股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海底捞国际控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06862 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50 ...

Core Insights - The restaurant industry is witnessing a resurgence of "sub-brands" as major players like Haidilao, Yum China, and others launch new concepts to capture market share and cater to specific consumer needs [1][2] Group 1: Sub-brand Launches - Major restaurant brands are intensifying their focus on sub-brands, with Haidilao introducing a lively hot pot concept, Yum China launching two new independent sub-brands, and others like Jiumaojiu and Maliuji also expanding their offerings [1] - The recent trend shows a shift from blindly expanding product categories to targeting specific customer segments and dining scenarios [1][2] Group 2: Strategic Focus and Upgrades - Brands are prioritizing quality and price-performance ratio, as seen with Xiabuxiabu's new self-service hot pot, which offers competitive pricing while aiming to differentiate from its main brand [3] - Jiumaojiu is narrowing its sub-brand strategy, focusing on upgrading its flagship brand Tai Er, which is evolving into a more diverse dining experience [3] Group 3: Cost Structure and Operational Efficiency - Major brands are adopting a "light asset" model for sub-brands, reducing operational costs and risks by leveraging existing resources [13][14] - KCOFFEE exemplifies this model by utilizing KFC's infrastructure for rapid expansion, while Pizza Hut's new sub-brand also follows a similar cost-saving strategy [14][16] Group 4: Market Penetration Strategies - The industry is increasingly targeting lower-tier cities and international markets, with brands like Haidilao and Jiumaojiu making strategic moves to penetrate these areas [23][25] - Haidilao's acquisition of "Jugaogao" aims to meet the demand for affordable dining in lower-tier cities, while Jiumaojiu's acquisition of BigWayHotPot facilitates its entry into the North American market [25]

假期里的润州餐饮界，是实打实的"人气爆棚"。海底捞跨年时段的订位早早约满，不少市民特意错 峰前往；佬土鹅肠火锅门店忙得热火朝天。从永安鱼庄的本地菜到福鱼糖水的暖甜滋味，从排着长队的 老字号酥饼到茶颜悦色的网红茶饮，烟火气里的美味，成了市民假期里最暖心的"仪式感"。 逛西津渡西津大市、赶京畿路 "新年有喜市"。两大主题市集齐聚区级非遗展演、文创好物、特色 美食，让市民一站式解锁传统匠心魅力，淘遍新潮创意尖货。在传统与创新的交融中，为市民带来沉浸 式的年味体验。 润州区相关负责人介绍，这个元旦假期，润州通过多元消费场景与温馨节日氛围，让"烟火 气"与"幸福感"交织相融，也为新年消费市场拉开红火序幕。各类活动注重提升服务品质与消费体验， 进一步释放区域消费潜力，推动消费市场持续升温，为市民打造了参与感强、体验丰富的假日生活。 （润萱 记者 孙晨飞） 元旦期间，润州大街小巷烟火升腾，消费热情高涨。商业综合体、餐饮门店与特色市集共同发力， 勾勒出一幅红火热闹的节日消费图景。 作为区域消费主阵地，万达广场成为市民假期"打卡首选"。除了跨年夜当天的倒数活动，"欢乐新 年季"主题活动也同步展开：惊喜盲盒满载实用好礼、"一号顾 ...

Summary of Haidilao International Holding (6862.HK) Conference Call Company Overview - **Company**: Haidilao International Holding - **Industry**: Consumer & Leisure, specifically in the restaurant sector Key Points Recent Updates - **Table Turn**: Remained flat year-over-year (yoy) in December and for the second half of 2025 [1] - **Revenue Impact**: Conversion of direct-operated stores to franchise stores, net closures, and smaller party sizes per table led to a slight dip in restaurant revenue. However, overall group revenue in 2025 is expected to be supported by strong growth in delivery and other brands' revenue [1][10] - **Store Count**: Approximately 1,300 stores in 2025, indicating a net decrease compared to 2024 [10] - **Pricing**: Remained largely flat yoy in 2025, with table turnover also flat in December and the second half of 2025 [10] Financial Projections - **Gross Margin**: Expected to improve in the second half of 2025 compared to the first half, with stable labor costs and expense ratios [10] - **Store Openings**: Projected gross openings of stores to increase by mid-single digits percentage (MSD%) yoy in 2026, with a potential slowdown in franchise store expansion [10] - **Cost Savings**: Anticipated from automation and depreciation & amortization (D&A) reductions, with several hundred million expected in savings for 2026 and 2027 [10] Strategic Initiatives - **Multi-Brand Strategy**: Shifted to a top-down approach, focusing on Haidilao seafood street stall and Ru Sushi in 2026. The goal is to incubate 1-3 brands with over 500 stores within three years [1][10] - **Performance of Other Brands**: Yanqing underperformed due to subdued demand and competition, while Miaoshixiong and Ju Gao Gao showed healthy performance [10] Payout Ratio - **Dividend Policy**: Aiming to maintain a high payout ratio of 90% in 2023 and 95% in 2024, though not yet finalized [1][11] Market Outlook - **Price Target**: Neutral rating with a 12-month target price of HK$14.70, based on a 9.5x 2026E EV/EBITDA [12] - **Risks**: Include variability in table turn recovery, expansion rates, performance of new business models, cost savings, and food safety issues [12] Financial Metrics (2025 Estimates) - **Revenue**: Rmb 42,630.9 million - **EBITDA**: Rmb 7,062.0 million - **EPS**: Rmb 0.69 - **P/E Ratio**: 18.5x - **Dividend Yield**: 5.1% [13] Additional Insights - **Competition Landscape**: Management noted the emergence of segmented hotpot categories and a strong demand for value-for-money food services [9] - **Store Expansion Strategy**: Management does not expect aggressive store expansion in the next 2-3 years, indicating a cautious approach to growth [10] This summary encapsulates the key takeaways from the conference call, highlighting the company's current performance, strategic direction, and market outlook.

