小红书、抖音和微博等社交平台上，常年喜欢在海底捞DIY各种美食的年轻人，发现海底捞正在自己下场，成了"餐饮界的小米"，烤肉、炸鸡、烘焙、小 火锅等十余个新品牌如雨后春笋般涌现，甚至还跨界开起了酒店。 海底捞的生意版图正在越来越大，一方面，是各路特色火锅、网红火锅涌现，行业竞争加剧。海底捞近年来主营业务增长趋缓，选择离开存量市场，避免 无休止的内耗；另一方面，则是消费者趋于理性，国内火锅行业的客单价逐步下降，卖服务比卖火锅更出名的海底捞，也没能逃出这场消费降级的风潮。 "还有谁没吃过海底捞的面包！""海底捞旋转小火锅也太划算了！""海底捞爱好者一定要去一趟海底捞酒店"…… 当然，调转船头最重要的，还是海底捞自身的招牌——已经成为服务代名词的"海底捞"，能将品牌的明星光环复刻到其他餐饮类目甚至跨界类目上，构建 一个围绕主品牌、多点开花的第二增长宇宙。 这一举措的效果算得上惊人。 | 海底撈餐廳經營 | 18,580,166 | 89.8% | 20,413,955 | 95.0% | | --- | --- | --- | --- | --- | | 外賣業務 | 927,620 | 4.5% | 581,228 ...

海底捞打造家门口的"欢乐食堂" 本报讯近日，海底捞全国首家社区店在北京市昌平区沙河镇玖耀里正式开业。作为"不一样的海底捞"计 划下的全新店型，海底捞社区店通过轻量化空间布局、全品类产品组合、全时段运营模式，深度聚焦社 区需求，打造了一个全时段、多场景的餐饮生活新空间。 近期，不少早起买菜的居民路过玖耀里，惊奇地发现海底捞在家门口"出摊了"。早餐车里，手工现制酱 肉包、茶叶蛋、粥品等早点丰富多样，价格亲民。 早餐时段后，这家海底捞社区店则变回了大家熟悉的样子，提供美味放心的火锅。在店外区域，社区店 特别设置了户外露台区和多个装饰独特、配备空调的"泡泡屋"，让消费者能够在舒适的户外环境中享受 火锅。 在功能设计上，海底捞社区店兼顾轻体量与高复合性，通过室内室外各200平方米的空间，灵活设置不 同的出餐和用餐空间，让海底捞成为了周边居民家门口的"全时段欢乐食堂"。 来该店用餐的顾客多为周边社区居民，其中"银发族"消费者占到了相当的比例。除了开业活动外，海底 捞社区店还在9月份推出了"敬长辈、暖金秋"系列敬老活动，不同年龄段的长者凭有效证件，在指定的 时段用餐，每桌可享受20到40元不等的立减优惠，让"银发族"在家门 ...

Group 1 - Haidilao has opened its first community store in the Jiuyaoli business district of Changping District, Beijing, offering a variety of food options including hot pot, breakfast, staple foods, and snacks, catering to local residents' dining needs throughout the day [1][3] - The community store features a diverse breakfast menu with items priced between 1.5 yuan for mahua (fried dough twist) and 3 yuan for silver ear fungus porridge, attracting attention from passersby [3] - The store is designed to serve over 10 surrounding communities and several universities, aiming to meet the dining needs of various groups including residents, students, and office workers [3][4] Group 2 - The community store concept reflects a shift in service consumption from functional supply to emotional connection, positioning community dining chains as essential service supply stations within urban areas [4] - The flexible layout of small community stores allows them to effectively capture spillover traffic from business districts and create a close consumer relationship by providing convenient dining options [4]

"在运营过程中，我们会不断收集邻居们的反馈，不断完善产品结构和服务。预计后期会有小吃卤味、 烧烤、拌饭等多元化的品类上新，为邻里提供更方便、丰富的用餐选择。"该店负责人表示。 随着消费者需求趋向多元化，餐饮企业不断通过拓展新场景、增加新服务满足消费者需求。自2023年以 来，海底捞就开始进行精细化布局，围绕火锅店的核心场景，拓展了更贴近日常、更高频的餐饮消费形 态。 近期，海底捞发布的财报显示，今年上半年海底捞聚焦多元消费场景创新，打造特色产品场景、夜宵场 景、亲子互动、宠物友好等主题店型。其中，主打鲜切鲜活产品的标准版主题店已营业超过50家；截至 6月底，夜宵场景主题店已改造近30家。 "餐饮一直以来都是竞争激烈但不乏机遇的行业，在当下的市场环境下，更是考验企业洞察消费者需 求、精细化布局的时候。未来，海底捞将持续与消费者沟通，挖掘细分人群的用餐需求，用产品创新、 店型创新、服务创新深入不同场景，提供更精准的用餐体验。"海底捞相关负责人表示。 近日，海底捞(06862.HK)旗下全国首家社区店在北京开业。据介绍，作为全新店型，海底捞社区店通过 轻量化空间布局、全品类产品组合、全时段运营模式，深度聚焦社区需求 ...

