以下文章来源于源Sight ，作者源Sight 源Sight . 源Sight，关注互联网前沿生态和新兴商业。 来源丨源Sight（ gh_95838c8306c1 ） 作者丨王言 图源丨Midjourney 中国汉堡塔斯汀在2024年开出了2450家新门店，2025年尚未收官，这个数字已经来到2323家，快 追上去年全年的水平。目前，其门店总数为10549家，超过星巴克与麦当劳在中国的门店数。 来源：极海品牌监测 门店总体规模扩张的同时，塔斯汀在资本层面的动作亦悄然推进。 今年6月，塔斯汀发生一项股权变动——公司全部股权被香港的Tasting(HK)Holdings Limited公司 接手，原股东福建兆乘塔餐饮管理合伙企业、魏友纯、福州高新区聚堡塔餐饮管理合伙企业、福建齐 凌塔餐饮管理合伙企业等集体退出。 这项的股权变动普遍被外界看做塔斯汀正在筹备上市的举措。早在2021年末，塔斯汀就曾表示，公 司计划在5年内上市。如果按照这个时间表，它们的确需要提前做准备了。 过去几年，在消费需求不断分层的情况下，主打性价比的塔斯汀占尽天时地利人和，门店规模与品牌 声量双双飙升。但同时，随着市场愈发饱和，其高速增长背后 ...

Core Insights - Tasting has officially surpassed 10,000 stores, becoming the second Chinese burger brand to join the "10,000 store club" after Wallace, with a total of 10,160 stores as of October 13, 2025 [1][3] - The rapid expansion of Tasting, which started in 2019, has seen a significant increase in new store openings, with 3,772 new stores in 2023, although the pace is expected to slow down in 2024 [1][3][7] - Tasting's business model relies heavily on franchising, which has raised concerns about maintaining service quality and profitability among franchisees [2][9] Store Expansion - Tasting's store count reached 10,160 across 27 provinces and 287 cities by October 2025, with a notable increase in new openings from 447 in 2021 to 3,772 in 2023 [1][3][7] - The company plans to increase the franchise fee from 369,800 yuan to 452,300 yuan starting in 2024, while also raising the requirements for new franchisees [4][9] - Despite a slowdown in new store openings, Tasting's growth rate remains higher than that of established competitors like McDonald's and KFC, which took 38 and 35 years, respectively, to reach similar store counts [7][8] Financial Performance - Tasting is projected to achieve revenues of 5 billion yuan in 2023, supported by franchise fees and management fees from franchisees [3][9] - The company has undergone significant ownership changes, with a new Hong Kong entity taking full control, which may be related to plans for an IPO [9] Market Competition - Tasting's competitive edge, characterized by its affordable pricing and focus on lower-tier markets, is being challenged by major players like KFC and McDonald's, which are also targeting these markets with aggressive pricing strategies [10] - The introduction of a "9.9 yuan era" in the fast-food industry has diminished Tasting's previous pricing advantages, necessitating a reevaluation of its market strategy [10] - Franchisees are facing increasing operational pressures due to heightened competition and the recent surge in delivery service subsidies, which have further strained profitability [10]

Company Overview - Tasting has undergone significant equity changes, with all shares taken over by Tasting (HK) Holdings Limited, a company established in February 2023 [3][5] - The registered capital of Tasting surged from approximately 1.03 million to 119 million yuan, marking an increase of 11,323% [3] - Tasting aims to prepare for an IPO within the next five years, aligning with its previous statements and the current trend of restaurant companies going public in Hong Kong [3][4] Expansion and Market Position - As of June 11, Tasting operates 9,600 stores, nearing the "10,000 store" milestone, making it the third-largest hamburger chain in China by store count, surpassing McDonald's [3] - The company has experienced rapid expansion, with planned store openings of 2,315, 3,769, and 2,338 from 2022 to 2024 [4] - Tasting's strategy involves targeting lower-tier cities first, which allows it to avoid direct competition with major players like McDonald's and KFC [6][7] Competitive Landscape - The fast-food industry in China is highly competitive, with Tasting's differentiation stemming from its cost-effectiveness and localized Chinese-style hamburgers [8] - The market has seen a rise in price wars, with many brands struggling to maintain their market share, leading to closures of several high-end burger brands [8][9] - Major competitors, including KFC and McDonald's, are increasingly entering lower-tier markets, intensifying competition for Tasting [10] Challenges and Considerations - Tasting faces challenges related to supply chain management and food safety, which could impact its future IPO prospects [11] - The company must enhance its internal management and food safety protocols to ensure sustainable growth and compliance with industry standards [11]

