Launched a new brand of mid-range, plans to officially debut next year

Public information shows that the sip feed was founded in 1998, to "Taiwan-style small hot pot" model to quickly occupy the consumer market, and "the first chain of hot pot stock" listed in Hong Kong in 2014. "In 2014, listed in Hong Kong, as of August 20, 2021, the total market value of 6.665 billion yuan. At present, the sip of food in the country's stores nearly 1,000.

Re-appointed CEO of sip feed founder, chairman He Guangqi first voice. August 19, He Guangqi said in an exclusive interview with the media, re-took over the post of CEO, after more than two months of market visits, found that some of the stores of the sip feed there is a serious error in the selection of the site, which led to losses. In response, Gluttony decided to close 200 loss-making stores, including loss-making stores in many cities across the country. At the same time, the official launch of the new series of initiatives, including the return to the route of mass consumption, the launch of mid-range hot pot brand "sip feed X" and so on.

In recent years, sip feed customer unit price continues to go up. In this regard, He Guangqi said, sip feed will return to the original intention of the establishment, continue to take the route of mass consumption, the customer unit price to remain within 60 yuan, at the same time, a new generation of stores are still to "single pot" and "bar" as the main, simple, bright style continues to optimize the dining experience. Optimize the dining experience.

In terms of store layout, the next step, sip feed will continue to expand to the second and third line of the sinking market, takeaway, sip cook sip hot, tea drinks will become a new growth point. He Guangqi said that the in xiabu xiabu brand and stores launched by Gluttony in 2019 will be completely withdrawn from the market one after another. At the same time, the company will launch a mid-range brand "Gluttony X" (tentative name), with a per capita unit price of about 90 yuan to enter the catering mid-range consumer market. "The new brand is still in active planning, and plans to officially debut next year."

Expansion of high-end brand Minzu Hotpot

Gluttony's high-end brand Minzu Hotpot will also have new initiatives. According to He Guangqi revealed that in the next three years, that is, to 2023, Minatop will open 80 to 100 stores per year to expand the speed of the deep plowing coastal city market at the same time, enter the southwest, Hong Kong and overseas markets. Among them, China's Hong Kong region by the end of the year settled 8, Singapore stores are also in the preparation. Currently, Minato has become the second growth curve of the Gluttony Group, and as of July 2021, the number of Minato's stores has exceeded 150 stores.

By then, Gluttony Group will have multiple brands such as "Gluttony", "Gluttony X" and "Minjiao Hot Pot", completing the strategic layout to cover the mass-consumption, mid-range and high-end hot pot consumption market. The strategic layout of the consumer market.

In addition, by He Guangqi founded a new style of Taiwan tea drink brand tea rice tea, will also have plans to open next year to join.

Gluttony Group for the strategic layout of the multi-brand, Beijing Business Economics Association Executive Vice President Lai Yang analysis, said that in an increasingly competitive environment, catering enterprises must launch different brands, different models, different characteristics of the theme of the store to enhance their own development power. If the different brands are very different, the product qualities are completely different, it can cover different consumer markets and people. However, for different segments of the market, no matter how to cover the mainstream of the lifestyle of the modern consumer crowd, especially the Z era of the crowd's consumption style.

Practicing internal skills to seize the trillion hot pot market

According to the "2021 China Catering Industry Panoramic Development Report" released by NCBD (Meal BaoDian), the first half of 2021 catering industry revenues reached 2,171.2 billion yuan, basically unchanged from the first half of 2019, with a year-on-year growth of 48.6%; it is predicted that the size of China's hot pot market in 2022 will officially break through the 100 billion yuan.

For the development prospects of the catering market, the management of Gluttony has stated that it is not afraid of questioning, and it is practicing its internal skills to seize the trillion hot pot market.

At the same time, sip feed chairman He Guangqi also accepted the media public interview.

Question: Gluttony as a Hong Kong listed company, quite influential in the industry, but your company recently some changes in senior personnel, may I ask how you see this problem?

He Guangqi: As an enterprise of more than 20 years, the appropriate flow of talent is a normal phenomenon. Enterprises need to seek new changes, which is a good thing for the enterprise, because after the normal flow of talent, replenishment of different blood, will bring different ideas, in order to give the enterprise injected into the soul of sustained innovation and development.

Question: From the recent stock price trend, the sip of the stock price continues to fall, or due to the succession of changes in the top management related?

He Guangqi: As we push forward with our innovation and expansion, and continue to plow into the hot pot restaurant market, I believe the future of Gluttony is bright.

Question: In addition to Gluttony and Haijilao, hot pot brands such as Xianhezhuang, Banu and Xiaolongkan are also raging and flourishing, and there is no lack of capital behind them. In this regard, how does your company face such a hot track?

He Guangqi: China's food and beverage has entered a large amount of capital hot money, but also attracted a lot of excellent talent. On the one hand, the catering future competition will intensify; on the other hand, it will also make the market cake bigger. I expect that in the next 5 years, the market value of about 50 billion catering enterprises will be more than 10. And what Gluttony has to do is to practice good internal skills to meet the arrival of the catering spring.