Core Insights - The Chinese catering market is experiencing a significant transformation amid slowing growth, with a reported year-on-year revenue increase of only 3.3% from January to September 2025, indicating a shift towards "incremental slowdown and stock competition" [1] - The competition in the catering market has shifted from category expansion to deepening consumer scenarios, with chain brands penetrating lower-tier markets and regional cuisines gaining popularity due to cultural recognition [3] - The brand Ruyi Sanbao has effectively captured market trends by focusing on traditional ingredients like pig fan bones since 2017, creating a diversified product matrix that caters to both B-end and C-end markets [3][5] Industry Trends - The catering market is witnessing a notable trend of market differentiation, with an increase in the number of local cuisine outlets such as Yunnan and Guizhou dishes, as well as Jiangxi stir-fry [1] - Ruyi Sanbao's strategy of product matrix development allows its offerings to thrive in various dining scenarios, such as transforming the same dish into a banquet centerpiece or a popular night snack [7] - The brand's commitment to quality is evidenced by multiple international awards, which enhance product differentiation and build trust with customers in both B-end and C-end markets [7] Company Strategy - Ruyi Sanbao's deep focus on the pig fan bone category began during a relatively blank period in the industry, launching successful products like hand-held pig fan bones and cumin-flavored pig fan bones in 2018 and 2019, respectively [5] - The company plans to continue its scene-driven innovation strategy, aiming to explore more niche scenarios and provide high-adaptability ingredient solutions through technological upgrades and flavor innovations [9] - The future of the catering market belongs to brands that can accurately connect "people, goods, and scenes," and Ruyi Sanbao's approach serves as a reference for the industry, emphasizing the value of deeply exploring niche scenarios over blind expansion [9]