智通财经记者 | 卢奕贝 智通财经编辑 | 牙韩翔 在品牌诞生的第十年，太二给自己来一场大爆改。 图 今年3月，太二酸菜鱼在广州推出5.0"鲜活模式"新店型，围绕产品、环境、服务等维度进行系统性升 级。眼下，太二母公司九毛九集团计划将这一店型全面铺开。 8月27日，九毛九方面告诉智通财经，截至7月31日，太二鲜活新店达64家，预计到年底将增至150家以 上，2026年将完成所有太二门店的改造升级。 此前，太二面临着预制鱼片质疑、被诟病SKU不够丰富、品类及品牌新鲜感褪去等多重难题，在消费环 境与市场竞争格局的变幻中，太二也终于做出了应对与调整。 就菜品结构而言，太二新店型由过去以酸菜鱼为核心大单品的模式，拓展为"活鱼、鲜鸡、鲜美牛肉"三 大主打，并配合更丰富的热菜结构；在门店设计方面，新店由过去标志性的黑白漫画风格，转变为使用 大量原木的川菜馆子。 片来源：九毛九 为凸显鲜活的卖点，新店增设了食材展示区，还将"活鱼每日到店，牛肉鲜切现做，鲜鸡每日送达"的标 语贴在厨房透明玻璃墙上，并以明厨展现厨师们在内现炒的场景——就像费大厨一样。此外，新店也将 座位由过去的2-4人位变成2-6人位，目标人群由年轻客群变成年 ...

8月25日晚，绿茶餐厅公开了上市后的首份财报。 今年上半年，绿茶餐厅实现收入22.9亿元，同比增长23.1%；期内利润2.34亿元，同比增长34.1%。经调整净利润为2.51亿元，增长40.4%。 截至6月30日，餐厅经营、外卖业务和其他业务分别实现收入17.58亿元、5.24亿元和0.08亿元。其中，外卖业务增幅高达74.2%，占整体收入的比例提升至 22.9%。 绿茶餐厅在今年上半年主要经营指标都取得两位数增长，与其"快速拓店"策略密切相关。 根据招股书，截至2024年底，绿茶餐厅门店数量为465家。而截至今年上半年，门店数已增至502家，覆盖香港特别行政区以及全国所有一线城市、15个新一 线城市、31个二线城市和91个三线及以下城市。 自2022年起，绿茶餐厅逐步加快了开店步伐。2022年至2024年，新开门店数量分别为47家、89家和120家。 另一方面，绿茶餐厅经营状况的改善也得益于对外卖业务的加强。 | 財務表現摘要 | | | | --- | --- | --- | | | 截至6月30日止六個月 | | | | 2025年 | 2024年 | | | 人民幣千元 人民幣千元 | | | | ( ...

格隆汇8月25日｜据澎湃，小菜园创始人兼董事长汪书高在媒体交流中表示，针对于外卖业务，公司定 的战略包括外卖不允许做套餐，主要侧重还是做好堂食，且外卖也要做得好吃。汪书高还透露，此前7 月时的外卖大战，有时11点来100多单外卖，一度影响店内管理人员的精力，"因此我们从8月开始，不 参与三个平台的任何折扣。"近日，小菜园公布截至2025年6月30日的中期业绩。其中，上半年堂食业务 收入为16.47亿元，增长2.2%；外卖业务收入为10.574亿元，增长13.7%，营收占比提升至近四成。 ...

□ 本报记者 王紫茜 焦香的糖油饼、咸香的炸酱面、热气腾腾的打卤面……北京胡同里的小馆，正以传统的手艺、实在的价格和浓浓的烟火气， 吸引着越来越多的消费者，其中不乏有专程寻味的年轻人。这些藏在街巷里的味道，不仅承载着老北京的文化记忆，更在与 新一代消费需求的碰撞中，折射出消费市场的理性回归与本真追求。 胡同烟火里的老味道 传递着北京的文化底蕴 "您几位？里边儿请——"进入黑窑厂糖油饼门店，油饼的焦香混着热油的滋滋声扑面而来。厨房里，师傅抡着胳膊揉面，面 团在案板上"砰砰"作响，擀开、抹糖、对折，转眼成了生坯，滑入油锅后没多久就鼓鼓囊囊地浮起。 记者看到，平日中午，店里百余张座位已挤得满满当当。"您要是再早来会儿，座位更紧张。到了周末，队伍能一直排到店 门外头去。"店员告诉记者。 "来个糖油饼、一碗豆汁儿！"家住附近的张大爷是这家店的"回头客"，"吃了很多年，就好这口儿。"他表示，"你看这店，三 十多年了，手艺一直没丢。"旁边桌的年轻姑娘小李正举着手机拍桌上的美食，"我是通过小红书知道的这家店，初次来尝糖 油饼，刚咬下去那股焦香混着糖甜就直往嘴里钻，难怪大家都奔着它来。" "黑窑厂糖油饼历经八道工序，糖配比更是 ...

