奶皮子糖葫芦：高攀不起的糖葫芦pro版 从春季的黄油年糕、夏季限定版麦当劳奶昔到秋冬时节的奶皮子糖葫芦、固体杨枝甘露，这些美食界顶流，贯穿了我们的2025年。 提起2025年吃过最难忘的网红食物，大概每个人都会有自己的答案。它可能是火了一整个冬季的奶皮子糖葫芦，是大几百块的餐厅"漂亮饭"，甚至可能是 一元一份的"小学门口火鸡面"……当每一天都过得像复制粘贴一样，特定食物的香气、口感就更容易成为记忆的锚点，给平淡的生活添上一笔浓烈的色 彩。以下这些美食顶流，你吃过几种？ 谁能想到，原本几块钱一串的糖葫芦，在商家将山楂（或者山里红）换成无花果、晴王葡萄、杨桃等冷门水果，再裹上一层奶皮子之后，就变成了单价动 辄过百、想吃上还得排大队的pro版糖葫芦。 在某短视频平台，奶皮子糖葫芦相关话题播放量超过 6 亿次。酥脆糖衣和奶皮子被一口咬下时的咔嚓声，加上鲜艳水果的视觉冲击，激发了人们的食欲和 好奇心。在北京、上海、哈尔滨、杭州、南京等多个城市，都出现了排队购买的热潮。 有网友戏称，糖葫芦要"考研"了。（图/社交平台截图） 然而，奶皮子糖葫芦甚至只能算基础款。当"无花果希腊酸奶柚子碎脆啵啵糖葫芦"这种新款出现，意味着它已 ...

经营承压，分化加剧！2025年，餐饮行业能赚到钱的门店，都精准"踩"中了哪些点？2026年餐饮该怎么干才能赚钱？ 回头看2025年，餐饮经营难度可以说是远超预期。 压在餐饮人身上的不只是常挂嘴边的"三座大山"——人工、房租、食材，更严峻的是客流锐减、利润的断崖式下跌，让很多餐饮创业者在生死线上挣扎。 一批高端餐饮门庭冷落，中端休闲餐饮、平价的小吃快餐品类则陷入持续内卷。 当行业追问"消费者都去哪儿了"时，才发现消费者都在，只是消费行为发生了根本性变化： 一方面价格敏感度显著提升，二、三十元的套餐也要反复对比；另一方面，对品质和体验的追求更加明确，愿为一碗"牛肉现切、猛火爆炒"的拌面排队一 小时。这种撕裂式需求倒逼餐企将"质价比"做到极致——既要价格优势，又要产品新鲜度，还得提供差异化体验。 市场环境无法改变，但部分迎难而上的品牌探索出新的经营模式，在逆境中取得了亮眼的成绩。 1、精准把握消费分层的品牌：要么做极致性价比，要么做独特体验感 比如"南城香"探索出了"新鲜现炒+自选称重"的3.0新模型，进一步强化了其性价比优势。 以2025年重新升级的车公庄店为例，荤菜定价3.18元/两，素菜1.58元/两，另有按 ...

"嗒"，木槌落下，酥皮制的"石块"裂开，一枚纹路精致的"青铜鼎"糕点出现其中。不再是印象中的 玻璃柜与油纸包，在北京稻香村的隆福寺"零号·寻宝馆"，故事有了新讲法。 不远处，北京牛奶公司阀门大开，浓郁鲜奶倾注而下——复刻的是上世纪80年代排队打鲜奶的场 景。这瓶打着"怀旧"旗号的牛奶，又让多少食客为此驻足？ 当北京暮色渐沉，长沙的夜生活才刚刚开始，坡子街的火宫殿变身为一座沸腾的"湘味江湖"。古戏 台上，花鼓戏《刘海砍樵》《补锅》轮番上演，非遗演艺与市井烟火相融。 老字号的路径逐渐清晰：打造新剧本新场景，同时致力于唤醒味蕾记忆。市场正在给出答案，我们 不妨提出三个问题，请老字号作答。 为何引人 "打造一个充满乐趣的空间，让文化自然流淌进体验里。"北京稻香村营销创新部副部长曹思源说。 北京稻香村"零号·寻宝馆"，仿佛一座微型饮食文化博物馆。店内"食"字灯盏暗藏玄机，明厨亮灶 展示糕点制作全过程，空间里布满可触可感的饮食文化装置，创新性地将传统食器食礼以现代互动形式 呈现，进店后的每一步都充满乐趣。 不再等待被看见，而是主动发出邀约——老字号态度鲜明。 探访寻宝馆的时间里，店内始终人流不息。专程前来打卡的年轻人杨秣 ...

