先不用着急唱衰，重生版"呷哺呷哺"正在路上。 去年的火锅行业里，"以价换量"似乎成了共识。 前有呷哺呷哺小火锅继续降价，后有海底捞、怂火锅等知名火锅品牌相继推出低价产品，将客单价拉回百元以内，连客单价一度飙升到150元的湊湊，也 在去年通过推出小份菜，将客单价拉到120元的水平。 但同样是降价，海底捞和呷哺集团却呈现了不同的结果。 根据海底捞2024年财报显示，海底捞成功将翻台率提升回4.1次/天，营收、净利润实现了两年增长，并创下历史新高；反观呷哺呷哺集团，在2024年亏损 扩大至4.01亿元，达到4年来最高，一度被给予厚望的湊湊成了呷哺呷哺集团最拖后腿的业务，亏损3.5亿元，占总亏损九成。 从业绩上来看，降价版的湊湊和呷哺呷哺显然都没有被消费者买账。和海底捞相比，呷哺集团到底差哪儿了？ 01 降价，没换来量 在火锅行业里，湊湊的客单价曾一骑绝尘。 2022年以前的呷哺集团，乘着消费升级的风，顺利几番涨价，在2022年巅峰时期，客单价一度飙到150元以上。 但近两年的火锅市场并不好过。消费降级的趋势下，降价成了火锅同行们的集体动作，客单价逐年下滑。海底捞将自己的客单价拉回百元以内，主打川渝 的怂火锅也在逐年 ...

海底捞需要寻找新的增长点。3月25日，海底捞公布2024年全年度业绩报告显示，2024年海底捞实现营 业收入427.55亿元，同比上升3.1%；净利润47.00亿元，同比增长4.6%。核心经营利润为62.30亿元，同 比上升18.7%。收入、净利润实现连续两年增长，去年业绩创历史新高，但增速有所放缓。 海底捞拥有足够雄厚的试错资金，即使子品牌不盈利也不太会影响主业。只是，面包生意还是一门好生 意吗？红餐大数据显示，截至2024年12月，烘焙赛道新增门店10.3万家，关店9.5万家，净增只有8000 家。 烘焙赛道永远不缺新玩家。 日前，海底捞被爆进军烘焙界，将于"五一"前在杭州西湖银泰开出名为"SHUA BAKERY"的面包店首 店。目前，该门店正在装修，商场现场围挡上写着"海底捞旗下烘焙品牌"、"全国首店"的字样。 海底捞跨界推出的餐饮子品牌很多，为了鼓励内部创新，去年8月份曾专门推出了"红石榴计划"。至今 内部孵化了包括焰请烤肉铺子、火焰官BarBecue、小嗨爱炸、小嗨火锅、苗师兄鱼虾锅等在内的11个餐 饮品牌。 北京一家泸溪河门店员工向Tech星球表示，周末生意好的时候，一天能卖600盒。一盒装有6个 ...

Core Viewpoint - The restaurant industry is facing growth pressures, with various brands experiencing mixed performance in revenue and profitability [1][9]. Company Performance - In 2024, Haidilao reported revenue of 427.5 billion RMB, a year-on-year increase of 3.1%, and a net profit of 47.08 billion RMB, up 4.7% [3][11]. - Despite overall growth, Haidilao's revenue in the second half of 2024 declined by 5.8% to 212.64 billion RMB, while net profit increased by 19.3% to 26.7 billion RMB [4][11]. - As of the end of 2024, Haidilao operated 1,368 restaurants, a slight decrease from 1,374 in 2023 [5]. Market Trends - The overall dining market is becoming increasingly challenging, with a notable decline in average customer spending. In 2024, Haidilao's average customer spending was 95.7 RMB, down from 97.3 RMB in 2023 [8][10]. - The average order value for competitors like Domino's China also fell by 5.4% to 82.1 RMB [10]. Profitability Metrics - Haidilao achieved a net profit margin of 11.0% in 2024, marking the highest since its listing, with a core operating profit margin increasing by 14.6% [12]. - The gross profit margin improved to 62.1%, up 3.0 percentage points year-on-year [12]. Operational Strategies - Haidilao is focusing on supply chain advantages and cost control, with a commitment to further enhance its procurement mechanisms [13][15]. - The company reported an increase in table turnover rate to 4.1 times per day, reflecting improved operational efficiency [16]. Expansion Strategy - Haidilao is adopting a cautious approach to expansion, emphasizing quality over quantity in new store openings. In 2024, it opened 59 new self-operated stores while closing 70 underperforming ones [20][21]. - The company plans to continue focusing on self-operated stores as its core operational model while cautiously exploring franchise opportunities [21][22]. New Brand Initiatives - Haidilao has launched the "Pomegranate Plan" to incubate new brands, with 11 projects currently in operation, including various dining concepts [23]. - The company aims to foster innovation and create a multi-brand ecosystem without prioritizing rapid expansion of new brand outlets [23][24].

