The Zhitong Finance App learned that the decline in restaurant stocks continued to expand in the afternoon. As of press release, Xiabuxiabu (00520) fell 6.85% to HK$4.2; Naixue's tea (02150) fell 5.46% to HK$5.71; Jiumaojiu (09922) fell 4.06% to HK$13.24; Tehai International (09658) fell 3.1% to HK$13.76; Helens (09869) fell 3.08% to HK$8.19.

According to a recent research report by Dongxing Securities, overall consumption after the epidemic showed a recovery trend. The sharp year-on-year increase in Social Zero data in April '23 was mainly due to the low base for the same period last year. Excluding the impact of the low base brought about by the pandemic, it showed a slow growth trend. Considering that consumer confidence and consumption capacity will still take some time to recover, overall consumption is expected to recover weakly in 2023.

According to Daiwa's recent research report, the bank made a 3-7% price correction for stocks covered by China's food service industry, pointing out that this was mainly due to the fact that the recovery trend in same-store sales was lower than expected. According to the bank's survey, April and May 2023 have so far dropped 10-20% from the same period in 2019. Coupled with weak market sentiment and macro uncertainty, it has led to a correction in stock prices. Cautious about the “recovery in the second half of the year” narrative.