炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨易佳颖 编辑丨陶力 "我的人生还会有很多钱和很多爱，但再也不会有一年最后的夜晚和朋友等三千桌的饭……" 在刚刚过去的2025年，寿司郎毫无疑问成为年度现象级的餐饮品牌。12月31日，北京一网友发帖称在 2025年最后一天和朋友在寿司郎西单大悦城店排队三千桌，从傍晚五点半到现场一直等到晚上11点才吃 上饭。 这并非一时的盛况，寿司郎一直在排队。从年末跨年的3000桌排队，到每每有城市首店落地也都是大排 长龙的景象。甚至早在2024年8月21日，寿司郎在西单大悦城开设的"北京首店"现场排队就达到1500 桌，中午过后预计等待时间一度超10小时。 据21世纪经济报道记者此前走访，近年来，寿司郎凭借8元焦糖鹅肝、15元生三文鱼等平价产品在中国 市场走红，一度被消费者称为"日料界的瑞幸"，成为众多年轻人争相打卡的社交货币。 "寿司郎是这两年最火爆的餐饮品牌，它依靠价格实惠跑得比较快。"胜利鸟咨询总监朱瑞士在接受21世 纪经济报道记者采访时指出，寿司郎是餐饮界一个现象级的品牌。如果将寿司郎的火爆用一个词来概括 的话，这个词就是：超级性价比。 ...

同样主打性价比的滨寿司、金匠寿司等平价寿司品牌也在纷纷拓店，与之形成鲜明对比的却是日本知名寿司品牌KURA寿司频频闭店，退出中 国内地市场 。据南方都市报， Kura寿司曾对外称将在10年内在大陆开出百家门店，但自2023年6月开出大陆首店以来，企业在大陆市场仅开出 3家上海门店。 记者丨 易佳颖 编辑丨陶力 "我的人生还会有很多钱和很多爱，但再也不会有一年最后的夜晚和朋友等三千桌的饭……" 在刚刚过去的2025年，寿司郎毫无疑问成为年度现象级的餐饮品牌。12月31日，北京一网友发帖称在2025年最后一天和朋友在寿司郎西单大悦 城店排队三千桌，从傍晚五点半到现场一直等到晚上11点才吃上饭。 这并非一时的盛况， 寿司郎一直在排队。从年末跨年的3000桌排队，到每每有城市首店落地也都是大排长龙的景象 。甚至早在2024年8月21 日，寿司郎在西单大悦城开设的"北京首店"现场排队就达到1500桌，中午过后预计等待时间一度超10小时。 据21世纪经济报道记者此前走访，近年来，寿司郎凭借8元焦糖鹅肝、15元生三文鱼等平价产品在中国市场走红，一度被消费者称为"日料界的瑞幸"，成为众多年 轻人争相打卡的社交货币。 如此反差 ...

"我的人生还会有很多钱和很多爱，但再也不会有一年最后的夜晚和朋友等三千桌的饭……" 在刚刚过去的2025年，寿司郎毫无疑问成为年度现象级的餐饮品牌。12月31日，北京一网友发帖称在 2025年最后一天和朋友在寿司郎西单大悦城（000031）店排队三千桌，从傍晚五点半到现场一直等到晚 上11点才吃上饭。 这并非一时的盛况，寿司郎一直在排队。从年末跨年的3000桌排队，到每每有城市首店落地也都是大排 长龙的景象。甚至早在2024年8月21日，寿司郎在西单大悦城开设的"北京首店"现场排队就达到1500 桌，中午过后预计等待时间一度超10小时。 "寿司郎是这两年最火爆的餐饮品牌，它依靠价格实惠跑得比较快。"胜利鸟咨询总监朱瑞士在接受21世 纪经济报道记者采访时指出，寿司郎是餐饮界一个现象级的品牌。如果将寿司郎的火爆用一个词来概括 的话，这个词就是：超级性价比。 同样主打性价比的滨寿司、金匠寿司等平价寿司品牌也在纷纷拓店，与之形成鲜明对比的却是KURA寿 司的闭店频频，退出中国内地市场。如此反差的景象，也让人不禁追问，平价回转寿司在中国市场为何 会出现如此分野？又是什么在左右胜局？ 现象级排队 2025年12月6日，寿 ...

近日，有消费者发帖反映称，其在寿司郎广州荔湾领展店就餐时发现，"明太子三文鱼寿司上粘了一根 明显的黑色毛发。"针对该事件，12月18日，寿司郎方面回应南都N视频记者称，经与门店核查，确认 当天顾客在用餐时发现异物，门店立即撤掉并重新提供了菜品，同时郑重向顾客致歉。 上述消费者在社交平台发帖称，"在寿司郎荔湾领展店吃出异物。基本上每周都会来这家店吃寿司，这 周仍旧点了明太子三文鱼，上菜之后在已经吃了一块的情况下，低头就看到上面粘了一根明显的黑色毛 发。毛发混进餐品，真的不敢想还有多少看不见的隐患。" 对此，12月18日，寿司郎方面回应南都记者称，"我们立刻让门店进行全面自查。经与门店核查，确认 当天顾客在用餐时发现异物，有联系店员，门店立即撤掉并重新提供了菜品，同时郑重向顾客致歉。寿 司郎始终将食品安全与卫生管理视为品牌不可逾越的生命线，我们真诚地接受社会各界的监督。" ...

