秋冬"开涮"的烟火气不仅升腾在客流增加的火锅店中，还体现在把火锅"一条龙"嵌入时令新主题的零售 商超。为通过"在家吃火锅"这一场景发挥与垂类餐饮店差异化优势，近期密集按下"火锅季"启动键的参 与者们，正用质价比与"懒人经济"点燃顾客消费热情。而永辉超市牛羊肉类食材10月同比增长超50%的 销售、麦德龙一个月内火锅肉禽蛋水产商品同比提升近200%的销售额，也是对这一举措可行性的验 证。 瞄准刚需集体切入"火锅季"节点，商超围绕这一框架的发力重点不尽相同。 其中，部分品牌倾向于肉制品食材提供。譬如，永辉超市在公众号推文中介绍，公司日前在天津一门店 启动"有料火锅局・暖冬好肉盛宴"主题活动，现场汇聚近五十款全品类火锅食材，工作人员不仅现场讲 解食材特点与烹饪技巧，更增设免费试吃台，提供现切现涮的新鲜肉品，目前，"有料火锅局"活动已在 全国永辉门店同步上线，永辉线上超市APP一并配合推出"小雪寻味"专题，从而实现全面覆盖线上线下 消费场景。 聚焦火锅核心消费需求，中百超市亦在肉类品类重点发力。据公众号介绍，中百超市全新推出秋冬滋补 肉类系列，特别引进乌珠穆沁鲜切羊肉与正宗潮汕火锅系列，涵盖鲜切吊龙、五花趾、胸口油等多 ...

为确保食材品质，永辉建立了全程可控的冷链体系。牛羊肉产品在恒温冷链下运输，并实时监控温湿 度；冰鲜产品可实现"当日屠宰、次日到店"。在门店端，永辉设置了火锅食材陈列区与低温保鲜柜，并 由专人及时理货补货。 消费者可通过"食安云网"系统便捷查询产品溯源信息。全国范围内的调改门店还提供了免费加工、烹饪 指导与食材搭配建议等服务。 北京商报讯（记者 赵述评）立冬过后，寒意渐起，热气腾腾的火锅成为许多家庭的餐桌上的温暖主 角。近日，永辉超市在天津SM滨海城市广场店正式启动"有料火锅局・暖冬好肉盛宴"主题活动，现场 汇聚近五十款全品类火锅食材，工作人员现场讲解食材特点与烹饪技巧，增设免费试吃台，提供现切现 涮的新鲜肉品。 目前，"有料火锅局"活动已在全国永辉门店同步上线，永辉线上超市APP也配合推出"小雪寻味"专题， 全面覆盖线上线下消费场景。该活动累计带动火锅核心品类销售超3亿元，其中，牛羊肉类商品表现尤 为亮眼，10月销售同比增长超50%。 ...

11月21日，永辉超市（601933）在天津SM滨海城市广场店启动"有料火锅局暖冬好肉盛宴"主题活动， 现场汇聚近五十款全品类火锅食材，工作人员现场讲解食材特点与烹饪技巧，增设免费试吃台，提供现 切现涮的新鲜肉品。 永辉建立了全程可控的冷链体系。牛羊肉产品在恒温冷链下运输，并实时监控温湿度；冰鲜产品更可实 现"当日屠宰、次日到店"，最大限度锁留新鲜风味。 目前，"有料火锅局"活动已在全国永辉门店同步上线，永辉线上超市APP也配合推出"小雪寻味"专题， 全面覆盖线上线下（300959）消费场景。依托可溯源的产品品质、丰富的食材矩阵，累计带动火锅核心 品类销售超3亿元。 "我们的核心在于提升商品品质，让消费'好而不贵'。"永辉超市商品中心生鲜负责人柯志一介绍，"通过 源头直采、规模化采购和数字化管理，与供应商协同实现'双向降本'。最终将优化出的成本优势，直接 回馈给消费者。" 牛羊肉类商品成为本季滋补食材的销售主力，10月销售同比增长超50%。 据介绍，"食安云网"系统可以便捷查询产品溯源信息。此外，全国范围内的调改门店还提供了免费加 工、烹饪指导与食材搭配建议等增值服务。 永辉超市方面介绍，在选品与品控上均设立 ...