以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 做餐饮，上红餐 ！一个有温度的餐饮产业服务平台。 本文来自微信公众号： 红餐网 ，作者：红餐编辑部，原文标题：《经营承压，分化加剧！2026年餐 饮该怎么干才能赚钱？》 回头看2025年，餐饮经营难度可以说是远超预期。 压在餐饮人身上的不只是常挂嘴边的"三座大山"——人工、房租、食材，更严峻的是客流锐减、利润 的断崖式下跌，让很多餐饮创业者在生死线上挣扎。一批高端餐饮门庭冷落，中端休闲餐饮、平价的 小吃快餐品类则陷入持续内卷。 当行业追问"消费者都去哪儿了"时，才发现消费者都在，只是消费行为发生了根本性变化： 一方面价格敏感度显著提升，二、三十元的套餐也要反复对比；另一方面，对品质和体验的追求更加 明确，愿为一碗"牛肉现切、猛火爆炒"的拌面排队一小时。这种撕裂式需求倒逼餐企将"质价比"做到 极致——既要价格优势，又要产品新鲜度，还得提供差异化体验。 性价比路线解决高频刚需，客单不高但复购频次高；独特体验路线满足精神价值和社交需求，客单相 对较高。在内卷时代，抓住其中一端并做到极致，即有机会成功。 2、深挖地方菜并重塑品类的品牌：用老味道、新体验留住顾客 江西 ...

"王老伯，今朝鱼丸汤鲜得眉毛掉下来，快尝尝看！"中午11时不到，境享·高境社区食堂的取餐区已排 起队来。队伍最前头的王老伯接过一碗热气腾腾的罗店鱼丸汤，乳白色的汤面上浮着翠绿的葱花，五六 颗白玉般的鱼丸半沉半浮。他凑近碗边小心吹了吹，抿了一口汤，满足地眯起眼睛："就是这个味道！ 鱼汤鲜，鱼丸弹，冬天来一碗，从头暖到脚。"这是冬日午间宝山新境地公园里社区食堂寻常又温暖的 一幕。 健康+美味 （来源：上观新闻） 为让居民随时吃上热乎饭，食堂使出了"双重法宝"：一方面启用蒸汽保温台，饭档时段全程100℃保 温，牢牢锁住饭菜温度；另一方面"小锅勤炒、分批补菜"，盯着餐台菜品余量随时上新，既避免了食材 浪费，又能保证每一位居民端到手里的饭菜都热乎滚烫。 这碗备受青睐的手工鱼丸汤，生动体现了食堂"少油、少盐、少糖"健康理念。"我们的'三少'不是清淡无 味，而是让家常菜更健康。"食堂主管侯玉洁指着明档厨房里正在翻炒的菜肴介绍。鸡汁百叶包（9元） 清鲜入味，丝瓜毛豆（9元）咸淡适口，清蒸鲈鱼（20元）肉质嫩滑——这些"三少"菜品在餐台上格外 受欢迎，持"上海市敬老卡"的老人还可享受菜价八五折优惠。 "你试试这个红烧肉。"王老 ...