2026年元旦假期期间，餐饮消费市场呈现显著升温态势。中国烹饪协会发布的《2026年元旦假期餐饮业经营情况调研》显示，受访餐饮企业中，元旦当天客 流量同比增长或持平的企业占比为58.1%，外卖订单量同比增长或持平的企业占比为69.6%。 新茶饮赛道同样表现活跃。奈雪的茶方面称，元旦假期全国多地门店销量比节前增长超700%，珠海、南京等部分门店在跨年当日出现单笔订单超1000杯的 情况。另一品牌茉莉奶白在跨年当日全国销量近190万杯，元旦当日售出153万杯，部分位于景区与交通枢纽的门店销售额环比增长接近300%。 在地方层面，浙江省商务厅监测数据显示，元旦假期该省重点监测的43家大型餐饮企业销售额同比增长13.5%。相关平台监测的省内3000余家商户营业额及 消费人次同比分别增长18%和26%。北京市商务局发布的元旦消费数据显示，1月1日至1月3日，重点监测的餐饮业态销售额日均同比增长4.6%，其中正餐日 均同比增长25.4%。广州市商务局数据显示，元旦假期该市餐饮业消费同比增长18.9%。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 美团平台数据显示， ...

Group 1: Overall Market Performance - The consumer market experienced a "good start" during the 2026 New Year's holiday, with a significant increase in restaurant scene activity [1] - 58.1% of surveyed restaurants reported stable or increased customer traffic on New Year's Day, while 69.6% saw stable or increased takeaway orders [1] - Daily average consumption in dine-in restaurants during the holiday increased by 19% compared to the same period in 2025 [1] Group 2: Specific Company Performance - The group behind "Xiabuxiabu" reported over 20 million yuan in revenue from its "Coucou" stores during the holiday, with a customer flow of 140,000 and a peak daily revenue exceeding 8 million yuan [2] - "Xiabuxiabu" brand stores nationwide saw a total net sales exceeding 30 million yuan, with a year-on-year growth of over 30% and a peak daily revenue surpassing 10 million yuan [2] - "Xibei" restaurants attracted around 500,000 customers during the holiday, with no impact from subsidy cessation on overall customer flow [2] Group 3: New Tea Beverage Sector - "Nayuki" tea outlets experienced a sales increase of over 700% compared to pre-holiday levels, with some stores recording single orders exceeding 1,000 cups [3] - "Nayuki" tea's overseas locations, including in New York and Bangkok, became popular among local tourists, with the New York store generating nearly 40,000 USD (approximately 279,000 yuan) in sales over three days [3] - "Moli Naibai" brand sold nearly 1.9 million cups on New Year's Eve and continued strong sales with 1.53 million cups sold on New Year's Day, with some stores seeing sales growth close to 300% [3]

Group 1 - The national catering market experienced a consumption boom during the New Year's holiday, with major cities seeing a surge in restaurant patronage and pre-booked tables for popular dining spots [1] - In Beijing, from January 1 to January 3, the average daily sales of monitored catering businesses increased by 4.6% year-on-year, with dine-in sales rising by 25.4% [1] - Nearly 30 specialty restaurants reported a total online sales of 2.405 million yuan in the first two days of the New Year, indicating robust holiday dining consumption [1] Group 2 - Hot pot restaurants, particularly Haidilao, saw significant customer traffic, serving over 4.5 million customers nationwide from December 31 to January 1, driven by cold weather and holiday gatherings [2] - Xibei reported approximately 500,000 customer visits during the New Year period, with overall foot traffic unaffected by the cessation of subsidies [2] - The trend of "staying home for New Year" has led platforms and restaurants to enhance online channels, with Dazhongdianping collaborating with over one million high-rated restaurants to distribute 45 million vouchers [2] Group 3 - The catering industry is a crucial pillar for promoting consumption, benefiting livelihoods, and stabilizing employment, serving as a barometer for economic recovery [3] - From January to November 2025, the total retail sales of consumer goods reached 45.6067 trillion yuan, with catering revenue at 5.2245 trillion yuan, reflecting a year-on-year growth of 3.3% [3] Group 4 - Industry experts anticipate that the traditional consumption peak at year-end will further release dining demand [4]

