Group 1 - The core viewpoint of the article highlights the recent decline in the stock price of Haidilao, which dropped by 5.44% to HKD 14.07 per share, with a trading volume of HKD 38.429 million as of August 26 [1] - Haidilao International Holding Ltd. primarily operates in the hot pot restaurant business, with plans to have 1,368 restaurants in Greater China by the end of 2024, serving over 415 million customers annually [1] - The company is committed to providing high-quality, healthy, and safe hot pot food, gaining consumer trust through integrity and innovative services [1] Group 2 - As of the mid-year report for 2025, Haidilao reported total revenue of RMB 20.703 billion and a net profit of RMB 1.759 billion [2] - On August 25, the company announced an interim dividend of RMB 0.309 per share (equivalent to HKD 0.338), with the ex-dividend date set for September 5, 2025, and the payment date on October 15, 2025 [2]

本文源自：金融界 作者：行情君 8月26日，海底捞(06862)盘中下跌4.91%，截至09:37，报14.15元/股，成交3.05亿元。 截至2025年中报，海底捞营业总收入207.03亿元、净利润17.59亿元。 海底捞国际控股有限公司主要经营火锅餐饮业务，截至2024年底，在大中华区拥有1368家餐厅，年服务 顾客超过4.15亿人次。公司致力于提供高质量、健康、安全的火锅食品，并凭借诚信经营和创新服务赢 得消费者信赖。 8月25日，2025年中期每股派人民币0.309元(相当于港币0.338元)，除权除息日2025-09-05，派息日2025- 10-15(董事会预案)。 ...

Market Overview - The Hang Seng Index opened down 0.45% and the Hang Seng Tech Index fell by 0.76% [1] Company Performance - Haidilao opened down 3.16%, reporting a 13.7% year-on-year decline in net profit for the first half of the year [1] - BeiGene opened up 1.12%, with Royalty Pharma agreeing to pay $885 million at closing for the rights to monoclonal antibody Imdelltra outside of China [1]

Summary of Haidilao International Holding Ltd 1H25 Results Conference Call Company Overview - **Company**: Haidilao International Holding Ltd - **Industry**: Consumer (Restaurant Sector) - **Region**: Asia Pacific, primarily China Key Financial Results - **Revenue**: - 1H24: Rmb21,491 million - 2H24: Rmb21,264 million - 1H25: Rmb20,703 million - Year-over-Year (YoY) decline: 4% [2] - **Operating Profit**: - 1H25: Rmb2,203 million - YoY decline: 18% [2] - **Net Profit**: - 1H25: Rmb1,759 million - YoY decline: 14% [2] - **Gross Profit Margin (GPM)**: - 1H25: 60.2%, down from 63.2% in 1H24 [2] - **Operating Profit Margin (OPM)**: - 1H25: 10.6%, down from 14.9% in 1H24 [2] - **Net Profit Margin (NPM)**: - 1H25: 8.5%, down from 12.6% in 1H24 [2] Cost Analysis - **Cost of Sales**: - Increased to Rmb8,243 million in 1H25, a 2% decrease YoY [2] - **Staff Costs**: - Rmb6,988 million in 1H25, a 2% decrease YoY [2] - **Other Expenses**: - Increased by 23% YoY, attributed to high business development and delivery platform fees [7] Operational Metrics - **Number of Restaurants**: - Mainland China: 1,299 (down from 1,320 in 2H24) [2] - **Table Turn**: - Mainland China: 3.8 times, down 9% YoY [2] - **Average Spending Per Guest**: - Mainland China: Rmb96, unchanged YoY [2] Market Position and Valuation - **Stock Rating**: Overweight [4] - **Price Target**: HK$17.50, representing an 18% upside from the current price of HK$14.88 [4] - **Market Capitalization**: Rmb73,885 million [4] - **Expected EPS Growth**: Projected 19% CAGR from 2025 to 2027 [8] Risks and Opportunities - **Upside Risks**: - Faster macroeconomic recovery - Better-than-expected demand recovery - Accelerated new store openings [9] - **Downside Risks**: - Slower recovery in table turn - Raw material cost inflation - Delays in new store openings [9] Dividend Information - **Interim Dividend**: HK$0.338, a 14% decrease YoY, with a payout ratio of 95% [7] Conclusion Haidilao International Holding Ltd reported a challenging first half of 2025 with declines in revenue, operating profit, and net profit. The company faces a tough operating environment but maintains a positive long-term outlook with potential for recovery and growth in the coming years.

