作者 | 刘杰 编辑 | 魏晓 拥有一众"比门信徒"的比格披萨要港股上市了。 在北方，一提比格披萨都知道，"他家很火的！" 但AI蓝媒汇经走访发现，还是低估了其火爆程度。周三中午12点，AI蓝媒汇抵达了位于天津核心商圈的比格门店，原以为只有周末爆满的门店，却在工 作日排起了长队，拿号一问，显示前面还有30桌。 比格店员告诉AI蓝媒汇，"我们店十一点开门，大概过十分钟里面的一百多桌就坐满了，你要想吃第一波，就得顶门来。" 队伍里，站满了背着书包的学生，以及嬉笑打闹的小朋友，一股青春的气息充斥在店外。 一位家长拿着手里的号盯着屏幕，嘴里嘟囔着"前面还有47桌呢，咱排不上了儿子"，旁边的小男孩眼巴巴的只说了一句，"我要吃披萨。" 比格已经"硬控"了从00后到10后的年轻一代。 这种热度直接体现在了财报上。招股书显示，2023年、2024年，比格比萨营收分别为9.44亿元、11.47亿元，2025年前三季度，又增长至13.89亿元，已超 2024年全年规模，同比增幅超66%。 据灼识咨询资料显示，以2025年前三季度GMV计，其在本土比萨餐厅中排名第一，冲刺"中国比萨自助第一股"势在必得。 然而，火爆的门店与飙升的营 ...

以下文章来源于餐饮O2O ，作者专注餐饮业创新的 餐饮O2O . 餐饮O2O是中国专注餐饮产业链新媒体，每天分享餐饮产业上下游新鲜资讯+干货案例，以媒体为入口，为餐饮业提供咨询培训、投融资、供应链、开店 选址、创业加盟等行业深度服务。 当高客单价餐饮在不确定性中收缩，极致性价比赛道却跑出了逆势狂飙的巨头。 从北京动物园旁一家 39 元自助的小店起步，比格比萨用二十余年时间，将 " 穷鬼自助 " 做成了年营收近 20 亿的本土披萨头部品牌，并正式向港交所递交 招股书，剑指 " 披萨自助第一股 " 。 它的故事，远不止于 " 便宜 "—— 在 " 榴莲披萨 " 爆款背后，是一套以 " 用户共创 " 为核心、以极致效率为支撑的独特商业系统。 从创始人化身 " 客服小赵 " 的听劝式运营，到每年 30% 的菜单迭代速度，比格比萨为内卷的餐饮市场，提供了一个穿越周期的平民化样本。 01 ■ 东北老板把披萨做成" 穷鬼自助" ， 干翻必胜客，如今要 IPO了！ 近期，比格餐饮国际控股有限公司（以下简称 " 比格比萨 " ）向港交所递交招股书，成为一周内第三家冲刺港股的餐饮企业，这也折射出餐饮行业的上市热 潮正持续升温。 ...

比格披萨的营收增长难以掩盖盈利质量的疲软。2023年至2025年前三季度，公司营收从9.44亿元攀升至 13.89亿元，但同期净利润率却从5.0%降至3.7%。更深层的问题在于"以价换量"策略的副作用：直营店 客单价从2023年的70.9元降至2025年的62.8元，外卖订单均价更从60.7元骤降至34.7元。尽管降价推动翻 台率提升至每天5.7次，但成本压力持续加剧——原材料占比达49.1%，人工与租金合计超33%，利润空 间被严重挤压。 激进扩张的财务风险：93%负债率与流动性危机 比格披萨的扩张策略堪称激进。公司计划2026至2028年新增610至790家门店，相当于当前规模的两倍以 上。然而，这一野心建立在脆弱的财务基础上：截至2025年9月，公司资产负债率高达93%，流动负债 净额达2.758亿元，较2024年底激增70%。其资金链高度依赖供应链账期，贸易应付款项21个月内增长 143%至1.92亿元，相当于占用供应商货款作为"无息贷款"。而账面现金仅9536万元，年经营现金流约 7120万元，远不足以覆盖年均3亿元的新店投资需求。 食安漏洞与治理隐忧：家族控股下的管理挑战 快速扩张中，比格披萨的品 ...

