西贝门店 图片拍摄：智通财经马越 在陷入舆论风暴2个多月后，西贝的经营情况逐步"回到正轨"——曾经因为"预制菜""太贵"等一系列争议流失的客人，正在回到西贝餐桌前。 智通财经通过10月至11月密集走访西贝在北京、上海和深圳等地的多处门店发现，在工作日时段，餐厅的上座率已经在七至八成左右；在周末甚至会出现 等位现象。10月12日星期日晚6点30分左右，智通财经在西贝北京石景山当代店实探发现，排号等位约15分钟。 智通财经独家从西贝方面获得的信息显示，9月10日风波发生后，西贝客流明显下滑；但受西贝持续积极调改菜品、门店产品价格调整、感恩顾客优惠活 动等系列措施影响，西贝客流自9月下旬开始逐步恢复。 此外，10月受任意消费赠100元代金券影响，门店客流高于往年。11月大额优惠停止后，西贝客流与去年同期基本持平。 若从近两个月的数据来看，西贝目前的整体经营情况已经恢复到了风波之前。 西贝门店 图片拍摄：智通财经马越 实际上，这波客流很大程度上是因为西贝大幅度降价和发送优惠券而来。 西贝透露的数据显示，10月和11月内，其会员消费占比70%。 "现在实付50元就送50元代金券，下次就餐时候还可以叠加使用。"11月22 ...

图：西贝降价冲上热搜 11月23日，该话题（西贝降价）登上热搜第一。不少网友表示非常支持西贝降价，有网友表示"西贝涨 薪又降价，很良心"，还有部分网友表示"西贝终于听劝了"。 图：部分网友评论 据现代快报报道，11月22日，记者前往西贝南京砂之船店探访。当日西贝门店首日开业，晚高峰就餐人 流旺盛，出现明显排队情况。店长介绍称，近期西贝全国门店产品降价调改，门店近40道产品降价，幅 度在5%~20%不等。 西贝公关部回应称："风波发生后，西贝对一线伙伴从9月起平均涨薪500元/人/月，对风波期间遭受网暴 和极端辱骂的伙伴给予委屈奖补贴，并邀请心理咨询师对部分门店伙伴进行辅导跟踪。同时，西贝每周 在各门店评选'最美西贝人'，持续奖励热情服务顾客、获得顾客肯定的一线伙伴。" 据新京报，西贝相关负责人表示，一线伙伴涨薪消息基本属实。今年9月，西贝已经为一线伙伴（店 长、厨师长级以下）每人发放500元津贴。自10月起，门店设立工匠精神津贴、服务标兵津贴、食安卫 士津贴，每位一线伙伴累计获得津贴总额为300元~800元/人不等。 西贝公关部表示："9月开始发放的每月500元，并不是委屈奖，而是普遍涨薪。每家门店的奖金包是 ...

每经编辑｜许绍航 据现代快报报道，11月22日，记者前往西贝南京砂之船店探访。当日西贝门店首日开业，晚高峰就餐人流旺盛，出现明显排队情况。店长介绍称，近期西 贝全国门店产品降价调改，门店近40道产品降价，幅度在5%~20%不等。 图：西贝降价冲上热搜 图：部分网友评论 此前，受"西贝罗永浩风波"相关负面舆论影响，部分西贝门店一线员工遭遇"网暴"，一些门店甚至每天接到十几通辱骂电话，西贝为员工设立"委屈奖"以 表安慰。 11月23日，该话题（西贝降价）登上热搜第一。不少网友表示非常支持西贝降价，有网友表示"西贝涨薪又降价，很良心"，还有部分网友表示"西贝终于 听劝了"。 西贝公关部回应称："风波发生后，西贝对一线伙伴从9月起平均涨薪500元/人/月，对风波期间遭受网暴和极端辱骂的伙伴给予委屈奖补贴，并邀请心理咨 询师对部分门店伙伴进行辅导跟踪。同时，西贝每周在各门店评选'最美西贝人'，持续奖励热情服务顾客、获得顾客肯定的一线伙伴。" 据新京报，西贝相关负责人表示，一线伙伴涨薪消息基本属实。今年9月，西贝已经为一线伙伴（店长、厨师长级以下）每人发放500元津贴。自10月起， 门店设立工匠精神津贴、服务标兵津贴、食 ...

