以下文章来源于餐观局 ，作者局哥 餐观局 . 有高度、有广度、有深度的餐饮新媒体。每一个餐饮人的故事都值得讲述； 每一个餐饮店的成功案例 都值得分享； 每一个餐饮企业的成功模式都值得学习； 每一个餐饮的新商业逻辑都值得领悟。 卖什么？ 作者｜局哥 餐观局出品 1 最近上海发生了一件挺魔幻的事儿。 大家都知道，上海是个什么地方。 那是全中国最精致、最讲究腔调的宇宙中心。 在那儿，空气里都飘着金钱的味道，路边的梧桐树看着都比我有钱。 在那儿喝个下午茶，City Wa lk一下，如果不花个百八十块，你都不好意思发朋 友圈。 但就在这么个寸土寸金的地方，海底捞干了件特别"砸场子"的事儿。 它在商场里，把自己门口那个本来用来擦皮鞋、做美甲的区域，改成了一个糖水 铺。 卖红豆沙、双皮奶、绿豆汤。 图｜来源网络 关键是价格9块9起。 还是自助的，小料随便加。 这画面，真的太赛博了。 就像是在维也纳的金色大厅里，大家正听着交响乐，突然闯进来一个穿着大裤衩 的二大爷。 他掏出一把唢呐，对着这帮穿着晚礼服的人吹了一曲《好运来》。 "别装了，我知道你们听不懂，来，听个响，热闹热闹。" 违和吗？极度违和。 爽吗？极度解气。 2 为了 ...

转自：新华财经 新华财经北京2月14日电（记者丁雅雯） 春节前夕，大街小巷弥漫着浓浓的烟火气，餐饮市场的热度已 提前"沸腾"。 美团及大众点评数据显示，2026年年夜饭预订单量同比激增超3倍，除了传统的家庭堂食，异地过年、 旅行途中用餐也成为新的增长点，超过24%的商户开通了"春节大菜"配送到家或到店自提服务，消费场 景持续多元化。 记者走访发现，北京多家老字号的年夜饭预订早早进入了"爆满"状态。便宜坊朝阳公园店的工作人员透 露，门店在两个多月前就已满负荷，年夜饭中午和晚上两波预订全满。北京华天饮食控股集团有限公司 相关负责人表示，华天旗下门店的年夜饭预订在12月底就已满额。 火锅作为聚餐的热门选择，预订情况同样火爆。海底捞相关负责人表示，截至2月9日，全国海底捞已接 到除夕当日用餐预订超5万桌。为更好承接聚餐需求，全国超千家门店将在除夕至初一持续营业，并通 过推出主题联名活动等创新场景，增添年味与消费体验。 随着数字化转型的深入，老字号纷纷拥抱线上平台。记者在线上平台上看到，紫光园、东来顺等老字号 都已上线多种套餐，消费者可以在线上随心选购。 为应对节日期间集中释放的预订需求，餐饮数字化服务正从流量获取向履 ...

老字号"马年限定"菜品受欢迎 "老字号+非遗菜品"依旧是今年春节期间餐饮当仁不让的"C位"。新京报记者从聚德华天旗下的烤肉宛、烤肉季、鸿宾楼、老西安饭庄、西来顺、又一顺、 护国寺小吃、砂锅居、柳泉居、峨嵋酒家、曲园酒楼、长椿街马凯餐厅等老字号了解到，春节假期期间，非遗技艺菜品均按照平日4倍左右准备食材。聚德 华天集团相关负责人表示，为了迎接马年，多家老字号都在春节菜品上创新，例如砂锅居推出了层层叠叠、犹如祥云飘至的酸菜炉肉，取名"马入翔云"，老 西安饭庄店的网红羊肉串取名"马上串香"，糖溜卷果也有了"上马金"的口彩名。此外，西来顺的荔枝虾肉取名"马跃荔海·虾戏珠圆"，峨嵋酒家的非遗名菜宫 保鸡丁取名"马到功成"、绍子海参取名"万马奔腾"，曲园酒楼则为名菜茶油剁椒鱼头赋予"龙马精神"的好彩头。 北京华天集团旗下的诸多老字号也是春节期间消费者的用餐必选，尤其是与"马"有关的鼓楼马凯餐厅。餐厅经理张雪肖介绍，为迎接马年，新品"旗开得 胜"香辣山菌牛肉粒，以"骏马奔腾"为创意灵感，专为马年打造，其名寓意开年顺利、事业腾飞。同春园也推出"双马迎春"系列凉菜，将马蹄、马兰头等食 材组合成兼具高颜值与美好寓意的节日菜品。松 ...

