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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 been cut in half: boiling small hot pot requires big thinking
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":4823,"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 been cut in half: boiling small hot pot requires big thinking","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>Years ago, hot pot people were miserable in their performance; Years later, the hot pot people are miserable in the stock price.</p><p>From the last trading day before the Spring Festival, whether it is \"servicist\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Or \"price doctrine\"<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price has reached the level of halving.</p><p>However, judging from the trend, Haidilao shows signs of stabilization and rebound, and Xiabuxiabu is still in the mud.</p><p>As of the close of trading on April 22nd, Haidilao continued to recover, and its share price rose 1.1% to close at HK$ 51.5/share. Xiabuxiabu fell 1.82% on the same day to close at HK$11.88 per share. On the previous 19th, Xiabuxiabu once plummeted by 14.91%.</p><p>Compared with the historical peak of HK$ 27.15/share on February 11th, in less than two and a half months, Xiabuxiabu's share price fell by 56.24%, and its market value evaporated by more than HK$ 40 billion, while the Hang Seng Index only fell by 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>There must be a demon when it happens suddenly. Through market news and financial report data, Node Finance deeply digs into the essence of Xiabuxiabu's \"being a demon\".</p><p><b>/ 01 /</b></p><p><b>Count the \"Commander\" and leave</b></p><p><b>Revenue and profit both declined</b></p><p>On the news side, gathering together the \"commander\" to leave or the main incentive for the sharp drop in Xiabuxiabu's share price.</p><p>Last weekend, some media broke out that Zhang Zhenwei, CEO of Xiabuxiabu's fast-growing desktop hot pot brand, had resigned. At present, the news has also been confirmed by Xiabuxiabu.</p><p>As a \"commander\" who led the growth of Chao Chao by one hand, Zhang Zhenwei's departure affected the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the report, \"Zhang Zhenwei's execution is strong, especially in store expansion. Investors need to pay attention to the risks associated with the departure of the CEO, because no timetable has been provided for changing positions.\"</p><p>The deeper reason, Node Finance believes, is also attributed to performance.</p><p>In 2020, under the special background, we pay attention to the atmosphere and like the lively hot pot industry like a dry fish.</p><p>According to the financial report, in 2020, Xiabuxiabu achieved an operating income of 5.45 billion yuan, down 9.5% year-on-year; Adjusted net profit was RMB131 million, down 67.1% year-on-year; Profit attributable to shareholders was RMB1.837 million, representing 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: Corporate earnings report</b></p><p>Compared with Haidilao's increase in revenue but not profit (revenue increased by 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of both revenue and net profit decline of Xiabuxiabu is even more tragic.</p><p>In terms of business, the main brands, namely Xiabuxiabu, a popular brand well-known to consumers, Coucou, an upgraded high-end brand, and condiments, performed differently.</p><p>Among them, Xiabuxiabu Restaurants achieved revenue of RMB3.46 billion in 2020, representing a year-on-year decrease of 25.9%, accounting for approximately 64.2% of the total revenue, and constituted the main source of revenue of the Group.</p><p><b>Node Finance noticed that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic situation was serious last year, which may be one of the factors leading to its profit shrinkage.</b></p><p><b>However, the per capita consumption of Xiabuxiabu customers increased from RMB55.8 in 2019 to RMB62.3 in 2020 due to measures such as optimizing product mix, regularly launching new products, and increasing the sales volume of delivery and first products.</b></p><p><b>To put it bluntly, it is a price increase.</b></p><p>As an old regular customer of Xiabuxiabu, Xiaobian deeply realized that in the past, 120 yuan was enough for two people to eat hot pot in Xiabuxiabu, but now 140 yuan is enough, and many dishes have quietly become more expensive or quietly reduced. In the introduction of public comments, the per capita consumption of Xiabuxiabu related stores has reached 66 yuan.</p><p>Coucou, another hot pot brand, achieved revenue of RMB1.689 billion in 2020, representing a year-on-year increase of 40.75%, accounting for 30.99% of the Group's total revenue. However, due to the increased promotional discounts during the epidemic, its per capita consumption dropped from 131.5 yuan in 2019 to 126.6 yuan, and the same-store sales amounted to 964 million yuan, down 9.5% year-on-year.</p><p>To achieve such results in the cold 2020, Minato's efforts have been recognized.</p><p>As Goldman Sachs said, \"In recent years, Coucou Catering has been the main growth driver of Xiabuxiabu. Coucou Catering has recovered healthily since the COVID-19 epidemic was under control, and reached the level before the epidemic in March this year. The market also expects Coucou Catering to maintain strong expansion space in the next few years.\"</p><p><b>However, to a certain extent, it is precisely because of the increasingly high contribution to Xiabuxiabu's performance that the departure of the \"commander\" inevitably makes the market worry about its subsequent development, which in turn affects the valuation form.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The condiment business, which started in the third quarter of 2018, experienced a promising growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB1,478 million, representing a significant increase of 65% from RMB896 million in 2019.</p><p>In general, the three major businesses of Xiabuxiabu performed well except for the decline in revenue of the main brand Xiabuxiabu.</p><p><b>/ 02 /</b></p><p><b>More and more stores are opened, and the turnover rate is getting lower and lower</b></p><p>Xiabuxiabu originated from Taiwan, China and was founded in Beijing in 1998. In the first few years, the independent small hot pot model did not make Xiabuxiabu popular, but hovered on the verge of bankruptcy. It is said that only 3 pots were sold a day at the worst time.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot with its own meal-sharing gene became the first choice for consumers to eat out. Xiabuxiabu took advantage of the situation and played the slogan of \"one person, one pot, SARS can't be infected\", and was instantly promoted to the \"chosen son\" of the market, once setting a dining record of 2,000 passengers per day.</p><p>Since then, Xiabuxiabu's operation has been on the right track, and it successfully went public in Hong Kong at the end of 2014, starting the road of expansion.