Core Insights - A significant drop in temperature across the country has led to a surge in demand for warming products, with sales of various heating items increasing dramatically since October [2][3] Group 1: Sales Growth in Warming Products - Sales of warming products have seen a substantial increase, with some categories experiencing a hundredfold growth compared to September [2] - Home energy-efficient heaters have seen a search increase of over 40 times, while sales of hot pot ingredients like beef rolls and fish balls have surged nearly 17 times [2] - A smart temperature-adjustable electric shoe has seen order volume increase by over 148 times in just one month, indicating a strong consumer preference for physical warmth over food supplements [2] Group 2: Popularity of Specific Products - The sales of heating pads have also seen a significant increase, with order volume rising 9 times [2] - New products such as graphene heating vests and USB charging neck warmers have quickly gained popularity, reflecting a new consumer demand for both warmth and style [2] - In the lead-up to the Double 11 shopping festival, Tmall Supermarket has optimized its logistics to offer rapid delivery, with the best-selling product being heating pads, particularly in Shanghai [3]

Core Insights - JD.com launched its "Warm Surprise Day" on November 7, coinciding with the start of winter, offering significant discounts and promotions to enhance consumer shopping experiences during the cold season [1][7] Group 1: Promotions and Discounts - The event features a "100 billion subsidy" with discounts as low as 50% on various winter products, including a down jacket originally priced at 1899 yuan now available for 1496.9 yuan, and SK-II cream reduced to 1598.6 yuan [4][6] - Consumers can participate in a "1 penny invitation" event to claim millions of winter essentials from top brands, including heating appliances and clothing [4][5] Group 2: Special Offers and Auctions - JD.com is hosting auctions for rare winter supplements starting at 1 yuan, including high-value items like wild ginseng and premium seafood, enhancing the shopping experience with unique offerings [5][6] - The platform is also giving away 50,000 "lucky vinegar" bottles for just 0.01 yuan during specific times throughout the day, encouraging user engagement [5][6] Group 3: Comprehensive Winter Solutions - The event addresses the essential needs for winter warmth with a wide range of products, including down jackets, air conditioners, and heaters, all available at unprecedented subsidy levels [6][7] - Additional promotions include substantial discounts on clothing and home goods, such as "1000 off 300" vouchers for apparel and significant savings on heating appliances [6][7]

Core Insights - The company reported a strong revenue growth for Q3 2025, with revenues estimated between 1.85 billion to 2.05 billion RMB, representing a year-on-year increase of 13.6% to 25.8% [1] - The total revenue for the first three quarters of 2025 is projected to be between 5.09 billion to 5.29 billion RMB, reflecting a year-on-year growth of approximately 18.5% to 23.2% [1] - Core operating profit for Q3 is expected to be between 65 million to 75 million RMB, showing a significant year-on-year increase of 44.4% to 66.7% [1] Revenue and Profitability - The core operating profit margin for the period is estimated to be around 3.5% to 3.7%, which is an improvement of 0.7 to 0.9 percentage points year-on-year, indicating better store operations [1] - The company aims to exceed its target of opening over 1,000 new stores in 2025, with 361 new stores added in Q3 alone, bringing the total to 10,761 stores by the end of September [1] Market Expansion and Product Diversification - The company is enhancing customer loyalty through an optimized membership system, expecting to surpass 60 million members in the second half of the year [1] - The product range has expanded significantly, with the revenue share from barbecue rising from less than 5% to 22% over four years, alongside the introduction of eight product categories to meet home dining needs [2] - The SKU count has increased from 66 in 2020 to 412 in 2024, with 95% being self-developed, showcasing a strong focus on supply chain control and cost optimization [2] Financial Confidence and Future Projections - The company has demonstrated confidence in its growth by executing three share buyback announcements since 2024, with each buyback not exceeding 100 million HKD [2] - The management plans to distribute dividends of 200 million and 190 million RMB for the full year of 2024 and the first half of 2025, respectively, while maintaining a healthy cash flow [2] - Revenue growth is projected at 22.7% and 20.3% for FY25E and FY26E, respectively, with net profit growth expected to be 85.6% and 26.3% for the same periods [2]

Core Viewpoint - The article highlights the significant role of Henan province in China's new consumption landscape, particularly in the prepared food industry, showcasing its dominance in production and supply of various food products [6][9][15]. Industry Overview - Henan is home to over 4,000 companies related to "prepared food," ranking first in the country for the number of such enterprises [10]. - The province produces a substantial portion of China's staple foods, including 25% of steamed buns, 33% of instant noodles, 50% of ham sausages, and 60% of dumplings [11]. - The region's agricultural advantages, including abundant raw materials and a well-established food production system, facilitate the growth of the prepared food sector [14][15]. Key Companies and Market Share - Major brands originating from Henan include: - Sanquan Foods: Sales scale of 7.434 billion yuan, market share of 20% to 40% [8]. - Shuanghui Development: Sales scale of 60.1 billion yuan, market share of 5% [8]. - Xinnong: Sales scale of 1 billion yuan, market share of 1% to 2% [8]. - The article notes that even if consumers are unfamiliar with these brands, they likely consume products supplied by them through popular restaurant chains [7]. Regional Advantages - Henan's geographical location provides logistical benefits, with developed rail and road networks and high cold chain transportation capabilities, making it a natural hub for the food industry [15]. - The province's population density offers a large market and labor force, further supporting the growth of the prepared food industry [15].