当西贝深陷舆论风波时，另一位餐饮老板却靠着"听劝"要IPO了。 最近，中国最大的本土披萨品牌——比格比萨递交港股招股书。 比格的老板赵志强，东北人，今年52岁，在抖音上发了3800多条视频、亲自当"客服"回复网友，粉丝量 已超20万。 和那些固执己见的"老登"们不一样，他主打一个"听劝"：网友反馈门店问题，他马上去巡店；粉丝许愿 新品，没过多久就能上桌。 然而，光有这些还不够。比格能将关注度转化为真金白银，也在于其"以时间换空间"的商业模式。 和大部分的餐饮店一样，比格的客流存在明显差异：周末爆满，工作日冷清。 为了把空闲时段填满，比格推出了分层优惠机制：错峰消费更便宜，还设置老人日、男士日、女士日 等"主题日"优惠。 但最近，比格也因为人群优惠陷入争议。推出的"环卫工人福利日"定价49.99元/位（原价79.99元），被 不少网友吐槽，"都快50了，环卫工真的会吃吗？" 更有人辣评："这就像给买不起豪车的人发了一张5元代金券，形式大于内容。" 对此，高强度冲浪的赵志强回应，49.99元基于最低成本决定，大家可以自主选择。 那么，比格的成本究竟有多高？ 招股书显示，比格的利润率从2023年的5.0%降到了20 ...

Core Viewpoint - Bigpizza's initiative to offer a 49.9 yuan buffet for sanitation workers has sparked controversy, with critics questioning the sincerity of the company's intentions and suggesting it is a marketing ploy to gain attention [1][2]. Group 1: Company Initiatives - Bigpizza announced a "Sanitation Workers Welfare Day" on January 26, where sanitation workers can enjoy a buffet at a discounted price of 49.9 yuan, down from the original price of 79.99 yuan [2]. - The founder, Zhao Zhiqiang, stated that the purpose of the initiative is to raise awareness about sanitation workers and to encourage people to support them [4]. - Zhao emphasized that the 49.9 yuan price is based on the lowest cost and is intended as a charitable gesture, allowing customers to choose whether to participate [4]. Group 2: Financial Performance - Bigpizza's revenue for 2023 and 2024 is projected to be 9.43 billion yuan and 11.47 billion yuan, respectively, with adjusted net profits of 47.5 million yuan and 41.7 million yuan [7]. - The company has experienced a decline in average transaction value, with figures dropping from 70.9 yuan in 2023 to 62.8 yuan in 2025 for self-operated stores [5]. - As of September 30, 2025, Bigpizza operates 342 stores, with plans to expand by opening approximately 610 to 790 new stores over the next three years [9]. Group 3: Market Position - Bigpizza is positioned as a budget pizza brand in China, ranking first in the local pizza restaurant market according to GMV calculations [5]. - The company has a significant presence in first-tier and new first-tier cities, with about 66% of its self-operated stores located in these areas as of 2024 [8]. - The company plans to increase its self-operated stores in lower-tier cities, with a notable increase from 60 to 130 stores in these regions by 2025 [8].

Core Viewpoint - Guangzhou Italian Pizza Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various food-related services and consulting [1] Company Summary - The company is engaged in food e-commerce, specifically selling pre-packaged food [1] - It offers a range of consulting services, including enterprise management, information technology, health consulting (excluding medical services), and project planning [1] - The company is involved in sports-related services, including sports event organization, marketing, and management [1] Industry Summary - The establishment of the company reflects a growing trend in the food and beverage sector, particularly in online sales and health-oriented services [1] - The diverse range of services indicates a strategic approach to capture multiple market segments, including sports and entertainment [1]

Core Viewpoint - The report from Tianfeng Securities highlights that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market, improved profitability through store expansion, cost reduction, and headquarters expense dilution [1] Financial Performance - For the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and operating profit at the store level of 380 million yuan, up 28.0% year-on-year [1] - The adjusted net profit for 25H1 was 90 million yuan, reflecting a significant year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points compared to 24H1 [1] Store Expansion and Operations - As of the end of 25H1, the total number of stores reached 1,198, marking a year-on-year growth of 31.1%, with a net addition of 190 stores in 25H1 [2] - The company aims to achieve a target of 300 new stores by 2025, with 43 additional stores opened by August 15, 2025, and 27 more under construction [2] - In terms of same-store sales, there was a decline of 1.0% in 25H1, primarily due to high base effects from strong sales in newly entered markets after December 2022 [2] Revenue by Market - In 25H1, revenue from first-tier cities was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier cities reached 1.51 billion yuan, up 46.6%, contributing to 58.2% of total revenue, an increase of 8 percentage points year-on-year [2] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points [3] Cost Management - The raw material cost ratio remained stable at 27.3%, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The rental expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all maintaining relative stability year-on-year [4]

