分析师 1: 去奠定了自己后来差异化竞争的这个基因底色。那第二段就是 07 年到 16 年，其实安静就 是一个深耕和蓄力的阶段。这个时候安井确立了餐饮流通渠道为主，商超电商渠道为辅的 这样一种战略，没有盲目的去进入 C 端商超的这样的一个渠道，而是扎扎实实地去把自己 农贸市场。还有中小 B 的这种餐饮的渠道去做好那在这个阶段，同步也在无锡、泰州辽宁 等地方去建厂，完完成了自己全国化产能的这样一个基础。基本上去做了以华东为核心辐 射全国的初步的布局。 好的，各位投资者晚上好，欢迎大家参加国信食品团队马年系列报告的这个讲解会议。然 后今天晚上很荣幸能够给大家讲一下安井食品这家公司。那其实安静是我们发的比较早的 这个报告。那其实我们在 2025 年四季度看到整个餐饮供应链行业，或者说速冻这个赛道 里面出现了一些边际上的变化。所以安井重回大家的这个视野，那今天我们就对之前这篇 深度的报告进行一个更新和拆解，来看安井食品到底是如何从之前一家厦门的小面点厂成 为一个全国速冻龙头。 然后再看当前这个节点如何去判断安井接下来的这个方向。那首先从公司的这个简介上面 开始安井其实算是一个比较典型的消费品企业的成长史。那我们把安井 ...

Core Insights - The article discusses the challenges faced by Sichuan cuisine brands in achieving long-term brand value due to a reliance on a franchise model that prioritizes short-term cash flow over sustainable growth [1][17]. Group 1: Model Dependency - Sichuan cuisine is complex, leading 80% of restaurateurs to prefer simpler, more replicable business models like hot pot and snacks [4][5]. - The unique flavors and ingredients of Sichuan cuisine create a diverse culinary landscape, but this also complicates standardization and consistency in restaurant offerings [4][5]. Group 2: Resource Dependency - The abundance of culinary resources in Sichuan has led to a "resource curse," where the ease of creating popular dishes diverts focus from building unique Sichuan cuisine brands [6][8]. - Many entrepreneurs are drawn to quick success through single-item brands rather than investing in the long-term development of Sichuan cuisine [8]. Group 3: Marketing Dependency - A strong marketing culture in Chengdu has led to rapid brand creation and a focus on short-term gains, often at the expense of long-term brand value [9][12]. - Many new brands rely heavily on marketing to create buzz and quickly expand through franchising, which can lead to unsustainable business practices [12][18]. Group 4: Competitive Challenges - The high density of restaurants in Chengdu creates intense competition, where successful concepts are quickly imitated, leading to a cycle of rapid brand turnover [13][15]. - The prevalence of imitation and aggressive competition makes it increasingly difficult for brands to establish a lasting presence in the market [15][16]. Group 5: Conclusion - The challenges faced by Sichuan cuisine brands reflect a broader issue within the local restaurant ecosystem, where quick returns overshadow the pursuit of long-term brand value [17][18].

Core Insights - Chinese brand "Fish You Together" is successfully penetrating the Thai dining market through chain scale advantages and precise localization strategies [1][5] - The brand's second store in Bangkok has opened with significant customer turnout, indicating strong local acceptance [1][5] Store Performance - The first store achieved remarkable sales, with a single-day revenue of 192,000 Thai Baht (over 42,000 RMB) on opening day, and an impressive table turnover rate of 11.59 times [2] - Over five months, the first store maintained an average daily turnover rate of 8.5 times, peaking at over 10 times on weekends [2] - Approximately 80% of customers at both stores are local Thai residents, with a repurchase rate exceeding 50% [2] Localization Strategy - The brand has developed a mature localization innovation system, balancing familiar and surprising elements in its menu [3] - New dishes like Thai-style Tom Yum fish and coconut curry fish have been introduced while maintaining high-quality signature products [3] - The stores feature a modern design that incorporates Eastern cultural elements, creating a dining atmosphere that challenges the stereotype of fast food being low quality [3] Market Potential - The Thai restaurant market is projected to grow by 14% by 2025, with registered capital increasing by 49% over two years [2] - Southeast Asia is identified as a key area for Chinese cuisine brands, with a restaurant density of only 15 per 10,000 people, indicating significant room for consumer upgrade [4] Expansion Plans - The brand is expanding its presence in Thailand while also signing contracts for 80 stores in Malaysia, with 13 already opened and plans for six more in December [4] - The recovery of Thai tourism and policies like permanent visa exemptions between China and Thailand are seen as favorable for the brand's expansion [4] Competitive Landscape - The founder emphasizes that the Chinese restaurant industry's international expansion has entered a phase of systematic competition, requiring strong supply chain, organization, branding, and digital capabilities [4] - The future of global dining competition will focus on brands that successfully integrate products and resonate with local consumers [5]

Group 1 - The article addresses common cooking challenges faced by beginners, such as measuring oil temperature and understanding the nature of foam produced when stewing meat [1][4]. - Expert guidance is provided by Wu Jia, Deputy Secretary-General of the Nutrition Literacy Branch of the China Health Promotion and Education Association [1][3]. Group 2 - Different oil temperatures are categorized for various cooking methods, with specific temperature ranges defined for each level of heat [5][6][7][8]. - For example, oil at 20% heat (0℃~30℃) is suitable for frying nuts, while oil at 80% heat (180℃~240℃) is ideal for frying, pan-frying, and explosive cooking [8][9]. Group 3 - The article explains that the foam produced when stewing meat is primarily due to residual blood and proteins, with the first layer of foam being undesirable and the second layer being acceptable [16][18]. - To minimize foam, it is recommended to soak the meat in water before cooking to remove excess blood [19]. Group 4 - The article discusses the importance of adding water when boiling dumplings, as it helps control the cooking temperature and prevents the dumplings from breaking [21][23][24]. - It emphasizes that the technique allows for even cooking of the dumpling filling and skin [23][24].