以下文章来源于远川研究所 ，作者罗雪妍 远川研究所 . 刻画这个时代 本文来自微信公众号： 远川研究所 ，作者：罗雪妍 餐饮品牌恨不得夹起尾巴做人的日子里，寿司郎活成了最显眼的那个例外。 莞莞不类卿 同一个商场里，预制菜们人人喊打，流水线的寿司郎却排起长龙。线上预约要到一个月后，高峰期现 场等位上千桌，黄牛甚至自研出了以假乱真的排队小程序。 寿司郎的最新战绩，是在去年12月开进遍地是日料的上海。饶是见惯了大场面的上海人，也创下排 队14小时的新纪录[1]。 2025财年（2024.9-2025.9），寿司郎母公司F&LC的销售收入创下4295亿日元的新高，整体营业利 润上涨54.4%。 其中，以中国为首的海外市场做出巨大贡献，收入整体增长42.6%，业务占比达到30%，领导随即立 下"2035财年在中国开店500家"的军令状，约等于萨莉亚花费23年才在中国打下的江山。 不同于昙花一现的网红餐厅，寿司郎主营的回转寿司品类已在中国餐饮界沉浮近30年。土生土长的 禾绿寿司，早在2010年左右就开出超过200家店，是寿司郎的近三倍；同为日本回转寿司巨头的滨寿 司也在2014年就进入中国。 然而，禾绿寿司目前的门店只剩 ...

餐饮品牌恨不得夹起尾巴做人的日子里，寿司郎活成了最显眼的那个例外。 同一个商场里，预制菜们人人喊打，流水线的寿司郎却排起长龙。线上预约要到一个月后，高峰期现场 等位上千桌，黄牛甚至自研出了以假乱真的排队小程序。 寿司郎的最新战绩，是在去年12月开进遍地是日料的上海。饶是见惯了大场面的上海人，也创下排队 14小时的新纪录[1]。 2025财年（2024.9-2025.9），寿司郎母公司F&LC的销售收入创下4295亿日元的新高，整体营业利 润上涨54.4%。 其中，以中国为首的海外市场做出巨大贡献，收入整体增长42.6%，业务占比达到30%，领导随即立 下"2035财年在中国开店500家"的军令状，约等于萨莉亚花费23年才在中国打下的江山。 不同于昙花一现的网红餐厅，寿司郎主营的回转寿司品类已在中国餐饮界沉浮近30年。土生土长的禾 绿寿司，早在2010年左右就开出超过200家店，是寿司郎的近三倍；同为日本回转寿司巨头的滨寿司 也在2014年就进入中国。 然而，禾绿寿司目前的门店只剩不到50家；滨寿司入华6年才开出12家门店，而近年沾了不少同行的流 量，2024年一年就扩店35家[2][3]。 说好的风水轮流转， ...

这是半佛仙人的第1941篇原创 周末不卷，随便写点。 前两天中午去吃寿司郎，经历了整个2025年最猛的一次排队，给我都排恍惚了。 很难相信，都快要2 0 2 6年了，杭州的工作日里居然还会有动辄排队1个小时以上的店。 这可是工作日，中午，以及杭州这种连一条狗的尾巴弄不好都是卷的城市。 太诡异了。 很离奇，但有道理。 虽然寿司郎主打的是平价寿司，但其实本身不便宜，人均吃上一百随随便便，如果你吃不 上说明今天胃口不好。 虽然客单价不低，但我吃的时候不禁感慨性价比真的高。 寿司郎，就是这种诡异的存在。 诡异之后，是更诡异的现实。 寿司郎这个生态位乱杀居然是很有道理的。 吃过一次，就明白了。 因为就这种东西的定价，已经比日料同行们显得当人多了。 凡事，还得多靠同行衬托。 注意，我不是说寿司郎做得多好，而是国内那堆同行做得太糟。 寿司郎放在日本就是正常水准的便宜寿司店，注意，我说的是【便宜寿司店】。 这东西在日本的定位是不高的，但在国内跟那些不知道哪里来的自信的除了价格没有任何 突出点的日料店比，寿司郎已经不知道高到哪里去了。 那堆来历可疑的主理人用来历更可疑的原材料卖着让人怀疑的价格时，你看到寿司郎的价 格甚至会有些 ...

前言 11月外交风波不断，但中国商场里的日本寿司店却排起长龙。 一边是网上"抵制日货"的声音震天响，一边是黄牛把排队号炒到80块钱还有人抢。 网上喊着要开战，线下排队给日料送钱，这是什么操作？这背后藏着什么我们没发现的秘密？ 楼上空荡荡，楼下排长龙，商场里的冰火两重天 2025年的冬天气温是冷的，但更冷的其实是全国餐饮行业的生意。 你走进北京朝阳路那些大型商场，会明显感到一种说不出的落寞。 很多之前火到不行的网红店，现在门口只能挂着"免排队""进店赠饮"的小牌子。 服务员站在门口，眼神空空的，仿佛下一秒就能被风吹倒。 就在同一个商场的转角处，你却能看到完全相反的画面。 那边冷冷清清，这边排队队伍长到能绕柱子三圈，号机亮着醒目的数字："前方等待108桌"。 预计需要三小时起步，这种场景在北京西单大悦城、上海环球港、广州天河城到处上演。 排队的餐厅不是什么奢华高端的品牌，而是寿司郎，一个原本在中国也没多大名气的日本回转寿司店。 那些年轻人，坐着小马扎，刷着手机、打着游戏，黄牛甚至能把靠前的排号炒到80块钱一张。 这是什么概念？80块钱在旁边随便一家中餐快餐店都能吃得挺不错的。 因为日本政坛某些政客比如高市早苗的刺 ...

