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海边的风
2021-05-01
[OK]
Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.
海边的风
2021-04-23
?
Xiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.
海边的风
2021-04-03
Yup
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","listText":"[OK] ","text":"[OK]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101812013","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"us","language":"zh","title":"Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372095026,"gmtCreate":1619155466565,"gmtModify":1704720509481,"author":{"id":"3552273487943983","authorId":"3552273487943983","name":"海边的风","avatar":"https://static.tigerbbs.com/f185ca320f1804dd360c6b2ff607fb05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3552273487943983","authorIdStr":"3552273487943983"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372095026","repostId":"1122556033","repostType":4,"repost":{"id":"1122556033","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1619151436,"share":"https://ttm.financial/m/news/1122556033?lang=en_US&edition=fundamental","pubTime":"2021-04-23 12:17","market":"hk","language":"zh","title":"Xiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.","url":"https://stock-news.laohu8.com/highlight/detail?id=1122556033","media":"节点财经","summary":"年前，火锅们惨的是业绩；年后，火锅们惨的是股价。\n从春节前的最后一个交易日算起，无论是“服务主义”的海底捞还是“价格主义”的呷哺呷哺，股价均已达到了腰斩的程度。\n但从走势来看，海底捞有企稳反弹迹象，呷","content":"<p>Before the Lunar New Year, hot pot restaurants suffered from poor performance; After the Lunar New Year, the stock prices of hot pot restaurants suffered</p><p>Starting from the last trading day before the Spring Festival, whether it's \"service-oriented\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It's still \"priceism\".<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock prices have all been halved.</p><p>However, judging from the trend, Haidilao is showing signs of stabilization and rebound, while Xiabuxiabu is still mired in quagmire.</p><p>As of the market close on April 22, Haidilao continued its recovery, with its share price rising 1.1% to close at HK$51.5 per share. Xiabuxiabu shares fell 1.82% that day, closing at HK$11.88 per share. On the 19th, Xiabuxiabu's stock price plummeted by 14.91%.</p><p>Compared to its historical peak of HK$27.15 per share on February 11, Xiabuxiabu's stock price plummeted by 56.24% in less than two and a half months, wiping out more than HK$40 billion in market value, while the Hang Seng Index declined by only 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>If something happens suddenly, there must be Through market news and financial report data, Node Finance delves into the essence of Xiabuxiabu's \"causing trouble\".</p><p><b>/ 01 /</b></p><p><b>The \"commander\" ran away.</b></p><p><b>Both revenue and profit declined.</b></p><p>In terms of news, the departure of Coucou's \"commander\" may be the main reason for the recent sharp drop in Xiabuxiabu's stock price.</p><p>Last weekend, media outlets reported that Zhang Zhenwei, CEO of Coucou, a rapidly growing Taiwanese hot pot brand under Xiabuxiabu, had resigned. This news has now been confirmed by Xiabuxiabu.</p><p>As the \"commander\" who single-handedly led Coucou's growth, Zhang Zhenwei's departure has a significant impact on the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The report stated, \"Zhang Zhenwei has strong execution capabilities, especially in store expansion. Investors should be aware of the risks associated with the departure of the CEO of Coucou, as a timetable for changing positions has not yet been provided.\"</p><p>According to Node Finance, the deeper reason can be attributed to performance.</p><p>In 2020, given the unique circumstances, the hot pot industry, which values atmosphere and enjoys a lively atmosphere, is like a withered fish with a dried-up track.</p><p>Financial reports show that Xiabuxiabu achieved operating revenue of 5.45 billion yuan in 2020, a year-on-year decrease of 9.5%; Adjusted net profit was 131 million yuan, a year-on-year decrease of 67.1%; Profit attributable to shareholders was RMB 1.837 million, a year-on-year decrease of 99.36%.</p><p><img src=\"https://static.tigerbbs.com/29ccdfa284bbb9ccbd5ce7379715bae0\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Company financial reports</b></p><p>Compared to Haidilao's increased revenue but decreased profit (revenue growth of 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of a decline in both revenue and net profit at Xiabuxiabu is even more severe.</p><p>Looking at different business segments, the main brand, namely the well-known mass-market brand Xiabuxiabu, the upgraded high-end brand Coucou, and the condiments sector, performed differently.</p><p>In 2020, Xiabuxiabu restaurants achieved revenue of RMB 3.46 billion, a year-on-year decrease of 25.9%, accounting for approximately 64.2% of total revenue and being the Group's main source of revenue.</p><p><b>Node Finance noted that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic was more severe last year, which may be one of the factors leading to its shrinking profits.</b></p><p><b>However, due to measures such as optimizing the product portfolio, regularly launching new products, and increasing sales of delivery and advanced products, the average spending per customer of Xiabuxiabu increased from RMB 55.8 in 2019 to RMB 62.3 in 2020.</b></p><p><b>To put it bluntly, the price has gone up.</b></p><p>As a long-time customer of Xiabuxiabu, I deeply understand that in the past, 120 yuan was enough for two people to eat hot pot at Xiabuxiabu, but now even 140 yuan is barely enough. Many dishes have quietly become more expensive or the portions have been quietly reduced. According to Dianping, the average spending per person at Xiabuxiabu-related stores has reached 66 yuan.</p><p>Another hot pot brand, Coucou, achieved revenue of RMB 1.689 billion in 2020, an increase of 40.75% year-on-year, accounting for 30.99% of the group's total revenue. However, due to increased promotional discounts during the pandemic, its per capita consumption decreased from 131.5 yuan in 2019 to 126.6 yuan, and same-store sales reached 964 million yuan, a year-on-year decrease of 9.5%.</p><p>Coucou's efforts have been recognized for achieving such results in the cold year of 2020.</p><p>As Goldman Sachs stated, \"Coucou Catering has been a major growth driver for Xiabuxiabu in recent years. Since the COVID-19 pandemic was brought under control, Coucou Catering has recovered healthily and reached pre-pandemic levels in March of this year. The market also expects Coucou Catering to maintain strong expansion potential in the coming years.\"</p><p><b>However, to a certain extent, it is precisely because Coucou's contribution to Xiabuxiabu's performance is increasing that the departure of the \"commander\" inevitably makes the market worry about its future development, which in turn affects the valuation structure.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The condiment business, which started in the third quarter of 2018, saw impressive growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB 1.478 billion, a significant increase of 65% compared to RMB 896 million in 2019.</p><p>Overall, except for the main brand Xiabuxiabu, which saw a decline in revenue, Xiabuxiabu's three major businesses all performed well.</p><p><b>/ 02 /</b></p><p><b>As more and more stores open, the seat turnover rate is decreasing.</b></p><p>Xiabuxiabu originated in Taiwan and was founded in Beijing in 1998. In the early years, the independent mini-hot pot model did not make Xiabuxiabu an overnight sensation. Instead, it teetered on the brink of bankruptcy. It is said that at its worst, it only sold three pots a day.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot, with its inherent gene of separate meals, became the first choice for consumers to dine out. Xiabuxiabu took advantage of the momentum to launch the slogan \"One pot per person, you can't get SARS\", and instantly became the \"chosen one\" in the market, once setting a record of 2,000 customers per day.</p><p>Since then, Xiabuxiabu's operations have been on the right track, and it successfully went public in Hong Kong at the end of 2014, embarking on its expansion journey.</p><p>According to its financial report, from 2014 to 2020, the number of Xiabuxiabu stores increased from 452 to 1,061, with 86, 100, 112, 155, 195, 243 and 129 new stores opened respectively. Except for 2020, which was interrupted by the pandemic, the number of new stores increased year by year.</p><p><b>However, as the frequency of opening stores increases and the number of stores increases, Xiabuxiabu's seat turnover rate has been declining.</b></p><p><b>From 2014 to 2020, Xiabuxiabu's seat turnover rates were 3.8 times, 3.4 times, 3.4 times, 3.3 times, 2.8 times, 2.6 times, and 2.3 times, respectively.