据美团介绍，2026年美团卫星店扶持政策的丰富性和覆盖范围将超过今年，措施将包括与优质品牌联合 进行新店型探索，并提供开店基金奖励；进行供应链深度合作保障；提供数据和AI工具运营扶持、流 量和曝光倾斜等。 北京商报讯（记者 郭缤璐）12月18日，北京商报记者了解到，美团宣布2025年已联合1000多个品牌完 成店型创新，共拓建10000家卫星店进社区，累计服务消费者上亿人次，满足消费者日常用餐"不排队、 高品质、配送近、亮后厨"的新需求。美团卫星店业务负责人赵一博表示，餐饮市场正发生非常深刻的 变化，在总结今年万店运营经验的基础上，美团明年将联合更多品牌进行店型创新升级，帮助商家适应 餐饮市场新需求，进一步扩容扶持政策。 经过2025年的品牌联合创新，美团卫星店已涵盖所有中式正餐、西餐、火锅等餐饮品类，其中不乏四川 饭店、西安饮食集团等中华老字号，以及眉州东坡等传统中餐品牌。海底捞推出子品牌"下饭火锅菜"， 开出1400多家卫星店。木屋烧烤通过50平方米社区店、街边店，适配夜宵、简餐需求，平均回本周期仅 6个月。 ...

美团卫星店业务负责人赵一博表示，餐饮市场正发生非常深刻的变化，在总结今年万店运营经验的基础 上，美团明年将联合更多品牌进行店型创新升级，帮助商家适应餐饮市场新需求，进一步扩容扶持政 策。 12月17日，美团宣布，2025年已联合1000多个品牌完成店型创新，共拓建10000家卫星店进社区，累计 服务消费者上亿人次，满足消费者日常用餐"不排队、高品质、配送近、亮后厨"的新需求。 作为2024年美团首创的数字化社区餐饮新模式，卫星店以"小店型、轻量化"为典型特征，主营外卖，已 经成为大牌餐饮服务社区、挖掘线上增量市场的新模式。 据美团介绍，2026年美团卫星店扶持政策的丰富性和覆盖范围将超过今年，措施将包括与优质品牌联合 进行新店型探索，并提供开店基金奖励；进行供应链深度合作保障；提供数据和AI工具运营扶持、流 量和曝光倾斜等。 经过2025年的品牌联合创新，美团卫星店已涵盖所有中式正餐、西餐、火锅等餐饮品类，其中不乏四川 饭店、西安饮食（000721）集团等中华老字号，以及眉州东坡等传统中餐品牌。海底捞推出子品牌"下 饭火锅菜"，开出1400多家卫星店。木屋烧烤通过50平方米社区店、街边店，适配夜宵、简餐需求， ...

Core Insights - The restaurant industry is innovating around the concept of "light" by adopting smaller and more specialized store formats instead of larger, all-encompassing ones [1] Group 1: Company Innovations - Haidilao has launched a sub-brand "Xiafan Hotpot Dishes," utilizing idle capacity from larger stores to enter the mixed vegetable hotpot market, currently operating over 1,400 satellite stores in collaboration with Meituan [1] - The average monthly revenue increase per store for Haidilao is 50,000 yuan, with nearly 60% growth in its takeout revenue, half of which comes from the new sub-brand [1] Group 2: Industry Trends - Over 900 restaurant brands have partnered with Meituan to explore the satellite store model, resulting in more than 8,000 stores being established [1] - The average cost investment per store has decreased by 60%, with a typical payback period of 6 to 8 months [1]