每经AI快讯，2月13日，海底捞(06862.HK)午后涨超3%，截至发稿涨3.07%，报17.14港元，成交额2.48 亿港元。 ...

消息面上，据证券时报报道，2026年春节脚步临近，团年聚餐热度逐渐攀升。目前全国海底捞已接到除 夕用餐预订超5万桌。同时，全国各地有十余家海底捞新店、新场景亮相，为春节增加多元化餐饮供 给。据介绍，为更好承接春节期间的聚餐需求，海底捞将有超过1000家门店在除夕正常营业，超过1200 家门店在大年初一开门迎客；从大年初二起，全国超过1300家门店将恢复正常营业。 海底捞(06862)午后涨超3%，截至发稿，涨3.07%，报17.14港元，成交额2.48亿港元。 华创证券表示，政策发力下，春节消费有望超预期复苏。九部门"乐购新春"方案、以旧换新补贴等政策 持续落地，叠加9天超长春节假期，有望带动黄金零售、酒旅、餐饮等服务消费行情，港股中集中的相 关受益标的将迎来短期反弹机会，春节消费数据有望超预期。 ...

消息面上，据证券时报报道，2026年春节脚步临近，团年聚餐热度逐渐攀升。目前全国海底捞已接到除 夕用餐预订超5万桌。同时，全国各地有十余家海底捞新店、新场景亮相，为春节增加多元化餐饮供 给。据介绍，为更好承接春节期间的聚餐需求，海底捞将有超过1000家门店在除夕正常营业，超过1200 家门店在大年初一开门迎客；从大年初二起，全国超过1300家门店将恢复正常营业。 智通财经APP获悉，海底捞(06862)午后涨超3%，截至发稿，涨3.07%，报17.14港元，成交额2.48亿港 元。 华创证券表示，政策发力下，春节消费有望超预期复苏。九部门"乐购新春"方案、以旧换新补贴等政策 持续落地，叠加9天超长春节假期，有望带动黄金零售、酒旅、餐饮等服务消费行情，港股中集中的相 关受益标的将迎来短期反弹机会，春节消费数据有望超预期。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index halting a three-day rally, closing at 27,032.54, down 0.86% [1][2] - The Hang Seng Tech Index fell by 1.65%, while the Hang Seng China Enterprises Index dropped by 1% [1][2] Sector Performance Technology Sector - Major tech stocks saw significant declines, with Meituan and NetEase both dropping over 4%, and Baidu and Tencent falling more than 2% [2][4] - Other tech companies like Kuaishou, Xiaomi, JD.com, and Alibaba also reported losses [2][4] Financial Sector - Financial stocks, including banks, Chinese brokerage firms, and insurance companies, mostly declined, adding pressure to the market [2] Consumer Sector - The restaurant sector faced downturns, with Jiumaojiu falling over 5% and Haidilao dropping more than 3% [6] - The overall consumer demand in the restaurant industry is stabilizing, with expectations for improvement in 2026 [6] Entertainment Sector - The film and entertainment sector was weak, with Emperor Culture Industries dropping nearly 6% [7] Energy Sector - The power equipment sector showed strength, with Harbin Electric rising over 13% [9] - The oil sector was active, with China Petroleum and Sinopec both gaining over 2% [14] Heavy Machinery Sector - Heavy machinery stocks continued to rise, with China National Heavy Duty Truck Group and Sany International both increasing over 5% [12] Semiconductor Sector - Semiconductor stocks saw gains, with Tensun Zhixin and Zhaoyi Innovation both rising over 20% [10] Notable Stocks - Dipo Technology surged by 8.34%, reaching a market value of 29.707 billion HKD [16] - The stock has increased 2.46 times since its IPO price of 26.66 HKD [21]