Core Insights - Sushi Lang continues to generate buzz, with its Shanghai flagship store opening in December leading to 14-hour wait times, indicating strong consumer interest [1] - The reintroduction of Japan's seafood import ban adds uncertainty to the Japanese cuisine market in China, raising questions about the future of "Chinese sushi" [1] - The emergence of "Chinese sushi" brands during the Japanese nuclear wastewater incident has led to a new trend, prompting an exploration of their current market status [1] Industry Trends - Chinese sushi incorporates various local ingredients such as beef tripe, brain, and century egg, showcasing a blend of Chinese culinary elements with sushi [2][4] - The preparation methods for Chinese sushi often involve cooking techniques like boiling, grilling, and frying, leading to what is referred to as "hot sushi" [5] - Flavor profiles in Chinese sushi are typically richer and more complex compared to traditional Japanese sushi, which emphasizes the natural taste of ingredients [6] Market Development - The concept of Chinese sushi is not new, having existed for over a decade, but gained significant popularity post the nuclear wastewater incident, with many traditional sushi restaurants adapting their menus [12] - Notable brands in the Chinese sushi market include "You Xiao Zao" and "Hao Lai Le Sushi," with the former having over 100 locations nationwide since its establishment in 2016 [15] - Despite the growth of Chinese sushi, it remains a niche market compared to traditional Japanese sushi, which has over 2,000 outlets in China [15] Challenges - Chinese sushi faces challenges in consumer acceptance, with some creative dishes failing to resonate with customers, leading to low repeat purchase rates [17] - The lack of standardization in product offerings and an immature supply chain hinder the scalability of Chinese sushi brands [19] - The overall dining experience in Japanese restaurants is seeing a decline in average spending, with a significant increase in the number of budget-friendly options [20]

Core Viewpoint - The sushi market is becoming increasingly competitive, with Haidilao launching its new sushi brand "Rushi Sushi" to capitalize on the rising popularity of affordable sushi dining experiences [5][11]. Market Trends - The return of conveyor belt sushi, once a fading trend, has gained traction among young consumers in recent years, driven by brands like Sushi Lang, which has opened over 60 stores in China and created significant demand [6][8]. - Sushi Lang's pricing strategy, with sushi priced between 10 to 28 yuan, allows consumers to enjoy sushi at an average cost of under 100 yuan, appealing to the younger demographic [9]. Competitive Landscape - Rushi Sushi's operational model closely mirrors that of Sushi Lang, featuring a conveyor belt system and a tiered pricing structure ranging from 8 to 28 yuan, with a focus on high quality and affordability [13]. - The rapid expansion of Sushi Lang and Bin Sushi in China indicates a booming market, with Sushi Lang's net sales exceeding 588 billion yen and plans to increase its store count significantly by 2026 [15]. Supply Chain and Operational Challenges - Rushi Sushi aims to leverage Haidilao's supply chain advantages while ensuring quality and efficiency in sourcing seafood, which is critical for sushi's competitive edge [19]. - The establishment of a stable seafood supply chain is a long-term endeavor, and Rushi Sushi's reliance on both local suppliers and global sourcing is essential for maintaining quality [20]. Consumer Reception - Initial consumer feedback on Rushi Sushi has been mixed, highlighting potential issues with product consistency and supply chain management, which may affect its ability to compete with established brands [20].

Core Viewpoint - The article discusses the rising popularity of Sushi Lang, a budget sushi brand in China, highlighting its appeal among young consumers and the shift in the sushi market towards affordability and local adaptation [10][38][50]. Group 1: Market Trends - The sushi market in China is experiencing a significant shift towards affordable sushi options, with Sushi Lang leading this trend [10][50]. - Sushi Lang has opened multiple locations in major cities like Beijing and Guangzhou, often resulting in long queues and high demand [11][14]. - The brand's pricing strategy, with items priced around 8 to 15 yuan, positions it as a "people's sushi," contrasting with traditional high-end sushi restaurants [23][26]. Group 2: Consumer Behavior - Young consumers are increasingly drawn to Sushi Lang for its perceived value and social media presence, with many sharing their dining experiences online [21][17]. - The concept of "value for money" is crucial, as consumers are looking for affordable dining options that still provide a satisfying experience [23][50]. - The popularity of Sushi Lang reflects a broader trend where consumers prioritize experience and social media shareability over traditional notions of authenticity in cuisine [48][58]. Group 3: Competitive Landscape - The rise of Sushi Lang coincides with the decline of traditional sushi brands that emphasize authenticity, as seen with KURA Sushi's struggles in the market [42][45]. - New entrants in the sushi market are adopting similar strategies to Sushi Lang, focusing on affordability and local flavors to attract consumers [60][66]. - The overall sushi market is expanding, with a significant increase in the number of sushi restaurants, indicating a growing acceptance of sushi as a mainstream dining option [60][68].

