中国商报（记者 冉隆楠）2025年，对餐饮行业来说是不容易的一年。面对行业普遍的经营压力，餐饮企业们开始积极自救。有的企业开始尝试小店，有的 企业开始降价，有的企业重新开始现炒。一系列动作背后，是餐饮行业在不确定性中寻找确定性，回归商业本质，想要抓住消费者的心。 大牌都爱打"副牌" 赶在新年前，2025年12月底，麻六记子品牌"小麻六"全国首店在石家庄正式开业，主打"更小、更精、更轻"的轻正餐模式。 与定位家庭聚餐的"麻六记"正餐大店不同，"小麻六"正如其名，走的是更轻盈的"轻正餐"路线，门店面积控制在200平方米左右，约有40道SKU，更加聚焦 川派风味的小吃。"小麻六"人均消费约为60元，相较于主品牌"麻六记"百元左右的客单价更为亲民。 无独有偶，此前，海底捞开出了首家社区店，面积也仅有200多平方米。除了传统火锅用餐区外，该门店还设有早餐车，售卖手工现制酱肉包、茶叶蛋、粥 品等。而就在12月19日，海底捞的全国首家大排档火锅店开门迎客。事实上，海底捞已成功孵化出焰请烤肉铺子、小嗨爱炸等14个餐饮品牌。截至2025年6 月底，"红石榴计划"多元化战略旗下品牌门店共计126家，其他餐厅收入达5.97亿元，同 ...

转自：大众新闻-大众日报 【#遭证监会九连问的巴奴再冲击港股IPO#】#巴奴多个翻车事件指向同一核心矛盾#自带热搜体质的巴 奴火锅，近日再次陷入舆论风波中。12月初，湖北经视《经视直播》栏目微博发文称，有消费者反映， 巴奴当月推出的尝鲜菜"水性杨花"有歧义。随后，巴奴将该菜品改名并下架。有律师指出，该菜名在非 云南地区可能涉嫌违反公序良俗。消息一出，随即引发了热议，也为正在冲击港股IPO的巴奴蒙上了一 层阴影。12月17日，巴奴再次提交招股书，继续港股上市的进程。招股书显示，今年前9个月，巴奴的 营收和利润均同比大幅攀升，翻台率也有所改善。不过，IPO前大笔分红的合理性，以及员工社保公积 金欠缴等备受争议的问题仍然存在。8月时，这些问题已经引发了证监会的关注，并要求其就股权架构 合规性、分红合理性等9个方面的事项作出说明。这一次，巴奴能如愿成功上市吗？又能否获得资本市 场的青睐？ ...

12月17日，巴奴国际控股有限公司(简称：巴奴)再度向港交所提交上市申请书，联席保荐机构为中金公司与招银国际。 招股书披露，该公司是中国最大的品质火锅品牌。截至最后实际可行日期，该公司直营巴奴门店网络已覆盖全国46个城市，门店数量达到162家，较2021 年末增长95.2%。（观点网） -上市动态- 巴奴再次向港交所提交上市申请书 巴奴二次递表港交所，"品质火锅第一股"即将落地，募得新资金后，将继续扩张门店数量并升级中央厨房，此举有望把净利率再次提高。 近日，知名对冲基金埃利奥特管理公司（Elliott Management）已经买入价值超过10亿美元的Lululemon股份，并开始深度介入Lululemon未来的管理方向。 过去几个月，埃利奥特一直与资深零售高管简·尼尔森（Jane Nielsen）保持密切合作。尼尔森曾在拉夫·劳伦担任首席财务官和首席运营官，埃利奥特认为 她具备接任Lululemon首席执行官的能力，并将其视为潜在人选之一。(品牌方舟) 事实上，埃利奥特此举让其成为了Lululemon最大的股东之一，其目标是希望通过乙烯类人事调整及战略变革来推动Lululemon走出当前低谷。 12月18 ...

12月17日，巴奴火锅更新招股书，中金公司（601995）、中银国际为联席保荐人。巴奴火锅成立于2001 年4月，总部位于河南省郑州市，创始人为杜中兵。按收入计，巴奴火锅在2024年中国火锅市场中的排 名位于海底捞、呷哺呷哺之后，位列第三，在中国高端火锅市场排名第一，市场份额约为3.1%。 巴奴火锅在首次递表后收到了中国证监会反馈意见，要求公司就股权架构、数据安全、分红合理性等九 大问题补充材料。 【深圳商报讯】(记者詹钰叶)首次递表后，因股权架构、分红合理性等问题，巴奴国际控股有限公司(简 称巴奴火锅)被中国证监会"九连问"。公司于12月17日向港交所二次递表，并作出针对性解释。 ...