</p><p>According to its financial report, from 2014 to 2020, the number of stores in Xiabuxiabu increased from 452 to 1,061, and the number of newly opened stores was 86, 100, 112, 155, 195, 243 and 129 respectively. Except for 2020, which was interrupted by the epidemic, there were more and more stores every year.</p><p><b>However, with the increasing frequency of store opening and the increasing number of stores, the turnover rate of Xiabuxiabu has been declining all the way.</b></p><p><b>From 2014 to 2020, the turnover rate of Xiabuxiabu was 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, the seat turnover rate of Xiabuxiabu in first-, second-and third-tier cities will be 2.7 times, 2.1 times and 2 times, compared with 3.3 times, 2.3 times and 2 times in 2019, and the seat turnover rate in first-tier cities will drop significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The seat turnover rate is calculated by dividing the revenue from restaurant catering sales during the year by the total customer traffic of the restaurant during the year to express the table reuse rate, which maps the strength of profitability.</p><p>For example, a table of 4 people can only be called double the turnover rate when the table is full of 4 people; If 2 people eat, the table turnover rate is only 0.5 times; If one person eats, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that any catering enterprise can't avoid, and it is also one of the most important indicators to examine the business status of restaurants. High turnover rate means that in limited space and limited business hours, the turnover rate of seats can be increased, and the revenue will be doubled, and vice versa.</p><p>In response to the decline of seat turnover rate, Zhao Yi, CEO of Xiabuxiabu, said in an interview with the media that the decline of seat turnover rate was related to the expansion and encryption after listing.</p><p>Minato's turnover rate shows the same trend. From 2017 to 2020, the number of new stores opened in Coucou was 21, 48, 54 and 38 respectively. By the end of 2020, Coucou had 140 stores, with a turnover rate of 2.5 times, down 0.4 times from 2019.</p><p><b>Combined with the aforementioned fact that the per capita consumption and same-store sales of Coucou restaurants declined year-on-year, Node Finance believes that the high probability of Coucou's growth is still a new increase made by the expansion of stores.</b></p><p>Compared with Haidilao, which is also listed on H shares, its turnover rate dropped from 5 in 2018 to 4.8 in 2019, and further dropped to 3.5 in 2020. Although it has also dropped a lot, it is still higher than Xiabuxiabu and Coucou.</p><p>Regarding the store opening plan in 2021, Xiabuxiabu stated that it will continue to maintain the pace of expansion, with Xiabuxiabu brands focusing on the distribution of East China and South China, while Coucuo brands will sink into second-and third-tier cities on the basis of encryption in first-tier cities.</p><p><b>There is an unwritten rule in both retail and catering, and expansion will cause the number of visitors to be \"averaged\". If the store is too dense, it will \"fight in the same room\", the revenue of a single store in the retail industry will decline, and the turnover rate in the catering industry will decline. However, if the expansion is moderate, the total revenue will still rise.</b></p><p>How to grasp this \"moderation\" is what 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 to \"boil\" Xiabuxiabu?</b></p><p>The \"short, flat and fast\" casual hot pot began to show signs of weakness in 2015 after a long period of popularity.</p><p>Facing the general trend of consumption upgrading and the development bottleneck of affordable hot pot, Xiabuxiabu launched a plan to transform from fast food to light luxury dinner in 2016, launched a mid-to-high-end Coucou Party Restaurant, introduced a tea bar, and focused on a new form of hot pot + tea break. The target consumers shifted from people with a unit price of 40 yuan to people with a unit price of 200 yuan.</p><p>At the beginning, Minato formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"In the past four years, a new store has been opened every 11 days on average, setting the fastest growth rate of direct catering stores.\"</p><p>Through differentiated operations and national expansion, the income earned by Coucou increased from 117 million yuan in 2017 to 1.689 billion yuan in 2020, and the proportion of income increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a role of \"taking the lead\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>However, it is too early to think that Xiabuxiabu's transformation road is successful.</p><p><b>Node Finance checked the financial report and found that since the upgrade, the net profit of Xiabuxiabu has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020. The road to transformation 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>Source: Xiabuxiabu Financial Report</b></p><p>In addition, Coucou, which shoulders the heavy responsibility of opening up the second profit curve of Xiabuxiabu and grabbing the market share in the middle and high-end market, also faces the risk of \"poaching\".</p><p>In recent years, in order to make the brand more refined, leisure and literary, Xiabuxiabu brand has worked hard on various factors such as store image, product structure, tea drinks, environment and service, and tried to enhance customer experience and brand awareness through new store remodeling.</p><p>However, the upgraded Xiabuxiabu store becomes more and more similar to \"good brothers\".</p><p>For example, in a Xiabu store in Beijing, the decoration style has been changed to a steady classical design, with dim lighting, dark brown wooden furniture and a sense of privacy separated by partitions. The feeling of walking in is not much different from that of doing it, although the difference in customer unit price between the two is more than double.</p><p><b>From the perspective of the competition situation in the industry, the upgrading road focused on coupling especially faces \"Big Mac\" rivals like Haidilao. Whether it is brand, product or service, coupling has a longer way to go, and at the same time, it has to face the squeeze of hot pot brands such as Banu, Baheli and Dayu. It is not easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that since mid-March, various capitals began to sell Xiabuxiabu on a large scale. Morgan Stanley's shareholding ratio in Xiabuxiabu was reduced from 9.25% to only 0.93%, and Gaochun Capital, which had held positions for six years, directly chose to clear its positions.</p><p>At the same time, as the company only added three new stores in the first quarter of this year, Goldman Sachs lowered its 2021-2023 store expansion forecast from 80, 76 and 81 stores to 60, 65 and 65 stores, and lowered Xiabuxiabu's 2021-2023 net profit forecast by 2-6% based on the expected decline in Coucou's contribution.