在刚刚过去的国庆中秋假期，家宴、聚餐、旅游、婚礼等元素叠加，餐饮消费收获"好成绩"。10月9 日，新京报记者从多家知名餐饮企业获悉，今年国庆中秋假期，多家餐企的销售额、客流超越去年同 期，老字号的经典菜品、沸腾滚烫的火锅，都是消费者假日餐饮消费热点。同时，2026年年夜饭也启动 预订，多家老字号、知名餐饮企业已经收到了数份年夜饭订单。 聚餐、婚宴成假日餐饮消费"关键词" 新京报记者从全聚德（002186）集团了解到，国庆中秋假期期间，集团旗下多家门店排起长龙，其中全 聚德和平门店单日发放等位号最高超过1000个。全聚德环球城市大道店、四川饭店东坝店营收创历史新 高，全聚德和平门店和王府井（600859）店连续3天单日营收突破百万元。四川饭店为应对假期用餐高 峰，延长了营业时间，实现午晚两市的无缝衔接。 今年，国庆中秋双节叠加，让"金九银十"的婚礼季热度空前。南金刚说，今年的假期期间，仅花家怡园 总店承接的婚宴就超过20场。"全年婚宴的营收约占门店总营收的10%，国庆中秋假期期间的婚宴贡献 则占到了假期营收的30%。" 除了传统的餐厅婚礼、酒店婚礼，年轻人举办婚宴的地点正在出现"颠覆性"的改变。海底捞方面在接受 ...

Company Overview - The company is currently focusing on optimizing customer and employee experiences, which may lead to short-term profit pressure, but it is expected that the peak summer season and operational improvements will drive recovery [1] - As of July, the table turnover rate has turned positive year-on-year, suggesting a need to continue monitoring the trend [1] Comments - The focus on enhancing customer and employee experiences has resulted in short-term profit margin pressure due to observed declines in internal operational management quality [1] - The company is implementing the "Different Haidilao" concept by creating diverse store environments, launching differentiated products, and restoring the supply of certain items, which may increase material costs [1] - Increased brand marketing investments, including celebrity endorsements and IP collaborations, aim to attract consumers [1] - Employee welfare investments have been increased since Q2 to enhance employee satisfaction and service quality, which may negatively impact short-term profit margins due to rising employee costs [1] Performance Insights - In the first half of 2025, the brand's table turnover rate is estimated to have declined by a high single-digit percentage year-on-year due to last year's high base, consumer environment pressures, and operational management quality issues [2] - However, the table turnover rate has shown positive growth since July, driven by the summer peak season and various adjustments [2] - The company has a strong organizational iteration capability and has historically managed to reverse difficult situations, indicating a positive long-term outlook [2] New Brand and Franchise Developments - The company is focusing on the "Pomegranate Plan" and franchise progress, with expectations of approximately 70 new "Yanqing" barbecue stores by the end of June and around 100 by year-end [2] - The company plans to enhance service quality at existing stores while moderating the pace of new openings [2] - The franchise business is steadily advancing, with an estimated 25 direct stores transitioning to franchises in the first half of 2025 and approximately 41 franchise stores by the end of June [2] Profit Forecast and Valuation - Due to the short-term profit pressure from optimizing customer and employee experiences, the net profit estimates for 2025 and 2026 have been reduced by 17% and 12% to 4.15 billion and 4.81 billion respectively [2] - The current stock price corresponds to 17x and 15x P/E for 2025 and 2026 [2] - The target price has been lowered by 18% to 16 HKD, reflecting a potential upside of 15% based on 20x and 17x P/E for 2025 and 2026 [2]