证券研究报告 | 2024年02月22日 海底捞（06862.HK） 买入 经营延续稳健表现，关注新业态孵化与开店积极信号 核心观点 公司研究·财报点评 2023年预计实现净利润超44亿元，符合我们预期。2023年，公司预计实 社会服务·酒店餐饮 现持续经营业务收入超414.0亿元，同比增长超33.3%；预计实现持续 证券分析师：曾光 证券分析师：钟潇 经营业务净利润44.0亿元，同比增长超168.5%，经营表现与我们前期 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 预测（净利润为45.5亿元）大致符合我们预测。2023H2，公司预计实 S0980511040003 S0980513100003 现持续经营业务收入不低于224.4亿元，同比增超57.7%；预计实现持 证券分析师：张鲁 续经营业务净利润21.4亿元，同比增长超12.5%。 010-88005377 zhanglu5@guosen.com.cn 2023下半年净利率边际略有走低，预计系翻人工成本占比提升所致。2023H2 S09805211 ...

2024年2月21日 公司研究 翻台率持续改善，24 年或重启开店计划 ——海底捞（6862.HK）2023 年业绩预告点评 要点 买入（维持） 当 前价：14.06港元 事件：公司发布2023年业绩预告，预计2023年持续经营业务收入不低于414 亿元，同比增长不低于33.3%；预计持续经营业务净利润不低于44亿元，同比 增长不低于168.3%。其中，公司预计23H2持续经营业务收入不低于225亿元， 作者 同比增长不低于41.7%；预计持续经营业务净利润不低于21.4亿元，同比增长 分析师：陈彦彤 不低于36.8%。 执业证书编号：S0930518070002 021-52523689 23H2客流改善带动收入增长提速。公司预计23H2持续经营业务收入不低于225 chenyt@ebscn.com 亿元，同比增长不低于41.7%，收入增速环比改善，主要系随着针对新冠疫情 分析师：汪航宇 的管控措施优化及经济复苏，海底捞餐厅客流量增加，经营表现好转。23H2公 执业证书编号：S0930523070002 司整体表现出客单价下降、客流回升的趋势。23H2公司翻台率持续好转，23Q4 021-52523174 ...

HAIDILAO INTERNATIONAL HOLDING LTD. 海 底 撈 國 際 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 6862 ...

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） 截至2023年6月30日止六個月的中期業績公告 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2023年6月30日止六個月（「報告期」）的未經 審核綜合業績，連同2022年同期的比較數字。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 財務摘要 來自持續經營業務 截至6月30日止六個月 2023年 2022年 （人民幣千元）（人民幣千元） （經重述） ...

Company Incorporation and Subsidiaries - Haidilao International Holding Ltd. was incorporated in the Cayman Islands with limited liability on July 14, 2015[4] - Haidilao Singapore, a wholly-owned subsidiary, was incorporated in Singapore on February 28, 2013[5] - Jarud Qi Haidilao Food Co., Ltd. was wholly owned by Sichuan Haidilao as of the Latest Practicable Date[6] - Shanghai Haiyue Investment Management Co., Ltd. was a wholly-owned subsidiary of Leda Haisheng as of the Latest Practicable Date[8] - Shanghai Kiwa Internet Technology Co., Ltd. was established in the PRC on August 20, 2018[8] - Shanghai Xinpai Catering Management Co., Ltd. was established on May 12, 2013, as a wholly-owned subsidiary of the company[9] - Sichuan Haidilao Catering Co., Ltd. was incorporated on April 16, 2001, with Jingyuan Investment owning 50.00%, Mr. Zhang Yong owning 25.50%, and other shareholders owning the remaining 24.50% as of the Latest Practicable Date[10] - Sichuan Xinpai Catering Management Co., Ltd. was established on September 28, 2016, as a wholly-owned subsidiary of the company[10] - Super Hi International Holding Ltd. was incorporated on May 6, 2022, and ceased to be a subsidiary of the company upon the completion of the spin-off on December 30, 2022[10] - Wei Hai International Holding Ltd. was incorporated on January 15, 2020, with ZY WH LTD holding 35.10%, SP WH LTD holding 12.35%, and SYH WH LTD holding 18.90% as of the Latest Practicable Date[11] - Yihai International Holding Ltd. was incorporated on October 18, 2013, and is listed on the Main Board of the Stock Exchange (stock code: 1579)[11] - Yihai (Shanghai) Food Co., Ltd. is a wholly-owned subsidiary of Yihai as of the Latest Practicable Date[12] Financial Performance - Revenue for 2022 decreased by 15.5% to RMB34,741.0 million compared to RMB41,111.6 million in 2021[19] - Revenue from continuing operations in 2022 was RMB31,038.6 million, a decrease of 20.6% compared to 2021[21] - Profit for the year from continuing operations in 2022 was RMB1,637.3 million, compared to a loss of RMB3,247.8 million in 2021[21] - Group revenue from continuing and discontinued operations decreased by 15.5% to RMB 34,741.0 million in 2022 compared to RMB 41,111.6 million in 2021[23] - Revenue from continuing operations decreased by 20.6% to RMB 31,038.6 million in 2022, with a profit of RMB 1,637.3 million compared to a loss of RMB 3,247.8 million in 2021[23] - Group revenue from continuing operations decreased by 20.6% from RMB39,096.7 million in 2021 