</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 been cut in half: boiling small hot pot requires big thinking</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 been cut in half: boiling small hot pot requires big thinking\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>Years ago, hot pot people were miserable in their performance; Years later, the hot pot people are miserable in the stock price.</p><p>From the last trading day before the Spring Festival, whether it is \"servicist\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Or \"price doctrine\"<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price has reached the level of halving.</p><p>However, judging from the trend, Haidilao shows signs of stabilization and rebound, and Xiabuxiabu is still in the mud.</p><p>As of the close of trading on April 22nd, Haidilao continued to recover, and its share price rose 1.1% to close at HK$ 51.5/share. Xiabuxiabu fell 1.82% on the same day to close at HK$11.88 per share. On the previous 19th, Xiabuxiabu once plummeted by 14.91%.</p><p>Compared with the historical peak of HK$ 27.15/share on February 11th, in less than two and a half months, Xiabuxiabu's share price fell by 56.24%, and its market value evaporated by more than HK$ 40 billion, while the Hang Seng Index only fell by 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>There must be a demon when it happens suddenly. Through market news and financial report data, Node Finance deeply digs into the essence of Xiabuxiabu's \"being a demon\".</p><p><b>/ 01 /</b></p><p><b>Count the \"Commander\" and leave</b></p><p><b>Revenue and profit both declined</b></p><p>On the news side, gathering together the \"commander\" to leave or the main incentive for the sharp drop in Xiabuxiabu's share price.</p><p>Last weekend, some media broke out that Zhang Zhenwei, CEO of Xiabuxiabu's fast-growing desktop hot pot brand, had resigned. At present, the news has also been confirmed by Xiabuxiabu.</p><p>As a \"commander\" who led the growth of Chao Chao by one hand, Zhang Zhenwei's departure affected the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the report, \"Zhang Zhenwei's execution is strong, especially in store expansion. Investors need to pay attention to the risks associated with the departure of the CEO, because no timetable has been provided for changing positions.\"</p><p>The deeper reason, Node Finance believes, is also attributed to performance.</p><p>In 2020, under the special background, we pay attention to the atmosphere and like the lively hot pot industry like a dry fish.</p><p>According to the financial report, in 2020, Xiabuxiabu achieved an operating income of 5.45 billion yuan, down 9.5% year-on-year; Adjusted net profit was RMB131 million, down 67.1% year-on-year; Profit attributable to shareholders was RMB1.837 million, representing 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: Corporate earnings report</b></p><p>Compared with Haidilao's increase in revenue but not profit (revenue increased by 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of both revenue and net profit decline of Xiabuxiabu is even more tragic.</p><p>In terms of business, the main brands, namely Xiabuxiabu, a popular brand well-known to consumers, Coucou, an upgraded high-end brand, and condiments, performed differently.</p><p>Among them, Xiabuxiabu Restaurants achieved revenue of RMB3.46 billion in 2020, representing a year-on-year decrease of 25.9%, accounting for approximately 64.2% of the total revenue, and constituted the main source of revenue of the Group.</p><p><b>Node Finance noticed that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic situation was serious last year, which may be one of the factors leading to its profit shrinkage.</b></p><p><b>However, the per capita consumption of Xiabuxiabu customers increased from RMB55.8 in 2019 to RMB62.3 in 2020 due to measures such as optimizing product mix, regularly launching new products, and increasing the sales volume of delivery and first products.</b></p><p><b>To put it bluntly, it is a price increase.</b></p><p>As an old regular customer of Xiabuxiabu, Xiaobian deeply realized that in the past, 120 yuan was enough for two people to eat hot pot in Xiabuxiabu, but now 140 yuan is enough, and many dishes have quietly become more expensive or quietly reduced. In the introduction of public comments, the per capita consumption of Xiabuxiabu related stores has reached 66 yuan.</p><p>Coucou, another hot pot brand, achieved revenue of RMB1.689 billion in 2020, representing a year-on-year increase of 40.75%, accounting for 30.99% of the Group's total revenue. However, due to the increased promotional discounts during the epidemic, its per capita consumption dropped from 131.5 yuan in 2019 to 126.6 yuan, and the same-store sales amounted to 964 million yuan, down 9.5% year-on-year.</p><p>To achieve such results in the cold 2020, Minato's efforts have been recognized.</p><p>As Goldman Sachs said, \"In recent years, Coucou Catering has been the main growth driver of Xiabuxiabu. Coucou Catering has recovered healthily since the COVID-19 epidemic was under control, and reached the level before the epidemic in March this year. The market also expects Coucou Catering to maintain strong expansion space in the next few years.\"</p><p><b>However, to a certain extent, it is precisely because of the increasingly high contribution to Xiabuxiabu's performance that the departure of the \"commander\" inevitably makes the market worry about its subsequent development, which in turn affects the valuation form.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The condiment business, which started in the third quarter of 2018, experienced a promising growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB1,478 million, representing a significant increase of 65% from RMB896 million in 2019.</p><p>In general, the three major businesses of Xiabuxiabu performed well except for the decline in revenue of the main brand Xiabuxiabu.</p><p><b>/ 02 /</b></p><p><b>More and more stores are opened, and the turnover rate is getting lower and lower</b></p><p>Xiabuxiabu originated from Taiwan, China and was founded in Beijing in 1998. In the first few years, the independent small hot pot model did not make Xiabuxiabu popular, but hovered on the verge of bankruptcy. It is said that only 3 pots were sold a day at the worst time.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot with its own meal-sharing gene became the first choice for consumers to eat out. Xiabuxiabu took advantage of the situation and played the slogan of \"one person, one pot, SARS can't be infected\", and was instantly promoted to the \"chosen son\" of the market, once setting a dining record of 2,000 passengers per day.</p><p>Since then, Xiabuxiabu's operation has been on the right track, and it successfully went public in Hong Kong at the end of 2014, starting the road of expansion.</p><p>According to its financial report, from 2014 to 2020, the number of stores in Xiabuxiabu increased from 452 to 1,061, and the number of newly opened stores was 86, 100, 112, 155, 195, 243 and 129 respectively. Except for 2020, which was interrupted by the epidemic, there were more and more stores every year.