Core Viewpoint - Japanese restaurant brands are experiencing significant success in the Chinese market, with Sushi Ramen's parent company reporting record sales and operating profits, increasing by 19% and 54.4% respectively [4][5]. Group 1: Market Performance - Sushi Ramen and Bin Sushi have become extremely popular, often leading to long queues in shopping malls, indicating a surge in consumer interest in Japanese cuisine [5][9]. - Sushi Ramen's new stores in Shanghai are fully booked for two weeks in advance, showcasing the high demand for affordable sushi chains [7][9]. - The rapid expansion of local sushi brands and the entry of more Japanese brands into China have intensified competition in the Japanese cuisine sector [5][10]. Group 2: Competitive Landscape - Several Japanese brands are setting ambitious goals for expansion in China, with some aiming for "hundred-store" targets [11]. - Local restaurant giants, such as Haidilao, are entering the sushi market, indicating a trend towards localization in the Japanese cuisine sector [22]. - The competitive landscape is expected to become more intense as local brands adopt similar pricing strategies to attract consumers [21][22]. Group 3: Consumer Trends - The perception of Japanese cuisine has shifted, with consumers now more focused on price and value rather than just the origin of ingredients [17][25]. - The trend of "localization" in Japanese cuisine is growing, with domestic suppliers increasingly providing ingredients, reducing reliance on Japanese imports [23][25]. - The market for Japanese cuisine in China is projected to continue growing, with estimates suggesting a market size of 70 billion yuan by 2025 [24].

Group 1 - The event "Exploring Japanese Flavors, Culinary Tour 2025 in Beijing" is being held with 28 Japanese restaurants participating, offering authentic Japanese cuisine and specialty sake from various regions of Japan [1] - The event will officially start on October 27, 2025, and will last until November 30, 2025, encouraging participation to enjoy Japanese culinary delights [1] - The Japanese ambassador visited the champion restaurant "Toyama Sushi Shiki," engaging with the chef and experiencing traditional Japanese flavors [3] Group 2 - During the event, a stamp rally will be held where participants can taste designated Japanese dishes and drinks to collect stamps for a chance to win prizes such as hotel accommodation vouchers in Japan [3][10] - The prizes include free accommodation vouchers for the New Otani Hotel in Tokyo and the Hamamatsu Mercure Hotel, among others [4][6] - The event is organized by the Embassy of Japan in China and supported by the Beijing Japanese Culinary Association [10]

Core Insights - The launch of "如鮨寿司," the first sushi brand incubated by Haidilao, in Hangzhou is seen as a signal of industry recovery and structural opportunities in the sushi market [1][3] - The sushi market, particularly the affordable segment, is becoming increasingly competitive with multiple players expanding aggressively [2][5] Market Dynamics - Haidilao's entry into the sushi market is a strategic move to capture market share, with "如鮨寿司" positioned under its "红石榴计划" to diversify its dining offerings [3][8] - The new store in Hangzhou has over 500 square meters and offers more than 200 SKUs, with price points ranging from 8 to 28 yuan, primarily focusing on 9.9 and 15 yuan items [3][8] - The market is witnessing a bifurcation where high-priced sushi brands like Sushi Lang are expanding cautiously, while lower-priced brands like Bin Sushi are aggressively increasing their store counts [5][21] Competitive Landscape - Bin Sushi plans to open over 70 new stores in the 2025 fiscal year and aims for more than 100 in the following year, with a long-term goal of 1,000 stores nationwide [5][8] - Sushi Lang aims to increase its total stores in Greater China to approximately 190 by 2026, with a cautious expansion strategy [4][5] - The sushi market's recovery is driven by consumer demand for high cost-performance sushi, supported by a localized supply chain [8][21] Strategic Positioning - Brands are focusing on high-line cities and premium shopping centers, with over 90% of Sushi Lang and Bin Sushi's stores located in first and new first-tier cities [9][12] - The competition is not yet saturated, allowing leading brands to proactively position themselves for future growth [15][16] - The market is shifting towards a "high cost-performance" competition rather than just low pricing, indicating a structural growth opportunity in the sushi segment [18][23] Future Outlook - The sushi market in China is projected to recover to a scale of 700 billion yuan by 2025, with sushi becoming a key growth direction due to its standardized preparation and high turnover rates [18][21] - The competition will intensify between foreign brands with established supply chains and local brands that can innovate and adapt to consumer preferences [21][22] - The trend towards affordable, localized, and digitalized sushi offerings is expected to deepen, although brands will face challenges in maintaining growth and brand trust [23][24]