Core Insights - The market tends to favor positive narratives, as evidenced by Haidilao's "Pomegranate Plan," which reported a remarkable 227% year-on-year increase in subsidiary business revenue, leading to positive evaluations from multiple brokerage firms [2][5] - However, the closure of the first store of "Xiao Hai Hot Pot" in Beijing and the exit of "Hai Ni Beef Spicy Hot Pot" from the Hangzhou market highlight the challenges faced by Haidilao's new brands [3] - The return of founder Zhang Yong as CEO has initiated a profound reassessment of Haidilao's value [4] Financial Performance - In the first half of 2025, Haidilao's subsidiary business revenue reached 597 million yuan, accounting for only 2.9% of total revenue, but its growth rate has attracted significant attention [5] - Overall revenue for Haidilao in the first half of 2025 was 20.703 billion yuan, a decline of 3.7% year-on-year, while net profit dropped by 13.7% to 1.759 billion yuan [11] - The table turnover rate decreased from 4.2 times per day in 2024 to 3.8 times in 2025, indicating a decline in brand attractiveness and operational efficiency [11] Strategic Developments - The "Pomegranate Plan" is seen as a necessary growth narrative for Haidilao, especially as the main business approaches saturation [6] - The internal entrepreneurship mechanism within the "Pomegranate Plan" aims to stimulate organizational vitality through employee incentives [6] - The company is expected to focus more resources on profitable sub-brands while addressing the decline in its main business [12] Market Reactions - Following the announcement of Zhang Yong's return as CEO, Haidilao's stock price surged by 9.29%, reflecting market optimism about potential performance improvements [13] - Citigroup maintained a "buy" rating on Haidilao, while Goldman Sachs issued a "neutral" rating, both acknowledging the strategic shift towards enhancing store profitability [13]

Group 1 - The "Happy Shopping Spring Festival" initiative is organized by the Ministry of Commerce and nine other departments to stimulate consumer spending during the upcoming Lunar New Year holiday [1] - The initiative includes various sectors such as catering, home appliances, transportation, tourism, and retail, promoting special offers and activities to enhance consumer experience [1] - Specific activities include encouraging restaurants to offer New Year's Eve dinner packages, increasing transportation capacity, and supporting local cultural events [1] Group 2 - Data from Meituan indicates a surge in retail sales of traditional New Year goods, with significant increases in demand for beverages, electronics, gold jewelry, and clothing since the start of the lunar calendar [2] - The restaurant sector is experiencing high demand, with many establishments fully booked for New Year's Eve, and Haidilao reporting over 50,000 reservations for that day [2] - The cultural and tourism sector is also active, with around 30,000 cultural and tourism events planned across the country, promoting themes related to traditional customs and winter activities [2] Group 3 - To further stimulate consumption, the government has allocated 62.5 billion yuan in subsidies, with an additional 10 billion yuan in prize money for consumers participating in a receipt lottery in 50 cities [3] - The "Happy Shopping Spring Festival" initiative aims to convert the festive atmosphere into tangible consumer activity through synchronized policies and market responses [3]

Company and Industry Summary Company: Haidilao Key Points 1. **Bottoming Out**: The fourth quarter showed no decline in table turnover year-on-year, and the average customer spending remained stable [1][2] 2. **Management Improvement**: Zhang Yong has been appointed as CEO of Haidilao to enhance efficiency and effectiveness from decision-making to execution, while maintaining a consistent strategy for the main brand and iterating on the development plan for the subsidiary, Hong Shiliu [1][2] 3. **Cyclical High Elasticity**: As a relatively low-frequency, mid-to-high-priced dining option among listed restaurants, Haidilao is expected to experience higher elasticity due to data improvements and anticipated policy stimuli, alongside potential growth from improved internal and external environments [1][2] 4. **Hot Pot Business Outlook**: Signals of bottoming out are strengthening, with same-store sales recovering steadily. The opening of new stores is projected to grow by a single-digit percentage, and profits are gradually returning to historical peak levels, with an estimated profit of 4.7 billion in 2024, although current tax reductions are decreasing [2] 5. **Barbecue Business Outlook**: - **Store Openings**: The domestic barbecue market is expected to reach approximately 106 billion in 2025, with 205,000 stores. The low chain rate in the barbecue sector suggests a potential for 1,000 new stores based on a market share of 0.5% [2] - **Single Store Performance**: The average customer spending is around 100 yuan, with projected annual revenue per store of approximately 8 million. For the first half of 2025, the barbecue segment is expected to contribute around 200 million in revenue, with a profit margin of 12%, leading to an estimated profit of 960,000 per store [2] 6. **Investment Recommendations**: Expected net profits for the parent company are projected at 4.2 billion, 4.6 billion, and 5.2 billion for 2025-2027, corresponding to price-to-earnings ratios of 17, 16, and 14 times. There is an emphasis on monitoring the company's progress in diversifying its business under strong incentives to build a new growth curve, with a "Buy" rating maintained in anticipation of bottoming out and management improvements by the end of 2026 [2]