Summary of Haidilao International Holding (6862.HK) Earnings Call Company Overview - **Company**: Haidilao International Holding - **Ticker**: 6862.HK - **Market Cap**: HK$82.9 billion / $10.6 billion - **Industry**: Restaurant and Food Service Key Financial Metrics - **1H25 Sales**: RMB 20.7 billion, a decline of 3.7% year-over-year (yoy) [1][4] - **Net Profit**: RMB 1.76 billion, a decline of 14% yoy, missing expectations by 8% [1][13] - **Recurring Net Income**: RMB 1.55 billion, a decline of 27% yoy [1][13] - **Interim Dividend**: HK$0.338 per share, with a payout ratio of 95% [1][14] - **Operating Income**: RMB 2.2 billion, with an operating profit margin (OPM) of 10.6%, missing expectations of 11.8% [11][16] Sales and Revenue Insights - **System Sales**: Declined by 6.5% yoy in 1H25 [3] - **Revenue from Haidilao Restaurants**: Below expectations due to a reduction in store count and lower per store sales [4] - **Delivery Revenue**: Increased due to the rapid growth of single-serving fast food business [4] - **Same-Store Sales Growth (SSSG)**: Overall group SSSG was -10% yoy, with variations across tiers [5] Operational Metrics - **Average Table Turn**: 3.8x in 1H25, down 10% from 4.2x in 1H24 [10] - **Store Count**: 1,322 stores, with 33 net closures in 1H25 [9] - **Average Selling Price (ASP)**: RMB 97.9 in 1H25, slightly up from previous periods [10] Cost and Margin Analysis - **Gross Profit Margin (GPM)**: Lower-than-expected due to increased labor and operational costs [1][11] - **Effective Tax Rate**: 33.2%, above expectations of 29% [13] - **Operating Expenses**: Increased in various categories, notably other expenses which rose by 23.4% yoy [16] Future Outlook and Strategic Focus - **Key Focus Areas for 2H25**: 1. Table turn trends and outlook 2. Pricing strategy and promotion trends 3. Margin outlook and potential for improvement 4. Store expansion plans, particularly for the Haidilao brand and new brands like Yanqing [2] 5. Progress on new brands and shareholder return plans [2] Investment Rating and Price Target - **Current Rating**: Neutral - **12-Month Price Target**: HK$15.30, with an upside of 2.8% from the current price of HK$14.88 [18][19] - **Key Risks**: Variability in table turn recovery, expansion speed, cost inflation, and food safety issues [18] Conclusion Haidilao International Holding has faced challenges in the first half of 2025, with declines in sales and net profit attributed to operational inefficiencies and increased costs. The company is focusing on strategic areas for improvement and expansion, while maintaining a stable dividend payout. The outlook remains cautious, with a neutral rating from analysts.

8月25日，根据青岛广播电视台"正在新闻"报道，有消费者在社交平台上反馈，8月23日，其通过外卖平台在 海底捞火锅呼和浩特（五塔寺小学店）下单后，在询问商家能否将套餐中的"肥牛和蟹棒更换成蔬菜"时，遭 到商家辱骂。 该消费者透露，涉事门店经理已经在8月25日登门道歉，并携带水果、牛奶作为补偿，并为该笔订单进行了 免单处理。门店经理表示，门店的账号在23日被非法登录，黑客冒充商家对多名顾客进行辱骂，门店直至当 天晚上才发现异常。 8月25日，海底捞相关负责人告诉南都湾财社记者，海底捞已启动专项调查并对其中可能涉及的问题进行报 警处理。海底捞将彻查全貌，对任何涉嫌违规操作、损害顾客权益的行为，坚决追究相关责任。 同一时间，南都湾财社向外卖平台核实情况，截至发稿，尚未收到回应。 （文章来源：南方都市报） 海底捞于1994年在四川简阳创立，截至2025年6月，海底捞品牌在全国共经营1363家餐厅。 2025年上半年， 海底捞实现营业收入207.03亿元，净利润17.55亿元，其中来自外卖的收入为9.28亿元，同比增长了59.73%， 占收入的比例为4.48%。 ...

例如长白山万达柏悦酒店，抑或广州富力丽思卡尔顿酒店，海底捞和皇冠假日的结合则给人带来一种莫名喜感，好比把瑞幸与万豪组合，或者把霸王茶姬 挂进希尔顿Logo。 如果我们再打开酒店介绍页面，这种跨界的想象力就更有趣了。 IHG官网显示，这家酒店地处成都武庙镇白金山水库B13栋，距天府国际机场25公里，定位是城市度假+商务会展，配有259间客房、恒温泳池、1350平米 的儿童乐园、健身房、超大会议厅、演艺灯光系统等硬核设施一应俱全。 最近，我注意到IHG（洲际酒店集团）官网发布了一家即将开业的新酒店——成都海底捞皇冠假日酒店。 这家酒店刚一宣布，便引来众人围观：海底捞也要开酒店啦？还是五星？ 更令人好奇的是，它不仅是酒店里有海底捞餐厅，海底捞三个大字还放在了皇冠假日前面，意味很明显——它是酒店业主。 而以前，我们常见的酒店名字是开发商+酒店集团品牌。 但这不是重点，在开业公告，还赫然写着这家酒店配备火锅主题房、火锅送餐服务等本地特色元素，客人也可以在海底捞生态农场放松身心，或者去毗邻 酒店的海底捞商学院团建。 翻译一下，就是你不仅能在酒店吃到海底捞，还能叫个锅底直接送上楼来吃"房内捞"，不过瘾？旁边还能海底捞深度一 ...