</p><p><b>However, with the increasing frequency of store opening and the increasing number of stores, the turnover rate of Xiabuxiabu has been declining all the way.</b></p><p><b>From 2014 to 2020, the turnover rate of Xiabuxiabu was 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, the seat turnover rate of Xiabuxiabu in first-, second-and third-tier cities will be 2.7 times, 2.1 times and 2 times, compared with 3.3 times, 2.3 times and 2 times in 2019, and the seat turnover rate in first-tier cities will drop significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The seat turnover rate is calculated by dividing the revenue from restaurant catering sales during the year by the total customer traffic of the restaurant during the year to express the table reuse rate, which maps the strength of profitability.</p><p>For example, a table of 4 people can only be called double the turnover rate when the table is full of 4 people; If 2 people eat, the table turnover rate is only 0.5 times; If one person eats, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that any catering enterprise can't avoid, and it is also one of the most important indicators to examine the business status of restaurants. High turnover rate means that in limited space and limited business hours, the turnover rate of seats can be increased, and the revenue will be doubled, and vice versa.</p><p>In response to the decline of seat turnover rate, Zhao Yi, CEO of Xiabuxiabu, said in an interview with the media that the decline of seat turnover rate was related to the expansion and encryption after listing.</p><p>Minato's turnover rate shows the same trend. From 2017 to 2020, the number of new stores opened in Coucou was 21, 48, 54 and 38 respectively. By the end of 2020, Coucou had 140 stores, with a turnover rate of 2.5 times, down 0.4 times from 2019.</p><p><b>Combined with the aforementioned fact that the per capita consumption and same-store sales of Coucou restaurants declined year-on-year, Node Finance believes that the high probability of Coucou's growth is still a new increase made by the expansion of stores.</b></p><p>Compared with Haidilao, which is also listed on H shares, its turnover rate dropped from 5 in 2018 to 4.8 in 2019, and further dropped to 3.5 in 2020. Although it has also dropped a lot, it is still higher than Xiabuxiabu and Coucou.</p><p>Regarding the store opening plan in 2021, Xiabuxiabu stated that it will continue to maintain the pace of expansion, with Xiabuxiabu brands focusing on the distribution of East China and South China, while Coucuo brands will sink into second-and third-tier cities on the basis of encryption in first-tier cities.</p><p><b>There is an unwritten rule in both retail and catering, and expansion will cause the number of visitors to be \"averaged\". If the store is too dense, it will \"fight in the same room\", the revenue of a single store in the retail industry will decline, and the turnover rate in the catering industry will decline. However, if the expansion is moderate, the total revenue will still rise.</b></p><p>How to grasp this \"moderation\" is what 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 to \"boil\" Xiabuxiabu?</b></p><p>The \"short, flat and fast\" casual hot pot began to show signs of weakness in 2015 after a long period of popularity.</p><p>Facing the general trend of consumption upgrading and the development bottleneck of affordable hot pot, Xiabuxiabu launched a plan to transform from fast food to light luxury dinner in 2016, launched a mid-to-high-end Coucou Party Restaurant, introduced a tea bar, and focused on a new form of hot pot + tea break. The target consumers shifted from people with a unit price of 40 yuan to people with a unit price of 200 yuan.</p><p>At the beginning, Minato formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"In the past four years, a new store has been opened every 11 days on average, setting the fastest growth rate of direct catering stores.\"</p><p>Through differentiated operations and national expansion, the income earned by Coucou increased from 117 million yuan in 2017 to 1.689 billion yuan in 2020, and the proportion of income increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a role of \"taking the lead\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>However, it is too early to think that Xiabuxiabu's transformation road is successful.</p><p><b>Node Finance checked the financial report and found that since the upgrade, the net profit of Xiabuxiabu has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020. The road to transformation 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>Source: Xiabuxiabu Financial Report</b></p><p>In addition, Coucou, which shoulders the heavy responsibility of opening up the second profit curve of Xiabuxiabu and grabbing the market share in the middle and high-end market, also faces the risk of \"poaching\".</p><p>In recent years, in order to make the brand more refined, leisure and literary, Xiabuxiabu brand has worked hard on various factors such as store image, product structure, tea drinks, environment and service, and tried to enhance customer experience and brand awareness through new store remodeling.</p><p>However, the upgraded Xiabuxiabu store becomes more and more similar to \"good brothers\".</p><p>For example, in a Xiabu store in Beijing, the decoration style has been changed to a steady classical design, with dim lighting, dark brown wooden furniture and a sense of privacy separated by partitions. The feeling of walking in is not much different from that of doing it, although the difference in customer unit price between the two is more than double.</p><p><b>From the perspective of the competition situation in the industry, the upgrading road focused on coupling especially faces \"Big Mac\" rivals like Haidilao. Whether it is brand, product or service, coupling has a longer way to go, and at the same time, it has to face the squeeze of hot pot brands such as Banu, Baheli and Dayu. It is not easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that since mid-March, various capitals began to sell Xiabuxiabu on a large scale. Morgan Stanley's shareholding ratio in Xiabuxiabu was reduced from 9.25% to only 0.93%, and Gaochun Capital, which had held positions for six years, directly chose to clear its positions.</p><p>At the same time, as the company only added three new stores in the first quarter of this year, Goldman Sachs lowered its 2021-2023 store expansion forecast from 80, 76 and 81 stores to 60, 65 and 65 stores, and lowered Xiabuxiabu's 2021-2023 net profit forecast by 2-6% based on the expected decline in Coucou's contribution.</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":5393,"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":3834,"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":4823,"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 been cut in half: boiling small hot pot requires big thinking","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>Years ago, hot pot people were miserable in their performance; Years later, the hot pot people are miserable in the stock price.