to RMB31,038.6 million in 2022[47] - Haidilao restaurant operation revenue decreased by 22.9% from RMB37,547.0 million in 2021 to RMB28,942.6 million in 2022, accounting for 93.3% of total revenue[50] - Delivery business revenue increased by 103.3% from RMB629.8 million in 2021 to RMB1,280.1 million in 2022[51] - Average spending per guest increased from RMB102.3 in 2021 to RMB104.9 in 2022[50] - Revenue from Tier 1 cities increased to RMB114.2 per guest in 2022 from RMB111.8 in 2021[53] - Revenue from Tier 2 cities increased to RMB104.3 per guest in 2022 from RMB101.7 in 2021[53] - Revenue from Tier 3 cities and below increased to RMB97.9 per guest in 2022 from RMB95.7 in 2021[53] - Same store sales in Tier 1 cities decreased from RMB 3,691,338 thousand in 2021 to RMB 2,905,807 thousand in 2022[57] - Overall same store sales dropped from RMB 22,391,585 thousand in 2021 to RMB 19,159,499 thousand in 2022[57] - Average same store sales per day in Tier 1 cities fell from RMB 90.5 thousand in 2021 to RMB 79.1 thousand in 2022[57] - Revenue from Tier 1 cities in mainland China decreased from RMB 7,728,253 thousand in 2021 to RMB 5,153,936 thousand in 2022[61] - Revenue from Tier 2 cities in mainland China decreased from RMB 14,903,891 thousand in 2021 to RMB 11,338,523 thousand in 2022[61] - Revenue from Tier 3 cities and below in mainland China decreased from RMB 14,230,285 thousand in 2021 to RMB 11,465,959 thousand in 2022[61] - Revenue from Hong Kong, Macau, and Taiwan regions increased from RMB 805,111 thousand in 2021 to RMB 1,032,421 thousand in 2022[61] - Profit for the year improved significantly from a loss of RMB 3,247.8 million in 2021 to a profit of RMB 1,637.3 million in 2022[82][85] Operational Performance - Overall table turnover rate for Haidilao restaurants in Greater China was 3.0 times per day in 2022, same as 2021[22] - Same-store turnover rate for Haidilao restaurants in Greater China was 3.1 times per day in 2022, down from 3.4 times per day in 2021[22] - Company opened 24 new Haidilao restaurants and resumed operations of 48 suspended restaurants in 2022[22] - Company closed 50 restaurants with poor operation performance in 2022[22] - As of December 31, 2022, Company operated 1,349 Haidilao restaurants in mainland China and 22 in Hong Kong, Macau, and Taiwan[22] - Haidilao's overall table turnover rate in Greater China was 3.0 times/day in 2022, with a same-store turnover rate of 3.1 times/day[23] - Company opened 24 new Haidilao restaurants, reopened 48 previously closed restaurants, and closed 50 underperforming restaurants in 2022[23] - As of December 31, 2022, company operated 1,349 Haidilao restaurants in mainland China and 22 in Hong Kong, Macau, and Taiwan[23] - Average table turnover rate in 2022 was 3.0 times per day[50] - Table turnover rate in Hong Kong, Macau, and Taiwan regions increased to 3.5 times per day in 2022 from 3.0 in 2021[53] - Newly-opened restaurants had a table turnover rate of 2.3 times per day in 2022, down from 2.4 in 2021[53] Product Development and Marketing - Haidilao Customized Products include hot pot soup flavoring and Chinese-style compound condiment products supplied by Yihai Group[5] - Company launched 12 newly developed products and relaunched 16 optimized existing products in 2022[28] - 127 regional products were launched for more than three months in 2022, with optimization of 60 national and 45 regional existing products[28] - Marketing projects achieved a total broadcasting and click-through volume of 3.77 billion times in 2022[30] - Traffic diversion from "Haidilao" App to "Haidilao Hot Pot Delivery" WeChat Mini Program increased by more than 23.5% in 2022[31] - The company executed 10 marketing projects in 2022, achieving a total of 3.77 billion views and clicks, with 1.65 billion views and clicks during the FIFA World Cup period[32] - The company optimized data governance and private domain traffic utilization, increasing