</b></p><p>Specifically, in 2020, Xiabuxiabu's seat turnover rates in first-, second-, and third-tier cities were 2.7 times, 2.1 times, and 2 times, respectively. Compared to 3.3 times, 2.3 times, and 2 times in 2019, the seat turnover rate in first-tier cities declined significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The seat turnover rate is calculated by dividing the revenue generated from restaurant catering sales during the year by the total number of restaurant customers during the year, indicating the table reuse rate and reflecting the strength of profitability.</p><p>For example, a table for four can only have a double table turnover rate if the table is full of four people. If two people are dining, the table turnover rate is only 0.5 times; If one person dines, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that no catering company can avoid, and it is also one of the most important indicators for evaluating a restaurant's operating condition. A high seat turnover rate means that seat turnover can be increased within limited space and limited business hours, and revenue will increase exponentially, and vice versa.</p><p>In response to the repeated declines in seat turnover rates, Xiabuxiabu CEO Zhao Yi previously stated in a media interview that the decline in seat turnover rates was related to expansion and increased density after listing.</p><p>Coucou's seat turnover rate followed the same trend. From 2017 to 2020, Coucou opened 21, 48, 54, and 38 new stores, respectively. By the end of 2020, Coucou had 140 stores, with a seat turnover rate of 2.5 times, a decrease of 0.4 times compared to 2019.</p><p><b>Based on the aforementioned fact that Coucou Restaurant's per capita spending and same-store sales declined year-on-year, Node Finance believes that Coucou's growth is most likely due to new incremental growth achieved through store expansion.</b></p><p>Compared to Haidilao, which is also listed on the H-share market, its seat turnover rate dropped from 5% in 2018 to 4.8% in 2019, and further to 3.5% in 2020. Although it also declined significantly, it was still higher than Xiabuxiabu and Coucou.</p><p>Regarding its store opening plan for 2021, Xiabuxiabu stated that it will continue to maintain its expansion speed. The Xiabuxiabu brand will focus on East China and South China, while the Coucou brand will expand into second- and third-tier cities while increasing its presence in first-tier cities.</p><p><b>There is an unwritten rule in both the retail and catering industries: expansion will cause the number of customers to be \"averaged out\". If there are too many stores, there will be \"clashes within the same room,\" resulting in a decline in single-store revenue in the retail industry and a decrease in table turnover in the catering industry. However, if the expansion is moderate, total revenue will still increase.</b></p><p>How to maintain this \"moderation\" is something Xiabuxiabu needs to consider.</p><p><b>/ 03 /</b></p><p><b>The road to transformation is long</b></p><p><b>Is it difficult for Xiabuxiabu to \"boil over\"?</b></p><p>After a long period of popularity, the \"short, cheap, and fast\" casual hot pot began to show signs of weakness in 2015.</p><p>In response to the major trend of consumption upgrading and the development bottlenecks of affordable hot pot, Xiabuxiabu launched a transformation plan from fast food to light luxury formal dining in 2016. It launched the Coucou Party Restaurant, which is positioned in the mid-to-high end, introduced a tea bar, and focused on a new format of hot pot + tea break. The target consumers shifted from those with an average order value of 40 yuan to those with an average order value of 200 yuan.</p><p>From the very beginning, Coucou formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"Over the past four years, Coucou has opened a new store every 11 days on average, setting a record for the fastest growth rate of directly operated catering stores.\"</p><p>Through differentiated operations and nationwide expansion, Coucou's revenue increased from RMB 117 million in 2017 to RMB 1.689 billion in 2020, and its revenue share increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a \"major player\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>However, it may be too early to believe that Xiabuxiabu's transformation path is successful.</p><p><b>A review of financial reports by Node Finance revealed that since the upgrade, Xiabuxiabu's net profit has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020, indicating that the transformation path does not seem to be smooth.</b></p><p><img src=\"https://static.tigerbbs.com/7ff78532885b2d10d098369f6ad4d776\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>In addition, Coucou, which shoulders the important responsibility of opening up Xiabuxiabu's second profit curve and seizing market share in the mid-to-high-end market, also faces the risk of \"poaching talent\".</p><p>In recent years, in order to make the brand more refined, casual, and artistic, Xiabuxiabu has been working hard on various elements such as store image, product structure, tea drinks, environment, and service, attempting to improve customer experience and brand awareness through new store reshaping.</p><p>However, the upgraded Xiabuxiabu stores are increasingly resembling their \"good brother\" Coucou.</p><p>For example, a certain Xiabuxiabu store in Beijing has changed its decoration style to a stable classical design, with dim lighting, dark brown wooden furniture, and a sense of privacy created by partitions. The feeling of walking in is not much different from that of Coucou, although the two differ by more than double in average order value.</p><p><b>From the perspective of industry competition, the upgrading path led by Coucou will especially face \"behemoth\" competitors like Haidilao. Whether it is brand, product or service, Coucou has a long way to go. At the same time, it will also face pressure from hot pot brands such as Banu, Baheli and Dayu. It will not be easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that starting in mid-March, various capitals began to sell off Xiabuxiabu in large quantities. Morgan Stanley reduced its stake in Xiabuxiabu from 9.25% to only 0.93%, and Hillhouse Capital, which had held the shares for six years, directly chose to liquidate its holdings.</p><p>Meanwhile, since the company only added 3 new stores in the first quarter of this year, Goldman Sachs has lowered its forecast for Coucou's store expansion in 2021-2023 from 80, 76, and 81 to 60, 65, and 65, respectively. Based on the decline in Coucou's contribution forecast, it has also lowered its net profit forecast for Xiabuxiabu in 2021-2023 by 2-6%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-23 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the Lunar New Year, hot pot restaurants suffered from poor performance; After the Lunar New Year, the stock prices of hot pot restaurants suffered</p><p>Starting from the last trading day before the Spring Festival, whether it's \"service-oriented\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It's still \"priceism\".<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock prices have all been halved.</p><p>However, judging from the trend, Haidilao is showing signs of stabilization and rebound, while Xiabuxiabu is still mired in quagmire.</p><p>As of the market close on April 22, Haidilao continued its recovery, with its share price rising 1.1% to close at HK$51.5 per share. Xiabuxiabu shares fell 1.82% that day, closing at HK$11.88 per share. On the 19th, Xiabuxiabu's stock price plummeted by 14.91%.</p><p>Compared to its historical peak of HK$27.15 per share on February 11, Xiabuxiabu's stock price plummeted by 56.24% in less than two and a half months, wiping out more than HK$40 billion in market value, while the Hang Seng Index declined by only 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>If something happens suddenly, there must be Through market news and financial report data, Node Finance delves into the essence of Xiabuxiabu's \"causing trouble\".</p><p><b>/ 01 /</b></p><p><b>The \"commander\" ran away.</b></p><p><b>Both revenue and profit declined.</b></p><p>In terms of news, the departure of Coucou's \"commander\" may be the main reason for the recent sharp drop in Xiabuxiabu's stock price.</p><p>Last weekend, media outlets reported that Zhang Zhenwei, CEO of Coucou, a rapidly growing Taiwanese hot pot brand under Xiabuxiabu, had resigned. This news has now been confirmed by Xiabuxiabu.</p><p>As the \"commander\" who single-handedly led Coucou's growth, Zhang Zhenwei's departure has a significant impact on the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The report stated, \"Zhang Zhenwei has strong execution capabilities, especially in store expansion. Investors should be aware of the risks associated with the departure of the CEO of Coucou, as a timetable for changing positions has not yet been provided.\"</p><p>According to Node Finance, the deeper reason can be attributed to performance.