Core Viewpoint - The company reported strong growth in revenue and adjusted net profit for the first half of 2025, indicating robust operational performance and effective cost management strategies [1][2][3] Financial Performance - Revenue for 25H1 reached 2.59 billion yuan, a year-on-year increase of 27.0% - Operating profit at the store level was 380 million yuan, up 28.0% year-on-year, with an operating profit margin of 14.6%, an increase of 0.1 percentage points from 24H1 and 0.2 percentage points from 24H2 - Adjusted net profit was 90 million yuan, a significant year-on-year increase of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points from 24H1 and stable compared to 24H2 [1][2] Store Expansion and Operations - The company aims to achieve approximately 98% of its annual store opening target, with a total of 1,198 stores by the end of 25H1, representing a 31.1% year-on-year increase - In 25H1, the company opened 190 new stores, with an additional 43 stores opened by August 15, and 27 stores under construction, aiming for a total of 300 stores by 2025 - By the end of 25H1, the company had entered 48 cities, with 9 new cities added in 25H1 [1][2] Same-Store Sales and Membership - Same-store sales declined by 1.0% in 25H1, primarily due to high base effects from new market stores opened after December 2022 - Revenue from first-tier markets was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets reached 1.51 billion yuan, up 46.6%, accounting for 58.2% of total revenue, an increase of 8 percentage points year-on-year - Membership numbers reached 30.1 million by the end of 25H1, a 55% year-on-year increase, with membership contributing 66.0% of total revenue, up 2.4 percentage points [2][3] Cost Management - Raw material cost ratio remained stable at 27.3%, while overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% - Store-level employee cash compensation ratio increased by 0.3 percentage points to 27.7%, while headquarters employee cash compensation ratio decreased by 0.4 percentage points to 5.1% - Rent expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all remaining relatively stable year-on-year [2]

Core Viewpoint - The report from Huachuang Securities highlights the resilience of Dashi Co., Ltd.'s store model under pressure, combined with the expectation of sustained rapid profit growth in the coming years, projecting net profits for 2025-2027 at 141 million, 247 million, and 345 million yuan respectively, with adjusted net profits at 191 million, 292 million, and 385 million yuan [1] Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 27.0%; operating profit was 380 million yuan, up 28.0%; adjusted EBITDA reached 320 million yuan, growing by 38.3%; and adjusted net profit was 90 million yuan, reflecting a significant year-on-year increase of 79.6% [2] - The company added 190 new stores, bringing the total to 1,198, with a net increase of 6 stores in first-tier cities and 184 in emerging markets; same-store sales showed a slight decline of 1.0%, with average daily sales per store decreasing by 4.4% to 12,915 yuan [2] Store Expansion Strategy - The company estimates that there are approximately 40,000 pizza stores in the Chinese market, with the number of stores continuing to grow annually; currently, the company has only entered 48 cities with 1,198 stores, significantly lower than competitors like Pizza Hut, which operates in 900 cities with 3,864 stores [3] - The company plans to open around 300 new stores by 2025, balancing the expansion of existing markets with the entry into new cities, with 20%-30% of new stores planned for cities entered by the end of 2022 and 40%-50% for cities entered between the end of 2022 and 2025 [3] Store Performance and Resilience - The company demonstrates strong brand power, with new stores in recently entered cities achieving high initial sales, although sales normalize over time; for instance, a new store in Handan generated over 540,000 yuan in sales on its opening day [4] - The company has opened 64 stores in 15 new cities since December 2024, with 24 of these stores already achieving full cash recovery, indicating a strong competitive position with an average payback period of only 11 months [4] Profitability and Cost Management - The management is focused on long-term growth, having established a headquarters and factory capable of supporting thousands of stores, leading to a decrease in overhead costs; in the first half of the year, the ratio of headquarters personnel costs to revenue fell to 5.1%, with depreciation and amortization (D&A) costs at 1.1% and management expenses at 1.9% [5] - The adjusted net profit margin increased to 3.5% year-on-year, and the company is expected to benefit from economies of scale as store expansion continues, resulting in a faster growth rate of net profits compared to revenue in the coming years [5]

Group 1 - The establishment of Domino's Zhejiang headquarters in Hangzhou's Pengbu Street marks a significant milestone for the company, serving as a command center for its operations in the region [1][2] - The process of setting up the headquarters was notably efficient, taking only six months from registration to operation, which is half the usual time in the industry [2] - The local government played a crucial role in facilitating the establishment by forming a dedicated service team that collaborated with various departments to address challenges related to store changes and tax adjustments [2] Group 2 - The presence of Domino's has contributed to a remarkable increase in the revenue of the local catering industry, with reported growth exceeding 130%, making it the highest in the region [2] - The surrounding area is experiencing a rapid expansion in its fashion consumption landscape, with significant increases in foot traffic and retail sales at nearby commercial centers [3] - The local government aims to attract more high-quality projects and enhance the regional economy by focusing on key sectors such as headquarters economy, digital fashion, and smart IoT [4]