Core Insights - The National Day and Mid-Autumn Festival holiday period saw a significant surge in consumer activity, with 888 million domestic trips and total spending of 809 billion CNY, reflecting a transformation in consumer habits and the integration of digital and physical economies [1][5][8] Group 1: Restaurant and Dining Sector - The restaurant market achieved record sales during the holiday, with a 2.7% year-on-year increase in sales for key retail and dining enterprises [3] - Haidilao reported over 1.8 million customers on October 6, 2024, a 5% increase from the previous year, showcasing the popularity of themed dining experiences [3] - Local dining services saw a significant rise in group purchases, with family meal group sales up 99% and multi-person meal group sales up 51% [3] Group 2: Travel and Tourism Sector - The travel market experienced a notable increase, with 888 million domestic trips taken, an increase of 123 million from the previous year, and total spending rising by 108.2 billion CNY [5][6] - Long-distance and cross-border travel trends are on the rise, with popular destinations including Beijing, Chengdu, and Shanghai, and a 30% increase in orders for less-visited cities [5][6] - The outbound travel market saw explosive growth, with international flight bookings up over 30%, particularly among youth aged 13-17, whose bookings increased by 54% [5] Group 3: E-commerce and Local Services - E-commerce platforms experienced a surge in sales of traditional holiday items, with mooncake sales on JD.com increasing by over 300% during the holiday [7] - Local life services also thrived, with a 150% year-on-year increase in orders for local dining, driven by innovative mapping tools [7] - The integration of local services and e-commerce has created a vibrant marketplace, with significant growth in consumer engagement [7] Group 4: Government Initiatives and Consumer Sentiment - The government launched various consumer promotion activities, including a cultural and tourism consumption month, distributing over 480 million CNY in subsidies [8] - The average daily sales revenue in consumption-related industries increased by 4.5% year-on-year during the holiday, indicating strong market vitality [8] - The combination of traditional and emerging business models reflects the dynamic nature of Chinese consumer behavior [8]

Core Viewpoint - The article discusses the evolving landscape of the restaurant industry, particularly focusing on the shift from dine-in only to incorporating delivery services, highlighting the reasons behind this trend and the types of restaurants that still choose to remain dine-in only [7][21]. Group 1: Shift to Delivery Services - Many previously dine-in only restaurants are now adopting delivery services to supplement their revenue, driven by changing consumer behaviors post-pandemic [6][8]. - A notable example is Haidilao, which expanded its delivery offerings to include affordable meal options, resulting in a 59.72% growth in its delivery business despite a 3.66% decline in overall revenue [7][8]. - In a survey of restaurants in Beijing's Qinhai area, 80.65% of dining establishments have adopted delivery services, with 73.33% of mid-to-high-end restaurants also offering delivery [8][10]. Group 2: High-End Restaurants and Delivery - High-end restaurants are increasingly entering the delivery market, with 7.87% of the Black Pearl restaurants listed in a recent evaluation offering delivery services [8][10]. - The data indicates that higher-rated restaurants (three-diamond) have a higher delivery service adoption rate (40%) compared to lower-rated ones [10]. - Examples include Da Dong, which offers specially curated delivery menus at lower price points than dine-in, allowing for a broader consumer base while maintaining the quality of its offerings [11]. Group 3: Reasons for Not Offering Delivery - Certain restaurants choose not to offer delivery services due to various reasons, including maintaining a high-quality dining experience, the nature of their menu not being suitable for delivery, or already having sufficient dine-in business [19][21]. - Three categories of restaurants that typically do not offer delivery include high-end establishments that focus on ambiance and service, casual eateries with stable local customer bases, and low-cost fast food outlets where delivery would not be profitable [19][20][21]. - The decision to remain dine-in only is often based on the restaurant's unique strengths and market positioning, which can provide a competitive edge in a crowded market [26][27]. Group 4: Future Outlook - The local dining market is expected to continue evolving, with opportunities for businesses that can effectively bridge the gap between high-quality dining experiences and delivery services [28][29]. - The article suggests that as competition intensifies, restaurants with strong value propositions may continue to thrive without adopting delivery, while others may need to adapt to meet changing consumer demands [27][28].

