以下文章来源于风味星球 ，作者梅姗姗、斯小乐 风味星球 . 系列纪录片《风味人间》《风味原产地》主创团队 —— 万般生活皆有风味，与更多人一起，吃出世界的辽阔 真正属于大家的杭州"米其林"滋味。 文 ｜ 梅姗姗 斯小乐 编辑 ｜ 梅姗姗 斯小乐 来源｜ 风味星球（ID：fengweixingqiu） 封面来源 ｜ 视觉中国 最近网上新发了2025米其林·杭州榜单，我直接翻到里面的"必比登"，也就是更价廉物美的平价餐厅部分看了看：有爆鳝面有馄饨，有素菜馆也有羊肉面， 基本囊括了杭州本地生活的代表滋味。 但总觉得少了点啥。 第二天一早起来，才恍然大悟——我最熟悉的"杭州菜"，依旧没有上榜。 每天早上，我都会在家对面的"杭州小笼包"买早点，一笼包子和豆腐脑，13块。老板行云流水地把一笼冒着滚烫热气的包子倒进塑料袋，老板娘反手再利落 地递出一盒浇上金针菇木耳芡汁的豆腐脑。固定的习惯，让我跟老板成了熟悉的陌生人，知道了老板浙江仙岩人，02年来北京，之前在海淀，房山都卖过杭 州小笼包，5年前才来到我家这边，目前看来是扎下了跟。 "你知道你们杭州昨天出米其林榜单了么？" 我照例找了空位坐下来。 "那是什么东西？" 老板匆匆 ...

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]