记者丨黎雨桐 编辑丨吴桂兴 11月23日，话题 #西贝降价 #登上热搜第一 。 21世纪经济报道此前报道，记者多次走访西贝广州线下门店， 发现十月以来西贝门店内的上 座率与前段时间相比明显回升，工作日晚高峰时期就餐需排队等号。 除了菜品降价外，西贝 还采取了发百元消费券等"挽回客流"的措施，西贝线下门店客流量正在逐步恢复。 此前，有媒体报道称，受"西贝罗永浩风波"相关负面舆论影响，部分西贝门店一线员工遭 遇"网暴"，一些门店甚至每天接到十几通辱骂电话，西贝为员工设立"委屈奖"以表安慰。 据现代快报报道，11月22日，记者前往西贝南京砂之船店探访。当日西贝门店首日开业，晚高 峰就餐人流旺盛，出现明显排队情况。店长介绍称， 近期西贝全国门店产品降价调改，门店 近40道产品降价，幅度在5%—20%不等。 对此，有不少网友表示非常支持西贝降价，更有网友表示"西贝很良心"。 对此，西贝公关部回应21世纪经济报道记者：" 风波发生后，西贝对一线伙伴从9月起平均涨 薪500元/人/月， 对风波期间遭受网暴和极端辱骂的伙伴给予委屈奖补贴，并邀请心理咨询师 对部分门店伙伴进行辅导跟踪。同时，西贝每周在各门店评选"最美西贝人"持 ...

Core Insights - Chinese brand "Fish You Together" is successfully penetrating the Thai dining market through chain scale advantages and precise localization strategies [1][5] - The brand's second store in Bangkok has opened with significant customer turnout, indicating strong local acceptance [1][5] Store Performance - The first store achieved remarkable sales, with a single-day revenue of 192,000 Thai Baht (over 42,000 RMB) on opening day, and an impressive table turnover rate of 11.59 times [2] - Over five months, the first store maintained an average daily turnover rate of 8.5 times, peaking at over 10 times on weekends [2] - Approximately 80% of customers at both stores are local Thai residents, with a repurchase rate exceeding 50% [2] Localization Strategy - The brand has developed a mature localization innovation system, balancing familiar and surprising elements in its menu [3] - New dishes like Thai-style Tom Yum fish and coconut curry fish have been introduced while maintaining high-quality signature products [3] - The stores feature a modern design that incorporates Eastern cultural elements, creating a dining atmosphere that challenges the stereotype of fast food being low quality [3] Market Potential - The Thai restaurant market is projected to grow by 14% by 2025, with registered capital increasing by 49% over two years [2] - Southeast Asia is identified as a key area for Chinese cuisine brands, with a restaurant density of only 15 per 10,000 people, indicating significant room for consumer upgrade [4] Expansion Plans - The brand is expanding its presence in Thailand while also signing contracts for 80 stores in Malaysia, with 13 already opened and plans for six more in December [4] - The recovery of Thai tourism and policies like permanent visa exemptions between China and Thailand are seen as favorable for the brand's expansion [4] Competitive Landscape - The founder emphasizes that the Chinese restaurant industry's international expansion has entered a phase of systematic competition, requiring strong supply chain, organization, branding, and digital capabilities [4] - The future of global dining competition will focus on brands that successfully integrate products and resonate with local consumers [5]

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]