</p><p>In 2020, given the unique circumstances, the hot pot industry, which values atmosphere and enjoys a lively atmosphere, is like a withered fish with a dried-up track.</p><p>Financial reports show that Xiabuxiabu achieved operating revenue of 5.45 billion yuan in 2020, a year-on-year decrease of 9.5%; Adjusted net profit was 131 million yuan, a year-on-year decrease of 67.1%; Profit attributable to shareholders was RMB 1.837 million, a year-on-year decrease of 99.36%.</p><p><img src=\"https://static.tigerbbs.com/29ccdfa284bbb9ccbd5ce7379715bae0\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Company financial reports</b></p><p>Compared to Haidilao's increased revenue but decreased profit (revenue growth of 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of a decline in both revenue and net profit at Xiabuxiabu is even more severe.</p><p>Looking at different business segments, the main brand, namely the well-known mass-market brand Xiabuxiabu, the upgraded high-end brand Coucou, and the condiments sector, performed differently.</p><p>In 2020, Xiabuxiabu restaurants achieved revenue of RMB 3.46 billion, a year-on-year decrease of 25.9%, accounting for approximately 64.2% of total revenue and being the Group's main source of revenue.</p><p><b>Node Finance noted that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic was more severe last year, which may be one of the factors leading to its shrinking profits.</b></p><p><b>However, due to measures such as optimizing the product portfolio, regularly launching new products, and increasing sales of delivery and advanced products, the average spending per customer of Xiabuxiabu increased from RMB 55.8 in 2019 to RMB 62.3 in 2020.</b></p><p><b>To put it bluntly, the price has gone up.</b></p><p>As a long-time customer of Xiabuxiabu, I deeply understand that in the past, 120 yuan was enough for two people to eat hot pot at Xiabuxiabu, but now even 140 yuan is barely enough. Many dishes have quietly become more expensive or the portions have been quietly reduced. According to Dianping, the average spending per person at Xiabuxiabu-related stores has reached 66 yuan.</p><p>Another hot pot brand, Coucou, achieved revenue of RMB 1.689 billion in 2020, an increase of 40.75% year-on-year, accounting for 30.99% of the group's total revenue. However, due to increased promotional discounts during the pandemic, its per capita consumption decreased from 131.5 yuan in 2019 to 126.6 yuan, and same-store sales reached 964 million yuan, a year-on-year decrease of 9.5%.</p><p>Coucou's efforts have been recognized for achieving such results in the cold year of 2020.</p><p>As Goldman Sachs stated, \"Coucou Catering has been a major growth driver for Xiabuxiabu in recent years. Since the COVID-19 pandemic was brought under control, Coucou Catering has recovered healthily and reached pre-pandemic levels in March of this year. The market also expects Coucou Catering to maintain strong expansion potential in the coming years.\"</p><p><b>However, to a certain extent, it is precisely because Coucou's contribution to Xiabuxiabu's performance is increasing that the departure of the \"commander\" inevitably makes the market worry about its future development, which in turn affects the valuation structure.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The condiment business, which started in the third quarter of 2018, saw impressive growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB 1.478 billion, a significant increase of 65% compared to RMB 896 million in 2019.</p><p>Overall, except for the main brand Xiabuxiabu, which saw a decline in revenue, Xiabuxiabu's three major businesses all performed well.</p><p><b>/ 02 /</b></p><p><b>As more and more stores open, the seat turnover rate is decreasing.</b></p><p>Xiabuxiabu originated in Taiwan and was founded in Beijing in 1998. In the early years, the independent mini-hot pot model did not make Xiabuxiabu an overnight sensation. Instead, it teetered on the brink of bankruptcy. It is said that at its worst, it only sold three pots a day.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot, with its inherent gene of separate meals, became the first choice for consumers to dine out. Xiabuxiabu took advantage of the momentum to launch the slogan \"One pot per person, you can't get SARS\", and instantly became the \"chosen one\" in the market, once setting a record of 2,000 customers per day.</p><p>Since then, Xiabuxiabu's operations have been on the right track, and it successfully went public in Hong Kong at the end of 2014, embarking on its expansion journey.</p><p>According to its financial report, from 2014 to 2020, the number of Xiabuxiabu stores increased from 452 to 1,061, with 86, 100, 112, 155, 195, 243 and 129 new stores opened respectively. Except for 2020, which was interrupted by the pandemic, the number of new stores increased year by year.</p><p><b>However, as the frequency of opening stores increases and the number of stores increases, Xiabuxiabu's seat turnover rate has been declining.</b></p><p><b>From 2014 to 2020, Xiabuxiabu's seat turnover rates were 3.8 times, 3.4 times, 3.4 times, 3.3 times, 2.8 times, 2.6 times, and 2.3 times, respectively.</b></p><p>Specifically, in 2020, Xiabuxiabu's seat turnover rates in first-, second-, and third-tier cities were 2.7 times, 2.1 times, and 2 times, respectively. Compared to 3.3 times, 2.3 times, and 2 times in 2019, the seat turnover rate in first-tier cities declined significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The seat turnover rate is calculated by dividing the revenue generated from restaurant catering sales during the year by the total number of restaurant customers during the year, indicating the table reuse rate and reflecting the strength of profitability.</p><p>For example, a table for four can only have a double table turnover rate if the table is full of four people. If two people are dining, the table turnover rate is only 0.5 times; If one person dines, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that no catering company can avoid, and it is also one of the most important indicators for evaluating a restaurant's operating condition. A high seat turnover rate means that seat turnover can be increased within limited space and limited business hours, and revenue will increase exponentially, and vice versa.</p><p>In response to the repeated declines in seat turnover rates, Xiabuxiabu CEO Zhao Yi previously stated in a media interview that the decline in seat turnover rates was related to expansion and increased density after listing.</p><p>Coucou's seat turnover rate followed the same trend. From 2017 to 2020, Coucou opened 21, 48, 54, and 38 new stores, respectively. By the end of 2020, Coucou had 140 stores, with a seat turnover rate of 2.5 times, a decrease of 0.4 times compared to 2019.</p><p><b>Based on the aforementioned fact that Coucou Restaurant's per capita spending and same-store sales declined year-on-year, Node Finance believes that Coucou's growth is most likely due to new incremental growth achieved through store expansion.</b></p><p>Compared to Haidilao, which is also listed on the H-share market, its seat turnover rate dropped from 5% in 2018 to 4.8% in 2019, and further to 3.5% in 2020. Although it also declined significantly, it was still higher than Xiabuxiabu and Coucou.</p><p>Regarding its store opening plan for 2021, Xiabuxiabu stated that it will continue to maintain its expansion speed. The Xiabuxiabu brand will focus on East China and South China, while the Coucou brand will expand into second- and third-tier cities while increasing its presence in first-tier cities.</p><p><b>There is an unwritten rule in both the retail and catering industries: expansion will cause the number of customers to be \"averaged out\". If there are too many stores, there will be \"clashes within the same room,\" resulting in a decline in single-store revenue in the retail industry and a decrease in table turnover in the catering industry. However, if the expansion is moderate, total revenue will still increase.</b></p><p>How to maintain this \"moderation\" is something Xiabuxiabu needs to consider.</p><p><b>/ 03 /</b></p><p><b>The road to transformation is long</b></p><p><b>Is it difficult for Xiabuxiabu to \"boil over\"?</b></p><p>After a long period of popularity, the \"short, cheap, and fast\" casual hot pot began to show signs of weakness in 2015.</p><p>In response to the major trend of consumption upgrading and the development bottlenecks of affordable hot pot, Xiabuxiabu launched a transformation plan from fast food to light luxury formal dining in 2016. It launched the Coucou Party Restaurant, which is positioned in the mid-to-high end, introduced a tea bar, and focused on a new format of hot pot + tea break. The target consumers shifted from those with an average order value of 40 yuan to those with an average order value of 200 yuan.</p><p>From the very beginning, Coucou formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"Over the past four years, Coucou has opened a new store every 11 days on average, setting a record for the fastest growth rate of directly operated catering stores.