Summary of the Conference Call for Xiaocaiyuan Company Overview - Xiaocaiyuan has adjusted its dine-in menu prices starting December 1, 2025, with price increases of 10%-15% on signature dishes such as stinky mandarin fish, braised pork, and garlic shrimp to enhance value and optimize the ratio of takeout to dine-in, improving customer experience [2][3] Key Points Sales Performance - From October to December, same-store sales experienced fluctuations due to seasonal factors and adjustments in takeout discount policies. Despite a decrease in takeout order volume, the average spending per order increased, indicating successful optimization of customer structure [2][5] - By the end of November 2025, same-store sales had largely recovered to the first half of the year's levels, which had seen a decline of 7.1% [6] Pricing Strategy - The price adjustment aims to adapt to the declining trend in the restaurant industry's average spending per customer, which dropped from 88 RMB to 51 RMB. The adjustments are intended to maintain market competitiveness [2][6] - The average price increase for dishes is approximately 15%, with specific examples such as the stinky mandarin fish being adjusted to 108 RMB, 98 RMB, and 92 RMB from previous prices of 128 RMB, 118 RMB, and 108 RMB [10] Store Expansion Plans - As of December 2025, Xiaocaiyuan operates 800 stores, with plans to open 200 new stores in 2026. The expansion strategy includes 20% in existing markets and 80% in emerging markets and high-tier cities, aiming for a total of 3,000 stores by 2030 [4][11] Cost Structure and Profitability - In the first half of 2025, labor costs accounted for 24%-24.5%, food and packaging costs for 29.5%, and rent for 9%. The company is optimizing costs through centralized purchasing and refined scheduling [4][15] - The company has seen an increase in profit margins due to cost-saving measures in labor and food expenses, leveraging its growing store count for better purchasing power [15] Market Dynamics - The company has noted a seasonal decline in customer traffic, particularly after the National Day holiday, which is considered a normal fluctuation [4] - The average order value for both dine-in and takeout has increased, with dine-in traffic showing double-digit growth year-on-year [7] Customer Experience Enhancements - To improve customer experience, Xiaocaiyuan has introduced additional services such as complimentary pre-meal fruits and in-store discount coupons. However, adjustments have been made to simplify pricing strategies to enhance perceived value [8][9] Future Outlook - Xiaocaiyuan anticipates a median revenue growth for 2025, with a profit target of 750 million RMB, consistent with the first half of the year due to new store openings [22] - The company plans to invest 450 million RMB in supply chain improvements and aims for a dividend payout ratio of 50%-60% of current profits [23] Delivery Business Insights - In Q3 2025, the delivery business accounted for approximately 40% of total revenue. The company did not engage in the competitive subsidy wars between Alibaba and Meituan, which mitigated potential negative impacts on its business [20] - The profit margin for dine-in is currently higher than for delivery due to platform fees and delivery costs, with a long-term goal to maintain delivery at around 30% of total sales to preserve brand integrity [21] Additional Considerations - The company’s unique employee incentive system, where many employees hold shares, enhances commitment and operational efficiency [18][19] - The profitability in lower-tier markets is generally higher due to lower rent and labor costs compared to high-tier cities, although absolute profits may be higher in urban areas [12]

Core Viewpoint - The trend of restaurant brands setting up street stalls reflects a response to the challenges faced in dine-in services, as they seek to attract customers with affordable prices and brand exposure [1][8][15] Group 1: Industry Trends - Since July, numerous restaurant brands across various cities have started street vending, offering affordable meals and breaking traditional dining boundaries [2][8] - The types of dishes offered are diverse, including classic main courses, cold dishes, and snacks, with many stalls providing up to 70 different options [4][8] - Pricing strategies have shifted towards affordability, with most dishes priced between 10-30 yuan, making them more accessible compared to dine-in options [4][9] Group 2: Consumer Behavior - Consumer feedback indicates a mix of satisfaction and criticism, with some perceiving the food as pre-prepared and questioning its quality compared to dine-in meals [5][8] - The shift in consumer spending habits is evident, with a notable decrease in those planning to increase their dining expenditure in 2024 compared to 2023 [9][11] Group 3: Financial Implications - Some restaurants report significant daily revenues from street stalls, with figures reaching up to 30,000 yuan, indicating a potential new revenue stream [11][12] - However, the income generated from street vending may not fully compensate for the decline in dine-in sales, as many customers may simply be shifting their spending rather than attracting new clientele [12][14] Group 4: Competitive Landscape - The emergence of street stalls creates competition with small eateries, particularly in the ready-to-eat segment, although the two operate in different market segments [17][19] - The experience of dining at street stalls may not match that of traditional restaurants, as the food is often prepared in bulk, affecting taste and quality [17][19] Group 5: Future Considerations - The long-term viability of street vending for established brands raises concerns about brand value erosion, as consumers may prefer lower-priced options over traditional dining experiences [15][19] - The industry may need to explore innovative dining experiences to attract customers back to restaurants, as mere affordability may not suffice in retaining customer loyalty [19]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][24]. Core Views - The company has shown a year-on-year increase in net profit for Q3, benefiting from a decrease in pork costs. The total revenue for Q1-Q3 2025 increased by 1.23% to 446.53 billion yuan, with net profit rising by 4.05% to 39.59 billion yuan. The total external sales volume of meat products reached 2.4885 million tons, a year-on-year increase of 5.92% [2][10]. - The company is implementing a professional sales team reform to enhance market operations and plans to increase market support in the second half of the year, focusing on promoting high-cost performance products [2][4]. - The company is expanding into the prepared food sector, having established a dedicated team for product development, which is expected to contribute positively to performance [4][24]. Summary by Sections Financial Performance - For Q1-Q3 2025, the gross margin decreased by 0.05 percentage points to 18.18%, while the net margin increased by 0.22 percentage points to 8.99%. The sales expense ratio rose by 0.24 percentage points to 3.51%, while management and R&D expense ratios decreased by 0.11 percentage points to 2.42% [3][21]. - The operating cash flow for Q1-Q3 2025 decreased by 13.3% to 5.995 billion yuan, accounting for 13.47% of total revenue [23]. Revenue and Profit Forecast - The company forecasts net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.4, 15.5, and 14.8 [5][24]. - Revenue is expected to grow slightly, with projections of 60.304 billion yuan for 2025, 61.409 billion yuan for 2026, and 62.264 billion yuan for 2027 [5][27]. Market Position and Strategy - The company is recognized as a leader in the domestic slaughtering industry and maintains a high cash dividend policy. The focus on high-cost performance products and the expansion into new business areas like prepared foods are expected to enhance profitability [4][24].

