Core Viewpoint - Haidilao (06862) announced that its controlling shareholder NP United will distribute all of its shares to its shareholders in a physical manner to simplify its shareholding structure [1] Group 1: Share Distribution - NP United holds 1.802 billion shares, accounting for 32.33% of the total issued shares [1] - The shares will be distributed to ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD in proportions of approximately 51.778%, 16.074%, 16.074%, and 16.074% respectively [1] - The physical distribution will involve transferring 933 million shares, 290 million shares, 290 million shares, and 290 million shares to ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD, representing 16.74%, 5.20%, 5.20%, and 5.20% of the total issued shares respectively [1]

Core Viewpoint - Haidilao (06862) announced that its controlling shareholder NP United Holding Ltd will distribute all of its shares in the company to its shareholders in a physical manner to simplify its shareholding structure [1] Group 1: Share Distribution - NP United currently holds 1.802 billion shares, representing 32.33% of the total issued shares [1] - The shares will be distributed to ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD in proportions of approximately 51.778%, 16.074%, 16.074%, and 16.074% respectively [1] - The physical distribution will involve the transfer of 933 million shares, 290 million shares, 290 million shares, and 290 million shares, which correspond to 16.74%, 5.20%, 5.20%, and 5.20% of the total issued shares as of the announcement date [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HAIDILAO INTERNATIONAL HOLDING LTD. 海底撈國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6862） 自願公告 控股股東實物配發本公司股份 本公告由海底撈國際控股有限公司（「本公司」）自願作出。 NP UNITED實物配發本公司股份 本公司董事會（「董事會」）獲本公司控股股東（「控股股東」）之一NP UNITED HOLDING LTD（「NP United」）告知，為簡化於本公司的持股，NP United董事會 已決議將其持有的全部本公司股份（「股份」）（「配發股份」）嚴格按照持股比例以 實物方式分派予其股東（即ZY NP LTD、SP NP LTD、SYH NP LTD及LHY NP LTD）（「實物配發」）。 | | | 佔已發行股份 | | 佔已發行股份 | | --- | --- | --- | --- | --- | | | | 總數目（不 ...

Group 1 - Liu Qiangdong, founder of JD Group, visited the upcoming JD discount supermarket in his hometown, with four stores opening on August 30, each over 5,000 square meters and featuring more than 5,000 SKUs, larger than the first store in Zhuozhou [4][9] - Meituan's flash purchase orders for Qixi Festival increased by 50% compared to the previous year, with significant growth in flower sales and a doubling of sales in categories like digital products and beauty care [5][11] - Alibaba's CEO Jiang Fan projected that flash purchase and instant retail could generate an additional 1 trillion yuan in transactions over the next three years as more brands join the platform [7][14] Group 2 - Walmart is digitizing its stores, allowing customers to scan QR codes to access thousands of online products, while reducing seller fees for toy products to zero and halving fees for pet supplies [14] - JD launched a national interest subsidy program, allowing users to save up to 3,000 yuan on purchases marked with "national interest subsidy" [15] - Alipay initiated a "Harvest Festival" campaign to boost consumption, offering significant platform traffic and red envelope discounts [15] Group 3 - Suning.com reported a revenue of 25.895 billion yuan for the first half of 2025, with a net profit increase of 230% [22] - Yunda Express achieved a revenue of 24.833 billion yuan in the first half of 2025, marking a 6.8% increase, with a net profit of 529 million yuan [24] - Miniso's global flagship store in Shanghai achieved sales of 16 million yuan in a month, driven by IP products [26] Group 4 - Tea Baidao reported a revenue of 2.5 billion yuan in the first half of 2025, with a profit of 333 million yuan [34] - Domino's China opened 190 new stores in the first half of 2025, with a revenue increase of 27% [28] - Haidilao launched its first "super dessert station" in Shanghai, offering over 30 products [29]

Core Viewpoint - The rise of "borderline" marketing strategies, particularly through male models and entertainment, is becoming a common approach in offline consumption sectors as businesses seek to boost traffic and sales during a challenging economic period [2][12][20]. Group 1: Offline Marketing Trends - The offline consumption market is expected to embrace a "male marketing" trend by 2025, with various sectors like theme parks and restaurants adopting this strategy to cope with declining sales [3][12]. - The introduction of "handsome NPCs" in theme parks has proven effective, with some locations reporting significant increases in visitor numbers, particularly among young women [4][5]. - The Fuzhou Dongbai Center's "male model bag-carrying" experience led to a notable increase in daily foot traffic and sales, showcasing the effectiveness of this marketing approach [7][8]. Group 2: Financial Performance and Challenges - Despite the initial success of "borderline" marketing, many offline businesses continue to struggle financially, with a significant portion of theme parks and restaurants reporting losses [13][17]. - For instance, the theme park industry has seen about 22% of its establishments operating at a loss, while major restaurant chains like Xiaobuxiang have reported substantial net losses [13][17]. - The financial reports from major players indicate a concerning trend, with companies like Huazhou City experiencing a decline in revenue and profit margins [17][18]. Group 3: Consumer Behavior and Market Dynamics - The consumer market is shifting towards a preference for deeper cultural experiences rather than superficial entertainment, as evidenced by the growing popularity of family-oriented travel and cultural tourism [20][21][22]. - Data shows that the emotional consumption market in China is projected to exceed 2 trillion yuan by 2025, indicating a strong demand for enriching experiences [19]. - The trend towards "de-entertainment" suggests that businesses need to integrate cultural elements into their offerings to remain competitive and relevant in the evolving market landscape [23][24].