\"</p><p>Through differentiated operations and nationwide expansion, Coucou's revenue increased from RMB 117 million in 2017 to RMB 1.689 billion in 2020, and its revenue share increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a \"major player\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>However, it may be too early to believe that Xiabuxiabu's transformation path is successful.</p><p><b>A review of financial reports by Node Finance revealed that since the upgrade, Xiabuxiabu's net profit has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020, indicating that the transformation path does not seem to be smooth.</b></p><p><img src=\"https://static.tigerbbs.com/7ff78532885b2d10d098369f6ad4d776\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>In addition, Coucou, which shoulders the important responsibility of opening up Xiabuxiabu's second profit curve and seizing market share in the mid-to-high-end market, also faces the risk of \"poaching talent\".</p><p>In recent years, in order to make the brand more refined, casual, and artistic, Xiabuxiabu has been working hard on various elements such as store image, product structure, tea drinks, environment, and service, attempting to improve customer experience and brand awareness through new store reshaping.</p><p>However, the upgraded Xiabuxiabu stores are increasingly resembling their \"good brother\" Coucou.</p><p>For example, a certain Xiabuxiabu store in Beijing has changed its decoration style to a stable classical design, with dim lighting, dark brown wooden furniture, and a sense of privacy created by partitions. The feeling of walking in is not much different from that of Coucou, although the two differ by more than double in average order value.</p><p><b>From the perspective of industry competition, the upgrading path led by Coucou will especially face \"behemoth\" competitors like Haidilao. Whether it is brand, product or service, Coucou has a long way to go. At the same time, it will also face pressure from hot pot brands such as Banu, Baheli and Dayu. It will not be easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that starting in mid-March, various capitals began to sell off Xiabuxiabu in large quantities. Morgan Stanley reduced its stake in Xiabuxiabu from 9.25% to only 0.93%, and Hillhouse Capital, which had held the shares for six years, directly chose to liquidate its holdings.</p><p>Meanwhile, since the company only added 3 new stores in the first quarter of this year, Goldman Sachs has lowered its forecast for Coucou's store expansion in 2021-2023 from 80, 76, and 81 to 60, 65, and 65, respectively. Based on the decline in Coucou's contribution forecast, it has also lowered its net profit forecast for Xiabuxiabu in 2021-2023 by 2-6%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6c2b3f524d36890527396679841a0a49","relate_stocks":{"00520":"呷哺呷哺"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122556033","content_text":"年前，火锅们惨的是业绩；年后，火锅们惨的是股价。\n从春节前的最后一个交易日算起，无论是“服务主义”的海底捞还是“价格主义”的呷哺呷哺，股价均已达到了腰斩的程度。\n但从走势来看，海底捞有企稳反弹迹象，呷哺呷哺仍然深陷泥淖。\n截至4月22日收盘，海底捞继续复苏的样子，股价上涨1.1%，收于51.5港元/股。呷哺呷哺则在当天下跌1.82%，收盘于11.88港元/股。此前的19日，呷哺呷哺更是一度大跌14.91%。\n相较2月11日27.15港元/股的历史峰值，不到两个半月的时间，呷哺呷哺股价深跌56.24%，市值蒸发400多亿港元，而恒指仅下滑7%。\n\n事发突然必有妖。透过市场消息和财报数据，节点财经来深扒呷哺呷哺“作妖”的本质。\n/ 01 /\n凑凑“指挥官”出走\n营收、利润双降\n消息面上，凑凑“指挥官”出走或是此番呷哺呷哺股价大跌的主要诱因。\n上周末，有媒体爆出呷哺呷哺旗下发展势头迅猛的台式火锅品牌凑凑CEO张振纬已经离职，目前该消息也得到了呷哺呷哺的确认。\n作为一手带领凑凑成长的“指挥官”，张振纬离职动关大局。高盛发表报告称，“张振纬执行力强劲，尤其是在门店扩张方面。投资者需要注意凑凑CEO离职的相关风险，因为尚未提供更换职位的时间表。”\n更深层次的原因，节点财经认为还要归因于业绩。\n特殊背景下的2020年，讲究氛围，喜欢热闹的火锅业如枯鱼涸辙。\n财报显示，2020年呷哺呷哺实现营业收入54.5亿元，同比下滑9.5%；经调整纯利1.31亿元，同比下滑67.1%；股东应占溢利183.7万元，同比下降99.36%。\n\n数据来源：公司财报\n相比海底捞的增收不增利（营收增长7.75%，股东应占溢利下降86.81%），呷哺呷哺营收和净利双降的现实更加惨烈。\n分业务看，主品牌，即消费者熟知的大众品牌呷哺呷哺、升级高端品牌凑凑、调味品三大板块表现各异。\n其中，2020年全年呷哺呷哺餐厅实现收入34.6亿元，同比减少25.9%，占总收入比重约64.2%，为集团主要收入来源。\n节点财经注意到，呷哺呷哺大多数餐厅集中在华北地区，特别是去年疫情较为严重的北京、天津、河北等地，这或许是导致其盈利缩水的因素之一。\n不过，因为优化产品组合、定期推出新产品，提升外送及先产品销量等措施，呷哺呷哺顾客人均消费由2019年的55.8元上升至2020年的62.3元。\n直白点说就是涨价了。\n小编作为呷哺呷哺的老熟客，深切地体会到，以前在呷哺吃火锅，两个人120元足够，现在140元都够呛，不少菜品都默默地变贵了，或者悄悄地减量了。大众点评介绍中，呷哺呷哺相关门店人均消费已经高达66元。\n另一火锅品牌凑凑2020年实现收入16.89亿元，同比增加40.75%，占集团总收入比重上升到30.99%。但受疫情期间加大促销折扣力度所致，其人均消费额由2019年的131.5元下降至126.6元，同店销售额9.64亿元，同比下滑9.5%。\n在寒冷的2020年能有如此成绩，凑凑的努力得到了认可。\n正如高盛所言，“近年来凑凑餐饮为呷哺呷哺主要的增长动力，凑凑餐饮自新冠疫情受控后健康复苏，在今年3月达到了疫情之前的水平。市场亦预期凑凑餐饮于未来数年保持强劲的扩张空间。”\n但在一定程度上，正是因为凑凑对呷哺呷哺业绩的贡献值越来越高，“指挥官”离职难免让市场忧虑其后续发展，进而影响到估值形态。\n\n数据来源：呷哺呷哺财报\n2018年三季度起步的调味品业务，由于集团不断扩张销售渠道和推出新产品，2020年涨势喜人，录得销售额14.78亿元，较2019年的8.96亿元大幅增加65%。\n总的来说，呷哺呷哺的三大业务除了主打品牌呷哺呷哺收入下降，其他两大业务均表现良好。\n/ 02 /\n店越开越多，翻座率越来越低\n呷哺呷哺源自中国台湾，1998年创立于北京。在最初几年，自主小火锅模式并没有让呷哺呷哺一炮走红，反而徘徊在倒闭边缘，据说最惨的时候一天只卖掉3锅。\n直到2003年，非典造就难得机遇，自带分餐制基因的一人火锅成为消费者外出就餐的首选，呷哺呷哺乘势打出“一人一锅，非典染不上”的口号，瞬间晋升为市场的“天选之子”，一度创出日客流量2000位的就餐记录。\n从那之后，呷哺呷哺的经营走上了正轨，并于2014年底成功赴港上市，开启扩张之路。\n据其财报显示，2014年-2020年，呷哺呷哺的门店数量由452家增加到了1061家，新开店数量分别为86家、100家、112家、155家、195家、243家、129家，除了被疫情打断的2020年，一年比一年多。\n然而，伴随着开店频率越来越高，门店数量越来越多，呷哺呷哺的翻座率却一路下跌。\n2014年至2020年，呷哺呷哺的翻座率分别为3.8倍、3.4倍、3.4倍、3.3倍、2.8倍、2.6倍、2.3倍。\n具体到2020年，呷哺呷哺在一、二、三线城市对应翻座率 2.7倍、2.1倍、2倍，对比2019年的 3.3 倍、2.3 倍、2倍，一线城市翻座率下滑较大。\n\n数据来源：呷哺呷哺财报\n翻座率的计算方式，以年内餐厅餐饮销售所得收入除以年内餐厅顾客总流量，表示餐桌重复使用率，映射出赚钱能力的强弱。\n举个例子，一张4人桌，只有当桌子坐满4个人，才能叫1倍翻台率；如果2人就餐，翻台率就只有0.5倍；如果1人就餐，翻台率就只有0.25倍。\n一般来说，翻座率是任何餐饮企业都绕不开的一个话题，也是考察餐厅经营状况的最重要的指标之一。翻座率高，意味着能在有限的空间和有限的营业时间内，让座位的流动率提高，营收也会成倍提升，反之亦然。\n针对一降再降的翻座率，此前呷哺呷哺CEO赵怡曾在接受媒体采访时表示，翻座率的下降与上市后进行扩张和加密有关。\n凑凑的翻座率呈同样走势。2017年-2020年，凑凑新开店数量分别为21家、48家、54家、38家。截至2020年底，凑凑共有140家门店，翻座率为2.5倍，较2019下降0.4倍。\n结合前述凑凑餐厅人均消费和同店销售额同比下滑的事实，节点财经认为凑凑的增长大概率还是靠门店的扩张而做出的新的增量。\n对比同样于H股上市的海底捞，其翻座率由2018年的5下降至2019年的4.8，并进一步降至2020年的3.5，虽然也下滑了不少，但仍高于呷哺呷哺和凑凑。\n对于2021年开店计划，呷哺呷哺表示将继续保持扩张速度，呷哺呷哺品牌重点布局华东、华南等地区，凑凑品牌在一线城市加密的基础上，进行二、三线城市下沉。\n零售业和餐饮业都有一条不成文的规律，扩张会造成来客数“被平均”。如果开店过密，就会“同室操戈”，零售业出现单店营收下降，餐饮业出现翻台率下降。但是，如果扩张适度，总营收还是会上升。\n如何才能把握好这个“适度”，是呷哺呷哺需要考虑的。\n/ 03 /\n转型路漫漫长\n呷哺呷哺难“沸腾”？\n“短、平、快”的休闲小火锅在经历了很长一段时间的火爆之后，2015年开始呈现疲软的迹象。\n面对消费升级大趋势，以及平价火锅的发展瓶颈，呷哺呷哺在2016年启动从快餐向轻奢正餐转型的计划，推出定位中高端的凑凑聚会餐厅，引入茶饮吧台，主打火锅+茶歇新形式，目标消费者从客单价40元的人群转移至客单价200元的人群。\n一开始，凑凑就制定“快速发展”的品牌战略。按照张振纬在今年“中国餐饮创新大会”上的分享，“过去4年，凑凑平均每11天开一家新店，创下了餐饮直营门店最快的增速。”\n通过差异化运营和全国扩张，凑凑赚取的收入从2017年的1.17亿元提升至2020年的16.89亿元，收入占比从2017年的0.32%提升至2020年的超过30%，逐渐成长为一个“挑大梁”的角色。\n\n数据来源：呷哺呷哺财报\n但就此认为呷哺呷哺的转型之路就是成功的或为时尚早。\n节点财经查阅财报发现，自打升级之后，呷哺呷哺的净利润就在不断下滑，从2018年的4.62亿元减少至2020年的183.70万元，转型之路似乎并不顺畅。\n\n数据来源：呷哺呷哺财报\n另外，肩负开辟呷哺呷哺第二条盈利曲线和抢夺中高端市场份额重任的凑凑还面临“挖墙脚”的风险。\n近年来，为了把品牌往精致化、休闲化、文艺化打造，呷哺呷哺品牌针对门店形象、产品结构、茶饮、环境、服务等各要素苦练功夫，试图通过新店整型来提升顾客体验和品牌认知。\n但升级后的呷哺呷哺门店，却与“好兄弟”凑凑愈长愈像。\n比如北京某呷哺门店，装修风格改为稳重的古典设计，昏暗的灯光，深棕色木质家具，隔断隔出的私密感，走进去的感觉和凑凑并无太大区别，虽然二者在客单价上面相差了一倍多。\n从行业竞争形势来看，以凑凑为主的升级之路尤其要面临海底捞这样的“巨无霸”对手，无论是品牌、产品，还是服务，凑凑都有更长的路要走，同时还要面临巴奴、八合里、大渝等火锅品牌的挤压，呷哺呷哺要想整体“沸腾”起来并不容易。\n值得回味的是，从3月中旬开始，各路资本开始大举抛售呷哺呷哺，大摩对呷哺呷哺的持股比例从9.25%减持到只剩0.93%，持仓长达6年的高瓴资本直接选择清仓。\n与此同时，由于公司今年首季仅新增加3家门店，高盛将凑凑2021-2023年门店扩张数量预期由80家、76家、81家下调至60家、65家、65家，并基于凑凑贡献预期下滑，将呷哺呷哺2021-2023年净利润预测下调2-6%。","news_type":1,"symbols_score_info":{"00520":0.9}},"isVote":1,"tweetType":1,"viewCount":5672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340596028,"gmtCreate":1617427191664,"gmtModify":1704699628962,"author":{"id":"3552273487943983","authorId":"3552273487943983","name":"海边的风","avatar":"https://static.tigerbbs.com/f185ca320f1804dd360c6b2ff607fb05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3552273487943983","authorIdStr":"3552273487943983"},"themes":[],"title":"","htmlText":"Yup","listText":"Yup","text":"Yup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340596028","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":4177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":101812013,"gmtCreate":1619876069332,"gmtModify":1704335973570,"author":{"id":"3552273487943983","authorId":"3552273487943983","name":"海边的风","avatar":"https://static.tigerbbs.com/f185ca320f1804dd360c6b2ff607fb05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3552273487943983","authorIdStr":"3552273487943983"},"themes":[],"title":"","htmlText":"[OK] ","listText":"[OK] ","text":"[OK]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/101812013","repostId":"1170908014","repostType":4,"repost":{"id":"1170908014","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618906754,"share":"https://ttm.financial/m/news/1170908014?lang=en_US&edition=fundamental","pubTime":"2021-04-20 16:19","market":"us","language":"zh","title":"Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170908014","media":"老虎资讯综合","summary":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，","content":"<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: A-shares will be closed for three days on May Day, while Hong Kong and US stocks will trade as usual.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-04-20 16:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The May Day holiday is just around the corner, and it's worth mentioning that this year's May Day holiday will continue for five consecutive days. The stock market arrangements for the May Day holiday are also a focus of attention for investors. Let's take a look at how many days the stock market will be closed for the May Day holiday in 2021.