Group 1 - The Chinese customs announced a conditional resumption of imports of certain Japanese seafood starting June 29, 2025, excluding products from Fukushima and nine other prefectures [1][2] - This marks the first partial lifting of the ban on Japanese seafood imports since the comprehensive suspension that began on August 24, 2023, due to concerns over radioactive contamination from Fukushima's nuclear wastewater [1][2] - The announcement indicates stricter compliance checks for Japanese seafood entering the Chinese market, which may lead to increased operational risks and import costs for dining enterprises [2] Group 2 - Following the nuclear wastewater incident, many Chinese consumers have developed a resistance to Japanese imported ingredients, prompting numerous Japanese restaurants to substitute with domestic ingredients to retain customers [3] - Popular domestic alternatives include products like Fujian eel and Dalian kelp, which have become primary ingredients in many Japanese restaurants [3] - Some restaurants have also introduced local flavors and hot dishes to innovate and adapt their offerings, such as introducing Guizhou sour soup dishes and various fusion sushi products [4] Group 3 - The Japanese cuisine market in China is showing signs of recovery, with a projected market size of 69 billion yuan in 2024, reflecting a 2.2% year-on-year growth [4] - The market is expected to reach 70 billion yuan in 2025, indicating a potential rebound despite the ongoing challenges [4]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Growth in the Japanese consumer sector remains weak despite event-driven catalysts such as the Osaka Expo and the Golden Week holiday, with retail markets not showing expected significant growth [2][13] - External demand has shifted due to yen appreciation and changing trade environments, leading to a preference for everyday goods over luxury items among overseas tourists [2][13] - Domestic consumer sentiment is cautious, with a decline in the willingness to travel domestically during the Golden Week, reflecting a conservative household consumption attitude [2][13] Macroeconomic Overview - The core CPI in Japan rose by 3.6% year-on-year in April, maintaining the same level as March, while the core CPI excluding fresh food increased by 3.5%, surpassing previous values and market expectations [9] - The consumer confidence index fell to 31.2 in April, marking the lowest level since February 2023, with a continuous decline for five months [7] - Real wages decreased by 2.1% year-on-year in March, indicating ongoing inflationary pressures on household purchasing power [7][9] Essential Consumption - Essential retail sales showed mixed results, with PPIH, 711, and Aeon reporting same-store sales growth of +6.3%, +1.8%, and +1.0% respectively, driven by higher average transaction values [3][14] - Sales of daily consumer goods like beer saw a significant decline in April, highlighting consumer sensitivity to price changes [3][20] - Drugstore chains like Matsukiyo Cocokara and Welcia reported same-store sales growth of +3.9% and +2.5% respectively, indicating a positive trend in essential goods [3][18] Discretionary Consumption - Duty-free sales continued to decline for the second consecutive month, with a drop of 26.7% in April due to policy changes and a high base from the previous year [4][34] - Restaurant same-store sales showed varied performance, with notable growth in chains like Saizeriya and Skylark, while McDonald's experienced a decline in customer traffic [4][26] - Apparel sales were mixed, with ABC-MART and other brands showing positive growth, while Uniqlo faced a decline due to unfavorable weather conditions affecting summer product demand [4][29] Market Performance - The Tokyo Stock Exchange index for retail, food and beverage, and service industries showed increases of +5.6%, +3.8%, and +1.4% respectively in April, while the textile and apparel sector declined by -7.4% [5] - Investment suggestions focus on companies with optimistic profit growth prospects, including Asics, Pan Pacific International Holdings, Fast Retailing, and Asahi Group [5]

"将使拉面的供应量达到世界第一"，吉野家控股在公布中期经营计划时这样表示。该公司7成 合并销售额来自牛肉盖饭，但增长空间已变小。作为下一个支柱，该公司瞄准的是拉面业 务。拉面可设定比牛肉盖饭更高的价格，而且更容易开拓海外市场…… 日本吉野家控股（HD）5月19日公布了到2029财年（截至2030年2月）的中期经营计划。其 核心是拉面业务的增长战略，计划将国内外的拉面店铺数量增加到上一财年4倍，达到500 家。拉面可设定比吉野家的主力产品牛肉盖饭更高的价格，而且更容易在海外拓展业务。在 属于祖业的牛肉盖饭连锁店的增长空间变小的情况下，计划把拉面培育成新的盈利来源。 成濑哲也强调称，"拉面有可能拓展海外市场。由于宗教等原因，有些蛋白质不能食用。关键 在于如何超越这些限制，继续展开竞争"。 一吉经济研究所的首席研究员鲛岛诚一郎指出，"拉面汤使用动物性原材料，因此进出口存在 障碍。收购在当地拥有生产基地的公司变得越来越重要"。 发布中期经营计划的吉野家控股董事成濑哲也（5月19日，东京都中央区） 2024年5月，吉野家控股收购了在海外生产面条和汤底等的宝产业（京都市）。到2027年， 将使产能比目前提高5成，储存能力 ...