Core Viewpoint - The opening of the "Chengdu Haidilao Crowne Plaza Hotel" by InterContinental Hotels Group (IHG) has sparked significant interest, as it represents a collaboration between a well-known restaurant brand and a major hotel chain, blending dining and accommodation experiences [1][2][10]. Company Summary - The hotel is owned and invested in by Haidilao, operating under the Crowne Plaza brand through a franchise model [1][2]. - Located 25 kilometers from Tianfu International Airport and 10 kilometers from Sancha Lake High-speed Railway Station, the hotel features 259 rooms and integrates hot pot elements into the guest experience [2][3]. - Facilities include a heated swimming pool, children's water play area, gym, and over 4,000 square meters of meeting space, catering to both business and leisure travelers [3]. Industry Summary - The collaboration between Haidilao and IHG is seen as a merging of traditional dining and accommodation sectors, potentially setting a new trend in the hospitality industry [4][10]. - The hotel aims to redefine the value of "hotel dining" by offering a comprehensive dining experience that extends from restaurants to guest rooms [6][10]. - The partnership reflects a broader trend of international hotel brands collaborating with local dining IPs to enhance competitiveness in the Chinese market [12]. - The hospitality industry is currently facing challenges, including declining revenue per available room (RevPAR) and increased competition, prompting innovative approaches like this collaboration [10][12].

Core Insights - Haidilao reported a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan for the first half of 2025, amidst a competitive and evolving dining market [1][3] - The company is focusing on digital transformation and operational efficiency to enhance its competitive edge and brand differentiation [1][3] Financial Performance - Revenue for the first half of 2025 reached 20.703 billion yuan, with a net profit of 1.755 billion yuan and a core operating profit of 2.408 billion yuan [1] - The financial results reflect the challenges in the restaurant industry, including intensified competition and changing consumer demands [1] Digital Transformation - Haidilao's membership base exceeded 200 million by the end of June 2025, with a fully integrated digital platform for member data across all brands [3] - The company has implemented an intelligent middle platform covering customer service, employee management, product development, brand marketing, and store location selection [3] - Digital tools have standardized training processes, significantly reducing the onboarding time for new employees [3] Operational Efficiency - The "Red Pomegranate Plan" aims to empower multiple brands through the intelligent middle platform, creating a smart ecosystem for the restaurant industry [3] - The takeaway business has become a significant area for digital application, with new product offerings tailored to consumer preferences [3] - The "Super Kitchen" project is currently in testing, focusing on central kitchen automation to enhance capacity and optimize delivery networks [3] Strategic Focus - Haidilao is leveraging digitalization as a core driver to reconstruct operational logic and promote collaborative development across its multi-brand matrix [3] - The emphasis on digital transformation is seen as a key pathway for sustainable growth and building a robust restaurant ecosystem [3]

Core Viewpoint - The tipping culture in high-end restaurants in China is sparking discussions, with examples like the 16% service fee at Peace Hotel and the use of QR codes for tips at Haidilao [1] Group 1: Tipping Culture in China - The recent trend of tipping in high-end restaurants is gaining attention, with specific instances of service fees and tips being highlighted [1] - The practice of tipping is contrasted with its reception in China, where it is not widely accepted [1] Group 2: Tipping Culture in the West - The article raises questions about how tipping culture became prevalent in Europe and America [1] - It also explores the perspectives of Western individuals regarding the tipping culture [1]

Core Viewpoint - The article discusses the challenges and opportunities in the hot pot industry, particularly focusing on the rising popularity of small hot pot restaurants amidst a backdrop of financial struggles for major players like Xiaobai and Haidilao [6][10]. Group 1: Industry Trends - The small hot pot segment has seen a resurgence, with many restaurant brands entering the market, including Haidilao and cross-industry players like Yang Guofu [8][10]. - As of July 2024, there are over 50,000 small hot pot outlets in China, accounting for approximately 10% of the total hot pot restaurants, with a year-on-year growth in consumption scale of 28.9% [11][17]. - The competition in the small hot pot market is intense, with both national brands and regional players expanding rapidly [10][11]. Group 2: Company Performance - Haidilao reported a 3.7% decrease in revenue and a 13.7% drop in net profit for the first half of 2025, with a decline in table turnover rate from 4.2 to 3.8 times per day [11][12]. - Xiaobai continues to face losses, with an 18.88% decline in revenue and a net loss of 84.08 million, reflecting a nearly 70% drop in net profit [12]. - Yang Guofu has struggled with previous attempts to list on the Hong Kong Stock Exchange and is now exploring new avenues for growth [12]. Group 3: Market Dynamics - The current market entry strategy for many companies is cautious, focusing on leveraging existing capabilities and minimizing risks rather than aggressive expansion [12][15]. - The competition has shifted from price wars to a focus on quality, with new entrants pricing their offerings around 59.9 yuan, targeting the mid-to-high-end market [12][15]. - A significant challenge for both high-end and budget brands is balancing cost control with consumer willingness to pay, as the core consumer group remains price-sensitive [15][16]. Group 4: Challenges in the Small Hot Pot Sector - The small hot pot business is recognized as difficult, with a high percentage (81.6%) of brands having five or fewer outlets, indicating a lack of scale [17]. - Brands focusing on low prices risk compromising quality, leading to a cycle of reduced customer traffic and profitability [16][17]. - Even successful brands like Weila Hot Pot face challenges in differentiating themselves in a crowded market, struggling with the "scale without sound" dilemma [17].