<img src=\"https://static.tigerbbs.com/9dcfc9f46149ed58e89371cfb512c504\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\"><b>A-shares:</b></p><p>The market will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong stocks:</b></p><p>Trade as usual.</p><p><b>US stocks:</b></p><p>Trade as usual.</p><p><b>UK stocks:</b></p><p>May 3rd (Monday) is Bank holiday, a traditional British holiday, and the UK stock market will be closed for one day.</p><p><b>Singapore Market:</b></p><p>Trade as usual.</p><p><b>Australian market:</b></p><p>Trade as usual.</p><p><b>Shanghai-Hong Kong Stock Connect and Shenzhen-Hong</b></p><p>It will be closed from May 1st (Saturday) to May 5th (Wednesday), and will reopen as usual from May 6th (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>It will be closed from April 29 (Thursday) to May 5 (Wednesday), and will reopen as usual from May 6 (Thursday).</p><p>Wishing all our most beautiful workers a happy, peaceful, and joyful May Day!<img src=\"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9\" tg-width=\"674\" tg-height=\"399\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/703fdb4d8b073167b0b526575917e6b9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170908014","content_text":"五一小长假即将要来临了，值得一提的是，今年五一劳动节继续连休五天。关于五一股市安排方面，也是投资者们关注的焦点，下面一起来看看2021年五一股市休市几天？A股：5月1日（周六）至5月5日（周三）休市，5月6日（周四）起照常开市。港股：照常交易。美股：照常交易。英股：5月3日（周一）为英国传统节日Bank holiday，英股休市一日新加坡市场：照常交易。澳大利亚市场：照常交易。沪股通、深股通：5月1日（周六）至5月5日（周三）关闭，5月6日（周四）起照常开通。港股通：4月29日（周四）至5月5日（周三）关闭，5月6日（周四）起照常开通。祝各位最美劳动者五一节日快乐，平安喜乐！","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372095026,"gmtCreate":1619155466565,"gmtModify":1704720509481,"author":{"id":"3552273487943983","authorId":"3552273487943983","name":"海边的风","avatar":"https://static.tigerbbs.com/f185ca320f1804dd360c6b2ff607fb05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3552273487943983","authorIdStr":"3552273487943983"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/372095026","repostId":"1122556033","repostType":4,"repost":{"id":"1122556033","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1619151436,"share":"https://ttm.financial/m/news/1122556033?lang=en_US&edition=fundamental","pubTime":"2021-04-23 12:17","market":"hk","language":"zh","title":"Xiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.","url":"https://stock-news.laohu8.com/highlight/detail?id=1122556033","media":"节点财经","summary":"年前，火锅们惨的是业绩；年后，火锅们惨的是股价。\n从春节前的最后一个交易日算起，无论是“服务主义”的海底捞还是“价格主义”的呷哺呷哺，股价均已达到了腰斩的程度。\n但从走势来看，海底捞有企稳反弹迹象，呷","content":"<p>Before the Lunar New Year, hot pot restaurants suffered from poor performance; After the Lunar New Year, the stock prices of hot pot restaurants suffered</p><p>Starting from the last trading day before the Spring Festival, whether it's \"service-oriented\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It's still \"priceism\".<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock prices have all been halved.</p><p>However, judging from the trend, Haidilao is showing signs of stabilization and rebound, while Xiabuxiabu is still mired in quagmire.</p><p>As of the market close on April 22, Haidilao continued its recovery, with its share price rising 1.1% to close at HK$51.5 per share. Xiabuxiabu shares fell 1.82% that day, closing at HK$11.88 per share. On the 19th, Xiabuxiabu's stock price plummeted by 14.91%.</p><p>Compared to its historical peak of HK$27.15 per share on February 11, Xiabuxiabu's stock price plummeted by 56.24% in less than two and a half months, wiping out more than HK$40 billion in market value, while the Hang Seng Index declined by only 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>If something happens suddenly, there must be Through market news and financial report data, Node Finance delves into the essence of Xiabuxiabu's \"causing trouble\".</p><p><b>/ 01 /</b></p><p><b>The \"commander\" ran away.</b></p><p><b>Both revenue and profit declined.</b></p><p>In terms of news, the departure of Coucou's \"commander\" may be the main reason for the recent sharp drop in Xiabuxiabu's stock price.</p><p>Last weekend, media outlets reported that Zhang Zhenwei, CEO of Coucou, a rapidly growing Taiwanese hot pot brand under Xiabuxiabu, had resigned. This news has now been confirmed by Xiabuxiabu.</p><p>As the \"commander\" who single-handedly led Coucou's growth, Zhang Zhenwei's departure has a significant impact on the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The report stated, \"Zhang Zhenwei has strong execution capabilities, especially in store expansion. Investors should be aware of the risks associated with the departure of the CEO of Coucou, as a timetable for changing positions has not yet been provided.\"</p><p>According to Node Finance, the deeper reason can be attributed to performance.</p><p>In 2020, given the unique circumstances, the hot pot industry, which values atmosphere and enjoys a lively atmosphere, is like a withered fish with a dried-up track.</p><p>Financial reports show that Xiabuxiabu achieved operating revenue of 5.45 billion yuan in 2020, a year-on-year decrease of 9.5%; Adjusted net profit was 131 million yuan, a year-on-year decrease of 67.1%; Profit attributable to shareholders was RMB 1.837 million, a year-on-year decrease of 99.36%.</p><p><img src=\"https://static.tigerbbs.com/29ccdfa284bbb9ccbd5ce7379715bae0\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Company financial reports</b></p><p>Compared to Haidilao's increased revenue but decreased profit (revenue growth of 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of a decline in both revenue and net profit at Xiabuxiabu is even more severe.</p><p>Looking at different business segments, the main brand, namely the well-known mass-market brand Xiabuxiabu, the upgraded high-end brand Coucou, and the condiments sector, performed differently.</p><p>In 2020, Xiabuxiabu restaurants achieved revenue of RMB 3.46 billion, a year-on-year decrease of 25.9%, accounting for approximately 64.2% of total revenue and being the Group's main source of revenue.</p><p><b>Node Finance noted that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic was more severe last year, which may be one of the factors leading to its shrinking profits.</b></p><p><b>However, due to measures such as optimizing the product portfolio, regularly launching new products, and increasing sales of delivery and advanced products, the average spending per customer of Xiabuxiabu increased from RMB 55.8 in 2019 to RMB 62.3 in 2020.</b></p><p><b>To put it bluntly, the price has gone up.</b></p><p>As a long-time customer of Xiabuxiabu, I deeply understand that in the past, 120 yuan was enough for two people to eat hot pot at Xiabuxiabu, but now even 140 yuan is barely enough. Many dishes have quietly become more expensive or the portions have been quietly reduced. According to Dianping, the average spending per person at Xiabuxiabu-related stores has reached 66 yuan.</p><p>Another hot pot brand, Coucou, achieved revenue of RMB 1.689 billion in 2020, an increase of 40.75% year-on-year, accounting for 30.99% of the group's total revenue. However, due to increased promotional discounts during the pandemic, its per capita consumption decreased from 131.5 yuan in 2019 to 126.6 yuan, and same-store sales reached 964 million yuan, a year-on-year decrease of 9.5%.</p><p>Coucou's efforts have been recognized for achieving such results in the cold year of 2020.</p><p>As Goldman Sachs stated, \"Coucou Catering has been a major growth driver for Xiabuxiabu in recent years. Since the COVID-19 pandemic was brought under control, Coucou Catering has recovered healthily and reached pre-pandemic levels in March of this year. The market also expects Coucou Catering to maintain strong expansion potential in the coming years.\"</p><p><b>However, to a certain extent, it is precisely because Coucou's contribution to Xiabuxiabu's performance is increasing that the departure of the \"commander\" inevitably makes the market worry about its future development, which in turn affects the valuation structure.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The condiment business, which started in the third quarter of 2018, saw impressive growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB 1.478 billion, a significant increase of 65% compared to RMB 896 million in 2019.</p><p>Overall, except for the main brand Xiabuxiabu, which saw a decline in revenue, Xiabuxiabu's three major businesses all performed well.</p><p><b>/ 02 /</b></p><p><b>As more and more stores open, the seat turnover rate is decreasing.</b></p><p>Xiabuxiabu originated in Taiwan and was founded in Beijing in 1998. In the early years, the independent mini-hot pot model did not make Xiabuxiabu an overnight sensation. Instead, it teetered on the brink of bankruptcy. It is said that at its worst, it only sold three pots a day.