Core Viewpoint - Haidilao's sushi brand "Rushi Sushi" has opened its first store in Hangzhou, Zhejiang, positioning itself as a strong competitor in the affordable sushi market against brands like Sushi Lang and Murakami House [1] Company Summary - Rushi Sushi's main products are priced at 9.9 yuan and 15 yuan, targeting the budget-conscious consumer segment [1] - The store has reported an average of 800 to 1000 customers on weekends, with a table turnover rate of up to 8 times [1] Industry Summary - The sushi market has diversified into various formats, including single-item sushi, conveyor belt sushi, and takeout options [1] - As of March 2025, the number of sushi restaurants in China is projected to exceed 23,000, with over 50% of these establishments having an average consumer spending of less than 35 yuan [1] - Data from the Restaurant Eye Research Institute indicates a decline in the total number of Japanese cuisine brands in China, from 52,276 in August 2023 to 28,631 by August 2024 [1]

Core Viewpoint - The opening of "Ru Sushi," a sushi brand under Haidilao, marks a significant entry into the competitive low-cost sushi market, targeting consumers seeking value for money as dining preferences shift towards more affordable options [1][2]. Industry Overview - The sushi segment has the highest store count among Japanese cuisine categories, accounting for 42.4% of the market. As of March 2025, there are over 23,000 sushi outlets in China, with more than 50% of them having an average consumer spending of below 35 yuan [3]. - The number of operating Japanese cuisine brands in China has decreased from 52,276 in August 2023 to 28,631 by August 2024, indicating a contraction in the market [3]. Competitive Landscape - "Ru Sushi" competes directly with other affordable sushi brands like Sushi Lang and Murakami House, with its main offerings priced at 9.9 yuan and 15 yuan. The store has a capacity of 56 tables and has introduced over 200 SKUs across various categories [2]. - The average customer traffic on weekends is approximately 800 to 1,000, with a table turnover rate of up to 8 times [2]. Operational Efficiency - The current market dynamics show a trend towards low-cost dining options, leading to a decline in mid-to-high-end sushi brands. Examples include Akasaka and Wasabi House, which have seen significant customer loss due to their higher price points [4]. - Local brands are successfully positioning themselves as affordable alternatives, with average spending at Murakami House around 80 yuan and other brands like Ikeda Sushi and N多寿司 below 50 yuan [4]. Supply Chain and Management - "Ru Sushi" leverages Haidilao's supply chain advantages, utilizing a combination of local suppliers and global sourcing, ensuring a standardized supply system through cold chain logistics [4]. - The management approach for "Ru Sushi" involves experienced leaders from Haidilao's hot pot operations, ensuring robust operational capabilities and customer experience from the outset [5].

Core Viewpoint - The article discusses the rising popularity of the sushi brand Sushi郎 in China, driven by its cost-effective strategy and the recovery of the Japanese cuisine market following previous controversies [11][13]. Market Context - The Japanese cuisine market in China is projected to reach a scale of 690 billion yuan in 2024, with a year-on-year increase of 2.2%, and is expected to recover to 700 billion yuan by 2025 [13]. - As of March 2025, the number of Japanese cuisine restaurants in China is expected to exceed 54,000, showing a slight increase [14]. Sushi郎's Strategy - Sushi郎's average consumer spending is 117.45 yuan, which, while not the lowest, is perceived as high value due to its pricing strategy [15]. - The brand frequently offers limited-time promotions, such as 8 yuan caramel foie gras and 8 yuan thick-cut salmon, to attract younger consumers [17]. Financial Performance - For the fiscal year 2025, Sushi郎's parent company FOOD&LIFE COMPANIES reported a revenue increase of 18.3% to 3,131.49 billion yen and a net profit increase of 74.3% to 180.72 billion yen [18]. - In the international market, Sushi郎's net sales increased by 41.2% to 931.05 billion yen, with a segment profit increase of 118.9% to 111.16 billion yen [19]. Expansion and Market Presence - Sushi郎 entered the Chinese market in 2021 and has since opened multiple locations, with Guangdong being its primary market, accounting for 36% of its stores [22][24]. - The brand has strategically avoided entering the highly competitive Shanghai market, focusing instead on regions like Guangdong where the demand for fresh ingredients and efficient logistics supports its business model [30]. Competitive Landscape - Other sushi brands like 滨寿司 and 元气寿司 are also expanding in China, with 滨寿司 having over 100 locations and 元气寿司 operating 51 locations, primarily in first-tier cities [32]. - Sushi郎 faces increasing competition as consumer acceptance of sushi grows, and the brand must innovate to maintain its market position [33]. Challenges Ahead - The brand's rapid popularity may lead to dilution of its "hype" as more stores open, and consumer expectations may shift as they become more accustomed to sushi [34]. - Global economic changes and rising costs of raw materials and labor may impact Sushi郎's operational strategies and profitability [35].