以下文章来源于风味星球 ，作者梅姗姗、斯小乐 风味星球 . 系列纪录片《风味人间》《风味原产地》主创团队 —— 万般生活皆有风味，与更多人一起，吃出世界的辽阔 真正属于大家的杭州"米其林"滋味。 文 ｜ 梅姗姗 斯小乐 编辑 ｜ 梅姗姗 斯小乐 来源｜ 风味星球（ID：fengweixingqiu） 封面来源 ｜ 视觉中国 最近网上新发了2025米其林·杭州榜单，我直接翻到里面的"必比登"，也就是更价廉物美的平价餐厅部分看了看：有爆鳝面有馄饨，有素菜馆也有羊肉面， 基本囊括了杭州本地生活的代表滋味。 但总觉得少了点啥。 第二天一早起来，才恍然大悟——我最熟悉的"杭州菜"，依旧没有上榜。 每天早上，我都会在家对面的"杭州小笼包"买早点，一笼包子和豆腐脑，13块。老板行云流水地把一笼冒着滚烫热气的包子倒进塑料袋，老板娘反手再利落 地递出一盒浇上金针菇木耳芡汁的豆腐脑。固定的习惯，让我跟老板成了熟悉的陌生人，知道了老板浙江仙岩人，02年来北京，之前在海淀，房山都卖过杭 州小笼包，5年前才来到我家这边，目前看来是扎下了跟。 "你知道你们杭州昨天出米其林榜单了么？" 我照例找了空位坐下来。 "那是什么东西？" 老板匆匆 ...

最近网上新发了2025米其林·杭州榜单，我直接翻到里面的"必比登"，也就是更价廉物美的平价餐厅部分看了看：有爆鳝面有馄饨，有素菜馆也有羊肉 面，基本囊括了杭州本地生活的代表滋味。 但总觉得少了点啥。 第二天一早起来，才恍然大悟 —— 我最熟悉的"杭州菜"，依旧没有上榜。 每天早上，我都会在家对面的"杭州小笼包"买早点，一笼包子和豆腐脑，13块。老板行云流水地把一笼冒着滚烫热气的包子倒进塑料袋，老板娘反手再利 落地递出一盒浇上金针菇木耳芡汁的豆腐脑。固定的习惯，让我跟老板成了熟悉的陌生人，知道了老板浙江仙岩人，02年来北京，之前在海淀，房山都卖 过杭州小笼包，5年前才来到我家这边，目前看来是扎下了根。 "你知道你们杭州昨天出米其林榜单了么？" 我照例找了空位坐下来。 "那是什么东西？" 老板匆匆把我热腾腾的包子送上来。 "一个给全世界游客推荐当地优质餐厅的榜单，你们那边好多东西都上榜了，馄饨面条，就是没有小笼包哎。" 老板笑着摇了摇头，用表情表示着这跟他没关系，把豆浆递给我后，就继续坐回蒸锅后面刷抖音了。 北漂的几年里，在异乡街头看到"杭州小笼包"几个字，总是能让我觉得格外安心。尽管我知道，杭州小笼包的起源不是 ...

"中国太美了，这是我第一次采茶，我要把这些拍下来并分享给我的朋友们。"日前，来自墨西哥的 Luis Macias站在浙江嵊州的一座茶山上，手捧刚采下的嫩绿春茶，高兴地说。 "东南山水越为最，越地风光剡领先"，嵊州，这座深藏于浙江绍兴的千年古城，拥有"七山一水二 分田"的山水格局，剡溪千年流淌于此，浸润出诗性与灵性交织的文化基因：从魏晋名士的隐逸风骨， 到唐诗之路的翰墨遗韵，从越剧的婉转唱腔，再到新能源制造的向"新"发展。 据了解，嵊州与比亚迪合作有5个重大项目，新能源产业平台产值规模已突破300亿元。日前，当地 举办了一场结合人文、山水、科技的聚会，邀请170多名来自世界各国的比亚迪海外销售代表和140多位 海外媒体网络达人，走进嵊州的小昆村、西白山村、越剧小镇，于山水之畔、天地之间，见证美丽中国 新风貌。 沿盘山公路蜿蜒而上，这些海外游客抵达海拔500余米的小昆村。错落有致的白墙红瓦房随山势层 叠铺展，与远处云雾缭绕的青山构成水墨画卷。 "村里将45栋流转房屋完成改建，通过举办市集、音乐会等活动，吸引游客50万人次；2024年村集 体经营性收入达112万元。"小昆村负责人介绍道。 正当大家赞叹小村的文旅发展 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company has shown a pragmatic adjustment in its operations and is actively building momentum for future growth. Despite short-term pressures, the strategic optimization and new product launches are expected to gradually improve the company's fundamentals [1][6]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.127 billion yuan, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, with a year-on-year growth of 7.3%, and the net profit for the same quarter was 438 million yuan, reflecting a significant increase of 22.8% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year [6][7]. - The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. Product and Channel Performance - The company’s revenue from various product categories in 2024 showed mixed results: - Noodle and rice products decreased by 3.1% - Frozen prepared foods increased by 11.4% - Dishes grew by 10.7% - Agricultural and sideline products fell by 11.7% [6][7]. - In terms of distribution channels, revenue from distributors increased by 8.9%, while supermarkets, direct sales, and e-commerce saw declines of 2.4%, 4.5%, and 2.3% respectively. The new retail channel showed significant growth at 33% [6][7]. Regional Performance - Revenue growth varied across regions in 2024, with the following year-on-year increases: - Northeast: +7.0% - North China: +5.4% - East China: +6.4% - South China: +9.1% - Central China: +7.4% - Northwest: +13.5% - Southwest: +14.4% [6][7]. Profitability Metrics - The company maintained a gross margin of 23.3% in 2024, a slight increase of 0.1 percentage points year-on-year. The net profit margin for the year was 9.8%, down 0.7 percentage points year-on-year [6][7]. - In Q1 2025, the gross margin remained at 23.3%, but the net profit margin was 11.0%, reflecting a decrease of 0.7 percentage points year-on-year due to increased promotional efforts and a decline in average sales prices [6][7]. Future Outlook - The company is expected to recover growth through new products and channels, despite ongoing external demand pressures. The introduction of high-quality, mid-priced products for B-end customers and premium products for C-end customers is anticipated to drive revenue recovery [6][7]. - The EPS forecast for 2025-2027 has been adjusted to 5.19, 5.71, and 6.39 yuan respectively, with corresponding PE ratios of 14, 13, and 12 times [6][7].