Summary of Haidilao Conference Call Company Overview - **Company**: Haidilao - **Date**: September 5, 2025 Key Points Industry and Company Performance - Haidilao opened 25 self-operated stores and closed 33 in the first half of the year, totaling 1,299 self-operated stores in Greater China as of June [2][3] - Overall revenue for the first half was 20.703 billion yuan, a decrease of 3.7% year-on-year [3] - Core operating profit was 2.408 billion yuan, down 14% year-on-year, and net profit was 1.755 billion yuan, down 13.7% year-on-year [3] - The table turnover rate was 3.8 times per day, a decline compared to the previous year [3] Revenue Growth in Specific Segments - Under the Red Pomegranate plan, 126 restaurants generated a revenue increase of 227% year-on-year, with takeout revenue growing nearly 60% [2][3] - The takeout segment saw significant contributions from single-serve hot pot and side dishes, with average order values around 30-50 yuan [11] Customer Experience and Innovation - Haidilao observed a notable recovery in customer traffic in July and August, with a peak table turnover rate of 7 times on Qixi Festival [2][5] - The company is innovating through product, scene, and pricing strategies, including the introduction of fresh-cut theme stores and night snack themes [5][6] - New store concepts include high-end selection stores in Beijing and private room-focused stores in Xi'an, enhancing customer interaction and operational efficiency [7] Management and Operational Adjustments - The company is diversifying dining experiences to cater to families and pet owners, providing independent dining environments to enhance customer satisfaction [8][9] - Management has shifted to a more flexible assessment system, focusing on soft indicators like food safety and customer satisfaction rather than strict performance metrics [9][10] Future Strategies and Expansion Plans - Haidilao plans to continue expanding its innovative projects while stabilizing its second growth curve, particularly in the Red Pomegranate initiative [13] - The company aims to introduce high-priced menu items in its rotating hot pot segment to enhance brand value and attract more customers [15] Challenges and Adjustments - The Red Pomegranate brand is experiencing slower growth due to rapid expansion and quality issues, prompting a focus on improving service processes and product quality [17][18] - The company is cautious about dividend payouts due to the cash flow-intensive nature of the restaurant industry, balancing investments with shareholder returns [16] Conclusion - Haidilao is actively working on enhancing customer experiences through innovative dining concepts and operational adjustments while navigating challenges in revenue growth and service quality. The company remains focused on long-term strategies to stabilize and grow its market presence.

Core Insights - The restaurant industry is facing a significant downturn, with a 67% year-on-year decrease in profits for the accommodation and catering sector in Beijing during the first half of 2025, and hotel profits plummeting by 92.9% [1][3] - Consumer spending habits have shifted, with a focus on value for money rather than dining out for social status, leading to a decline in restaurant patronage [4][9] - Rising food prices have outpaced income growth, with restaurant menu prices increasing by 24% since January 2020, compared to a 5.4% increase in disposable income in the same period [3][4] Group 1: Price Increases and Consumer Sentiment - Consumers express dissatisfaction with rising dining costs, feeling that the value does not match the price, as exemplified by a typical meal costing over 100 yuan [3][4] - The psychological impact of high prices affects even affluent consumers, who are reluctant to pay premium prices for food and drinks [3][4] Group 2: Changing Consumption Philosophy - There is a notable shift in consumer priorities from extravagant dining experiences to practical and cost-effective options, with a growing emphasis on quality and value [4][9] - The pandemic has altered spending habits, leading to increased savings and a focus on essential expenditures, as evidenced by a 12.3% year-on-year increase in household savings in 2025 [4][9] Group 3: Cost Pressures and Quality Concerns - The restaurant industry is under severe cost pressure, with operating costs in Beijing reaching 36.019 billion yuan in the first half of 2025, while revenues have declined significantly [6][8] - Many restaurants are reducing ingredient quality to cut costs, leading to consumer dissatisfaction with food quality [6][8] Group 4: Competition from Delivery Services - The rise of food delivery platforms offering substantial discounts has diminished the appeal of dining in restaurants, with significant investments in subsidies from major players like Taobao and Meituan [6][8] - A report predicts that these subsidies could boost restaurant revenue by 12 percentage points in July 2025, but they also create unsustainable business practices among participating restaurants [6][8] Group 5: Adaptation of High-End Dining - High-end restaurants are adapting by offering affordable options, with over 35% of mid to high-end dining establishments introducing lower-priced menus to attract customers [8][9] - Innovative business models, such as community-based dining and simplified menus, are emerging as successful strategies for survival in the current market [11][15] Group 6: Future Outlook for the Industry - The current challenges may lead to the elimination of weaker businesses, while those focusing on quality and value may thrive [15] - Consumers are still eager for quality food, indicating a potential for recovery if restaurants can meet their expectations for value and quality [15]