证券研究报告 中餐方兴未艾，品牌格局渐明 ——餐饮系列研究之中餐深度 行业评级：看好 分析师 钟烨晨 邮箱 zhongyechen@stocke.com.cn 电话 S1230523060004 zhongyechen@stocke.com.cn S1230523060004 前言 2 u 万亿刚需+高频复购，中餐是最具粘性的优质消费主粮赛道。 u 连锁化率低+客单价亲民，大众便民中餐空间广阔、渗透待起。 u 标准化突破+冷链提效，行业从"能复制"迈入"能规模化"阶段。 ü 老乡鸡作为中式快餐龙头，千店规模+直营&加盟模式下沉领先，正打开广域复制空间，长期成长确定性强； ü 小菜园炒菜机器人+中央厨房体系破题出品复制，稳居"50–100 元中餐"赛道头部，有望厚积薄发； ü 绿茶餐厅半成品供应+自建加工设施实现出品管控，结构均衡扩张+香港试水，成长边界持续外延。 Ø 行业规模 • 2024年中国内地餐饮市场规模达55000+亿元，2020–2024年CAGR 约9%，其中中式餐饮为市场主力，2024年中餐市场规模为36000+亿元，弗若斯特沙利文预计至2028年 将增长至53000+亿元，2025–2027年 ...

Core Viewpoint - The recent inspections of popular internet celebrity restaurants across 24 major cities in China indicate that the overall food safety status is stable, despite the rapid rise and fall of these establishments in the market [1][2]. Group 1: Market Dynamics - Internet celebrity restaurants have emerged as a unique phenomenon in the dining industry, attracting significant consumer attention through appealing decor, unique dishes, and clever marketing strategies [1]. - These restaurants have become a new growth point for urban economies, generating substantial foot traffic and revenue, while also benefiting surrounding businesses [1]. Group 2: Challenges Faced - Many internet celebrity restaurants experience a quick decline after initial success due to a focus on rapid monetization at the expense of product quality and service [2]. - Food safety incidents have raised consumer trust issues, leading to a negative perception of internet celebrity restaurants [2]. - Some restaurants charge high prices that do not match the quality of their offerings, resulting in customer dissatisfaction and reduced repeat visits [2]. Group 3: Regulatory Actions - The inspections aim to identify issues related to food safety, service quality, and pricing, prompting necessary corrections to protect consumer rights [2]. - Restaurants found to have problems during inspections will face strict legal consequences, and results will be made public to inform consumers [2]. Group 4: Recommendations for Improvement - To convert foot traffic into loyal customers, restaurants should focus on enhancing product quality with high-quality ingredients and skilled cooking [3]. - Improving service quality and staff professionalism is essential for providing a pleasant dining experience [3]. - Continuous innovation in menu offerings and services is necessary to meet the diverse needs of consumers and increase customer retention [3]. Group 5: Collaborative Efforts - A collective effort from various stakeholders is required to help internet celebrity restaurants transition from being merely popular to sustaining long-term success [4].

Core Viewpoint - The Shanghai Cooperation Organization (SCO) has significantly expanded its influence and cooperation among member states, with a strong public endorsement of its role in global governance and development opportunities [2][3][12]. Group 1: Public Opinion on SCO - Over 80% of respondents recognize the positive role of the SCO in global governance, particularly in maintaining world security and promoting global development [2][3]. - Approximately 70% of respondents believe their countries have gained more opportunities for global governance participation through the SCO framework [2][3]. - 95% of respondents acknowledge that cooperation with China brings positive impacts to their countries, with 62% considering China's development experience highly valuable [4][6]. Group 2: Economic and Development Cooperation - The SCO has provided substantial support for member countries' development, with nearly 70% of respondents affirming that it has facilitated sustainable development and modernization [2][3]. - The economic total of the SCO has surpassed $20 trillion, expanding 13 times since its inception, with total foreign trade reaching $6.6 trillion, a growth of over 100 times [3][6]. - 93% of respondents express anticipation for future economic cooperation within the SCO, particularly in trade and investment [9]. Group 3: Security Cooperation - Over 90% of respondents expect enhanced security cooperation within the SCO, with a focus on combating drug trafficking and terrorism [10]. - There is a strong desire for the SCO to play a greater role in resolving regional security issues, with over 70% of respondents expressing this expectation [10]. Group 4: Cultural and Human Exchange - 93% of respondents are looking forward to future cultural exchanges and activities under the SCO, with a particular interest in youth exchanges and vocational training [11]. - The majority of respondents (65%) expressed a desire to travel to China, indicating a strong interest in cultural and tourism exchanges [11].

Core Viewpoint - T11 fresh supermarket has officially closed its last store in Beijing, marking a significant decline from its initial expansion and funding successes since its inception in 2018 [1][4]. Company Overview - T11 opened its first store in Beijing's Chaoyang Park in 2019 and expanded to a total of 8 stores across Beijing, Shanghai, and Wuhan [3]. - The company had previously attracted significant investment, including a 1 billion yuan angel round in 2018 and subsequent rounds totaling 1 billion USD by 2021 [4]. Operational Challenges - T11 faced increasing operational pressures, leading to multiple store closures, including the recent shutdown of its Chaoyang Park store and others in Beijing, Shanghai, and Wuhan [4][5]. - Despite attempts to pivot its business model, including transforming some stores into discount formats, these changes failed to reverse the company's declining fortunes [4]. Market Position and Strategy - T11 struggled to establish a competitive market position due to a lack of distinctive fresh products and a compelling pricing structure, which limited its appeal [4]. - The company aimed to enhance customer experience and product quality in its future operations, indicating a shift in strategy to adapt to the evolving retail environment [5]. Consumer Engagement - T11's Chaoyang Park store reported nearly 150,000 active users and offered around 7,000 global fresh product SKUs, with an average transaction value exceeding 180 yuan [5]. - The store's sales composition indicated that fresh food accounted for over 65% of total sales, highlighting the importance of this category in T11's business model [5].