</p><p>From the last trading day before the Spring Festival, whether it is \"servicist\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Or \"price doctrine\"<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price has reached the level of halving.</p><p>However, judging from the trend, Haidilao shows signs of stabilization and rebound, and Xiabuxiabu is still in the mud.</p><p>As of the close of trading on April 22nd, Haidilao continued to recover, and its share price rose 1.1% to close at HK$ 51.5/share. Xiabuxiabu fell 1.82% on the same day to close at HK$11.88 per share. On the previous 19th, Xiabuxiabu once plummeted by 14.91%.</p><p>Compared with the historical peak of HK$ 27.15/share on February 11th, in less than two and a half months, Xiabuxiabu's share price fell by 56.24%, and its market value evaporated by more than HK$ 40 billion, while the Hang Seng Index only fell by 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>There must be a demon when it happens suddenly. Through market news and financial report data, Node Finance deeply digs into the essence of Xiabuxiabu's \"being a demon\".</p><p><b>/ 01 /</b></p><p><b>Count the \"Commander\" and leave</b></p><p><b>Revenue and profit both declined</b></p><p>On the news side, gathering together the \"commander\" to leave or the main incentive for the sharp drop in Xiabuxiabu's share price.</p><p>Last weekend, some media broke out that Zhang Zhenwei, CEO of Xiabuxiabu's fast-growing desktop hot pot brand, had resigned. At present, the news has also been confirmed by Xiabuxiabu.</p><p>As a \"commander\" who led the growth of Chao Chao by one hand, Zhang Zhenwei's departure affected the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the report, \"Zhang Zhenwei's execution is strong, especially in store expansion. Investors need to pay attention to the risks associated with the departure of the CEO, because no timetable has been provided for changing positions.\"</p><p>The deeper reason, Node Finance believes, is also attributed to performance.</p><p>In 2020, under the special background, we pay attention to the atmosphere and like the lively hot pot industry like a dry fish.</p><p>According to the financial report, in 2020, Xiabuxiabu achieved an operating income of 5.45 billion yuan, down 9.5% year-on-year; Adjusted net profit was RMB131 million, down 67.1% year-on-year; Profit attributable to shareholders was RMB1.837 million, representing 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: Corporate earnings report</b></p><p>Compared with Haidilao's increase in revenue but not profit (revenue increased by 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of both revenue and net profit decline of Xiabuxiabu is even more tragic.</p><p>In terms of business, the main brands, namely Xiabuxiabu, a popular brand well-known to consumers, Coucou, an upgraded high-end brand, and condiments, performed differently.</p><p>Among them, Xiabuxiabu Restaurants achieved revenue of RMB3.46 billion in 2020, representing a year-on-year decrease of 25.9%, accounting for approximately 64.2% of the total revenue, and constituted the main source of revenue of the Group.</p><p><b>Node Finance noticed that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic situation was serious last year, which may be one of the factors leading to its profit shrinkage.</b></p><p><b>However, the per capita consumption of Xiabuxiabu customers increased from RMB55.8 in 2019 to RMB62.3 in 2020 due to measures such as optimizing product mix, regularly launching new products, and increasing the sales volume of delivery and first products.</b></p><p><b>To put it bluntly, it is a price increase.</b></p><p>As an old regular customer of Xiabuxiabu, Xiaobian deeply realized that in the past, 120 yuan was enough for two people to eat hot pot in Xiabuxiabu, but now 140 yuan is enough, and many dishes have quietly become more expensive or quietly reduced. In the introduction of public comments, the per capita consumption of Xiabuxiabu related stores has reached 66 yuan.</p><p>Coucou, another hot pot brand, achieved revenue of RMB1.689 billion in 2020, representing a year-on-year increase of 40.75%, accounting for 30.99% of the Group's total revenue. However, due to the increased promotional discounts during the epidemic, its per capita consumption dropped from 131.5 yuan in 2019 to 126.6 yuan, and the same-store sales amounted to 964 million yuan, down 9.5% year-on-year.</p><p>To achieve such results in the cold 2020, Minato's efforts have been recognized.</p><p>As Goldman Sachs said, \"In recent years, Coucou Catering has been the main growth driver of Xiabuxiabu. Coucou Catering has recovered healthily since the COVID-19 epidemic was under control, and reached the level before the epidemic in March this year. The market also expects Coucou Catering to maintain strong expansion space in the next few years.\"</p><p><b>However, to a certain extent, it is precisely because of the increasingly high contribution to Xiabuxiabu's performance that the departure of the \"commander\" inevitably makes the market worry about its subsequent development, which in turn affects the valuation form.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The condiment business, which started in the third quarter of 2018, experienced a promising growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB1,478 million, representing a significant increase of 65% from RMB896 million in 2019.</p><p>In general, the three major businesses of Xiabuxiabu performed well except for the decline in revenue of the main brand Xiabuxiabu.</p><p><b>/ 02 /</b></p><p><b>More and more stores are opened, and the turnover rate is getting lower and lower</b></p><p>Xiabuxiabu originated from Taiwan, China and was founded in Beijing in 1998. In the first few years, the independent small hot pot model did not make Xiabuxiabu popular, but hovered on the verge of bankruptcy. It is said that only 3 pots were sold a day at the worst time.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot with its own meal-sharing gene became the first choice for consumers to eat out. Xiabuxiabu took advantage of the situation and played the slogan of \"one person, one pot, SARS can't be infected\", and was instantly promoted to the \"chosen son\" of the market, once setting a dining record of 2,000 passengers per day.</p><p>Since then, Xiabuxiabu's operation has been on the right track, and it successfully went public in Hong Kong at the end of 2014, starting the road of expansion.</p><p>According to its financial report, from 2014 to 2020, the number of stores in Xiabuxiabu increased from 452 to 1,061, and the number of newly opened stores was 86, 100, 112, 155, 195, 243 and 129 respectively. Except for 2020, which was interrupted by the epidemic, there were more and more stores every year.</p><p><b>However, with the increasing frequency of store opening and the increasing number of stores, the turnover rate of Xiabuxiabu has been declining all the way.