这是巴奴继6月首次递交的招股书到期失效后，再度发起上市冲击，若进程顺利，其将成为继呷哺集 团、海底捞之后，第三家登陆港交所的中式火锅企业。 估值50亿，前阿里巴巴合伙人为非执行董事 2001年，河北邯郸70后企业家杜中兵，带着焦化行业积累的100万元，在河南安阳开出首家火锅店，巴 奴火锅由此诞生。其品牌名称，源自重庆纤夫文化（纤夫文化是川渝火锅起源的重要背景）。 如今，这家从河南起步的火锅品牌，已成长为全国性连锁企业。招股书披露，截至2025年12月7日，直 营巴奴门店网络已覆盖全国46个城市，门店数量为162家，较2021年末增长95.2%。其中，在河南运营 52家门店，并在中国其他省份运营110家门店。 融资方面，招股书显示，2016年巴奴获得北京三生万创业投资公司500万元投资；2020年迎来番茄资本 两轮共计1.23亿元融资；2021年河南巴氏未来以1亿元对价，将巴奴股权转让给GYH L Limited；2022年 8月，番茄资本再投1.5亿元，此轮融资后巴奴市值达50亿元。 对于投资巴奴，番茄资本创始人卿永此前接受新消费日报采访时表示，他与杜中兵相识已久，双方价值 观一致，因此决定投资。卿永强调，他 ...

（文/刘媛媛 编辑/周远方） 12月17日，主打"产品主义"的巴奴毛肚火锅（巴奴国际控股有限公司，以下简称"巴奴"）更新了其港股 上市招股书。这距离其首次递表恰好六个月，而就在前一天的12月16日，其首份招股书因满六个月未通 过聆讯而宣告"失效"。 巴奴的上市之路不太顺利。 一方面，今年8月，证监会曾向其发出"九连问"，直指公司治理、突击分红及用工合规等核心问题，为 上市前景蒙上阴影；另一方面，火锅行业在港股市场表现低迷，海底捞与呷哺呷哺股价的大幅缩水，使 得市场对整个赛道的信心不足。 凌雁管理咨询首席咨询师、餐饮行业分析师林岳向观察者网表示，当下已经不是餐饮企业上市的黄金时 期，但机会依然存在。前提是企业自身能够具备清晰的业务逻辑和成熟的商业模式，巴奴的中高端定位 在当下的资本市场并没有优势，快速融资拓店的时代也已经过去，所以更需要其拿出真正的核心竞争力 来让投资市场信服。 巴奴的问题在于，它想靠"产品主义"撑起的高端故事，在消费分级、行业下行与自身模式硬伤的三重夹 击下，越来越站不住脚。 核心矛盾："高端"定价，难证"高端"价值 巴奴的故事，始于下沉市场，却最终瞄准了资本市场的高地。2001年，创始人杜中 ...

Core Insights - Henan province is emerging as a significant influence on China's consumer market, with companies like Mixue Ice City exemplifying this trend [2][27] - The establishment of Mixue's headquarters near Zhengzhou East Station highlights the strategic importance of location in its growth [3][4] Company Overview - Mixue Ice City, a tea beverage brand originating from Henan, has expanded rapidly since its inception in 1999, with a focus on affordable products [8][11] - The company reported a revenue increase of 39.3% year-on-year to 14.87 billion yuan and a net profit increase of 42.9% to 2.69 billion yuan in the first half of 2025 [13] Strategic Importance of Henan - The headquarters of Mixue in Zhengdong New District serves as a hub for franchisees and industry stakeholders, indicating a strong local ecosystem [4][15] - Mixue's production base in Henan has an annual capacity of approximately 1.21 million tons, with plans for expansion to increase ice cream production [17] Market Dynamics - The consumer demand in Henan is characterized by a preference for cost-effective products, which aligns with Mixue's pricing strategy of 2 to 8 yuan for core offerings [21] - The presence of other successful local brands, such as Bang Dong Lai and Ba Nu, indicates a diverse and competitive market landscape in Henan [25][26] Talent and Workforce - Mixue is actively recruiting local talent, with many employees returning from larger cities, which enhances its understanding of the local market [22][23] Conclusion - Overall, Henan is becoming a new high ground for China's consumer market, making it a critical area for investment and research [27]