Core Viewpoint - The article discusses the evolving landscape of the restaurant industry in China, particularly focusing on the shift from dine-in only to incorporating delivery services, highlighting the reasons behind this trend and the varying approaches among different types of restaurants [5][6][29]. Group 1: Shift to Delivery Services - Many restaurants that previously only offered dine-in services are now adopting delivery options to supplement their revenue streams, especially in light of changing consumer behaviors post-pandemic [5][9]. - A notable example is Haidilao, which expanded its delivery offerings to include single-serving meals, resulting in a significant increase in its delivery revenue, which grew by 59.72% while dine-in revenue declined by 6.89% [8][9]. - Statistics show that 80.65% of restaurants in a specific area have adopted delivery services, with even high-end restaurants increasingly participating in this trend [10][11]. Group 2: High-End Restaurants and Delivery - High-end restaurants are also entering the delivery market, with 7.87% of the "Black Pearl" restaurants offering delivery services, indicating a shift in consumer expectations for quality dining options at home [11][14]. - The article notes that the penetration rate of delivery services is higher among higher-rated restaurants, with 40% of three-diamond restaurants offering delivery compared to lower rates for two and one-diamond restaurants [13][20]. - Examples include high-end restaurants like Da Dong, which have tailored their delivery menus to include single-serving meals while maintaining a focus on quality [14][15]. Group 3: Reasons for Not Offering Delivery - Some restaurants, particularly those with a strong local customer base, choose not to offer delivery due to stable dine-in business and concerns over maintaining food quality during delivery [25][28]. - The article identifies three main categories of restaurants that do not offer delivery: the highest-priced establishments, casual dining spots with low margins, and those whose menu items are not suitable for delivery [18][25][29]. - The decision to forgo delivery is often based on the belief that it is unnecessary due to sufficient dine-in demand or the inability to maintain profitability through delivery channels [29][30][33]. Group 4: Market Dynamics and Future Outlook - The article suggests that as competition intensifies, restaurants with strong value propositions may continue to thrive without delivery services, while others may adapt to meet online demand [36][37]. - The evolving market presents opportunities for platforms to help consumers discover quality dining options, particularly in the mid to high-end segments where delivery penetration remains low [39][40].

Core Viewpoint - Haidilao's financial performance for the first half of 2025 shows a decline in revenue and profits, indicating challenges in the competitive dining market while also highlighting growth in its second brand and delivery services [1][5][10]. Financial Performance - Total revenue for the first half of 2025 was 20.703 billion RMB, a decrease of 3.7% compared to 2024 [4]. - Core operating profit (non-IFRS) was 2.408 billion RMB, down 14.0% year-on-year [1][4]. - Net profit reached 1.755 billion RMB, reflecting a 13.7% decline from the previous year [1][4]. Restaurant Operations - The overall table turnover rate for self-operated restaurants was 3.8 times per day, with a total customer count of nearly 190 million in the first half of 2025 [6][7]. - The company has closed underperforming restaurants as a strategy to cope with reduced customer traffic [6][7]. - As of June 30, 2025, Haidilao operated 1,363 restaurants, including 1,299 in mainland China and 23 in Hong Kong, Macau, and Taiwan [7]. Brand Expansion and Innovation - Haidilao has launched 126 second brand stores, indicating a focus on diversifying its offerings beyond traditional hotpot [3][8]. - The company has introduced various themed restaurants and products, such as late-night dining options and "one-person meal" delivery services, contributing to a nearly 60% increase in delivery revenue [10][11]. - The "other restaurant income," including second brands, reached 597 million RMB, a significant increase of 227.0% year-on-year [10]. Customer Engagement and Future Strategy - Haidilao has surpassed 200 million members and is expanding member benefits through partnerships with other industries [11]. - The management plans to leverage digital operations and continue diversifying its business strategy, including potential acquisitions of quality assets [11].

Core Viewpoint - Haidilao demonstrates resilience in a challenging hot pot industry, achieving stable profitability and significant revenue growth through innovation and a multi-brand strategy [1][5]. Financial Performance - For the first half of 2025, Haidilao reported revenue of 20.703 billion yuan, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, translating to profit margins of 11.63% and 8.5%, respectively, both exceeding industry peers [1]. - The company declared an interim dividend of 0.338 HKD per share, with a payout ratio of 96.6% and a dividend yield (TTM) exceeding 6% [1][5]. Business Strategy - Haidilao is actively exploring innovative hot pot scenarios, developing unique products, optimizing store operations, and enhancing supply chain and digital capabilities [1]. - The company is advancing its multi-brand strategy, with the "Pomegranate Plan" being a key initiative aimed at creating new growth avenues [1][3]. Operational Insights - Restaurant operations remain the core business, generating 18.58 billion yuan in revenue, accounting for 89.8% of total income, while other business segments, including takeout and other restaurant operations, saw revenue growth rates of 59.7% and 227%, respectively [1][2]. - The company operates 1,363 restaurants and has closed underperforming locations as part of its "Woodpecker Plan," while also opening 25 self-operated and 3 franchised restaurants in the first half of 2025 [2]. Multi-Brand Development - The "Pomegranate Plan" has led to the establishment of 14 new restaurant brands, with a total of 126 locations, significantly contributing to revenue growth [3]. - Haidilao's robust supply chain supports rapid brand incubation and development, allowing for lower costs and higher success rates for new ventures [3][4]. Market Outlook - The multi-brand strategy is expected to expand growth potential and create a second growth curve, which may lead to a revaluation of the company's stock [4][5]. - Analysts are optimistic about Haidilao's multi-brand development, with target prices exceeding 20 HKD, reflecting confidence in the company's growth trajectory and high dividend yield appealing to value investors [5].

