Core Viewpoint - Haidilao has opened its first pet-friendly restaurant in Shenzhen, tapping into the growing pet economy and allowing customers to dine with their pets [1][3]. Group 1: Pet-Friendly Restaurant - The pet-friendly restaurant features a dedicated area for pets, with separate entrances for pet owners and non-pet customers [3]. - On its opening day, nearly 40 tables were occupied by pet owners, and over 150 tables were filled during the first weekend [1][3]. - The restaurant offers a "cute pet exclusive package" with daily specials like chicken breast and duck meat dishes, priced around 23 to 46 yuan [3][4]. Group 2: Industry Trends - Many restaurants in major cities like Beijing, Shanghai, and Chengdu are also embracing the pet dining trend [4]. - Other brands, such as Xiaobuxiang and Coucou Hotpot, have opened pet-friendly locations, although they do not yet offer pet-specific meals [5]. Group 3: Business Strategy - Haidilao has diversified its offerings by launching various themed restaurants, including night snack and community stores, and has introduced 14 sub-brands in recent years [6][7]. - The company aims to meet diverse consumer needs and increase revenue by exploring new market segments [7][9]. - The "Red Pomegranate Plan" encourages internal entrepreneurship, allowing employees to innovate and test new concepts [8][11]. Group 4: Financial Performance - Haidilao's revenue and net profit growth have slowed, with a 3.7% decline in revenue to 20.7 billion yuan and a 13.7% drop in profit to 1.755 billion yuan in the first half of 2025 [9][10]. - The decline in the hotpot segment is attributed to increased competition and changing consumer preferences [9][10]. Group 5: Challenges and Opportunities - Despite the challenges, Haidilao has sufficient cash reserves of 6.407 billion yuan to support new ventures and employee projects [11][12]. - The company has seen mixed results with its sub-brands, with nearly half of the 26 launched by March 2025 having closed, indicating the risks associated with rapid expansion [12].

Core Viewpoint - The rise of wild vegetable hotpot reflects a growing consumer trend towards health-conscious eating, driven by nostalgia for natural and local ingredients, and the need for differentiation in a competitive market [30][31][36]. Group 1: Market Trends - Wild vegetable hotpot has gained popularity, with significant attention on social media platforms like Xiaohongshu and Douyin, where related content has seen substantial growth [3][5][30]. - The search volume for "wild vegetables" has increased dramatically, with a reported 23-fold rise since March 2025, indicating a strong consumer interest [5][30]. - The trend is characterized by low-cost offerings, with many hotpot restaurants providing unlimited wild vegetable options at prices ranging from 10 to 18 yuan per person [19][30]. Group 2: Health Consciousness - Increasing health awareness among consumers has led to a shift away from heavy, oily hotpot bases, with a 120% rise in high uric acid detection rates among the 18-35 age group over five years [31][32]. - Wild vegetables are perceived as healthier alternatives, often marketed for their natural growth and nutritional benefits, such as higher calcium content compared to milk [32][33]. - The demand for low-calorie and health-oriented hotpot options has surged, with a 23% increase in interest for low-fat bases among younger consumers [31][32]. Group 3: Industry Competition - The hotpot industry is experiencing intense competition, with over 520,000 establishments nationwide, leading to a net decrease of about 10,000 outlets in the past year [34][36]. - To combat homogenization, brands are innovating with wild vegetables as a key ingredient, enhancing their menu offerings and profit margins, with wild vegetables yielding a gross margin of 60-80% [36][37]. - Major chains like Haidilao and Banu have introduced new wild vegetable dishes, reflecting a broader trend of incorporating unique ingredients to attract customers [28][29][36]. Group 4: Cultural Nostalgia - The popularity of wild vegetables is also tied to a collective nostalgia among urban consumers for traditional, rustic flavors, as urbanization has distanced them from their rural roots [30][37]. - The emotional appeal of consuming wild vegetables is significant, as it allows consumers to reconnect with their childhood memories and the simplicity of nature [30][37]. - The surge in orders for wild vegetable hotpot has been notable, with a 179% increase reported, particularly among the Z generation and older consumers [30][37]. Group 5: Policy Support - Government initiatives, such as the development plan for wild vegetable industries in Guizhou, aim to establish large-scale production bases, enhancing supply chain stability [38][39]. - Local governments are integrating wild vegetables into rural revitalization strategies, promoting economic growth through agricultural and tourism synergies [39]. Group 6: Broader Market Opportunities - Beyond hotpot, various restaurant types are exploring wild vegetables, with establishments in Yunnan and Chengdu featuring them prominently in their menus [40][41]. - New product lines, such as wild vegetable dumplings and teas, are emerging, indicating a growing market for wild vegetable-based offerings across different food categories [41][42].