Group 1 - The national catering market experienced a consumption boom during the New Year's holiday, with major cities seeing high foot traffic in restaurants and strong reservation rates for popular dining spots [1] - In Beijing, from January 1 to January 3, the average daily sales of monitored catering businesses increased by 4.6% year-on-year, with dine-in sales rising by 25.4% [1] - Nearly 30 specialty restaurants reported a cumulative online sales of 2.405 million yuan in the first two days of the New Year, indicating robust holiday dining consumption [1] Group 2 - The hot pot segment performed exceptionally well due to cold weather and holiday gatherings, with Haidilao serving over 4.5 million customers nationwide from December 31 to January 1 [2] - The dining experience during the New Year saw a peak in customer flow, with some Haidilao locations reporting table turnover rates exceeding 10 times on New Year's Eve [2] - Xibei reported approximately 500,000 customer visits across its national locations during the New Year period, showing resilience despite the cessation of subsidies [2] Group 3 - The catering industry is a crucial pillar for promoting consumption, benefiting livelihoods, and stabilizing employment, serving as a barometer for economic recovery [3] - From January to November 2025, the total retail sales of consumer goods reached 45.6067 trillion yuan, with catering revenue at 522.45 billion yuan, reflecting a year-on-year growth of 3.3% [3] Group 4 - Industry experts anticipate that traditional year-end consumption demand will further increase as the peak season approaches [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The konjac snack market is currently a standout growth category within the snack market, achieving a 17.45% year-on-year growth during the MAT202511 period (December 2024 to November 2025) despite an overall decline in the snack market [2][4][17] - The market share of the top three groups (CR3) in the konjac snack industry increased from 67% to 75%, indicating a significant concentration trend [4][26][28] - The konjac snack category is expected to continue expanding, with the number of SKUs increasing by 53% and the number of participating groups growing by 41% from December 2023 to November 2025 [26][33] Summary by Sections Konjac Snack Market Dynamics - The konjac snack category has shown remarkable growth, with a 17.45% year-on-year increase during the MAT202511 period, contrasting with an 11.94% decline in overall snack sales [2][17] - The spicy flavor remains the most stable and dominant in the konjac snack category, maintaining over 35% market share [18] - The market share of traditional snacks like spicy strips is declining, while konjac snacks are gaining traction, with their market share surpassing 2% for the first time in May 2025 [17][18] Supply and Market Concentration - The supply side of the konjac snack category is expanding, with SKU numbers rising from 2,718 to 4,158, and brand numbers increasing from 859 to 1,261 [26] - The CR3 group's market share has increased significantly, indicating a trend towards market concentration, while the CR10 group now holds 84.3% of the market [26][28] Competitive Landscape - Major brands like Weilong and Yanjin are adapting their strategies, with Yanjin's sub-brand "Big Demon King" rapidly gaining market share, while Weilon's sub-brand "Little Witch" has seen a decline [31][33] - The konjac snack market is characterized by strong competition, with both established and emerging brands vying for market share, highlighting its attractiveness and growth potential [33]

Core Insights - The restaurant industry in Beijing experienced significant revenue growth during the New Year holiday, with many establishments reporting long queues and high customer turnout [1][2][3] Group 1: Performance of Traditional Brands - Traditional brands like Huaitian Group's restaurants, including Tongheju and Tongchun Garden, saw strong demand, with revenue surpassing the previous year's figures during the holiday [2] - The restaurant near Shichahai, Gu Lou Ma Kai, reported over 10% revenue growth on New Year's Day, with all dining rooms fully booked [2] - Classic dishes such as Mao's Braised Pork and Dong'an Chicken were highly popular, leading to long queues at takeaway windows [2] Group 2: Popular Dining Spots - Popular dining areas like Guijie saw a 49% increase in customer traffic for Hu Da restaurant during the holiday, with an average wait time of about 4 hours [3] - The restaurant recorded over 4,800 tables of reservations on New Year's Day, indicating high demand [3] - Spicy cuisine, particularly from brands like Fei Dashi, also thrived, with peak wait times reaching 1,500 tables on New Year's Eve [3] Group 3: Nighttime Consumption Trends - Nighttime dining saw a notable increase, with Haidilao serving over 4.5 million customers nationwide during the holiday [6][10] - The late-night dining trend was particularly strong, with many restaurants experiencing peak hours extending into the early morning [6] - Other hotpot brands like Zizhu and Xiaobai also reported significant revenue growth, with Zizhu's total revenue exceeding 20 million yuan during the holiday [10] Group 4: Preparations for Upcoming Festivals - Many restaurants are now focusing on the upcoming Spring Festival, with traditional brands fully booked for New Year's Eve dinners [11] - Several brands have launched "home delivery" New Year's Eve meal boxes, with significant pre-orders already recorded [11] - The variety of meal boxes offered has expanded, catering to different family sizes and preferences, indicating a shift towards convenience in festive dining [11]