Summary of Conference Call on New Consumption Sector Industry Overview - The new consumption sector can be divided into two categories: - Category dividend type (e.g., IP toys, pets, high-end gold jewelry) - Channel efficiency transformation type (e.g., coffee, tea, hot pot ingredients, chain medical beauty) [1][2] Key Insights and Arguments - Investors are concerned about the sustainability of repurchase frequency and user expansion effects for category dividend companies, while questioning the long-term stable growth ability of channel efficiency transformation companies [1][2] - Pop Mart faces challenges such as slowing growth in the North American market and fluctuations in second-hand prices, leading to adjustments in online and offline sales ratios [1][4] - Optimism for the new consumption sector in 2026, with market expectations currently low; actual growth of 20%-50% could provide strong support [1][7] - Lao Pu Gold has raised prices three times, totaling approximately 50%, and expects prices to be a significant support in 2026, with low probability of significant user loss [1][12] - Chain brands like Luckin Coffee, Gu Ming Tea, and others benefit from supply chain, franchise systems, and digital membership operations, showing strong same-store growth sustainability [1][14] Additional Important Points - Investors' concerns stem from a lack of understanding of the demand cycles for new consumption companies, which complicates their growth expectations [2][3] - Digital membership operation capabilities are crucial for chain brands, leading to higher customer repurchase rates and lower customer acquisition costs [3][15] - Pop Mart's stock price decline is influenced by various factors, but if growth is achieved in 2026, the price-to-earnings ratio could drop below 20 times [3][19] - The North American market has shown a structural fundamental flaw with no significant acceleration since August 2025, and second-hand price fluctuations are viewed as a sign of weakening demand [5][19] - The company is adjusting its product and channel structure in North America, which may impact short-term sales data [6][21] - The experience-driven nature of the IP toy industry enhances consumer stickiness and supports long-term growth, despite recent weak data in North America [8][18] - Future growth for Pop Mart is expected from monetizing old IP through new categories and expanding overseas through a direct sales model [10][11] - The performance of some IPs in overseas markets may be linked to marketing strategies and operational adjustments rather than inherent product weaknesses [19][20]

Core Viewpoint - Guoquan (02517) has shown a significant increase in stock price, attributed to the successful implementation of its "Community Central Kitchen" strategy, leading to substantial growth in store openings and revenue [1] Group 1: Business Performance - In Q3 2025, Guoquan added 361 new stores, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [1] - The company reported an estimated revenue of approximately RMB 1.85 billion to RMB 2.05 billion for Q3 2025, reflecting a year-on-year growth of about 13.6% to 25.8% [1] - Core operating profit for Q3 2025 is estimated to be between RMB 65 million and RMB 75 million, showing a year-on-year increase of approximately 44.4% to 66.7% [1] Group 2: Market Outlook - Huatai Securities expresses optimism regarding Guoquan's growth driven by category expansion, membership system development, and refined operations, with same-store sales continuing to show strong growth [1] - The company is on track to meet its goal of opening 1,000 new stores by the end of the year, supported by the net addition of 361 stores in Q3 [1] - The core advantages of "efficient supply chain + self-developed popular products + scale of ten thousand stores" are becoming increasingly evident, leading to a maintained "buy" rating from analysts [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company with a target price of HKD 4.50 [1][10]. Core Insights - The company is expected to achieve revenue of HKD 1.85 billion to HKD 2.05 billion in Q3 2025, representing a year-on-year growth of 13.6% to 25.8%. The core operating profit is projected to be between HKD 65 million and HKD 75 million, reflecting a year-on-year increase of 44.4% to 66.7% [6][10]. - The company continues to see strong same-store sales growth and improved profitability driven by category expansion, membership system development, and refined operations. The net increase of 361 stores in Q3 aligns with the goal of adding 1,000 new stores by year-end [6][7]. - The company is focusing on product innovation and operational efficiency, with plans to launch new product lines and enhance its supply chain capabilities [9][10]. Financial Performance - Revenue projections for the upcoming years are as follows: - 2024: RMB 6.47 billion - 2025: RMB 7.78 billion - 2026: RMB 9.05 billion - 2027: RMB 10.51 billion This indicates a growth rate of 6.16% in 2024 and 20.23% in 2025 [5][15]. - The net profit attributable to the parent company is forecasted to be: - 2024: RMB 230.56 million - 2025: RMB 441.15 million - 2026: RMB 547.95 million - 2027: RMB 676.78 million This reflects a significant increase of 91.34% in 2025 [5][15]. Business Strategy - The company is accelerating its store opening strategy, with a net increase of 361 stores in Q3 and a total of 616 stores added in the first three quarters. The Q4 is expected to see a further acceleration in openings due to seasonal demand [7][8]. - The company is enhancing its membership system, which has grown to 5.03 million registered members, and is leveraging live streaming and community events to drive customer engagement [7][9]. - The introduction of new product lines, such as the "One Sauce Makes a Dish" series, and the launch of a new dining concept, "Guoquan Stir-fry," are part of the company's strategy to diversify its offerings and attract more customers [9][10].