达美乐披萨曾连续三年在中国血亏9亿，被认为"没救了"，却在2024年强势逆袭，营收突破40亿，门店 数突破1000家。沈阳首店开业当天卖出52万，刷新全球纪录，向来被必胜客压过一头的达美乐，它是怎 么翻身的呢？ ...

以下文章来源于DT商业观察 ，作者DT商业观察 DT商业观察 . 第一财经旗下年轻态财经商业媒体。关注消费、互联网、电商、文娱、科技、城市等领域，融合媒体和 研究机构的禀赋，厘清趋势和商业间的关系，用年轻化的视角认识商业世界。 到 2025 年，必胜客已经进入中国 35 年，在漫长的岁月里，它和中国消费社会一起，发生了翻天覆地 的变化。我们想以必胜客作为标杆案例，通过梳理必胜客的成长史，探索 35 年来餐饮消费趋势的变 化，以及餐饮品牌想在变化中长期存活，需要什么核心能力？ 从北京开始，做 " 中国人的第一顿西餐 " 1990 年，是中国充满标志性记忆的一年：北京迎来首次国际体育赛事亚运会， " 盼盼 " 熊猫和 " 喜 迎亚运 " 横幅随处可见；电视剧《渴望》《封神榜》风靡全国，《恋曲 1990 》传唱街头。 必胜客首店空降北京东直门，门店采用了美式风格装修，红黄吊灯、深色卡座，吸引了大批中国食客排 长队。 当时，必胜客的人均价格在 70 元左右，是妥妥的高档餐厅。 1990 年，必胜客进入 中国 在 北京开出第一家门店 ，到今年第二季度，必胜客在中国的总门店攀升至 3864 家，单季度新增 95 家店。 ...

Group 1 - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% [1][6] - Excluding automobiles, the retail sales of consumer goods amounted to 34,931 billion yuan, growing by 4.3% [1][6] - From January to July, the total retail sales of consumer goods were 284,238 billion yuan, with a growth rate of 4.8% [1][6] Group 2 - Urban retail sales in July were 33,620 billion yuan, reflecting a year-on-year increase of 3.6%, while rural retail sales reached 5,160 billion yuan, growing by 3.9% [3] - For the first seven months, urban retail sales totaled 246,669 billion yuan, with a growth of 4.8%, and rural retail sales were 37,569 billion yuan, increasing by 4.7% [3] Group 3 - In July, the retail sales of goods were 34,276 billion yuan, with a year-on-year growth of 4.0%, while catering revenue was 4,504 billion yuan, growing by 1.1% [3][6] - From January to July, the retail sales of goods reached 252,254 billion yuan, with a growth of 4.9%, and catering revenue was 31,984 billion yuan, increasing by 3.8% [3] Group 4 - For the first seven months, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand exclusive stores grew by 7.0%, 5.2%, 1.1%, 5.8%, and 1.9% respectively [4] - The national online retail sales reached 86,835 billion yuan, with a year-on-year growth of 9.2%, and the physical goods online retail sales were 70,790 billion yuan, growing by 6.3% [4] Group 5 - The newly opened Apple Store in Shenzhen is the third in the city and the 58th in Greater China, completing the layout along the east-west axis of Shenzhen [11] - The first city duty-free store in Shenzhen is set to open on August 26, featuring a diverse range of products including beauty, watches, and high-end liquor [13] Group 6 - The local fashion brand Lemanism is opening its first store in Nanchang, focusing on a comfortable and sunny shopping experience for the youth [25] - The brand BornTooth is expanding with its fourth store in Shanghai, emphasizing natural pet care products [27] Group 7 - The high-end dining brand PIZZERIA from Pizza Hut has opened its first store in South China, targeting young consumers with a focus on aesthetic dining experiences [30] - JD's first outlet in Nanjing has opened, featuring over 70 brands and a unique shopping experience [31] Group 8 - The sports brand 361 Degrees reported a revenue of 5.705 billion yuan for the first half of 2025, with a year-on-year growth of 11% [38] - Lilang Group's revenue for the first half of the year was 1.727 billion yuan, reflecting a growth of 7.9% [41] Group 9 - The company Bubu Gao reported a net profit of 201 million yuan for the first half of 2025, marking a significant turnaround [42] - The company has improved its operational quality by closing underperforming stores and focusing on high-potential locations [43]