Group 1 - Tasting has undergone a series of equity changes and capital increases, possibly as part of its preparation for an IPO [1][2] - The registered capital was increased from 1.03 million to 118 million RMB, a growth of approximately 114 times [4] - All original shareholders exited, transferring their stakes to Tasting (HK) Holdings Limited, which was established in February this year [2][3] Group 2 - Tasting's business model is similar to that of "Mixue Ice City," focusing on franchise fees and revenue sharing, with a reported profit of 200 million RMB in 2022 primarily from these sources [5] - The company plans to expand its store count significantly, with projections of 2,315, 3,769, and 2,338 new stores from 2022 to 2024, totaling 9,600 operational stores across 29 provinces and 310 cities as of June 11 [5][6] - The expansion strategy involves a low-threshold franchise model with high turnover, characterized by small store sizes and a low investment requirement [7]

Core Viewpoint - Tasting (HK) Holdings Limited has acquired all shares of Tasting, indicating a significant ownership change and potential preparations for an IPO, despite the company not confirming this speculation [1][3]. Group 1: Shareholder Changes - The previous shareholders, including Fujian Zhaocheng Tower Catering Management Partnership and others, have completely exited their stakes in Tasting [1][2]. - YAHUIHU became a shareholder only on June 7, 2023, shortly before the ownership transition [3]. Group 2: Capital Increase and IPO Plans - Tasting increased its registered capital from 117 million to 118 million, marking a 11,323% increase [3]. - The company has previously expressed intentions to go public within five years, although it has not officially commented on the IPO preparations following the recent share acquisition [3]. Group 3: Business Model and Expansion - Tasting, influenced by the low-cost model of Wallace, has rapidly expanded its presence in the hamburger market, focusing on value and franchise operations [3][7]. - The company has opened 8,28 stores in 2023, with a total of 9,600 operating stores across 29 provinces and 310 cities [3]. Group 4: Market Challenges and Competition - Despite rapid expansion, Tasting faces systemic food safety issues, including reports of under-thawed frozen meat and altered ingredient expiration dates [7]. - The franchise model has led to increased competition among franchisees, with a rise in closure rates and reduced territorial protection [7]. - Competitors like KFC and McDonald's are engaging in price wars, launching similar products at lower prices, which could impact Tasting's market position [8].

Investment Rating - The report does not explicitly provide an investment rating for the restaurant industry Core Insights - The restaurant industry in China is facing unprecedented challenges due to economic adjustments and changes in consumer behavior, leading to a significant compression of profit margins for restaurant businesses [6][10] - The report highlights a dual trend of short-term consumption downgrade and long-term consumption upgrade, indicating a shift in consumer preferences towards personalized and diverse dining experiences [40][43] - The competitive landscape is evolving, with chain brands expanding rapidly while niche restaurants gain popularity among specific consumer groups, prompting businesses to enhance their core competencies [6][10] Summary by Sections Macroeconomic Background - Economic adjustments are ongoing, with incremental policy effects gradually becoming apparent [7] - In 2024, GDP growth is projected to slow to 5.0%, with retail sales growth significantly declining to 3.5% [10] - Restaurant revenue growth is expected to drop sharply from 20.4% in 2023 to 5.3% in 2024, reflecting a broader economic slowdown [10] Current State of the Restaurant Industry - The industry is experiencing a misalignment of supply and demand, leading to a "dark moment" for restaurants [20] - High-cost pressures from labor and rent are forcing businesses to focus on cost reduction and efficiency [32][34] - The average price of dining has decreased, with the overall dining price dropping from 43.2 yuan in 2022 to 39.8 yuan in 2024, a decline of 6.6% [29] Consumer Dynamics - There is a notable shift in consumer behavior from quality-focused to practical spending, with a significant impact on mid-income groups [40][43] - The average number of family members is decreasing, leading to a rise in dining out, which is expected to stabilize demand for essential and self-indulgent dining experiences [45] - Consumers are increasingly favoring unique dining experiences over traditional social dining, with a growing preference for small, niche restaurants [51][56] Trends in Restaurant Operations - Cost reduction and efficiency enhancement are becoming core operational goals amid economic pressures [60] - The report outlines a "5S principle" for cost reduction, emphasizing smaller store models and flexible staffing to lower operational costs [62][66] - Digital tools and flexible staffing models are being adopted to improve efficiency and reduce labor costs by 15% to 25% [70] Supply Chain Trends - The trend towards downstream chain and scale operations is driving increased specialization in upstream supply chains [92] - The report emphasizes the importance of integrating supply chains to ensure quality and stability in food supply, particularly as the market evolves [92]