（来源：科普中国） 转自：科普中国 发霉的美食，你吃过多少？ 啥？发霉的东西不是不能吃吗？怎么会和"美食"搭上边？ 此处说的"发霉"，不是腐败变质，更准确的叫法是发酵。即利用多种微生物，在特定条件下共同作用，通过复杂的生化反应来改变食物风味和营养的过 程。 其实大家或多或少都吃过这类"发霉"美食，比如景区随处可见的臭豆腐，还是地方特色美食霉苋菜梗、霉冬瓜、臭鳜鱼、毛豆腐，又或者是螺蛳粉的灵魂 酸笋？ 这些美食令人上头的气味主要来自于发酵后产生的各种风味物质，如有机酸、醇类、酯类等，它们相互作用，形成了复杂而独特的气味。这气味有人迷 恋，有人避而远之，你是哪一种呢？ 可以尝试的"发霉"美食大盘点 除了好吃下饭，这些"发霉"美食也各有其营养优势。如果能选择恰当，不失为饮食搭配的亮点。下面给大家推荐几种可以尝试的发霉美食： 1 毛豆腐 主要材料：豆腐、盐。 制作毛豆腐的黄豆通常会选择水分少、脂肪含量低的品种，以确保成品口感更软绵醇厚；点浆不用石膏或卤水，而是用酸浆水，让后续发酵更顺利。加盐 则主要是为了防腐和调味。 发酵方式： 毛豆腐通常放在竹篾上发酵，空气中的毛霉菌孢子落在豆腐上（现在多数都是人工接种毛霉菌，以防 ...

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 Insights - The article discusses the phenomenon of "stinky" foods across different cultures, exploring why these foods have gained acceptance and popularity despite their strong odors [1][3]. Group 1: Commonalities and Differences in Stinky Foods - Many foods known for their strong odors, such as stinky fish and fermented products, have a commonality in that they were historically developed due to food scarcity and preservation needs [3][5]. - The acceptance of these foods varies by culture, influenced by geographical and social factors, showcasing the diversity of culinary practices [3][6]. Group 2: Cultural Acceptance and Globalization - The spread of "stinky" foods has been facilitated by globalization, which has led to a greater openness to diverse culinary experiences among people from different backgrounds [5][6]. - The unique flavors of stinky foods, such as stinky fish and fermented tofu, are increasingly recognized and appreciated by international diners, reflecting a broader cultural exchange [6][7]. Group 3: Role of Stinky Foods in Cultural Understanding - Stinky foods serve as cultural symbols that can enhance understanding and appreciation between different cultures, as they are tied to local climates, historical changes, and community characteristics [7]. - As Chinese cuisine gains more recognition globally, foods like stinky fish are transitioning from being mere curiosities to becoming integral parts of the culinary landscape appreciated by a wider audience [7].

Group 1 - The "Double Eleven" shopping festival in 2025 is being prepared with extended promotional periods by various platforms, focusing on "sufficient inventory, efficiency improvement, and safety assurance" to enhance consumer shopping experience [1][4] - Huangshan Huizhi Dao E-commerce Co., Ltd. has achieved a sales figure of 3.5 million yuan, with significant marketing efforts on Douyin, reaching 400,000 followers and over 80 million views for promotional videos [1] - The company has formed strategic investment partnerships with Huangshan Industrial Investment Group and Huangshan Supply and Marketing Group to enhance brand quality, expand channels, and improve services during the "Double Eleven" period [1] Group 2 - Yunda Express in Jiulong Park has reported a 15% to 20% increase in express delivery volume since starting "Double Eleven" operations on October 20, with ongoing growth as the second wave of promotions began on November 1 [2] - To manage peak business demands, companies are implementing scientific scheduling, hiring temporary workers, signing transportation guarantee agreements, and utilizing unmanned delivery vehicles to ensure smooth operations [4] - The "Double Eleven" shopping event is seen as a test of service efficiency in the business sector and a catalyst for regional consumption potential, with the Tuxi District Commerce Bureau committed to comprehensive support for merchants and consumers [4]