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot, with its inherent gene of separate meals, became the first choice for consumers to dine out. Xiabuxiabu took advantage of the momentum to launch the slogan \"One pot per person, you can't get SARS\", and instantly became the \"chosen one\" in the market, once setting a record of 2,000 customers per day.</p><p>Since then, Xiabuxiabu's operations have been on the right track, and it successfully went public in Hong Kong at the end of 2014, embarking on its expansion journey.</p><p>According to its financial report, from 2014 to 2020, the number of Xiabuxiabu stores increased from 452 to 1,061, with 86, 100, 112, 155, 195, 243 and 129 new stores opened respectively. Except for 2020, which was interrupted by the pandemic, the number of new stores increased year by year.</p><p><b>However, as the frequency of opening stores increases and the number of stores increases, Xiabuxiabu's seat turnover rate has been declining.</b></p><p><b>From 2014 to 2020, Xiabuxiabu's seat turnover rates were 3.8 times, 3.4 times, 3.4 times, 3.3 times, 2.8 times, 2.6 times, and 2.3 times, respectively.</b></p><p>Specifically, in 2020, Xiabuxiabu's seat turnover rates in first-, second-, and third-tier cities were 2.7 times, 2.1 times, and 2 times, respectively. Compared to 3.3 times, 2.3 times, and 2 times in 2019, the seat turnover rate in first-tier cities declined significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The seat turnover rate is calculated by dividing the revenue generated from restaurant catering sales during the year by the total number of restaurant customers during the year, indicating the table reuse rate and reflecting the strength of profitability.</p><p>For example, a table for four can only have a double table turnover rate if the table is full of four people. If two people are dining, the table turnover rate is only 0.5 times; If one person dines, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that no catering company can avoid, and it is also one of the most important indicators for evaluating a restaurant's operating condition. A high seat turnover rate means that seat turnover can be increased within limited space and limited business hours, and revenue will increase exponentially, and vice versa.</p><p>In response to the repeated declines in seat turnover rates, Xiabuxiabu CEO Zhao Yi previously stated in a media interview that the decline in seat turnover rates was related to expansion and increased density after listing.</p><p>Coucou's seat turnover rate followed the same trend. From 2017 to 2020, Coucou opened 21, 48, 54, and 38 new stores, respectively. By the end of 2020, Coucou had 140 stores, with a seat turnover rate of 2.5 times, a decrease of 0.4 times compared to 2019.</p><p><b>Based on the aforementioned fact that Coucou Restaurant's per capita spending and same-store sales declined year-on-year, Node Finance believes that Coucou's growth is most likely due to new incremental growth achieved through store expansion.</b></p><p>Compared to Haidilao, which is also listed on the H-share market, its seat turnover rate dropped from 5% in 2018 to 4.8% in 2019, and further to 3.5% in 2020. Although it also declined significantly, it was still higher than Xiabuxiabu and Coucou.</p><p>Regarding its store opening plan for 2021, Xiabuxiabu stated that it will continue to maintain its expansion speed. The Xiabuxiabu brand will focus on East China and South China, while the Coucou brand will expand into second- and third-tier cities while increasing its presence in first-tier cities.</p><p><b>There is an unwritten rule in both the retail and catering industries: expansion will cause the number of customers to be \"averaged out\". If there are too many stores, there will be \"clashes within the same room,\" resulting in a decline in single-store revenue in the retail industry and a decrease in table turnover in the catering industry. However, if the expansion is moderate, total revenue will still increase.</b></p><p>How to maintain this \"moderation\" is something Xiabuxiabu needs to consider.</p><p><b>/ 03 /</b></p><p><b>The road to transformation is long</b></p><p><b>Is it difficult for Xiabuxiabu to \"boil over\"?</b></p><p>After a long period of popularity, the \"short, cheap, and fast\" casual hot pot began to show signs of weakness in 2015.</p><p>In response to the major trend of consumption upgrading and the development bottlenecks of affordable hot pot, Xiabuxiabu launched a transformation plan from fast food to light luxury formal dining in 2016. It launched the Coucou Party Restaurant, which is positioned in the mid-to-high end, introduced a tea bar, and focused on a new format of hot pot + tea break. The target consumers shifted from those with an average order value of 40 yuan to those with an average order value of 200 yuan.</p><p>From the very beginning, Coucou formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"Over the past four years, Coucou has opened a new store every 11 days on average, setting a record for the fastest growth rate of directly operated catering stores.\"</p><p>Through differentiated operations and nationwide expansion, Coucou's revenue increased from RMB 117 million in 2017 to RMB 1.689 billion in 2020, and its revenue share increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a \"major player\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>However, it may be too early to believe that Xiabuxiabu's transformation path is successful.</p><p><b>A review of financial reports by Node Finance revealed that since the upgrade, Xiabuxiabu's net profit has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020, indicating that the transformation path does not seem to be smooth.</b></p><p><img src=\"https://static.tigerbbs.com/7ff78532885b2d10d098369f6ad4d776\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>In addition, Coucou, which shoulders the important responsibility of opening up Xiabuxiabu's second profit curve and seizing market share in the mid-to-high-end market, also faces the risk of \"poaching talent\".</p><p>In recent years, in order to make the brand more refined, casual, and artistic, Xiabuxiabu has been working hard on various elements such as store image, product structure, tea drinks, environment, and service, attempting to improve customer experience and brand awareness through new store reshaping.</p><p>However, the upgraded Xiabuxiabu stores are increasingly resembling their \"good brother\" Coucou.</p><p>For example, a certain Xiabuxiabu store in Beijing has changed its decoration style to a stable classical design, with dim lighting, dark brown wooden furniture, and a sense of privacy created by partitions. The feeling of walking in is not much different from that of Coucou, although the two differ by more than double in average order value.</p><p><b>From the perspective of industry competition, the upgrading path led by Coucou will especially face \"behemoth\" competitors like Haidilao. Whether it is brand, product or service, Coucou has a long way to go. At the same time, it will also face pressure from hot pot brands such as Banu, Baheli and Dayu. It will not be easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that starting in mid-March, various capitals began to sell off Xiabuxiabu in large quantities. Morgan Stanley reduced its stake in Xiabuxiabu from 9.25% to only 0.93%, and Hillhouse Capital, which had held the shares for six years, directly chose to liquidate its holdings.</p><p>Meanwhile, since the company only added 3 new stores in the first quarter of this year, Goldman Sachs has lowered its forecast for Coucou's store expansion in 2021-2023 from 80, 76, and 81 to 60, 65, and 65, respectively. Based on the decline in Coucou's contribution forecast, it has also lowered its net profit forecast for Xiabuxiabu in 2021-2023 by 2-6%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Xiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nXiabuxiabu, whose stock price has halved: Boiling Mini Hot Pot requires serious consideration.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">节点财经 </p>\n<p class=\"h-time smaller\">2021-04-23 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the Lunar New Year, hot pot restaurants suffered from poor performance; After the Lunar New Year, the stock prices of hot pot restaurants suffered</p><p>Starting from the last trading day before the Spring Festival, whether it's \"service-oriented\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>It's still \"priceism\".<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock prices have all been halved.</p><p>However, judging from the trend, Haidilao is showing signs of stabilization and rebound, while Xiabuxiabu is still mired in quagmire.</p><p>As of the market close on April 22, Haidilao continued its recovery, with its share price rising 1.1% to close at HK$51.5 per share. Xiabuxiabu shares fell 1.82% that day, closing at HK$11.88 per share. On the 19th, Xiabuxiabu's stock price plummeted by 14.91%.