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21st Century Business Herald reporter He Hongyuan and intern Han Chang report

"Value for money" seems to be increasingly becoming the mainstream in the catering industry.

Recently, Jiu Mao Jiu issued a profit warning, predicting revenue of 3.064 billion yuan in the first half of 2024, an increase of about 6.4% year-on-year; net profit is expected to be no less than 67 million yuan, a year-on-year decrease of no more than 69.8%.

The decline in profits is due to price wars.

Jiu Mao Jiu mentioned that the average customer consumption and table turnover rate of the restaurant have both declined, which has led to a decline in the restaurant's single-store revenue. At the same time, the cost control measures implemented by the company to reduce the various costs of restaurant opening and operation lag behind the decline in restaurant single-store revenue. Therefore, it is expected that the group will have negative operating leverage during the period. In addition, the impairment losses of property, plant and equipment and right-of-use assets were generated during the period.

The financial report shows that in the second quarter of 2024, the average per capita consumption of Tai Er Restaurant, Shuang Hotpot, and Jiu Mao Jiu was 69 yuan, 104 yuan, and 55 yuan respectively. In 2023, the average per capita consumption of Tai Er Restaurant was 75 yuan, the average per capita consumption of Shuang Hotpot was 113 yuan, and the average per capita consumption of Jiu Mao Jiu was 58 yuan.

In addition, in May, Xiabu Xiabu launched a new menu showing that the average price of a single set meal dropped by more than 10%. In June, the price of Hefu Lamian products dropped again by about 30%, and the price range of mainstream products was adjusted to between 16-29 yuan. According to the financial reports of various companies, in 2023, the average customer price of Haidilao has dropped to less than 100 yuan (99.1 yuan); the average customer price of Shuang Hotpot is 113 yuan, a year-on-year decrease of 12%.

On the other hand, Kudi, the initiator of the coffee price war, continues to expand.

On July 23, Kudi Coffee disclosed that it had officially issued a plan to open 8,000 convenience stores in the second half of the year. At the same time, the company also proposed a goal of opening 50,000 convenience stores in the next three years. At the end of February, Kudi said that the store expansion had reached 7,000 stores and would enter a period of stable expansion.

The expansion is accompanied by a price war. On May 24, Kudi Coffee announced a three-year promotion, namely "9.9 yuan promotion for the whole store".

It should be noted that at the price of 9.9 yuan, Kudi may have completed a positive capital cycle. Li Yingbo, the company's chief strategy officer, said that Kudi has basically completed the construction of the supply chain and achieved a preliminary cost advantage.

Overall, embracing "value for money" may have become a necessity for survival for the catering industry.

On July 23, the Shanghai Composite Consumer 80 Index closed at 4210.21 points, down 3.38%.

agriculture

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food and drink

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FOOD

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Supermarket

Yonghui Supermarket to close three stores in Beijing

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logistics

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Home Appliances

Zhuanzhuan platform's home appliance recycling orders in the second quarter increased by 450% year-on-year

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Jewelry

Chow Tai Fook: Retail sales fell 20% in the second quarter

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Travel

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Luxury

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Film and Television Entertainment

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