Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights strong growth in the number of coffee and Western fast-food outlets, while the tea beverage segment is experiencing increasing differentiation [2] - The net opening numbers for various brands indicate a competitive landscape, with some brands expanding rapidly while others are contracting [3][4] Summary by Sections Net Opening Trends - In the first four months of 2025, the net opening numbers show significant growth for brands like KFC (+777), McDonald's (+52), and Luckin Coffee (+1474), while brands like Huaiyang and others are seeing declines [6][10] - The tea beverage segment shows mixed results, with brands like Mixue Ice Cream and Tea (+3123) expanding, while others like Heytea and Nayuki are facing contractions [8] Average Transaction Price Trends - The average transaction prices for major fast-food brands have shown a downward trend, with KFC and McDonald's experiencing declines of -3.9% and -2.1% respectively in recent months [7] - In the tea beverage sector, brands like Mixue and Heytea are also facing pressure on average transaction prices, with some brands showing significant declines [14] Coffee and Hot Pot Segment - The coffee segment is witnessing strong growth, with brands like Luckin Coffee and Manner showing net opening increases of 7% and 9% respectively [10] - The hot pot segment, however, is facing challenges, with brands like Haidilao and others showing minimal growth or declines in net openings [11] Other Food Categories - The report indicates a noticeable contraction in the number of outlets for categories like pickled fish and snacks, with brands like Tai Er and Yu Ni Zai Yi Qi showing negative net openings [13] - Average transaction prices in these categories are also under pressure, reflecting broader challenges in consumer spending [14]

——餐饮月度专题 西式快餐与咖啡拓店强劲，茶饮分化加剧 行业评级：看好 2025年5月19日 证券研究报告 | 分析师 | 钟烨晨 | | --- | --- | | 联系方式 | zhongyechen@stocke.com.cn | | 证书编号 | S1230523060004 | 总览 咖啡/西式快餐门店增长强劲，茶饮分化加剧 2 5年1-4月累计 净开店数量 2 5年1-4月累计 净开店增幅 2 5年1-4月累计 净开店数量 2 5年1-4月累计 净开店增幅 茶 饮 西式快餐 咖 啡 火 锅 酸菜鱼 卤 味 小酒馆 蜜雪冰城 肯德基 书亦烧仙草 麦当劳 古 茗 华莱士 茶百道 必胜客 都 可 达美乐 益禾堂 尊宝披萨 沪上阿姨 塔斯汀 甜啦啦 萨莉亚 一点点 分 甜 瑞幸咖啡 黑泷堂 星巴克 奈雪的茶 幸运咖 喜 茶 库迪咖啡 茶颜悦色 乐乐茶 霸王茶姬 海底捞 太 二 九毛九 鱼你在一起 怂 小鱼号 呷哺呷哺 江渔儿 凑 凑 董小姐 人 份 巴奴火锅 紫燕百味鸡 海伦司 绝味鸭脖 胡桃里 周黑鸭 贰麻酒馆 2945 9 % 585 5 % -359 -7 % 228 3 % 184 2 % -24 ...