</b></p><p><b>From 2014 to 2020, the turnover rate of Xiabuxiabu was 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, the seat turnover rate of Xiabuxiabu in first-, second-and third-tier cities will be 2.7 times, 2.1 times and 2 times, compared with 3.3 times, 2.3 times and 2 times in 2019, and the seat turnover rate in first-tier cities will drop significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The seat turnover rate is calculated by dividing the revenue from restaurant catering sales during the year by the total customer traffic of the restaurant during the year to express the table reuse rate, which maps the strength of profitability.</p><p>For example, a table of 4 people can only be called double the turnover rate when the table is full of 4 people; If 2 people eat, the table turnover rate is only 0.5 times; If one person eats, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that any catering enterprise can't avoid, and it is also one of the most important indicators to examine the business status of restaurants. High turnover rate means that in limited space and limited business hours, the turnover rate of seats can be increased, and the revenue will be doubled, and vice versa.</p><p>In response to the decline of seat turnover rate, Zhao Yi, CEO of Xiabuxiabu, said in an interview with the media that the decline of seat turnover rate was related to the expansion and encryption after listing.</p><p>Minato's turnover rate shows the same trend. From 2017 to 2020, the number of new stores opened in Coucou was 21, 48, 54 and 38 respectively. By the end of 2020, Coucou had 140 stores, with a turnover rate of 2.5 times, down 0.4 times from 2019.</p><p><b>Combined with the aforementioned fact that the per capita consumption and same-store sales of Coucou restaurants declined year-on-year, Node Finance believes that the high probability of Coucou's growth is still a new increase made by the expansion of stores.</b></p><p>Compared with Haidilao, which is also listed on H shares, its turnover rate dropped from 5 in 2018 to 4.8 in 2019, and further dropped to 3.5 in 2020. Although it has also dropped a lot, it is still higher than Xiabuxiabu and Coucou.</p><p>Regarding the store opening plan in 2021, Xiabuxiabu stated that it will continue to maintain the pace of expansion, with Xiabuxiabu brands focusing on the distribution of East China and South China, while Coucuo brands will sink into second-and third-tier cities on the basis of encryption in first-tier cities.</p><p><b>There is an unwritten rule in both retail and catering, and expansion will cause the number of visitors to be \"averaged\". If the store is too dense, it will \"fight in the same room\", the revenue of a single store in the retail industry will decline, and the turnover rate in the catering industry will decline. However, if the expansion is moderate, the total revenue will still rise.</b></p><p>How to grasp this \"moderation\" is what 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 to \"boil\" Xiabuxiabu?</b></p><p>The \"short, flat and fast\" casual hot pot began to show signs of weakness in 2015 after a long period of popularity.</p><p>Facing the general trend of consumption upgrading and the development bottleneck of affordable hot pot, Xiabuxiabu launched a plan to transform from fast food to light luxury dinner in 2016, launched a mid-to-high-end Coucou Party Restaurant, introduced a tea bar, and focused on a new form of hot pot + tea break. The target consumers shifted from people with a unit price of 40 yuan to people with a unit price of 200 yuan.</p><p>At the beginning, Minato formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"In the past four years, a new store has been opened every 11 days on average, setting the fastest growth rate of direct catering stores.\"</p><p>Through differentiated operations and national expansion, the income earned by Coucou increased from 117 million yuan in 2017 to 1.689 billion yuan in 2020, and the proportion of income increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a role of \"taking the lead\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>However, it is too early to think that Xiabuxiabu's transformation road is successful.</p><p><b>Node Finance checked the financial report and found that since the upgrade, the net profit of Xiabuxiabu has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020. The road to transformation 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>Source: Xiabuxiabu Financial Report</b></p><p>In addition, Coucou, which shoulders the heavy responsibility of opening up the second profit curve of Xiabuxiabu and grabbing the market share in the middle and high-end market, also faces the risk of \"poaching\".</p><p>In recent years, in order to make the brand more refined, leisure and literary, Xiabuxiabu brand has worked hard on various factors such as store image, product structure, tea drinks, environment and service, and tried to enhance customer experience and brand awareness through new store remodeling.</p><p>However, the upgraded Xiabuxiabu store becomes more and more similar to \"good brothers\".</p><p>For example, in a Xiabu store in Beijing, the decoration style has been changed to a steady classical design, with dim lighting, dark brown wooden furniture and a sense of privacy separated by partitions. The feeling of walking in is not much different from that of doing it, although the difference in customer unit price between the two is more than double.</p><p><b>From the perspective of the competition situation in the industry, the upgrading road focused on coupling especially faces \"Big Mac\" rivals like Haidilao. Whether it is brand, product or service, coupling has a longer way to go, and at the same time, it has to face the squeeze of hot pot brands such as Banu, Baheli and Dayu. It is not easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that since mid-March, various capitals began to sell Xiabuxiabu on a large scale. Morgan Stanley's shareholding ratio in Xiabuxiabu was reduced from 9.25% to only 0.93%, and Gaochun Capital, which had held positions for six years, directly chose to clear its positions.</p><p>At the same time, as the company only added three new stores in the first quarter of this year, Goldman Sachs lowered its 2021-2023 store expansion forecast from 80, 76 and 81 stores to 60, 65 and 65 stores, and lowered Xiabuxiabu's 2021-2023 net profit forecast by 2-6% based on the expected decline in Coucou's contribution.</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 been cut in half: boiling small hot pot requires big thinking</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 been cut in half: boiling small hot pot requires big thinking\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>Years ago, hot pot people were miserable in their performance; Years later, the hot pot people are miserable in the stock price.</p><p>From the last trading day before the Spring Festival, whether it is \"servicist\"<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Or \"price doctrine\"<a href=\"https://laohu8.com/S/00520\">Xiabuxiabu</a>The stock price has reached the level of halving.