证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 徐梓煜 资格编号：S0120524080004 邮箱：xuzy＠tebon.com.cn 徐宇博 资格编号：S0120525090001 邮箱：xuyb5＠tebon.com.cn 周天昊 资格编号：S0120525040002 邮箱：zhouth＠tebon.com.cn 产业经济周报 研究助理 夏欣锐 邮箱：xiaxr＠tebon.com.cn 相关研究 春节餐饮市场迎"开门红"，关注 AI 制药、CPO 等产业新趋势 [Table_Summary] 投资要点： 风险提示：宏观经济波动风险、市场竞争风险、产品创新不及预期等 证券研究报告|产业经济周报 2026 年 03 月 03 日 请务必阅读正文之后的信息披露和法律声明 | 图 | 1：2025 | 年全国餐饮行业景气指数走势 3 | | --- | --- | --- | | 图 | 2：2025 | 年主要餐饮细分赛道的人均消费情况（单位：元） ...

Core Viewpoint - Company expects a net profit attributable to shareholders of 6 million to 7.8 million yuan for the year 2025, driven by a moderate recovery in consumer confidence and strategic adjustments in the restaurant industry [1] Group 1: Financial Performance and Projections - For 2025, the company anticipates a net profit of 6 million to 7.8 million yuan, reflecting the impact of national policies promoting consumption [1] - The company aims to increase the average customer spending by enhancing its core store operations and leveraging brand advantages [1] Group 2: Strategic Initiatives - The company is focusing on a dual-driven strategy of "catering + food," optimizing store layouts, and upgrading consumer experiences [1] - In 2025, the company plans to launch a new main menu in May and seasonal sub-menus in July and December, establishing a "seasonal thematic" product iteration mechanism [1] Group 3: New Store Openings and Market Expansion - The company will open its first direct store in Hainan in May 2025, enhancing its brand presence in key regions [2] - The company successfully opened the Bayli store in December 2024, which has become a new landmark for food and leisure in suburban Beijing [2] Group 4: Product Development and Marketing - The company is intensifying its focus on food product development, channel expansion, and brand promotion, aligning with new consumer demands [2] - During the recent New Year festival, the company integrated resources from its four major restaurant brands to launch over 30 new products, achieving a 50% new product ratio [2] Group 5: Sales Performance and Consumer Trends - During the 2026 New Year period, the company experienced a surge in sales, with significant increases in customer traffic at core locations [3] - The company is preparing for the Spring Festival with strong demand for family reunion dinners, offering special packages to enhance consumer experience [3]

Core Viewpoint - The company is actively preparing for the upcoming Lunar New Year celebrations in 2026, with strong demand for its various restaurant brands and a focus on ensuring quality and safety in its offerings [1] Group 1: Business Operations - The company has reported that its brands, including Quanjude, Fangshan, Fengze Garden, and Sichuan Restaurant, are experiencing a robust booking trend for New Year's Eve dinners [1] - The company is implementing a comprehensive strategy to ensure service quality by maintaining sufficient inventory and strict food safety measures [1] Group 2: Marketing Activities - During the Spring Festival, the company will launch diverse marketing activities that integrate online and offline channels, including seasonal events such as Laba porridge distribution, Spring Festival celebrations, and Lantern Festival gifts [1] - The company is offering exclusive discounts and flash sales for members through online platforms [1] Group 3: Product Offerings - The company has initiated its New Year goods festival, featuring over 30 product offerings, with 50% being new products [1] - The product range includes traditional family banquet gift boxes, cooked food gift boxes, and youth-oriented snacks, catering to various consumer needs for family gatherings, gifting, and corporate welfare [1] - Consumers can purchase these products through multiple channels, including Tmall, JD.com, the "Quanjude Goods Store" WeChat mall, and offline supermarkets [1] Group 4: Strategic Focus - The company aims to drive growth through a dual focus on "catering + food," fully addressing the consumption demands during the New Year period [1]

Group 1 - The core point of the article highlights the upcoming consumption boom in the New Year market, with Quanjude Group launching over 30 products for the festival, 50% of which are new offerings, catering to diverse needs such as family gatherings, gifts, and corporate welfare [1] Group 2 - Quanjude Group has introduced premium family banquet gift boxes that include products from its own brand and other well-known brands, targeting high-end dining scenarios [5] - The company has launched three new snack products during the festival, specifically designed to appeal to younger consumers' desire for fun and emotional connections [5] - Quanjude's strategy for brand rejuvenation focuses on innovation while preserving traditional craftsmanship, with efforts made in new scenarios, products, channels, and content over the past five years [5] Group 3 - The company is expanding its consumption scenarios through the "foodification" of dining products, which is a core strategy for the future, allowing flavors to reach more households beyond the limitations of physical dining spaces [5]

Core Insights - The company is facing significant challenges in its traditional meat processing business, particularly with a 9.04% year-on-year decline in packaged meat product sales and a revenue drop to 11.2 billion [3][4] - In response to these challenges, the company is diversifying its operations by investing in the pet food sector and launching a new health-focused brand, "Jiansong" [1][6] Group 1: Traditional Business Challenges - The company's core meat processing segment has seen a revenue decline, with a total revenue of 28.4 billion, reflecting only a slight increase of 2.97% year-on-year, while net profit grew by 1.17% to 2.3 billion [3] - Increased competition from traditional rivals and new entrants has contributed to the company's struggles, with innovative products targeting younger consumers [4] - Internal issues, including family disputes and a significant drop in stock price from 48.61 to around 25, have further exacerbated the company's challenges, leading to a market value loss of over 110 billion [5] Group 2: Strategic Initiatives - The company has made a strategic investment of 1 billion in the local pet food company Zhongyu Pet Food, aiming to tap into the rapidly growing pet food market, which has surpassed 100 billion and is experiencing double-digit growth [7] - The launch of the "Jiansong" brand focuses on health-conscious products, including salad chicken breast and low-fat luncheon meat, targeting fitness enthusiasts and urban professionals [8] - The company is also expanding its restaurant business with a dual approach of central kitchens and ready-to-eat meals, introducing popular products like "Eight Dishes" and family gift boxes [10] Group 3: Ongoing Concerns - Despite the new initiatives, the company faces a short-term funding gap of 3.8 billion, which may limit its ability to invest in innovation due to a high dividend payout ratio exceeding 97% from 2019 to mid-2025 [12] - The competition in the pet food market is intensifying, with established international brands and emerging domestic players already holding significant market share [13] - The company's ability to connect with younger consumers is crucial for its transformation from a traditional meat manufacturer to a provider of healthy lifestyle products, necessitating a rethinking of product development and marketing strategies [14]