Core Viewpoint - The article discusses the operational adjustments of Xibei, a Chinese restaurant chain, including the closure and opening of stores as part of normal business practices, while also addressing the impact of a recent controversy regarding pre-prepared dishes and the subsequent promotional strategies employed to attract customers [3][4][5]. Group 1: Store Operations - Xibei has announced that the opening and closing of stores are normal operational behaviors in the restaurant industry, with dynamic adjustments based on business conditions [3]. - Recently, Xibei has closed stores in cities such as Shenzhen, Shantou, and Yiwu, while also planning to open eight new locations by the end of the year [3]. - The company aims to enhance service quality, optimize menu offerings and pricing, and improve customer dining experiences through initiatives like kitchen transparency and customer feedback [3]. Group 2: Response to Controversy - In September, Xibei faced backlash over its use of pre-prepared dishes, leading to a public apology and a commitment to adjust its production processes to prioritize on-site cooking [4]. - Following the controversy, Xibei implemented menu changes, including transitioning certain children's meals to be freshly prepared in-store [6]. Group 3: Promotional Strategies - To counteract a significant drop in customer traffic due to the pre-prepared dish controversy, Xibei has been issuing various discount coupons, such as a 100 yuan no-threshold coupon and a 50 yuan voucher for purchases over 50 yuan [7]. - The promotional strategy has reportedly led to a noticeable increase in customer traffic and sales across multiple locations, alleviating some operational pressures [7]. - However, experts warn that frequent promotions may undermine the brand's high-end image and lead to long-term challenges in maintaining perceived value among consumers [7].

Summary of Jiamaojiu Group Conference Call Company Overview - **Company**: Jiamaojiu Group - **Date**: November 10, 2025 Key Points Industry and Company Performance - In September 2025, Jiamaojiu Group experienced a decline in foot traffic due to public sentiment surrounding prepared dishes, leading to fluctuations in same-store sales. However, a rapid recovery began in late October, with expectations of positive growth by year-end [2][3] - The Taier brand has been actively promoting a fresh model, surpassing 120 stores, with same-store data outperforming the old model by approximately 15 percentage points. By the end of 2025, over 200 stores are expected, with a complete upgrade planned by mid-2026 [2][5] Store Management and Strategy - The company is closing underperforming stores, with Taier closing about 110 stores in the first half of 2025 and an estimated total of 130 closures for the year. This strategy aims to alleviate financial burdens [2][12] - Jiamaojiu and Song Hotpot are also exploring new models, with plans to open their first fresh model stores in Guangzhou [2][6] Sales and Customer Trends - Same-store sales for Jiamaojiu Group's brands showed signs of stabilization in Q3 2025, particularly for the Taier brand, which saw a narrowing decline to -9%. Key cities like Beijing and Shanghai reported positive same-store sales [3][7] - The average customer spending has remained stable with an upward trend since Q3 2024 [3] Delivery and Dining Experience - The proportion of delivery sales increased to 23%-25% in Q2 2025 but is expected to stabilize around 20% as the company focuses on enhancing dine-in experiences [2][9] - The company maintains a neutral stance on delivery services, recognizing both efficiency benefits and potential customer experience risks [9] Financial Outlook and Cost Management - The company anticipates achieving same-store sales growth by October 2025, supported by increased store openings and closures of underperforming locations. The low base in Q4 2025 also enhances the likelihood of positive year-over-year comparisons [7] - The fresh model has increased SKU counts and average transaction values, with initial gross margins slightly lower but expected to recover as operational efficiencies improve [4][15] Competitive Landscape - Taier's fresh model has shown significant performance differences across cities, with same-store sales in some areas outperforming the old model by 20-40 percentage points [15][17] - The company is adapting its offerings to attract family and business customers, responding to shifts in consumer demographics and preferences [19][21] Future Plans - The focus for 2026 will be on upgrading existing stores rather than new openings, as the fresh model's data is still being validated [13][22] - The company aims to optimize its operational layout and close unprofitable locations to prepare for future growth [14][12] Additional Insights - The company has faced challenges with its delivery-only stores, which have not performed as expected, leading to a shift back to focusing on dine-in operations [11][12] - Taier has been proactive in addressing public concerns regarding prepared dishes by showcasing its cooking processes and enhancing menu offerings [20][21] This summary encapsulates the key insights and strategic directions of Jiamaojiu Group as discussed in the conference call, highlighting both challenges and opportunities within the current market landscape.