</p><p>Compared to its historical peak of HK$27.15 per share on February 11, Xiabuxiabu's stock price plummeted by 56.24% in less than two and a half months, wiping out more than HK$40 billion in market value, while the Hang Seng Index declined by only 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>If something happens suddenly, there must be Through market news and financial report data, Node Finance delves into the essence of Xiabuxiabu's \"causing trouble\".</p><p><b>/ 01 /</b></p><p><b>The \"commander\" ran away.</b></p><p><b>Both revenue and profit declined.</b></p><p>In terms of news, the departure of Coucou's \"commander\" may be the main reason for the recent sharp drop in Xiabuxiabu's stock price.</p><p>Last weekend, media outlets reported that Zhang Zhenwei, CEO of Coucou, a rapidly growing Taiwanese hot pot brand under Xiabuxiabu, had resigned. This news has now been confirmed by Xiabuxiabu.</p><p>As the \"commander\" who single-handedly led Coucou's growth, Zhang Zhenwei's departure has a significant impact on the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The report stated, \"Zhang Zhenwei has strong execution capabilities, especially in store expansion. Investors should be aware of the risks associated with the departure of the CEO of Coucou, as a timetable for changing positions has not yet been provided.\"</p><p>According to Node Finance, the deeper reason can be attributed to performance.</p><p>In 2020, given the unique circumstances, the hot pot industry, which values atmosphere and enjoys a lively atmosphere, is like a withered fish with a dried-up track.</p><p>Financial reports show that Xiabuxiabu achieved operating revenue of 5.45 billion yuan in 2020, a year-on-year decrease of 9.5%; Adjusted net profit was 131 million yuan, a year-on-year decrease of 67.1%; Profit attributable to shareholders was RMB 1.837 million, a year-on-year decrease of 99.36%.</p><p><img src=\"https://static.tigerbbs.com/29ccdfa284bbb9ccbd5ce7379715bae0\" tg-width=\"1080\" tg-height=\"801\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Company financial reports</b></p><p>Compared to Haidilao's increased revenue but decreased profit (revenue growth of 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of a decline in both revenue and net profit at Xiabuxiabu is even more severe.</p><p>Looking at different business segments, the main brand, namely the well-known mass-market brand Xiabuxiabu, the upgraded high-end brand Coucou, and the condiments sector, performed differently.</p><p>In 2020, Xiabuxiabu restaurants achieved revenue of RMB 3.46 billion, a year-on-year decrease of 25.9%, accounting for approximately 64.2% of total revenue and being the Group's main source of revenue.</p><p><b>Node Finance noted that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic was more severe last year, which may be one of the factors leading to its shrinking profits.</b></p><p><b>However, due to measures such as optimizing the product portfolio, regularly launching new products, and increasing sales of delivery and advanced products, the average spending per customer of Xiabuxiabu increased from RMB 55.8 in 2019 to RMB 62.3 in 2020.</b></p><p><b>To put it bluntly, the price has gone up.</b></p><p>As a long-time customer of Xiabuxiabu, I deeply understand that in the past, 120 yuan was enough for two people to eat hot pot at Xiabuxiabu, but now even 140 yuan is barely enough. Many dishes have quietly become more expensive or the portions have been quietly reduced. According to Dianping, the average spending per person at Xiabuxiabu-related stores has reached 66 yuan.</p><p>Another hot pot brand, Coucou, achieved revenue of RMB 1.689 billion in 2020, an increase of 40.75% year-on-year, accounting for 30.99% of the group's total revenue. However, due to increased promotional discounts during the pandemic, its per capita consumption decreased from 131.5 yuan in 2019 to 126.6 yuan, and same-store sales reached 964 million yuan, a year-on-year decrease of 9.5%.</p><p>Coucou's efforts have been recognized for achieving such results in the cold year of 2020.</p><p>As Goldman Sachs stated, \"Coucou Catering has been a major growth driver for Xiabuxiabu in recent years. Since the COVID-19 pandemic was brought under control, Coucou Catering has recovered healthily and reached pre-pandemic levels in March of this year. The market also expects Coucou Catering to maintain strong expansion potential in the coming years.\"</p><p><b>However, to a certain extent, it is precisely because Coucou's contribution to Xiabuxiabu's performance is increasing that the departure of the \"commander\" inevitably makes the market worry about its future development, which in turn affects the valuation structure.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The condiment business, which started in the third quarter of 2018, saw impressive growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB 1.478 billion, a significant increase of 65% compared to RMB 896 million in 2019.</p><p>Overall, except for the main brand Xiabuxiabu, which saw a decline in revenue, Xiabuxiabu's three major businesses all performed well.</p><p><b>/ 02 /</b></p><p><b>As more and more stores open, the seat turnover rate is decreasing.</b></p><p>Xiabuxiabu originated in Taiwan and was founded in Beijing in 1998. In the early years, the independent mini-hot pot model did not make Xiabuxiabu an overnight sensation. Instead, it teetered on the brink of bankruptcy. It is said that at its worst, it only sold three pots a day.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot, with its inherent gene of separate meals, became the first choice for consumers to dine out. Xiabuxiabu took advantage of the momentum to launch the slogan \"One pot per person, you can't get SARS\", and instantly became the \"chosen one\" in the market, once setting a record of 2,000 customers per day.</p><p>Since then, Xiabuxiabu's operations have been on the right track, and it successfully went public in Hong Kong at the end of 2014, embarking on its expansion journey.</p><p>According to its financial report, from 2014 to 2020, the number of Xiabuxiabu stores increased from 452 to 1,061, with 86, 100, 112, 155, 195, 243 and 129 new stores opened respectively. Except for 2020, which was interrupted by the pandemic, the number of new stores increased year by year.</p><p><b>However, as the frequency of opening stores increases and the number of stores increases, Xiabuxiabu's seat turnover rate has been declining.</b></p><p><b>From 2014 to 2020, Xiabuxiabu's seat turnover rates were 3.8 times, 3.4 times, 3.4 times, 3.3 times, 2.8 times, 2.6 times, and 2.3 times, respectively.</b></p><p>Specifically, in 2020, Xiabuxiabu's seat turnover rates in first-, second-, and third-tier cities were 2.7 times, 2.1 times, and 2 times, respectively. Compared to 3.3 times, 2.3 times, and 2 times in 2019, the seat turnover rate in first-tier cities declined significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>The seat turnover rate is calculated by dividing the revenue generated from restaurant catering sales during the year by the total number of restaurant customers during the year, indicating the table reuse rate and reflecting the strength of profitability.</p><p>For example, a table for four can only have a double table turnover rate if the table is full of four people. If two people are dining, the table turnover rate is only 0.5 times; If one person dines, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that no catering company can avoid, and it is also one of the most important indicators for evaluating a restaurant's operating condition. A high seat turnover rate means that seat turnover can be increased within limited space and limited business hours, and revenue will increase exponentially, and vice versa.</p><p>In response to the repeated declines in seat turnover rates, Xiabuxiabu CEO Zhao Yi previously stated in a media interview that the decline in seat turnover rates was related to expansion and increased density after listing.</p><p>Coucou's seat turnover rate followed the same trend. From 2017 to 2020, Coucou opened 21, 48, 54, and 38 new stores, respectively. By the end of 2020, Coucou had 140 stores, with a seat turnover rate of 2.5 times, a decrease of 0.4 times compared to 2019.</p><p><b>Based on the aforementioned fact that Coucou Restaurant's per capita spending and same-store sales declined year-on-year, Node Finance believes that Coucou's growth is most likely due to new incremental growth achieved through store expansion.</b></p><p>Compared to Haidilao, which is also listed on the H-share market, its seat turnover rate dropped from 5% in 2018 to 4.8% in 2019, and further to 3.5% in 2020. Although it also declined significantly, it was still higher than Xiabuxiabu and Coucou.</p><p>Regarding its store opening plan for 2021, Xiabuxiabu stated that it will continue to maintain its expansion speed. The Xiabuxiabu brand will focus on East China and South China, while the Coucou brand will expand into second- and third-tier cities while increasing its presence in first-tier cities.