</p><p>However, judging from the trend, Haidilao shows signs of stabilization and rebound, and Xiabuxiabu is still in the mud.</p><p>As of the close of trading on April 22nd, Haidilao continued to recover, and its share price rose 1.1% to close at HK$ 51.5/share. Xiabuxiabu fell 1.82% on the same day to close at HK$11.88 per share. On the previous 19th, Xiabuxiabu once plummeted by 14.91%.</p><p>Compared with the historical peak of HK$ 27.15/share on February 11th, in less than two and a half months, Xiabuxiabu's share price fell by 56.24%, and its market value evaporated by more than HK$ 40 billion, while the Hang Seng Index only fell by 7%.</p><p><img src=\"https://static.tigerbbs.com/9088d126fb74724d8055b038b82072c4\" tg-width=\"840\" tg-height=\"470\"></p><p>There must be a demon when it happens suddenly. Through market news and financial report data, Node Finance deeply digs into the essence of Xiabuxiabu's \"being a demon\".</p><p><b>/ 01 /</b></p><p><b>Count the \"Commander\" and leave</b></p><p><b>Revenue and profit both declined</b></p><p>On the news side, gathering together the \"commander\" to leave or the main incentive for the sharp drop in Xiabuxiabu's share price.</p><p>Last weekend, some media broke out that Zhang Zhenwei, CEO of Xiabuxiabu's fast-growing desktop hot pot brand, had resigned. At present, the news has also been confirmed by Xiabuxiabu.</p><p>As a \"commander\" who led the growth of Chao Chao by one hand, Zhang Zhenwei's departure affected the overall situation.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>According to the report, \"Zhang Zhenwei's execution is strong, especially in store expansion. Investors need to pay attention to the risks associated with the departure of the CEO, because no timetable has been provided for changing positions.\"</p><p>The deeper reason, Node Finance believes, is also attributed to performance.</p><p>In 2020, under the special background, we pay attention to the atmosphere and like the lively hot pot industry like a dry fish.</p><p>According to the financial report, in 2020, Xiabuxiabu achieved an operating income of 5.45 billion yuan, down 9.5% year-on-year; Adjusted net profit was RMB131 million, down 67.1% year-on-year; Profit attributable to shareholders was RMB1.837 million, representing 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: Corporate earnings report</b></p><p>Compared with Haidilao's increase in revenue but not profit (revenue increased by 7.75%, profit attributable to shareholders decreased by 86.81%), the reality of both revenue and net profit decline of Xiabuxiabu is even more tragic.</p><p>In terms of business, the main brands, namely Xiabuxiabu, a popular brand well-known to consumers, Coucou, an upgraded high-end brand, and condiments, performed differently.</p><p>Among them, Xiabuxiabu Restaurants achieved revenue of RMB3.46 billion in 2020, representing a year-on-year decrease of 25.9%, accounting for approximately 64.2% of the total revenue, and constituted the main source of revenue of the Group.</p><p><b>Node Finance noticed that most of Xiabuxiabu's restaurants are concentrated in North China, especially in Beijing, Tianjin, Hebei and other places where the epidemic situation was serious last year, which may be one of the factors leading to its profit shrinkage.</b></p><p><b>However, the per capita consumption of Xiabuxiabu customers increased from RMB55.8 in 2019 to RMB62.3 in 2020 due to measures such as optimizing product mix, regularly launching new products, and increasing the sales volume of delivery and first products.</b></p><p><b>To put it bluntly, it is a price increase.</b></p><p>As an old regular customer of Xiabuxiabu, Xiaobian deeply realized that in the past, 120 yuan was enough for two people to eat hot pot in Xiabuxiabu, but now 140 yuan is enough, and many dishes have quietly become more expensive or quietly reduced. In the introduction of public comments, the per capita consumption of Xiabuxiabu related stores has reached 66 yuan.</p><p>Coucou, another hot pot brand, achieved revenue of RMB1.689 billion in 2020, representing a year-on-year increase of 40.75%, accounting for 30.99% of the Group's total revenue. However, due to the increased promotional discounts during the epidemic, its per capita consumption dropped from 131.5 yuan in 2019 to 126.6 yuan, and the same-store sales amounted to 964 million yuan, down 9.5% year-on-year.</p><p>To achieve such results in the cold 2020, Minato's efforts have been recognized.</p><p>As Goldman Sachs said, \"In recent years, Coucou Catering has been the main growth driver of Xiabuxiabu. Coucou Catering has recovered healthily since the COVID-19 epidemic was under control, and reached the level before the epidemic in March this year. The market also expects Coucou Catering to maintain strong expansion space in the next few years.\"</p><p><b>However, to a certain extent, it is precisely because of the increasingly high contribution to Xiabuxiabu's performance that the departure of the \"commander\" inevitably makes the market worry about its subsequent development, which in turn affects the valuation form.</b></p><p><img src=\"https://static.tigerbbs.com/614b608c085ef2aa08cf8791d078db93\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The condiment business, which started in the third quarter of 2018, experienced a promising growth in 2020 due to the Group's continuous expansion of sales channels and the launch of new products, recording sales of RMB1,478 million, representing a significant increase of 65% from RMB896 million in 2019.</p><p>In general, the three major businesses of Xiabuxiabu performed well except for the decline in revenue of the main brand Xiabuxiabu.</p><p><b>/ 02 /</b></p><p><b>More and more stores are opened, and the turnover rate is getting lower and lower</b></p><p>Xiabuxiabu originated from Taiwan, China and was founded in Beijing in 1998. In the first few years, the independent small hot pot model did not make Xiabuxiabu popular, but hovered on the verge of bankruptcy. It is said that only 3 pots were sold a day at the worst time.</p><p>Until 2003, SARS created a rare opportunity, and one-person hot pot with its own meal-sharing gene became the first choice for consumers to eat out. Xiabuxiabu took advantage of the situation and played the slogan of \"one person, one pot, SARS can't be infected\", and was instantly promoted to the \"chosen son\" of the market, once setting a dining record of 2,000 passengers per day.</p><p>Since then, Xiabuxiabu's operation has been on the right track, and it successfully went public in Hong Kong at the end of 2014, starting the road of expansion.</p><p>According to its financial report, from 2014 to 2020, the number of stores in Xiabuxiabu increased from 452 to 1,061, and the number of newly opened stores was 86, 100, 112, 155, 195, 243 and 129 respectively. Except for 2020, which was interrupted by the epidemic, there were more and more stores every year.</p><p><b>However, with the increasing frequency of store opening and the increasing number of stores, the turnover rate of Xiabuxiabu has been declining all the way.