Core Viewpoint - The article discusses the rise of N多寿司 (N Duo Sushi) as a dominant player in the sushi market in China, contrasting it with traditional Japanese sushi brands and highlighting its unique business model and marketing strategies [4][25][34]. Group 1: Market Dynamics - KURA, Japan's second-largest conveyor belt sushi brand, closed its last store in mainland China after failing to expand beyond Shanghai, despite ambitious plans [4]. - N多寿司 has opened over 3,000 stores, becoming the largest sushi chain globally by store count, offering sushi at a significantly lower price point [7][34]. - The sushi market in China is seeing a shift towards lower-priced options, with 53.7% of sushi restaurants charging below 35 yuan per meal [36]. Group 2: Business Model and Strategy - N多寿司 focuses on "熟寿司" (cooked sushi), which allows for a broader range of ingredients and reduces operational costs by eliminating the need for raw food handling [25][29]. - The brand operates on a "no-wash-dishes" philosophy, emphasizing efficiency and cost reduction to facilitate rapid expansion [29][34]. - N多寿司 has established a supply chain center for pre-prepared ingredients, allowing stores to focus on heating and assembly, further enhancing operational efficiency [27][29]. Group 3: Innovation and Product Development - N多寿司 has introduced various "中式寿司" (Chinese-style sushi) options, such as duck egg yolk sushi and spicy enoki mushroom rolls, catering to local tastes [13][18]. - The company has launched a sushi museum and a "万种寿司墙" (ten thousand sushi wall) to showcase its commitment to product innovation [32]. - N多寿司 has developed a "无米寿司" (no-rice sushi) to align with health trends, indicating its adaptability to consumer preferences [34]. Group 4: Competitive Landscape - Despite its leading position, N多寿司 faces competition from other brands offering similar low-cost sushi options, such as 鲜目录寿司 and 1元寿司 [36][39]. - The brand's marketing efforts, including the launch of a brand song and sushi-themed IP characters, have not achieved the same level of recognition as competitors like 蜜雪冰城 (Mixue Ice City) [36][38]. - Customer feedback on food hygiene issues poses a potential risk to N多寿司's reputation, necessitating ongoing attention to quality control [38].

Core Viewpoint - KURA Sushi is gradually closing all its stores in mainland China due to significant losses and inability to compete effectively in a crowded market [4][11]. Group 1: Company Performance - KURA Sushi has accumulated losses exceeding 80 million yuan (approximately 8.19 million) in just two years of operation in mainland China [8]. - The company initially opened three stores in Shanghai but has not expanded further since [9]. - KURA Sushi's first store in Shanghai was met with high consumer interest, but the subsequent performance has been disappointing, leading to the closure of its first store by June 30 [4][7]. Group 2: Consumer Feedback - Consumer reviews on platforms like Dianping highlight issues such as poor taste, limited product variety, and freshness concerns [11]. - Specific complaints include the salmon sashimi having a fishy taste and the menu being too limited [11]. - Despite attempts to adjust pricing, including promotional offers reducing prices to as low as 8 yuan per plate, these efforts have not salvaged the brand's performance [11]. Group 3: Competitive Landscape - In contrast to KURA Sushi, other Japanese sushi brands like Sushi郎 and滨寿司 are thriving in the Chinese market, with significant sales growth and expansion plans [12][13]. - Sushi郎 reported a net sales increase of 41.5% in overseas markets, with plans to expand its store count significantly by 2026 [13]. - The success of these brands is attributed to their ability to cater to local tastes and offer a wider variety of dishes at competitive prices [13][17].

Core Viewpoint - KURA Sushi, a major Japanese sushi chain, has announced its exit from the mainland China market after incurring significant losses over two years, totaling approximately 81.9 million yuan [5][7]. Group 1: Company Performance - KURA Sushi opened its first store in mainland China in June 2023, but has since failed to expand beyond three locations in Shanghai [5]. - The company reported a cumulative loss of over 81.9 million yuan during its two-year presence in the mainland market [5]. - Following the closure of its first store, KURA Sushi will only have two remaining locations in Shanghai [4]. Group 2: Market Competition - KURA Sushi attributed its failure to a lack of brand recognition amidst fierce competition in the industry [7]. - In contrast, other Japanese sushi brands like Sushi郎 and滨寿司 are successfully expanding in China, with Sushi郎 reporting a 41.5% increase in net sales in overseas markets [8]. - Sushi郎 plans to increase its store count in Greater China to between 157 and 161 by the fiscal year 2025, and further to 190-193 by 2026 [8]. Group 3: Consumer Feedback - Consumer reviews highlighted several issues with KURA Sushi, including poor taste, limited product variety, and freshness concerns [7]. - KURA Sushi's pricing strategy faced criticism, with its products priced significantly higher than similar offerings in Japan, leading to consumer dissatisfaction [7]. - Despite attempts to lower prices through promotions, KURA Sushi's efforts did not succeed in improving its market position [7].