Core Viewpoint - The company Xiaocaiyuan (00999) has shown strong performance during the National Day holiday, with a significant increase in customer traffic and sales, indicating robust anti-cyclical capabilities in the current consumer market [1] Group 1: Performance Metrics - During the first seven days of the 2025 National Day holiday, Xiaocaiyuan's nationwide store traffic increased by 21% year-on-year, receiving over 2.25 million customers [1] - Popular menu items included over 350,000 servings of braised pork and more than 190,000 servings of pot chicken [1] Group 2: Market Positioning - According to Everbright Securities, Xiaocaiyuan is positioned as a leading brand in the affordable Chinese dining sector, aligning with current consumer trends that prioritize value for money [1] - The company's strong performance during the holiday period further demonstrates its resilience against economic fluctuations [1] Group 3: Expansion Plans - In the short term, Xiaocaiyuan plans to accelerate its store openings, with a target of reaching 800 stores by the end of 2025 and 1,000 stores by the end of 2026, focusing on both domestic and overseas markets [1] - Long-term projections estimate that the brand could expand to 2,050 stores [1] - The sub-brand "Caishou" targets community markets with a price range of 20-40 yuan per order, leveraging Xiaocaiyuan's supply chain to fill gaps in the low-price market and enhance overall penetration [1]

Core Viewpoint - The company Xiaocaiyuan (00999) has shown strong performance during the National Day holiday, with a significant increase in customer traffic and sales, indicating robust anti-cyclical capabilities in the current consumer market [1] Group 1: Performance Metrics - During the first seven days of the National Day holiday in 2025, Xiaocaiyuan's nationwide store traffic increased by 21% year-on-year, receiving over 2.25 million customers [1] - Popular menu items included over 350,000 servings of braised pork and more than 190,000 servings of pot chicken [1] Group 2: Market Positioning - According to Everbright Securities, Xiaocaiyuan is positioned as a leading brand in the affordable Chinese dining sector, aligning with current consumer trends that prioritize quality and price [1] Group 3: Expansion Plans - In the short term, Xiaocaiyuan plans to accelerate its store openings, aiming for 800 stores by the end of 2025 and 1,000 stores by the end of 2026, with a focus on penetrating lower-tier domestic markets and expanding overseas [1] - Long-term projections suggest that the brand could reach a total of 2,050 stores [1] - The sub-brand "Caishou" targets community markets with a price range of 20-40 yuan, leveraging Xiaocaiyuan's supply chain to fill gaps in the low-price market and enhance overall penetration [1]