Core Insights - The company reported a revenue of 20.703 billion yuan for the first half of 2025, a year-on-year decrease of 3.7% [1] - Net profit for the same period was 1.755 billion yuan, down 13.7% year-on-year [1] - Core operating profit also declined by 14% to 2.408 billion yuan [1] Restaurant Performance - The overall table turnover rate for self-operated restaurants reached 3.8 times per day, with nearly 190 million customers served in the first half of the year, both of which showed a decline compared to the previous year [1] - As of June 30, the company operated a total of 1,363 restaurants, including 1,299 in mainland China and 23 in Hong Kong, Macau, and Taiwan, along with 41 franchised restaurants [1] - The company opened 25 self-operated restaurants and 3 franchised restaurants in the first half of the year, while some underperforming restaurants were closed [1] Franchise Strategy - The company opened its franchise model in 2024, utilizing a "combination of old and new stores" approach [1] - The company plans to maintain a unified brand network layout and ensure that franchised stores align with self-operated stores in all operational aspects [1] - Future growth will focus on developing the main brand while also supporting multi-brand development [1] Multi-Brand Strategy - The company has incubated multiple restaurant brands, operating a total of 14 brands with 126 restaurants as of June 30, excluding its main hot pot brand [2] - The "Yanquan Barbecue" brand opened 46 new locations in the first half of the year, bringing its total to 70 [2] - Revenue from "other restaurant income" reached 597 million yuan, reflecting a significant year-on-year growth of 227% [2] Delivery Business Growth - The company's delivery business experienced rapid growth, with revenue increasing by nearly 60% [2] - The "Xiafan Hot Pot Dishes" delivery service, targeting the "single meal" market, contributed over 55% of the delivery revenue in the first half of the year [2]

Core Viewpoint - In 2025, Haidilao is actively diversifying its business model and product offerings, but it faces significant challenges in revenue and profit growth due to declining customer traffic and operational adjustments [4][6][10]. Business Performance - In the first half of 2025, Haidilao reported a revenue of 20.703 billion yuan, a year-on-year decrease of 3.7%, and a net profit of 1.755 billion yuan, down 13.7% [6]. - The core operating profit fell by 14.0% to 2.408 billion yuan, with basic earnings per share at 0.32 yuan, lower than 0.38 yuan from the previous year [6][10]. - The primary reason for the performance decline is attributed to a decrease in table turnover rates and the costs associated with initial adjustments to new business models [6][8]. Customer Traffic and Sales - Same-store sales growth is weak, with restaurant operating income contributing 89.8% of total revenue but decreasing by 9.0% to 18.580 billion yuan [8]. - The average table turnover rate dropped from 4.2 times per day to 3.8 times per day across various city tiers, indicating a decline in customer traffic [8][9]. - Despite a slight increase in per capita spending from 97.4 yuan to 97.9 yuan, it was insufficient to offset the impact of reduced customer flow [8][9]. Store Management and Strategy - Haidilao closed 33 underperforming restaurants in response to declining customer traffic, with a total of 1,363 restaurants operating as of June 30, 2025 [8][9]. - The company is implementing a "Woodpecker Plan" for structural optimization, which includes closing low-performing stores while also focusing on new openings and renovations [9][10]. New Business Initiatives - Haidilao's takeaway business saw a nearly 60% revenue increase in the first half of 2025, with the "down-to-earth hot pot dishes" for single diners contributing over 55% of takeaway revenue [9][10]. - The company is actively pursuing a franchise model, with 41 franchise restaurants as of June 30, 2025, a net increase of 40 from the previous year, and franchise revenue growing approximately 47 times [13][14]. Future Growth Potential - The "Red Pomegranate Plan" aims to incubate and support sub-brands, with 14 additional restaurant brands contributing significantly to revenue growth [14][15]. - The success of Haidilao's future growth hinges on balancing traditional business optimization with new business expansion, as well as managing multiple brands effectively [10][15].