01 海底捞变"小"了，增设小火锅、小份菜 最近，很多网友爆料，部分海底捞门店出了小锅和小份菜。 在锅底选择上，除了传统的单锅、拼锅、四宫格，增设了小锅的选项，目前设置有8款特色锅底，价格区间在16~22元不等，比如真香锅18元、海鲜粥锅 底22元、经典麻辣火锅19元。 一个人也能吃"满汉全席" 值得注意的是，就餐同样可以积累捞币，成长值，相关等级权益可以享受；小份菜只有工作日的9点~17点时间段有；目前是部分门店有，有的在改造， 有的试行，具体还是以门店通知为准 。 锅底和菜品都变"小"了 有体验过的网友表示：也是在海底捞吃上满汉全席了，kuku点完8个菜用完69折才50多，一个人吃超级爽，我会经常去...... 在菜品上，这里需要注意，小份菜不同于半份菜，在价格和份量上是真的"小"，荤菜35款，素菜18款，小吃3款，有小酥肉、炸牛奶、注心火锅油条，官 方表示还在持续更新中。 其实，早在1月份，福建海底捞小红书账号就透露试点推广小锅、小份菜：菜品丰富、价格亲民、花同样的钱，收获双倍快乐，后来陆陆续续更多门店试 点，从目前的顾客反馈来看，无一例外都是好评。 海底捞部分区域门店在小红书上也官宣："小份菜、整份爱 ...

昨晚朋友圈刷到黄铁鹰教授的一篇文章，突然想起，应该写写海底捞。 黄教授写过一本书，《海底捞，你学不会》。 三个月后，我在上海参加第七届梅花网传播业大展，和陶氏化学、飞利浦照明、液化空气等业者同台交流。 主持人王丽丽老师问我一个问题：你怎么看待海底捞劲松店事件？ 我说，尽管……但是海底捞依旧是中国最优秀的餐饮企业，没有之一。台下2000多人憋不住，一阵哄笑。 我接着说，这次事件之后，海底捞采取声明中的一系列措施和行动，会整体性提升行业对食品安全的重视和投入。全行业的底线大幅度地提升。这是头部 企业的危机，也是行业提升的契机和转机。 我在随后的很多文章中，也都一致性地表达了赞赏。（参见： 开除员工+闭店：海底捞、胖东来为什么不这么做？） 该书首版于2011年3月，至今销量突破百万册。成为中小企业内训的热门教材。书中案例最初以《海底捞的管理智慧》为题，发表于《哈佛商业评论》中 文版（2009年）。这也是被中国商学院广泛采用的经典教学案例。 这也是一本经典的企业品牌传播商业著作。书中的"双手改变命运""师徒制""顾客体验的极致追求""员工驱动的服务文化"和"把员工当人看待"的核心理 念，逐渐构建出一套品牌叙事结构。 ...