Core Insights - Increasing number of mainland Chinese restaurant companies are expanding into Hong Kong, viewing it as a stepping stone to international markets despite high operational costs [1][2] - Hong Kong's stable and potentially lucrative consumer market is attracting investment, with the Hong Kong Investment Promotion Agency assisting over 1,300 businesses, including 630 from mainland China [1][9] - The local dining scene is seeing a surge in new entrants, particularly from the tea beverage sector, with brands like Mixue Ice City and Bawang Chaji successfully launching in Hong Kong [4][6] Group 1 - High rental and labor costs are significant challenges for mainland restaurant companies entering the Hong Kong market [1] - Hong Kong is recognized as a global financial hub and a favorable environment for new stock offerings, with nearly HKD 90 billion raised in the first half of the year [2] - The local market's diverse consumer base allows for effective product testing and brand validation, making it an ideal location for international expansion [4][5] Group 2 - Successful brands like Mixue Ice City have rapidly expanded their presence in Hong Kong, with eight stores established in key areas since their initial launch [6] - The trend of mainland brands entering Hong Kong is part of a broader strategy to achieve global expansion and enhance brand visibility through local flagship stores [7] - The Hong Kong government is actively supporting businesses in adapting to local market demands, including menu adjustments and supply chain enhancements [8][9]

Group 1: Earnings Performance - Papa John's reported quarterly earnings of $0.41 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.61 per share a year ago, representing an earnings surprise of +20.59% [1] - The company posted revenues of $529.17 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.68% and up from $507.89 million year-over-year [2] - Over the last four quarters, Papa John's has consistently surpassed consensus EPS estimates [2] Group 2: Stock Performance and Outlook - Papa John's shares have declined approximately 1.3% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The company's current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $525.11 million, and for the current fiscal year, it is $1.74 on revenues of $2.11 billion [7] - The Zacks Rank for Papa John's is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Retail - Restaurants industry, to which Papa John's belongs, is currently ranked in the bottom 31% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]

Group 1: Earnings Performance - Potbelly reported quarterly earnings of $0.09 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, and showing an increase from $0.08 per share a year ago, representing an earnings surprise of +12.50% [1] - The company posted revenues of $123.71 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.99%, and an increase from year-ago revenues of $119.7 million [2] Group 2: Stock Performance and Outlook - Potbelly shares have increased approximately 17.7% since the beginning of the year, outperforming the S&P 500's gain of 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $119.1 million, and for the current fiscal year, it is $0.23 on revenues of $476 million [7] Group 3: Industry Context - The Retail - Restaurants industry, to which Potbelly belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The performance of Potbelly's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Core Viewpoint - The article discusses the history and global rise of Ciabatta bread, created in Italy in 1982 as a response to the popularity of French baguettes, highlighting its unique characteristics and the marketing efforts that contributed to its international success [1][2][4]. Group 1: Origin and Creation - Ciabatta was invented in 1982 in the northeastern Italian city of Adria as a counter to the dominance of French baguettes in Italy [4][8]. - Arnaldo Cavallari, a rally champion and flour mill owner, initiated the creation of Ciabatta to reclaim Italy's bread market [7][8]. - The name "Ciabatta," meaning "slipper" in Italian, reflects its unique shape and texture, which features a crispy crust and a moist, airy interior [10]. Group 2: Global Expansion - Ciabatta's global success is attributed to health trends and Cavallari's marketing efforts, as he personally taught local bakers how to make Ciabatta across Italy [12][14]. - The bread first entered the UK market in 1985 through a partnership with Marks & Spencer, and later in 1987, it was introduced to the US as a high-end artisan bread [16][18]. - The 1990s saw Ciabatta become synonymous with Panini sandwiches, further popularized by marketing campaigns and events like the Milan Expo [18][20]. Group 3: Modern Developments - In the 2010s, Ciabatta gained traction in China, particularly in urban areas, as health-conscious consumers favored its high hydration and simple ingredients [27][29]. - The introduction of frozen Ciabatta products made it more accessible, with brands like La Famiglia achieving significant market share in Australia [25]. - The article emphasizes that Ciabatta's evolution reflects broader trends in modern dining and the global awakening of bread consciousness [40].