</p><p><b>There is an unwritten rule in both the retail and catering industries: expansion will cause the number of customers to be \"averaged out\". If there are too many stores, there will be \"clashes within the same room,\" resulting in a decline in single-store revenue in the retail industry and a decrease in table turnover in the catering industry. However, if the expansion is moderate, total revenue will still increase.</b></p><p>How to maintain this \"moderation\" is something Xiabuxiabu needs to consider.</p><p><b>/ 03 /</b></p><p><b>The road to transformation is long</b></p><p><b>Is it difficult for Xiabuxiabu to \"boil over\"?</b></p><p>After a long period of popularity, the \"short, cheap, and fast\" casual hot pot began to show signs of weakness in 2015.</p><p>In response to the major trend of consumption upgrading and the development bottlenecks of affordable hot pot, Xiabuxiabu launched a transformation plan from fast food to light luxury formal dining in 2016. It launched the Coucou Party Restaurant, which is positioned in the mid-to-high end, introduced a tea bar, and focused on a new format of hot pot + tea break. The target consumers shifted from those with an average order value of 40 yuan to those with an average order value of 200 yuan.</p><p>From the very beginning, Coucou formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"Over the past four years, Coucou has opened a new store every 11 days on average, setting a record for the fastest growth rate of directly operated catering stores.\"</p><p>Through differentiated operations and nationwide expansion, Coucou's revenue increased from RMB 117 million in 2017 to RMB 1.689 billion in 2020, and its revenue share increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a \"major player\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>However, it may be too early to believe that Xiabuxiabu's transformation path is successful.</p><p><b>A review of financial reports by Node Finance revealed that since the upgrade, Xiabuxiabu's net profit has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020, indicating that the transformation path does not seem to be smooth.</b></p><p><img src=\"https://static.tigerbbs.com/7ff78532885b2d10d098369f6ad4d776\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Data source: Xiabuxiabu financial report</b></p><p>In addition, Coucou, which shoulders the important responsibility of opening up Xiabuxiabu's second profit curve and seizing market share in the mid-to-high-end market, also faces the risk of \"poaching talent\".</p><p>In recent years, in order to make the brand more refined, casual, and artistic, Xiabuxiabu has been working hard on various elements such as store image, product structure, tea drinks, environment, and service, attempting to improve customer experience and brand awareness through new store reshaping.</p><p>However, the upgraded Xiabuxiabu stores are increasingly resembling their \"good brother\" Coucou.</p><p>For example, a certain Xiabuxiabu store in Beijing has changed its decoration style to a stable classical design, with dim lighting, dark brown wooden furniture, and a sense of privacy created by partitions. The feeling of walking in is not much different from that of Coucou, although the two differ by more than double in average order value.</p><p><b>From the perspective of industry competition, the upgrading path led by Coucou will especially face \"behemoth\" competitors like Haidilao. Whether it is brand, product or service, Coucou has a long way to go. At the same time, it will also face pressure from hot pot brands such as Banu, Baheli and Dayu. It will not be easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that starting in mid-March, various capitals began to sell off Xiabuxiabu in large quantities. Morgan Stanley reduced its stake in Xiabuxiabu from 9.25% to only 0.93%, and Hillhouse Capital, which had held the shares for six years, directly chose to liquidate its holdings.</p><p>Meanwhile, since the company only added 3 new stores in the first quarter of this year, Goldman Sachs has lowered its forecast for Coucou's store expansion in 2021-2023 from 80, 76, and 81 to 60, 65, and 65, respectively. Based on the decline in Coucou's contribution forecast, it has also lowered its net profit forecast for Xiabuxiabu in 2021-2023 by 2-6%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6c2b3f524d36890527396679841a0a49","relate_stocks":{"00520":"呷哺呷哺"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122556033","content_text":"年前，火锅们惨的是业绩；年后，火锅们惨的是股价。\n从春节前的最后一个交易日算起，无论是“服务主义”的海底捞还是“价格主义”的呷哺呷哺，股价均已达到了腰斩的程度。\n但从走势来看，海底捞有企稳反弹迹象，呷哺呷哺仍然深陷泥淖。\n截至4月22日收盘，海底捞继续复苏的样子，股价上涨1.1%，收于51.5港元/股。呷哺呷哺则在当天下跌1.82%，收盘于11.88港元/股。此前的19日，呷哺呷哺更是一度大跌14.91%。\n相较2月11日27.15港元/股的历史峰值，不到两个半月的时间，呷哺呷哺股价深跌56.24%，市值蒸发400多亿港元，而恒指仅下滑7%。\n\n事发突然必有妖。透过市场消息和财报数据，节点财经来深扒呷哺呷哺“作妖”的本质。\n/ 01 /\n凑凑“指挥官”出走\n营收、利润双降\n消息面上，凑凑“指挥官”出走或是此番呷哺呷哺股价大跌的主要诱因。\n上周末，有媒体爆出呷哺呷哺旗下发展势头迅猛的台式火锅品牌凑凑CEO张振纬已经离职，目前该消息也得到了呷哺呷哺的确认。\n作为一手带领凑凑成长的“指挥官”，张振纬离职动关大局。高盛发表报告称，“张振纬执行力强劲，尤其是在门店扩张方面。投资者需要注意凑凑CEO离职的相关风险，因为尚未提供更换职位的时间表。”\n更深层次的原因，节点财经认为还要归因于业绩。\n特殊背景下的2020年，讲究氛围，喜欢热闹的火锅业如枯鱼涸辙。\n财报显示，2020年呷哺呷哺实现营业收入54.5亿元，同比下滑9.5%；经调整纯利1.31亿元，同比下滑67.1%；股东应占溢利183.7万元，同比下降99.36%。\n\n数据来源：公司财报\n相比海底捞的增收不增利（营收增长7.75%，股东应占溢利下降86.81%），呷哺呷哺营收和净利双降的现实更加惨烈。\n分业务看，主品牌，即消费者熟知的大众品牌呷哺呷哺、升级高端品牌凑凑、调味品三大板块表现各异。\n其中，2020年全年呷哺呷哺餐厅实现收入34.6亿元，同比减少25.9%，占总收入比重约64.2%，为集团主要收入来源。\n节点财经注意到，呷哺呷哺大多数餐厅集中在华北地区，特别是去年疫情较为严重的北京、天津、河北等地，这或许是导致其盈利缩水的因素之一。\n不过，因为优化产品组合、定期推出新产品，提升外送及先产品销量等措施，呷哺呷哺顾客人均消费由2019年的55.8元上升至2020年的62.3元。\n直白点说就是涨价了。\n小编作为呷哺呷哺的老熟客，深切地体会到，以前在呷哺吃火锅，两个人120元足够，现在140元都够呛，不少菜品都默默地变贵了，或者悄悄地减量了。大众点评介绍中，呷哺呷哺相关门店人均消费已经高达66元。\n另一火锅品牌凑凑2020年实现收入16.89亿元，同比增加40.75%，占集团总收入比重上升到30.99%。但受疫情期间加大促销折扣力度所致，其人均消费额由2019年的131.5元下降至126.6元，同店销售额9.64亿元，同比下滑9.5%。\n在寒冷的2020年能有如此成绩，凑凑的努力得到了认可。\n正如高盛所言，“近年来凑凑餐饮为呷哺呷哺主要的增长动力，凑凑餐饮自新冠疫情受控后健康复苏，在今年3月达到了疫情之前的水平。市场亦预期凑凑餐饮于未来数年保持强劲的扩张空间。”\n但在一定程度上，正是因为凑凑对呷哺呷哺业绩的贡献值越来越高，“指挥官”离职难免让市场忧虑其后续发展，进而影响到估值形态。\n\n数据来源：呷哺呷哺财报\n2018年三季度起步的调味品业务，由于集团不断扩张销售渠道和推出新产品，2020年涨势喜人，录得销售额14.78亿元，较2019年的8.96亿元大幅增加65%。\n总的来说，呷哺呷哺的三大业务除了主打品牌呷哺呷哺收入下降，其他两大业务均表现良好。\n/ 02 /\n店越开越多，翻座率越来越低\n呷哺呷哺源自中国台湾，1998年创立于北京。在最初几年，自主小火锅模式并没有让呷哺呷哺一炮走红，反而徘徊在倒闭边缘，据说最惨的时候一天只卖掉3锅。\n直到2003年，非典造就难得机遇，自带分餐制基因的一人火锅成为消费者外出就餐的首选，呷哺呷哺乘势打出“一人一锅，非典染不上”的口号，瞬间晋升为市场的“天选之子”，一度创出日客流量2000位的就餐记录。\n从那之后，呷哺呷哺的经营走上了正轨，并于2014年底成功赴港上市，开启扩张之路。\n据其财报显示，2014年-2020年，呷哺呷哺的门店数量由452家增加到了1061家，新开店数量分别为86家、100家、112家、155家、195家、243家、129家，除了被疫情打断的2020年，一年比一年多。\n然而，伴随着开店频率越来越高，门店数量越来越多，呷哺呷哺的翻座率却一路下跌。\n2014年至2020年，呷哺呷哺的翻座率分别为3.8倍、3.4倍、3.4倍、3.3倍、2.8倍、2.6倍、2.3倍。\n具体到2020年，呷哺呷哺在一、二、三线城市对应翻座率 2.7倍、2.1倍、2倍，对比2019年的 3.3 倍、2.3 倍、2倍，一线城市翻座率下滑较大。\n\n数据来源：呷哺呷哺财报\n翻座率的计算方式，以年内餐厅餐饮销售所得收入除以年内餐厅顾客总流量，表示餐桌重复使用率，映射出赚钱能力的强弱。\n举个例子，一张4人桌，只有当桌子坐满4个人，才能叫1倍翻台率；如果2人就餐，翻台率就只有0.5倍；如果1人就餐，翻台率就只有0.25倍。\n一般来说，翻座率是任何餐饮企业都绕不开的一个话题，也是考察餐厅经营状况的最重要的指标之一。翻座率高，意味着能在有限的空间和有限的营业时间内，让座位的流动率提高，营收也会成倍提升，反之亦然。\n针对一降再降的翻座率，此前呷哺呷哺CEO赵怡曾在接受媒体采访时表示，翻座率的下降与上市后进行扩张和加密有关。\n凑凑的翻座率呈同样走势。2017年-2020年，凑凑新开店数量分别为21家、48家、54家、38家。截至2020年底，凑凑共有140家门店，翻座率为2.5倍，较2019下降0.4倍。\n结合前述凑凑餐厅人均消费和同店销售额同比下滑的事实，节点财经认为凑凑的增长大概率还是靠门店的扩张而做出的新的增量。\n对比同样于H股上市的海底捞，其翻座率由2018年的5下降至2019年的4.8，并进一步降至2020年的3.5，虽然也下滑了不少，但仍高于呷哺呷哺和凑凑。\n对于2021年开店计划，呷哺呷哺表示将继续保持扩张速度，呷哺呷哺品牌重点布局华东、华南等地区，凑凑品牌在一线城市加密的基础上，进行二、三线城市下沉。\n零售业和餐饮业都有一条不成文的规律，扩张会造成来客数“被平均”。如果开店过密，就会“同室操戈”，零售业出现单店营收下降，餐饮业出现翻台率下降。但是，如果扩张适度，总营收还是会上升。\n如何才能把握好这个“适度”，是呷哺呷哺需要考虑的。\n/ 03 /\n转型路漫漫长\n呷哺呷哺难“沸腾”？\n“短、平、快”的休闲小火锅在经历了很长一段时间的火爆之后，2015年开始呈现疲软的迹象。\n面对消费升级大趋势，以及平价火锅的发展瓶颈，呷哺呷哺在2016年启动从快餐向轻奢正餐转型的计划，推出定位中高端的凑凑聚会餐厅，引入茶饮吧台，主打火锅+茶歇新形式，目标消费者从客单价40元的人群转移至客单价200元的人群。\n一开始，凑凑就制定“快速发展”的品牌战略。按照张振纬在今年“中国餐饮创新大会”上的分享，“过去4年，凑凑平均每11天开一家新店，创下了餐饮直营门店最快的增速。”\n通过差异化运营和全国扩张，凑凑赚取的收入从2017年的1.17亿元提升至2020年的16.89亿元，收入占比从2017年的0.32%提升至2020年的超过30%，逐渐成长为一个“挑大梁”的角色。\n\n数据来源：呷哺呷哺财报\n但就此认为呷哺呷哺的转型之路就是成功的或为时尚早。\n节点财经查阅财报发现，自打升级之后，呷哺呷哺的净利润就在不断下滑，从2018年的4.62亿元减少至2020年的183.70万元，转型之路似乎并不顺畅。\n\n数据来源：呷哺呷哺财报\n另外，肩负开辟呷哺呷哺第二条盈利曲线和抢夺中高端市场份额重任的凑凑还面临“挖墙脚”的风险。\n近年来，为了把品牌往精致化、休闲化、文艺化打造，呷哺呷哺品牌针对门店形象、产品结构、茶饮、环境、服务等各要素苦练功夫，试图通过新店整型来提升顾客体验和品牌认知。\n但升级后的呷哺呷哺门店，却与“好兄弟”凑凑愈长愈像。\n比如北京某呷哺门店，装修风格改为稳重的古典设计，昏暗的灯光，深棕色木质家具，隔断隔出的私密感，走进去的感觉和凑凑并无太大区别，虽然二者在客单价上面相差了一倍多。\n从行业竞争形势来看，以凑凑为主的升级之路尤其要面临海底捞这样的“巨无霸”对手，无论是品牌、产品，还是服务，凑凑都有更长的路要走，同时还要面临巴奴、八合里、大渝等火锅品牌的挤压，呷哺呷哺要想整体“沸腾”起来并不容易。\n值得回味的是，从3月中旬开始，各路资本开始大举抛售呷哺呷哺，大摩对呷哺呷哺的持股比例从9.25%减持到只剩0.93%，持仓长达6年的高瓴资本直接选择清仓。\n与此同时，由于公司今年首季仅新增加3家门店，高盛将凑凑2021-2023年门店扩张数量预期由80家、76家、81家下调至60家、65家、65家，并基于凑凑贡献预期下滑，将呷哺呷哺2021-2023年净利润预测下调2-6%。","news_type":1,"symbols_score_info":{"00520":0.9}},"isVote":1,"tweetType":1,"viewCount":5672,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340596028,"gmtCreate":1617427191664,"gmtModify":1704699628962,"author":{"id":"3552273487943983","authorId":"3552273487943983","name":"海边的风","avatar":"https://static.tigerbbs.com/f185ca320f1804dd360c6b2ff607fb05","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3552273487943983","authorIdStr":"3552273487943983"},"themes":[],"title":"","htmlText":"Yup","listText":"Yup","text":"Yup","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340596028","repostId":"1185840581","repostType":4,"isVote":1,"tweetType":1,"viewCount":4177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