Market Overview - As of March 31, the Shanghai Composite Index fell by 0.46%, the CSI 300 decreased by 0.71%, the STAR 50 dropped by 0.66%, the CSI 1000 declined by 0.66%, the ChiNext Index decreased by 1.15%, and the Hang Seng Index fell by 1.31% [4] - The best-performing sectors on March 31 were telecommunications (+0.58%), home appliances (+0.37%), banking (+0.35%), utilities (+0.15%), while the worst-performing sectors included electric equipment (-1.94%), defense and military (-1.81%), real estate (-1.8%), construction decoration (-1.65%), and media (-1.61%) [4] - The total trading volume for the entire A-share market on March 31 was 12,433 billion, with a net inflow of 2.914 billion HKD from southbound funds [4] Company Analysis: Haidilao (06862) - Haidilao reported a revenue of 42.8 billion in 2024, representing a year-on-year increase of 3%, and a net profit attributable to shareholders of 4.7 billion, up by 5% year-on-year. The core operating profit reached 6.2 billion, reflecting a 19% year-on-year growth, driven by an increase in table turnover rate [5][6] - The company maintained a dividend payout ratio of approximately 95% for 2024, surpassing the previous year's ratio, marking the highest since its listing. The current annualized dividend yield exceeds 5%, indicating substantial shareholder returns [5] - Haidilao is recognized as the leading brand in China's direct-operated dining sector, with significant growth potential in store openings. The internal management improvements are showing early results, with expectations for table turnover rate, average spending per customer, store openings, and profitability to rise in tandem [5] - Forecasts for net profit attributable to shareholders for 2024-2026 are 5.2 billion, 5.9 billion, and 6.5 billion respectively, with year-on-year growth rates of 11%, 13%, and 10%. The corresponding PE ratios are projected to be 18, 16, and 14 times [5]

值得一提的是，董事会将在海底捞即将举行的股东周年大会上建议派发截至2024年12月31日止年度末期现金股息每股0.507港元。 在门店扩张方面，海底捞保持相对稳健的拓张速度，同时继续调整优化门店。截至2024年底，海底捞品牌共经营1368家餐厅，其中自营餐厅中国大陆地区 1332家，港澳台地区共23家，加盟餐厅共13家。 文｜筷玩思维 赵娜 近日，海底捞国际控股有限公司(以下简称"海底捞"，股票代码：6862.HK)公布了截至2024年12月31日的年度业绩报告。 数据显示，2024年海底捞实现营业收入427.55亿元，同比上升3.1%；净利润47亿元，同比增长4.6%。核心经营利润为62.3亿元，同比上升18.7%。海底捞 的收入、净利润实现连续两年增长，这份业绩也和当下很多餐企普遍存在的"增收不增利"窘境形成强烈对比。 海底捞在财报中表示，2024年，中国经济运行总体稳中有进。各地政府出台了多项刺激消费的政策，积极促进餐饮消费。餐饮业同行亦积极创新、丰富餐 饮业态，茶饮、炒菜等类别蓬勃发展、增长迅速，为消费者提供更丰富多元的选择，推动餐饮业的整体复苏和高质量发展。 2024年，海底捞继续坚持"一手抓顾客， ...

Summary of Haidilao International Conference Call Company Overview - **Company**: Haidilao International - **Industry**: Restaurants - **Market Cap**: HK$98.2 billion / US$12.6 billion - **Shares Outstanding**: 5,574 million - **Listing**: Listed on the Hong Kong Stock Exchange since September 2018 Key Financial Highlights - **2024 Revenue**: Rmb42.8 billion, up 3% YoY - **2024 Net Profit**: Rmb4,708 million, up 5% YoY - **H2 2024 Revenue**: Rmb21.3 billion, down 6% YoY - **H2 2024 Net Profit**: Rmb2,670 million, down 19% YoY - **H2 2024 Net Margin**: 12.5%, highest since 2018 - **Dividend Payout Ratio**: 95% in 2024 Performance Analysis - **Gross Profit Margin (GPM)**: 63.2% in H224, up 4.2 percentage points YoY - **SG&A Ratio**: 48.4%, 1.6 percentage points above expectations due to higher labor and rental costs - **Average Table Turn**: Improved to 4.1x per day in 2024, down from 4.3x in H2 2023 - **Average Spending per Customer**: Rmb97.5 in 2024, slightly down from Rmb99.1 in 2023 Store Network and Strategy - **New Openings**: 62 units opened (59 self-operated, 3 franchised) and 70 units closed in 2024 - **Franchise Strategy**: 70% of franchise applications from tier-3 and below cities - **Multi-brand Strategy**: Operates 74 stores under 11 small brands, with over 40 Yanqing Barbeque restaurants averaging Rmb0.8 million sales per store per month Future Outlook - **Store Opening Guidance**: Management maintains guidance to open a mid-single-digit percentage of new Haidilao stores in 2025, with contracts signed for 41 new stores as of February 2025 - **Price Target**: Raised to HK$20.66 from HK$19.35, with a "Buy" rating Risks and Considerations - **Key Risks**: - Deteriorating macroeconomic factors affecting consumer spending - Rising commodity and labor costs - Food safety incidents - **Downside Risks**: - Cannibalization among restaurants due to aggressive expansion - Competition from local hotpot restaurants and supermarkets - Challenges in adapting to delivery and takeaway services Valuation Metrics - **P/BV (12/25E)**: 8.0x - **Forecast Stock Return**: 22.8% - **Forecast Dividend Yield**: 5.6% Conclusion Haidilao International shows a mixed performance with a solid revenue increase but challenges in net profit and store openings. The company is focusing on a multi-brand strategy and expanding its franchise network while managing costs and risks associated with the restaurant industry. The raised price target reflects a positive outlook despite the challenges ahead.