Core Insights - The article discusses the operational strategies of Salia, a successful restaurant chain that offers low-priced Italian cuisine while maintaining profitability, highlighting its unique management practices and supply chain efficiencies [3][4]. Group 1: Operational Strategies - Salia's approach includes a detailed standardization of recipes and processes, allowing new employees to replicate dishes accurately, which reduces training time and error rates [10][25]. - The company implemented a digital supply chain system that minimizes food waste, reducing the food loss rate from 15% to 3%, which translates to significant cost savings [26][28]. - Salia's pricing strategy focuses on offering lower prices than competitors while ensuring high quality, achieving a profit through increased sales volume rather than high margins [12][13]. Group 2: Management Philosophy - The transition from a founder-centric decision-making model to a system-based approach empowered employees at all levels to make decisions within defined frameworks, enhancing responsiveness and efficiency [29][32]. - Salia emphasizes employee development through multi-role training, allowing staff to gain diverse skills and advance within the company, which reduces turnover rates [36][38]. - The company fosters a culture of transparency and accountability, encouraging employees to take ownership of their roles and contribute to the overall success of the business [52][56]. Group 3: Customer Focus - Salia prioritizes customer value by ensuring that meals are not only affordable but also of high quality, leading to a customer repurchase rate of 65%, significantly higher than the industry average [54]. - The restaurant chain's strategic location choices and efficient service times are designed to enhance customer convenience and satisfaction [53][57]. - Salia's commitment to quality and customer experience is reflected in its operational decisions, such as using premium ingredients and maintaining a simple yet effective restaurant design [14][41].

Core Viewpoint - Papa John's is well-positioned to maintain its earnings-beat streak in upcoming reports, with a history of exceeding earnings estimates, particularly in the last two quarters, averaging a surprise of 20.17% [1] Earnings Performance - For the most recent quarter, Papa John's reported earnings of $0.33 per share against an expectation of $0.36, resulting in a surprise of 9.09%. In the previous quarter, the company exceeded the consensus estimate of $0.48 by reporting $0.63 per share, achieving a surprise of 31.25% [2] Earnings Estimates and Predictions - Estimates for Papa John's have been trending higher due to its history of earnings surprises. The stock has a positive Zacks Earnings ESP of +2.59%, indicating bullish sentiment among analysts regarding the company's earnings prospects [5][8] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat, with research indicating that stocks with this combination beat consensus estimates nearly 70% of the time [6][8] Earnings ESP Explanation - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions. This metric is crucial for predicting earnings surprises [7] Future Earnings Report - The next earnings report for Papa John's is expected to be released on August 7, 2025, and the current positive Earnings ESP indicates potential for continued strong performance [8]

Core Viewpoint - Iceland has opened its first Asia-Pacific store in Beijing, named "Iceland Lab," which combines retail, e-commerce, and live streaming, marking a significant shift from traditional supermarket models [3][4][5]. Group 1: Store Concept and Operations - Iceland Lab is a collaborative project involving the Iceland brand, Shoulv Group, and the Mentougou government, focusing on attracting investment rather than solely retail sales [4][12]. - The store features a limited selection of around 600 SKUs, with only 30% being Iceland's own products, while the rest includes offerings from local brands and fresh food [5][4]. - The store operates primarily on weekends and aims to create a lively atmosphere to support online sales through content generation [5][7]. Group 2: Business Model and Strategy - The business model emphasizes online-first operations, with the physical store serving as a live streaming base rather than a traditional supermarket [7][10]. - The strategy includes leveraging online capabilities to enhance offline experiences, focusing on creating engaging content rather than maximizing in-store sales [17][10]. - The store aims to change consumer perceptions of frozen food, positioning itself as a "global gourmet good base" rather than a discount supermarket [23][31]. Group 3: Challenges and Future Plans - The company faces challenges in supply chain management and localizing products to meet consumer preferences [35][34]. - Future expansion plans will be cautious, focusing on opening stores in key regions rather than widespread locations, adapting product offerings to local tastes [36][34]. - The company intends to strengthen the Iceland brand while continuing to explore innovative retail strategies that integrate online and offline experiences [34][12].