</b></p><p><b>From 2014 to 2020, the turnover rate of Xiabuxiabu was 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, the seat turnover rate of Xiabuxiabu in first-, second-and third-tier cities will be 2.7 times, 2.1 times and 2 times, compared with 3.3 times, 2.3 times and 2 times in 2019, and the seat turnover rate in first-tier cities will drop significantly.</p><p><img src=\"https://static.tigerbbs.com/189ebe7a66b4b8b7240dc3cfc623b409\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>The seat turnover rate is calculated by dividing the revenue from restaurant catering sales during the year by the total customer traffic of the restaurant during the year to express the table reuse rate, which maps the strength of profitability.</p><p>For example, a table of 4 people can only be called double the turnover rate when the table is full of 4 people; If 2 people eat, the table turnover rate is only 0.5 times; If one person eats, the table turnover rate is only 0.25 times.</p><p>Generally speaking, seat turnover rate is a topic that any catering enterprise can't avoid, and it is also one of the most important indicators to examine the business status of restaurants. High turnover rate means that in limited space and limited business hours, the turnover rate of seats can be increased, and the revenue will be doubled, and vice versa.</p><p>In response to the decline of seat turnover rate, Zhao Yi, CEO of Xiabuxiabu, said in an interview with the media that the decline of seat turnover rate was related to the expansion and encryption after listing.</p><p>Minato's turnover rate shows the same trend. From 2017 to 2020, the number of new stores opened in Coucou was 21, 48, 54 and 38 respectively. By the end of 2020, Coucou had 140 stores, with a turnover rate of 2.5 times, down 0.4 times from 2019.</p><p><b>Combined with the aforementioned fact that the per capita consumption and same-store sales of Coucou restaurants declined year-on-year, Node Finance believes that the high probability of Coucou's growth is still a new increase made by the expansion of stores.</b></p><p>Compared with Haidilao, which is also listed on H shares, its turnover rate dropped from 5 in 2018 to 4.8 in 2019, and further dropped to 3.5 in 2020. Although it has also dropped a lot, it is still higher than Xiabuxiabu and Coucou.</p><p>Regarding the store opening plan in 2021, Xiabuxiabu stated that it will continue to maintain the pace of expansion, with Xiabuxiabu brands focusing on the distribution of East China and South China, while Coucuo brands will sink into second-and third-tier cities on the basis of encryption in first-tier cities.</p><p><b>There is an unwritten rule in both retail and catering, and expansion will cause the number of visitors to be \"averaged\". If the store is too dense, it will \"fight in the same room\", the revenue of a single store in the retail industry will decline, and the turnover rate in the catering industry will decline. However, if the expansion is moderate, the total revenue will still rise.</b></p><p>How to grasp this \"moderation\" is what 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 to \"boil\" Xiabuxiabu?</b></p><p>The \"short, flat and fast\" casual hot pot began to show signs of weakness in 2015 after a long period of popularity.</p><p>Facing the general trend of consumption upgrading and the development bottleneck of affordable hot pot, Xiabuxiabu launched a plan to transform from fast food to light luxury dinner in 2016, launched a mid-to-high-end Coucou Party Restaurant, introduced a tea bar, and focused on a new form of hot pot + tea break. The target consumers shifted from people with a unit price of 40 yuan to people with a unit price of 200 yuan.</p><p>At the beginning, Minato formulated a brand strategy of \"rapid development\". According to Zhang Zhenwei's sharing at this year's \"China Catering Innovation Conference\", \"In the past four years, a new store has been opened every 11 days on average, setting the fastest growth rate of direct catering stores.\"</p><p>Through differentiated operations and national expansion, the income earned by Coucou increased from 117 million yuan in 2017 to 1.689 billion yuan in 2020, and the proportion of income increased from 0.32% in 2017 to more than 30% in 2020, gradually growing into a role of \"taking the lead\".</p><p><img src=\"https://static.tigerbbs.com/5c901a461e30bb90234d8c038ddf509b\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p><b>Source: Xiabuxiabu Financial Report</b></p><p>However, it is too early to think that Xiabuxiabu's transformation road is successful.</p><p><b>Node Finance checked the financial report and found that since the upgrade, the net profit of Xiabuxiabu has been declining, from 462 million yuan in 2018 to 1.837 million yuan in 2020. The road to transformation 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>Source: Xiabuxiabu Financial Report</b></p><p>In addition, Coucou, which shoulders the heavy responsibility of opening up the second profit curve of Xiabuxiabu and grabbing the market share in the middle and high-end market, also faces the risk of \"poaching\".</p><p>In recent years, in order to make the brand more refined, leisure and literary, Xiabuxiabu brand has worked hard on various factors such as store image, product structure, tea drinks, environment and service, and tried to enhance customer experience and brand awareness through new store remodeling.</p><p>However, the upgraded Xiabuxiabu store becomes more and more similar to \"good brothers\".</p><p>For example, in a Xiabu store in Beijing, the decoration style has been changed to a steady classical design, with dim lighting, dark brown wooden furniture and a sense of privacy separated by partitions. The feeling of walking in is not much different from that of doing it, although the difference in customer unit price between the two is more than double.</p><p><b>From the perspective of the competition situation in the industry, the upgrading road focused on coupling especially faces \"Big Mac\" rivals like Haidilao. Whether it is brand, product or service, coupling has a longer way to go, and at the same time, it has to face the squeeze of hot pot brands such as Banu, Baheli and Dayu. It is not easy for Xiabuxiabu to \"boil\" as a whole.</b></p><p>It is worth recalling that since mid-March, various capitals began to sell Xiabuxiabu on a large scale. Morgan Stanley's shareholding ratio in Xiabuxiabu was reduced from 9.25% to only 0.93%, and Gaochun Capital, which had held positions for six years, directly chose to clear its positions.</p><p>At the same time, as the company only added three new stores in the first quarter of this year, Goldman Sachs lowered its 2021-2023 store expansion forecast from 80, 76 and 81 stores to 60, 65 and 65 stores, and lowered Xiabuxiabu's 2021-2023 net profit forecast by 2-6% based on the expected decline in Coucou's contribution.</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":5393,"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":3834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
