges [1][19]. Summary by Sections Haidilao's Sub-brands - Haidilao has launched several sub-brands, including "Haini Beef Spicy Hotpot" and "Congqian Yinyuan Claypot Dishes," with plans to open 25 and 1 locations respectively in 2024 [1][2]. - The sub-brand "Yanquan" has opened at least 30 locations since its launch, focusing on grilled meat with a unique offering of "grilled meat + fruit" [4]. - Other sub-brands have been more cautious, with many still in the market validation phase [4]. Industry Trends - The restaurant industry has seen a trend of rapid openings and closures, with many brands failing to establish a sustainable presence [6][10]. - For instance, the tea brand "Chamao" launched by Kudi closed 25 stores, reflecting a high closure rate of 22.32% [7]. - High-end brands like "Nawen Dashi is Chef" have also struggled, leading to their closure within months [11]. Market Challenges - The overall performance of major restaurant brands has declined, with significant drops in same-store sales reported for brands like Taier and Song Hotpot [11]. - Taier's average monthly sales per store fell from approximately 800,000 yuan to 600,000 yuan, indicating a troubling trend for profitability [11]. Strategic Shifts - There is a noticeable shift in strategy among restaurant giants, moving from aggressive sub-brand expansion to more measured and innovative approaches within existing brands [12][19]. - Companies are focusing on micro-innovations and leveraging existing supply chains to reduce costs and improve operational efficiency [17]. - The emphasis is now on understanding consumer needs and maintaining a competitive edge in core areas rather than expanding into numerous sub-brands [19]. Conclusion - The article concludes that the future of the restaurant industry will depend on brands' ability to adapt to market conditions, understand their consumers, and maintain a stronghold in their core competencies [19].

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一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 小菜园 港股｜挂牌上市 据IPO早知道消息，小菜园国际控股有限公司（以下简称"小菜园"）于2024年12月20日正式 以"0999"为股票代码在港交所主板挂牌上市。 成立于2013年的小菜园于当年在安徽开出第一家门店，后陆续拓展至江苏、上海、浙江、北京、湖 北、天津、广东、河北、河南、山东、陕西、江西等地区，除"小菜园"外另打造了"观邸"、"复兴 楼"、"菜手"等品牌。 截至2024年12月5日，小菜园在中国14个省的146座城市/县拥有663家直营门店，其中包括658 家"小菜园"门店及5家其他子品牌门店。其中，2021年至2023年以及今年前8个月，小菜园分别新 开107家、48家、132 家以及109家门店。 根据弗若斯特沙利文的资料，按2023年门店收入而言，"小菜园"在中国大众便民中式餐饮市场的所 有品牌中排名第一——按收入计算，2023年客单价介于50元至100元之间的大众便民中式餐饮市场 规模为22,529亿元，约占整体中式餐饮市场的55.2%。根据小菜园的规划，其将于2025年和2 ...