证券之星吴凡 近期，大众餐饮品牌小菜园(0999.HK)披露了2025年半年报，公司实现收入27.14亿元，同比增长6.5%， 净利润同比增长35.7%至3.82亿元，公司表示，净利润的增长主要得益于营运效率的优化和成本费用管 控带来的整体经营效益的提升。 尽管业绩整体向好，但公司部分经营数据承压明显。证券之星注意到，继2024年对部分菜品降价导致人 均消费额同比下滑后，小菜园今年上半年的人均消费额进一步降至57.1元。与之相对应的是，公司同店 销售额和同店日均销售额均出现了负增长。而在门店拓展层面，小菜园招股书中计划今年新增160家小 菜园门店和30至50家社区餐饮品牌"菜手"，但截至今年上半年，小菜园较年初仅新开设了5家门店，"菜 手"社区餐饮店也仅在南京布局了3家。公司今年下半年的门店扩张压力陡增。 同店数据亮红灯 近年来，中式餐饮赛道竞争日趋激烈，既有头部品牌的规模扩张，也有区域小馆的灵活分流，消费者 对"性价比"的敏感度持续上升。在此背景下，以高性价比进行卡位的小菜园，近年也在通过降价方式吸 引客流。 2021年至2024年，小菜园堂食顾客的人均消费额从66.1元下滑至59.2元。 由于客单价持续走 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 2.714 billion RMB for H1 2025, representing a year-on-year growth of 6.5%, while the net profit attributable to shareholders reached 382 million RMB, up 35.66% year-on-year [2]. - The dining-in business remains stable, while the takeout business shows strong growth, with takeout revenue of 1.057 billion RMB in H1 2025, a 13.7% increase year-on-year, accounting for 39% of total revenue [3]. - The company expanded its store network, increasing the number of stores from 617 to 672, with significant growth in second-tier cities [3]. - The net profit margin improved to 14.1%, up 3.03 percentage points year-on-year, driven by gross margin optimization and reduced employee costs [4]. - The company plans to pay dividends of 250 million RMB in H1 2025, maintaining a high dividend payout ratio of 65.4% [4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.095 billion RMB, 7.724 billion RMB, and 9.461 billion RMB, respectively, with net profits expected to be 784 million RMB, 947 million RMB, and 1.174 billion RMB [5]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 14.99, 12.42, and 10.01, respectively [5]. - The gross margin for H1 2025 was reported at 70.5%, an increase of 2.61 percentage points year-on-year, attributed to centralized purchasing [4].

Core Insights - The company reported a revenue of RMB 2.714 billion for the period ending June 30, 2025, representing a year-on-year growth of 6.5% [1] - Shareholder profit attributable to the company was RMB 382 million, showing a significant increase of 35.7% compared to the previous year [1] - Basic earnings per share were RMB 0.33, with a proposed interim dividend of RMB 0.2119 per share [1] Business Performance - The number of operating stores reached 672, an increase from 617 stores in the same period last year, indicating steady growth [1] - Dine-in revenue grew by 2.2% to RMB 1.647 billion, while takeaway revenue saw a more substantial increase of 13.7% to RMB 1.057 billion [1] - The number of takeaway orders rose from 12.8 million to 16.8 million year-on-year, reflecting a strong demand in the takeaway segment [1]