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a net profit of 4.7 billion yuan in 2024, exceeding expectations, with total revenue of 42.8 billion yuan (yoy +3%) and core operating profit of 6.2 billion yuan (yoy +19%) [1][3] - The company plans to maintain a high dividend payout ratio of approximately 95% for 2024, which is the highest since its listing, providing attractive shareholder returns with a current annualized dividend yield of about 5% [1] - The company is expected to continue its growth trajectory with a focus on enhancing customer spending and improving table turnover rates, which are projected to reach 4.1 in 2024, up from 3.8 in 2023 [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.8 billion yuan, a year-on-year increase of 3%, and a net profit of 4.7 billion yuan, reflecting a 5% growth [1][11] - The core operating profit margin improved by 2 percentage points, with gross margin increasing by approximately 3 percentage points due to enhanced supply chain efficiency and reduced raw material costs [2] Growth Potential - The company is expected to open new stores at a moderate single-digit growth rate in 2025, supported by a high table turnover rate and the introduction of the "Pomegranate Plan" to encourage the development of new restaurant brands [1][3] - The "Pomegranate Plan" aims to foster the growth of new dining brands, which has already resulted in 74 new stores by the end of 2024, enhancing long-term growth potential [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 5.2 billion yuan, 5.9 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 13%, and 10% [3][11] - The price-to-earnings (P/E) ratios are expected to be 18, 16, and 14 for the years 2024, 2025, and 2026, respectively, indicating a potential valuation premium due to the company's leading position in the industry [3][11]

Core Viewpoint - In 2024, Haidilao is launching the "Pomegranate Plan" to incubate independent brands internally, aiming to address market saturation and consumer segmentation challenges while fostering employee entrepreneurship [1][2][3]. Group 1: Financial Performance - By the end of 2024, Haidilao's other restaurant revenues reached 483 million yuan, marking a year-on-year increase of 39.6% [2]. - The company has already established 11 sub-brands, including "Yanjing BBQ," "Fire Flame Official," and "Little Hi Hot Pot," with a total of 74 stores [7]. Group 2: Strategic Initiatives - The "Pomegranate Plan" encourages employees to manage multiple stores, allowing store managers to oversee both the main brand and incubated brands, thus promoting talent sharing [2][3]. - The plan symbolizes internal innovation and entrepreneurship, with a focus on project replicability and alignment with economic trends [3][5]. Group 3: Internal Structure and Evaluation - The internal "Entrepreneurship Committee" acts similarly to a venture capital entity, evaluating new projects based on their replicability, market trends, and integration of automation and digital operations [8][9]. - Projects may be voluntarily shut down by founders or based on data assessments by the company, with a structured review mechanism in place [9]. Group 4: Employee Engagement and Incentives - The incentive mechanism for the entrepreneurial teams includes equity incentives, profit sharing, and salary guarantees, aligning the interests of founders with the company's performance [9]. - Employees are excited about the potential for career advancement, seeing opportunities to manage new brands beyond just Haidilao [4].