Top-100 catering firms see solid growth
Print Edition
CHINA’S 100 leading catering businesses last year saw a quicker growth pace in business revenue and robust profit expansion, according to a latest industry report.
Combined business revenues of top restaurant chains rose 7.4 percent year on year in 2016 to 218 billion yuan (US$31.6 billion), up 5 percentage points from that in 2015, according to data from the China Cuisine Association.
Combined net profits of these companies, including Hidilao Hot Pot and China Quanjude Group, a Beijing roast duck chain, surged 28.8 percent in 2016 from 2015.
Shanghai, Beijing and Chongqing were home to most restaurants of the top restaurant chains, with the business revenues in these three cities accounting for 67 percent of the total from the 100 industry leaders last year.
Hot pot, fast food and Chinese dishes remain the most popular choices for dining out for Chinese people, according to the report.
The operating income for the Chinese catering industry nationwide was 919.6 billion yuan in the first quarter of 2017, up 10.8 percent year on year, said Jiang Junxian, head of CCA.
Jiang predicted revenue of Chinese catering sector to grow at a medium-to-high speed of around 10 percent during the country’s 13th Five-Year (2016-2020) Plan period.
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