Core Viewpoint - The year 2023 is considered a pivotal moment for the Chinese restaurant industry as it embarks on a new wave of globalization, with numerous brands accelerating their overseas expansion efforts, marking a significant shift from previous attempts [3][4][5]. Group 1: Historical Context of Chinese Restaurant Globalization - The Chinese restaurant industry has experienced three previous waves of globalization, starting in the mid-19th century with immigrants opening various eateries abroad [3]. - The second wave occurred in the 1990s when state-owned brands attempted to enter international markets but often failed due to a lack of understanding of local markets [3]. - The third wave around 2010 saw brands like Haidilao and Huang Jihuang learn from past mistakes, successfully adapting their strategies to local tastes and preferences [3][4]. Group 2: Characteristics of the 2023 Globalization Wave - The current wave of globalization is marked by a diverse range of participants, including both large listed companies and smaller brands from lower-tier cities [4]. - The focus has shifted to a model and organizational approach, leveraging China's chain restaurant advantages while being flexible in ownership and franchise models [4][5]. - Chinese restaurant brands are increasingly recognized for their ability to adapt to various market segments and customer needs, supported by robust supply chain capabilities [10][13]. Group 3: Success Stories and Market Adaptation - Brands like Zhang Liang Spicy Hot Pot have successfully established a presence in markets like Thailand, where local acceptance has exceeded expectations [10][12]. - The adaptability of Chinese cuisine is highlighted by the success of Panda Express, which has over 2,300 locations globally and is well-regarded in North America [15][19]. - Happy Lamb Hot Pot has also made strides in international markets, with a significant portion of its customer base being local non-Chinese diners [21][24]. Group 4: Supply Chain and Operational Strategies - Chinese restaurant companies are enhancing their supply chain systems to ensure compliance and efficiency, addressing challenges such as sourcing quality ingredients and navigating regulatory hurdles [13][24]. - The importance of local teams and management structures is emphasized, with companies like Sweet Lala establishing comprehensive operational frameworks in overseas markets [25][27]. - The involvement of top executives in market research and decision-making processes is crucial for understanding local dynamics and ensuring successful market entry [27][28].

Core Insights - The company, HeFu Noodle, has achieved remarkable growth in revenue and membership despite market pressures, with a reported revenue of nearly 1.3 billion yuan in the first half of the year, setting a record for the past five years [1] - Membership numbers have surged from over 20 million in early 2024 to over 37 million within just a year and a half, indicating strong consumer engagement [1] - The company has maintained a high consumer satisfaction rate, with an average monthly rating of approximately 98% on public review platforms, reflecting an increase of about two percentage points from the previous year [1] Product Innovation and Pricing Strategy - HeFu Noodle has focused on product innovation, launching new items at a frequency of 1.33 times per month in the first half of 2025, leading the noodle market [2] - The company has adjusted its main price range to 20-30 yuan in 2024, enhancing consumer appeal through competitive pricing [3] - In 2025, the classic beef soup noodle series was re-priced to 29 yuan, further improving the quality-price ratio and attracting more consumers [3] Membership and Service Enhancement - The company has implemented a sophisticated membership system, utilizing data analytics to create personalized marketing strategies, thereby increasing member engagement [4] - HeFu Noodle has achieved real-time monitoring of all its stores, ensuring a consistent and high-quality customer experience [5] - The company emphasizes customer feedback and service improvement, contributing to its high satisfaction rate and loyalty among consumers [5][6] Future Outlook - HeFu Noodle aims to continue focusing on consumer needs, enhancing product innovation, and improving membership services to adapt to changing market trends [7] - The company is committed to maintaining its growth trajectory and setting a benchmark for long-term development in the restaurant industry [7]

Core Insights - The company reported a revenue of RMB 2.714 billion for the period ending June 30, 2025, representing a year-on-year growth of 6.5% [1] - Shareholder profit attributable to the company was RMB 382 million, showing a significant increase of 35.7% compared to the previous year [1] - Basic earnings per share were RMB 0.33, with an interim dividend proposed at RMB 0.2119 per share [1] Revenue Breakdown - Dine-in business revenue reached RMB 1.6471 billion, growing by 2.2%, primarily due to an increase in the number of operating stores from 617 as of June 30, 2024, to 672 as of June 30, 2025 [1] - Takeaway business revenue amounted to RMB 1.0574 billion, reflecting a growth of 13.7% [1] Operational Metrics - The overall table turnover rate remained stable at 3.1, consistent with the same period last year [1] - There was a slight improvement in the turnover rate in second-tier cities, attributed to enhanced store efficiency through optimized store formats [1]