Core Viewpoint - The recent struggles of Baiguoyuan, highlighted by a projected loss of 330 million to 380 million yuan in the first half of 2025, have drawn public attention, especially following controversial comments from founder Yu Huiyong regarding "educating consumers" rather than catering to them [2][4][9] Financial Performance - Baiguoyuan's net profit for the same period last year was 88.51 million yuan, indicating a dramatic year-on-year decline of approximately 330% [2] - The company's revenue for 2024 was reported at 10.273 billion yuan, a decrease of 9.8% compared to the previous year, with a net profit shift from a profit of 362 million yuan in 2023 to a loss of 386 million yuan in 2024, marking a staggering year-on-year decline of 206.7% [9][12] - The gross margin fell from 11.5% in 2023 to 7.4% in 2024, indicating a significant reduction in profitability [12] Market Position and Strategy - Baiguoyuan, once a leading player in the fruit retail market, has seen its market share eroded by competitors like Meituan, JD, and Pinduoduo, which offer faster delivery services [9][12] - The company has experienced a significant decline in its store count, with a net reduction of 966 stores by the end of 2024, averaging nearly 5 closures per day [12] - Despite having a large membership base of 90.74 million, the number of paying members dropped to approximately 850,000 in 2024, a decrease of about 27.1% [12] Founder and Company Background - Yu Huiyong, the founder of Baiguoyuan, has a background in agricultural research and has been instrumental in the company's growth since its establishment in 2001 [5][6] - The company transitioned from a franchise model to a direct sales approach in 2008 due to quality control issues, and it has since developed a comprehensive quality management system [6] Consumer Perception and Controversy - Yu's comments about "educating consumers" have sparked backlash, with many consumers feeling that they should not be "educated" while purchasing products [4][17] - The negative reception of Yu's statements has led to a significant impact on Baiguoyuan's reputation, as evidenced by a sharp decline in stock price following the controversy [4][17]

Group 1 - The article discusses a consumer's reflection on their past purchasing behavior and expresses apologies to several well-known companies, highlighting a shift in understanding regarding value and quality [1][3] - The consumer acknowledges their previous dissatisfaction with the high prices of companies like Baiguoyuan and Banu Hotpot, realizing that their perspective on quality and value was superficial [1][3] - The article emphasizes the importance of consumer education, as articulated by company founders, and suggests that consumers need to grow in their understanding of high-end consumption and the associated costs [1][3] Group 2 - The consumer's apology to Baiguoyuan stems from a realization that their criticism of high prices and quality issues was rooted in a lack of understanding of the company's commitment to educating consumers [3] - The reflection on Banu Hotpot reveals a recognition of the brand's positioning and the value of its offerings, moving beyond a simplistic view of cost versus quality [3] - The article concludes with a call for a more equitable and transparent communication mechanism between consumers and companies, advocating for a two-way educational interaction rather than a one-sided approach [3]

Core Viewpoint - The controversy surrounding Baiguoyuan's chairman Yu Huiyong's comments reflects a disconnect between the brand's high-end positioning and consumer expectations, leading to a significant decline in market trust and financial performance [2][6][10] Group 1: Company Background and Development - Baiguoyuan was established in 2001, initially targeting the mid-to-high-end fruit market, and rapidly expanded due to rising consumer income and demand for quality products [4] - The company went public on the Hong Kong Stock Exchange in 2023, with an initial stock price of 6.98 HKD and a market capitalization of nearly 9.5 billion HKD, but has since seen its stock price drop to 1.75 HKD, representing a 71% decline in market value [4][5] Group 2: Financial Performance - Despite five consecutive years of profitability from 2019 to 2023, Baiguoyuan reported a loss of 391 million CNY in 2024, with a reduction of 966 stores, leaving only 5,127 locations [5] - The decline in performance is attributed to a tightening consumer environment and significant quality control issues, leading to negative customer experiences [5][6] Group 3: Consumer Perception and Brand Trust - Instances of poor product quality, such as moldy fruit and foreign objects in products, have eroded consumer trust, contradicting the brand's promise of high quality [6][8] - The chairman's comments about "educating consumers" have been perceived as condescending, further aggravating the situation and leading to public backlash [2][6][10] Group 4: Market Dynamics and Consumer Behavior - The current market environment features both consumption downgrade and quality upgrade, necessitating companies to listen to consumer needs and optimize their offerings rather than adopting a superior attitude [10] - Consumers are increasingly discerning about value for money, making it essential for brands to align product quality with pricing and marketing claims [8][10]