Core Viewpoint - Haidilao is innovating its consumption scenarios by launching its first "Super Dessert Station" in Shanghai, offering over 30 products, including beverages and desserts, with more than 90% priced under 15 yuan [1][2] Group 1: Market Overview - The Chinese dessert market reached a scale of 171.5 billion yuan in 2024, growing by 13.2% year-on-year, and is expected to exceed 190 billion yuan in 2025, with a compound annual growth rate of approximately 8% [1] - The market shares for dessert categories are as follows: tea-based desserts and traditional desserts each hold 34.6% and 34.9%, respectively, while Western desserts account for 20.5% [1] Group 2: Consumer Behavior - Traditional hot pot consumption is concentrated during lunch and dinner, while the dessert station targets all-day consumption with breakfast, afternoon tea, and post-meal options [1] - Afternoon tea accounts for 45% of dessert consumption, social gatherings for 30%, and breakfast alternatives for 15%, with women aged 18-35 contributing 70% of the customer base [1][2] - The Gen Z demographic (ages 18-25) represents 62% of the consumption, with average spending per customer increasing from 25 yuan in 2019 to 42 yuan by 2025 [1] Group 3: Business Strategy - The launch of the dessert station is part of Haidilao's strategy to adapt to consumer trends and innovate its service offerings [2] - Haidilao reported a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan for the first half of 2025, focusing on diverse consumption scenarios [2] - The company operates 14 restaurant brands, including "Yanjing Barbecue" and "Xiangqian Yinxing," with a total of 126 restaurants, and "Other Restaurant Revenue" reached 597 million yuan, growing by 227% [3]

Core Insights - The restaurant industry is increasingly focusing on extending operating hours and diversifying product offerings to enhance resilience and competitiveness in response to fragmented consumer demand [1][2] - Haidilao has launched its first "Super Dessert Station" in Shanghai, offering over 30 types of beverages and desserts, with more than 90% priced under 15 yuan, marking a strategic move to tap into non-meal consumption periods [1][2] Industry Trends - The trend of diversified consumption scenarios is evident, with afternoon tea accounting for 45% of dessert consumption, social gatherings at 30%, and breakfast replacements at 15% [2] - Young female consumers aged 18-35 represent 70% of the customer base, with Generation Z (ages 18-25) contributing 62% of the spending, indicating a strong demand for high-quality and diverse dining options [2] Strategic Implications - Extending operating hours allows restaurants to maximize coverage of dining periods, thereby improving single-store operational efficiency without increasing fixed costs [2] - The shift towards all-day consumption scenarios is not only a strategy for leading brands but is also becoming essential for small and medium-sized restaurants to differentiate themselves and seek new growth opportunities [2] Future Outlook - Future competition in the restaurant industry will focus on comprehensive operational capabilities across all time slots and scenarios, rather than being limited to single categories or periods [2] - Companies that can accurately grasp consumer rhythms, quickly respond to demand changes, and continuously optimize product structures and service experiences will gain a competitive edge in the upcoming industry consolidation [2]

Core Insights - Haidilao has launched its first "Super Dessert Station" in Shanghai, offering over 30 products including beverages and desserts, with more than 90% priced under 15 yuan [1] - This launch is part of Haidilao's modular strategy of combining hot pot with various personalized modules, transitioning from a single-category focus to an ecological matrix [1] - The introduction of the dessert station reflects the brand's deep understanding of consumer trends and innovation in dining experiences, aiming to provide a more convenient and diverse culinary experience [1] Company Strategy - The dessert station is a new addition to Haidilao's existing combinations such as "Hot Pot + Dessert Station" and "Hot Pot + Beef Workshop," showcasing a flexible model [1] - Haidilao is focusing on "demand segmentation + multi-scenario coverage" to achieve a "thousand stores, thousand faces" approach [1] - The company plans to continue optimizing its "Hot Pot +" modular combinations based on consumer needs, enhancing product diversity and dining scenarios [1]

高盛发表研究报告指，预期下半年海底捞收入增长将恢复正轨，因基数较低及营运优化措施见效，但消 费环境仍对翻桌率复苏构成阻力；另外，预期下半年利润率仍面临压力，因去年高基数，加上公司持续 投入客户体验及员工福利；股东回报可支持股价。因应门店数量及销售增长放缓，加上短期利润率逆 风，该行将2025至2027年盈利预测下调7%至14%，维持"中性"评级，目标价由15.3港元下调至14.7港 元。 ...

Core Viewpoint - Goldman Sachs anticipates that Haidilao's revenue growth will return to normal in the second half of the year due to a low base and effective operational optimization measures, although the consumer environment remains a challenge for table turnover recovery [1] Revenue and Profitability - The company is expected to face pressure on profit margins in the second half of the year due to last year's high base and ongoing investments in customer experience and employee benefits [1] Shareholder Returns and Stock Performance - Shareholder returns are expected to support the stock price despite a slowdown in store count and sales growth, along with short-term profit margin headwinds [1] Earnings Forecast Adjustment - Goldman Sachs has lowered its earnings forecasts for 2025 to 2027 by 7% to 14% and maintains a "Neutral" rating, with the target price adjusted from HKD 15.3 to HKD 14.7 [1]