Core Insights - Traditional Chinese brands are successfully attracting younger consumers by modernizing their products and marketing strategies, leading to a resurgence in "Guochao" (national trend) consumption [1][2][6] Group 1: Consumer Trends - The 90s generation is the largest group purchasing traditional brands, while the 00s generation shows the fastest growth in orders, with a year-on-year increase of 95% [1] - High cost-performance ratio is a significant factor for young consumers, with many finding traditional products surprisingly effective and affordable [3] - Emotional connection to traditional culture drives younger consumers to purchase, as they seek to express their aspirations for a better life [3][5] Group 2: Brand Innovation - Many traditional brands are innovating by incorporating modern elements into their products, appealing to the younger demographic [6][8] - Collaborations between established brands, such as the partnership between Guangming Dairy and Guanshengyuan to create the White Rabbit ice cream, have successfully attracted young consumers [8] - Brands are focusing on unique consumer experiences, such as themed stores and interactive activities, to engage younger audiences [7][10] Group 3: Marketing Strategies - Traditional brands are leveraging digital platforms and live streaming to reach younger consumers, with significant growth in online sales and engagement [10][11] - The use of short videos and engaging storytelling has become a popular method for brands to connect with the youth market [12][13] - There is a growing emphasis on cultural heritage and storytelling in marketing, which resonates well with younger consumers seeking authenticity [5][9]

Core Insights - The traditional dish "stinky mandarin fish" has seen a significant rise in demand, leading to a processing output exceeding 5.7 billion yuan in 2022 and creating over 30,000 jobs [1] - The industry has developed rapidly over the past decade, with the Anhui Miaoyuan Agricultural Company achieving a nearly 100-fold increase in output since its establishment in 2016, reaching over 300 million yuan in 2024 [4] Industry Development - The processing of stinky mandarin fish was traditionally done by market vendors and small workshops, but the rise in demand from urban areas has necessitated a shift to standardized factory processing [4][5] - The fermentation process requires precise control over temperature and time, which factory methods can standardize, ensuring product quality while integrating modern dietary concepts [4] Financial Support and Innovation - Local financial institutions have adapted their services to meet the growing capital needs of the stinky mandarin fish industry, including innovative financing solutions like supply chain finance and inventory pledges [8][9] - The Agricultural Bank of China provided 4 million yuan in financing at a low interest rate of 1.9% to support stable relationships between processing companies and upstream farmers [8] - The total loan balance for the stinky mandarin fish industry reached 850 million yuan, with a year-on-year growth of 39.5% [11] Policy and Future Outlook - The People's Bank of China has actively supported the development of the stinky mandarin fish industry through targeted monetary policies, contributing to a comprehensive financial service model for agricultural enterprises [11] - The industry is included in the "Rural Industry Revitalization Joint Development Plan," indicating strong governmental support for its growth and sustainability [11]

Core Viewpoint - The company, 小菜园, has reported significant growth in net profit and plans for further expansion, driven by operational efficiency and cost control measures [1][3]. Financial Performance - The expected net profit for the first half of 2025 is projected to be between 360 million and 380 million yuan, a substantial increase from 280 million yuan in the same period last year [1]. - Revenue figures from 2021 to 2024 show a consistent upward trend: 26.46 billion yuan in 2021, 32.13 billion yuan in 2022, and 45.49 billion yuan in 2023, with 2024 revenue reaching 52.1 billion yuan, a 14.5% year-on-year increase [2]. - Net profit for 2024 is reported at 581 million yuan, reflecting a 9.1% increase compared to the previous year [2]. Operational Efficiency - The company has optimized operational efficiency and cost management, leading to a decrease in employee cost percentage from 29.3% in 2023 to 27.3% in 2024, despite an increase in absolute employee costs due to network expansion [3]. - The number of stores increased from 536 to 667 in 2024, with plans to add approximately 120 more stores in 2025, focusing on the Yangtze River Delta and expanding into new markets such as Shandong, Shaanxi, and Guangdong [1][6]. Revenue Sources - The revenue from dine-in services for 2024 was 31.9 billion yuan, a 4.6% increase, while the takeout business saw a significant growth of 34.2%, rising from 1.49 billion yuan in 2023 to 2 billion yuan in 2024, making up 38.5% of total revenue [4][5]. - The number of takeout orders increased from 18.9 million to 29 million in 2024, indicating a growing demand for delivery services [4]. Future Expansion Plans - The company aims to exceed 1,000 stores by 2026 and has approved a three-year overseas expansion strategy, starting with 1-2 stores in Southeast Asia by 2025 [6]. - Investment in technology will increase, focusing on smart kitchen systems and AI data analysis to enhance operational efficiency and food safety [7].

