QUANJUDE(SZ:002186)2022-12-08 09:16Group 1: Current Business Operations - The company has shifted its market focus to non-public consumption, which has less impact compared to high-end private dining enterprises [3] - Two stores were closed in the first half of the year; the Changchun store was permanently closed due to unnegotiable rental price increases, while the Zhengzhou store is temporarily closed for observation [3] - The average consumption per customer remained stable compared to last year, with a 5% increase in seating rate [3] Group 2: Future Store Opening Plans - The company plans to open direct-operated stores in the Beijing-Tianjin-Hebei region and the Yangtze River Delta, with a focus on controlling investment and property costs [4] - The gross profit margin is close to 60%, with property costs targeted to be around 15% [4] - Labor costs are aimed to be controlled between 20%-25% through centralized management and professional operations [4] Group 3: Profitability and New Store Openings - The gross profit margin for major stores is around 60%, while direct-operated stores have a margin of about 55% [5] - New store openings are planned for the second half of the year, but specific numbers are not yet confirmed [5] Group 4: Core Advantages - The company has strong brand and cultural advantages, being recognized as a representative of Beijing cuisine [5] - The unique preparation method of Peking Duck creates an irreplaceable advantage, as it cannot be replicated at home [5] - Management practices in the restaurant industry are considered leading, although there is a sense of urgency to adapt [6] Group 5: Market Positioning - The company is focusing on the "banquet" market, leveraging its historical significance and reputation for hosting dignitaries [6] - Despite a challenging market environment, sales in the dining sector have remained stable compared to last year [6] Group 6: State-Owned Enterprise Reform - A new round of reforms for state-owned enterprises in Beijing has begun, focusing on salary, equity incentives, and other areas [6]