Group 1 - JD and Wanda have established a partnership with a total investment of approximately 80.53 billion yuan, focusing on management consulting and information technology consulting [10] - KDP has announced the acquisition of JDE Peet's, with the deal expected to close in the first half of 2026 [12] - Keep reported a revenue of 822 million yuan for the first half of 2025, with an adjusted net profit of 10.35 million yuan, and a gross margin increase to 52.2% [17] - Pinduoduo's second-quarter revenue reached 103.98 billion yuan, showing a year-on-year growth of 7%, while net profit decreased by 4% [16] - Haidilao reported a revenue of 20.7 billion yuan for the first half of 2025, a decline of 3.7% year-on-year, with a net profit of 1.76 billion yuan, down 13.7% [18] Group 2 - Tencent will cease repair services for the domestic Nintendo Switch starting December 31, 2026, following the gradual shutdown of related online services [6] - Utree Technology is facing a lawsuit for patent infringement, marking its first encounter with such legal issues [3] - The Shanghai Disneyland will adjust its ticket pricing structure, adding more price levels while maintaining the current price range of 475 to 799 yuan [5] - Old Puhuang has raised prices on most products by approximately 5% to 13%, with popular items increasing by 1,000 to 3,000 yuan [7]

Core Viewpoint - Haidilao is experiencing short-term performance pressure, with a focus on diversifying its business model and enhancing operational efficiency to counteract declining same-store sales and table turnover rates [2][3][9] Financial Performance - In the first half of 2025, Haidilao reported revenue of 20.703 billion yuan, a year-on-year decline of 3.7%, and a net profit of 1.755 billion yuan, down 13.7% [2] - Core operating profit decreased by 14.0% to 2.408 billion yuan, with basic earnings per share falling from 0.38 yuan to 0.32 yuan [2][3] Operational Challenges - The primary reasons for the performance decline include a decrease in table turnover rates from 4.2 times per day to 3.8 times per day and a drop in same-store sales [3][4] - Haidilao closed 33 underperforming restaurants in response to reduced customer traffic, with a total of 1,363 restaurants operating as of June 30, 2025 [3][4] Strategic Initiatives - The company is implementing a multi-brand strategy, expanding its takeout business, and enhancing digital operations to seek breakthroughs [2][5] - Haidilao's takeout business saw a nearly 60% increase in revenue, with the "down-to-earth hot pot dishes" contributing over 55% of takeout revenue [4][5] Franchise Development - As of June 30, 2025, Haidilao had 41 franchise restaurants, a net increase of 40 compared to the previous year, with franchise revenue growing approximately 47 times [7] - The "Red Pomegranate Plan" aims to incubate and support sub-brands, contributing to revenue growth from other restaurant brands [7][8] Market Position and Future Outlook - Despite the challenges, Haidilao's new concept store in Beijing achieved a table turnover rate exceeding 7, indicating potential for future growth [6] - The company faces the challenge of balancing traditional business optimization with new business expansion while managing multiple sub-brands effectively [9]

Core Viewpoint - Haidilao International Holding Ltd reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to decreased table turnover rates and initial adjustments in product and service innovation [1] Financial Performance - In the first half of 2025, Haidilao achieved revenue of 20.703 billion yuan, a year-on-year decrease of 3.7% - The net profit for the same period was 1.755 billion yuan, down 13.7% compared to the previous year [1] - The overall table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times in the same period last year [1] Store Operations - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,322 self-operated and 41 franchised locations [1] - During the first half of 2025, the company opened 25 self-operated restaurants and 3 franchised locations while closing underperforming restaurants as part of its "Woodpecker Plan" [1] Market Trends and Consumer Behavior - The increase in competition among hot pot brands has impacted Haidilao's market share, with consumers seeking healthier, more convenient, and personalized dining options [2] - Despite the overall decline in performance, Haidilao's takeout business showed strong growth, with revenue reaching 0.928 billion yuan, a year-on-year increase of 59.6% [2] Strategic Initiatives - Haidilao plans to integrate multi-brand and multi-category resources to create a super kitchen for takeout and explore new satellite store models to drive revenue and profit growth [2] - The company is also focusing on enhancing customer experience through improved service capabilities and digital operations [3] - Haidilao's multi-brand strategy has shown success, with "Other Restaurant Revenue" reaching 0.597 billion yuan, a significant year-on-year increase of 227.0% [3]