Citic Securities: Performance of catering chain enterprises improves quarter by quarter, market bottom signals gradually clear.

According to the CITIC Securities research report, the overall catering market is still relatively weak in 2025, and the performance of catering chain enterprises is more differentiated. Thanks to two years of continuous market strategy adjustment, the performance of catering chain enterprises has shown a trend of improvement season by season, and the market bottom signals are gradually becoming clearer. In terms of products, the slowdown in price wars will optimize the competitive environment, shifting from price competition to competition based on quality and value for money, matching products with target audiences and channels. In terms of channels, channel fragmentation, the gradual rise of new retail, and the increasing rate of catering chain establishment, actively embracing high-quality channels in response to channel changes, improving supply chain efficiency, and enhancing flexible customization capabilities. The expansion of catering chains overseas remains an important direction. In addition, pay attention to the opportunities for the performance recovery of enterprises undergoing industry bottom-up reform and transformation.