Group 1 - The core viewpoint of the articles highlights the rapid growth and industrialization of the stinky mandarin fish (臭鳜鱼) industry in Huangshan, which has become a significant contributor to local economic development and rural revitalization, with an annual processing output value exceeding 5.7 billion yuan and creating over 30,000 jobs [1][8] - The production value of Miao Yuanwai Agricultural Company has increased nearly a hundredfold since its establishment in 2016, reaching over 300 million yuan in 2024, driven by the surging consumer demand for stinky mandarin fish [2][8] - The traditional processing methods of stinky mandarin fish were unable to meet the growing market demand, leading to a shift towards standardized, factory-based production that ensures product quality and incorporates modern dietary concepts [2][3] Group 2 - The demand for factory processing of stinky mandarin fish is also driven by restaurants' need to control dish costs, as the fish's market availability is seasonal, primarily in autumn and winter, leading to price fluctuations [3][4] - Miao Yuanwai Agricultural Company has relocated to a new facility to expand production capacity and meet increasing customer orders, indicating a growing need for working capital to support raw material procurement and equipment upgrades [3][4] - Financial institutions in Huangshan have been optimizing their service models to support the stinky mandarin fish industry, including innovative financing solutions like supply chain finance and inventory pledge models to alleviate cash flow pressures on processing companies [5][6] Group 3 - The local financial sector has been actively providing targeted support to the stinky mandarin fish industry, with the Agricultural Bank of China facilitating quick financing solutions to help companies establish stable relationships with upstream farmers and cooperatives [4][5] - The People's Bank of China in Huangshan has played a crucial role in promoting the development of the stinky mandarin fish industry through monetary policy tools, with a total of 1.386 billion yuan in loans issued to support agriculture and small enterprises this year [8] - The average interest rate for new loans in the stinky mandarin fish industry has decreased to 3.87%, reflecting a significant drop of 83 basis points year-on-year, which is part of a broader initiative to support rural industrial revitalization [8]

Core Insights - The resurgence of traditional Chinese brands, once considered outdated, is now appealing to younger consumers through innovation and modern marketing strategies [1][2][3] Group 1: Consumer Trends - The 90s generation is the largest group purchasing traditional brands, while the 00s generation shows the fastest growth in orders, with a year-on-year increase of 95% [1] - Young consumers prioritize cost-effectiveness, making it a key factor in their purchasing decisions [2] - The rise of "Guochao" (national trend) reflects a growing recognition and trust in domestic brands among consumers [2] Group 2: Innovation and Product Development - Traditional brands are innovating by incorporating modern elements into their products, such as new flavors and packaging [3][4] - A significant 42.42% of respondents choose traditional brands due to their focus on innovation and research [3] - Collaborations between traditional brands, such as the partnership between Guangming Dairy and Guanshengyuan for the "White Rabbit" ice cream, have successfully attracted younger consumers [4] Group 3: Marketing and Brand Storytelling - Traditional brands are leveraging their historical and cultural significance to create compelling brand narratives that resonate with younger audiences [5] - The use of e-commerce platforms and social media has enabled traditional brands to reach younger consumers effectively, with products selling out rapidly [5] - The engagement on short video platforms has surged, with a 99% increase in video submissions related to traditional brands on Douyin, reaching 4.906 billion views [6]

Core Insights - The company's performance in 2024 was impacted by high base effects, new store ramp-up, and increased financial expenses, leading to a decline in net profit [1] - In early 2025, store performance was under pressure, but a significant recovery was observed in March [2] - The company has outlined its operational plans for 2025, focusing on expanding its restaurant and hotel businesses while enhancing product competitiveness [4] Financial Performance - In 2024, the company achieved revenue of 2.525 billion yuan, a year-on-year increase of 5.14%, but net profit dropped to 100 million yuan, down 67.09% [1] - For Q1 2025, revenue was 690 million yuan, a slight increase of 0.17%, while net profit fell to 52 million yuan, down 21.36% [2] Business Segmentation - **Restaurant Business**: In 2024, revenue from restaurant and accommodation services was 2.205 billion yuan, up 12.69%, with a gross margin of 18.26%, down 2.49 percentage points [3] - **Food Business**: Revenue reached 311 million yuan, a significant increase of 85.52%, with a gross margin of 25.62%, down 10.07 percentage points due to promotional strategies for franchisees [3] Future Plans - The company plans to open 3-5 new restaurant locations and upgrade 20 existing ones in the Yangtze River Delta region [4] - In the hotel sector, the goal is to open 3-4 new direct-operated stores and enhance the franchise business [4] - The food business aims to expand its franchise network by adding 100-150 new stores [4] Profit Forecast - The company anticipates net profits of 210 million yuan, 330 million yuan, and 450 million yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [4]