Dongfang Securities: The catering industry is expected to accelerate the popularization of commercial cooking robots

According to the Zhitong Finance APP, Dongfang Securities has released a research report stating that in recent years, the application of B-end commercial cooking robots in chain restaurants has accelerated. Currently, the mainstream commercial cooking robots are priced at about 50,000 yuan per unit, and with mass production and technological maturity, there is still room for price reduction. Cooking robots are in the accelerated commercialization stage, and their core value lies in significantly improving labor efficiency and the standardization of the kitchen, offering dual benefits of "cost reduction + experience upgrade." Referring to the industry penetration paths of hotel robots, climbing robots, and others, cooking robots are expected to become the first high-frequency scenario landing category in the intelligent dining sector. Related stocks: HAIDILAO (06862), XIAOCAIYUAN (00999).

The main points of Dongfang Securities are as follows:

The catering industry is beginning to actively embrace cooking robots

In recent years, the application of B-end commercial cooking robots in chain restaurants has accelerated: 1) HAIDILAO: As early as 2018, it launched the world's first smart restaurant, equipped with intelligent robotic arms for serving, robot delivery, and a "thousand people, thousand tastes" intelligent pot-matching machine. 2) XIAOCAIYUAN: With over 660 stores, the prospectus disclosed plans to invest about 100 million yuan to purchase 2,000 cooking robots (unit price about 50,000 yuan/unit). 3) Laoxiangji: As of April 2025, 388 restaurants have introduced intelligent cooking robots, intelligent steaming cabinets, and other automated equipment.

1. Bawan: The self-developed cooking robot has been iterated to the third generation, and by the end of 2024, over 500 stores will be equipped with 3 devices each, achieving a "1 person + 3 machines" standardized cooking model. 5) Xiangcunji's Mr. Rice and JD Qixian Kitchen have also gradually introduced equipment, with the latter's robot supplier, Xianglu Technology, having received over 200 million yuan in strategic investment from JD, which plans to build 10,000 smart dining stores in the next three years.

Cost reduction and efficiency improvement, along with fresh cooking demand, are the dual drivers of popularization

On one hand, the supply of chefs continues to shrink. For example, according to data from the "New Oriental Culinary School," the number of trainees decreased from 77,000 in 2019 to 63,000 in 2024, an 18% decline over six years. On the other hand, the post-pandemic catering industry is facing cost pressures, prompting restaurant owners to reform kitchen processes to reduce costs and improve efficiency. A cooking robot can replace 2-3 chefs (with an average monthly salary of about 8,000-15,000 yuan), while also reducing kitchen space and saving on rent. Additionally, the Xibei incident has rekindled consumer attention on "freshly cooked dishes," further promoting the acceptance of cooking robots in stores.

AI empowerment, cooking robots are moving towards intelligence and full-chain collaboration

Currently, the mainstream commercial cooking robots are priced at about 50,000 yuan per unit, and with mass production and technological maturity, there is still room for price reduction. Future development directions include: 1) Transitioning from "single machine automation" to "full-process collaboration," connecting procurement, preparation, cooking, and marketing; 2) Achieving autonomous adjustment of cooking temperature, ingredient recognition, and taste learning through visual recognition and AI algorithms; 3) Integrating with ERP systems to track raw material consumption and dynamic replenishment; 4) First popularizing in standardized chain restaurant scenarios, becoming a core node of the "smart kitchen." Risk Warning

Insufficient technology maturity or high failure rates may affect the willingness of catering enterprises to adopt; consumer acceptance and the matching degree of "pot flavor" still need market verification; cost fluctuations or unstable supply of core components (such as sensors and algorithm chips); the recovery pace of the catering industry is slower than expected, affecting the investment return cycle