Core Insights - The new Chinese restaurant brand "Ma Liu Ji" in Los Angeles has faced food safety controversies shortly after its opening, with multiple reports of customers experiencing stomach issues after dining there [1] - The restaurant, which opened on October 28, 2025, features a menu focused on spicy Sichuan dishes and has a dining area of approximately 200 square meters [1] Company Overview - "Ma Liu Ji" was founded by Wang Xiaofei in 2020, initially focusing on traditional Sichuan dishes such as spicy hot pot and boiled fish [2] - In 2022, the brand expanded into online retail, developing a range of products including instant food, snacks, sauces, and prepared dishes, leading to the creation of its signature spicy sour noodles [2] - The first physical store for the spicy sour noodles opened in Chengdu in January 2024, followed by the launch of a delivery model in May 2024, covering dine-in, takeout, and delivery options [2] Recent Issues - The brand previously faced a mold controversy in July 2023, with customers in multiple cities reporting moldy products purchased from Costco, prompting urgent product recalls [2] - The manufacturing partner, Bai Jia A Kuan, acknowledged that the mold issue was due to insufficient sanitation during production, affecting specific batches dated June 16 and June 18, 2025 [2] - In response to these incidents, the brand's parent company, Beijing Shitongda Technology Development Co., Ltd., issued an apology and committed to enhancing supply chain management and quality control measures [2]

Core Viewpoint - 鼎泰丰, once a representative of "exquisite Chinese cuisine," has exited the Chinese market while experiencing a resurgence overseas, particularly in the United States [3][6]. Company History and Development - Founded by Yang Bingyi in Taiwan, 鼎泰丰 initially sold peanut oil before pivoting to a restaurant model in the 1970s, offering traditional Chinese dishes like soup dumplings and noodles [4][5]. - The brand gained international recognition, particularly after opening its first store in Japan in 1995, leading to a global expansion through franchising [5][6]. Market Performance in China - Despite initial success in mainland China, 鼎泰丰 has faced declining popularity, closing 14 stores in cities like Beijing and Tianjin due to significant losses, totaling 44.8 million yuan in the first seven months of the previous year [6][8]. - The brand's pricing strategy has not adapted to changing consumer expectations, with a high average spend of 148 yuan per person, which is perceived as uncompetitive compared to local dining options [8][9]. Competitive Landscape - The rise of local dining brands has intensified competition, with many new entrants appealing to younger consumers through innovative concepts and aesthetics, diminishing 鼎泰丰's unique market position [7][8]. - The brand's service model, once seen as cutting-edge, is now viewed as outdated, especially with the introduction of service fees that some customers consider excessive [7][8]. Performance in the United States - 鼎泰丰 has seen significant growth in the U.S., with sales exceeding $400 million last year, marking a nearly 20% increase [9]. - The brand has strategically opened new locations, including a flagship store in Manhattan, and plans to expand further in the U.S. market [9][10]. Consumer Engagement and Marketing - In the U.S., 鼎泰丰 has adapted its menu to local tastes, introducing chicken dumplings and vegan options, which have resonated well with American consumers [12]. - The brand has leveraged social media platforms like TikTok to attract younger audiences, with viral marketing contributing to increased foot traffic in stores [12]. Dining Experience and Market Trends - 鼎泰丰's dining experience in the U.S. emphasizes transparency and engagement, with open kitchens allowing customers to observe food preparation, aligning with current trends in the restaurant industry [12]. - The shift in consumer behavior towards high-quality dining experiences has benefited 鼎泰丰, as Asian cuisine gains popularity in the U.S. market [12].