the traffic share from the "Haidilao" WeChat mini-program to the "Haidilao Hotpot Delivery" mini-program by over 23.5%[32] - The number of takeaway stores providing community operation increased from less than 450 at the beginning of 2022 to over 1,400 by the end of the year, covering more than 300 cities[33] - Haidilao restaurants in Greater China served over 276.3 million customers in 2022, with registered members exceeding 116.0 million[36] - The company launched over 1,000 products in the Haidilao mall, including mooncakes, fresh food, and Miffy co-branded products, and organized tasting parties in over 100 restaurants across 20 cities, attracting over 30,000 tables of customers[37] Future Plans and Strategies - The company plans to continue enhancing the dining experience, improving service, product innovation, and offering more value-added and community operation services[41] - The company will invest in innovation and new technology, including optimizing the business management system and intelligent restaurant technology[41] - The company aims to strategically pursue acquisitions of high-quality assets to diversify restaurant business patterns and customer base[41] - The company will continue to seek potential strategic investment opportunities and acquire high-quality target businesses and assets that can bring synergistic effects[113] Corporate Governance and Board Structure - The company's annual general meeting (AGM) is scheduled for June 7, 2023, at the DoubleTree by Hilton Hotel Beijing[3] - Jingyuan Investment Co., Ltd. was owned 52.00% by Mr. Zhang Yong, 16.00% by Ms. Shu Ping, 16.00% by Mr. Sean Shi, and 16.00% by Ms. Hailey Lee as of the Latest Practicable Date[6] - Leda Haisheng Enterprise Management Co., Ltd. was held 62.70% by Beijing Yihan Consulting Management Co., Ltd. and 14.85% by Mr. Sean Shi as of the Latest Practicable Date[7] - Shuhai (Beijing) Supply Chain Management Co., Ltd. was established on June 3, 2014, with Leda Haisheng holding 42.72% and Jinghai Investment holding 26.17% as of the Latest Practicable Date[9] - The company separated the roles of Chairman and CEO on March 1, 2022, with Ms. June Yang Lijuan designated as the new CEO, ensuring compliance with corporate governance code C.2.1[157][158] - The Board currently consists of 11 Directors, including three female Directors, achieving gender diversity[165][167] - The Board met seven times in 2022, including reviewing and approving the audited annual results for 2021 and unaudited interim results for the first half of 2022[181] - The company held two general meetings on June 9, 2022, and August 22, 2022, with all proposed shareholders' resolutions passed by poll vote[182] - The Board currently has three female directors, achieving gender diversity[169] - All independent non-executive directors provided written annual confirmation of their independence in accordance with the Listing Rules[170] - The initial term for non-executive and independent non-executive directors' appointment letters is three years, subject to re-election[175] - Each newly appointed director receives formal, comprehensive, and tailored induction to understand the company's business and operations[176] - Directors attended training sessions on continuing obligations of listed companies, disclosure requirements, and updates on the Listing Rules in 2022[177] - The chairman of the Board held a meeting with non-executive directors (including independent non-executive directors) once in 2022 without the presence of other executive directors[181] - Mr. Zhang Yong attended all 7 Board meetings and 2 General Meetings in 2022[185] - Ms. June Yang Lijuan attended 5 out of 7 Board meetings and both General Meetings in 2022[185] - Dr. Ma Weihua attended 5 out of 7 Board meetings and 1 out of 2 General Meetings in 2022[185] - Regular Board meeting notices are sent to Directors at least 14 days in advance[186] - Board papers are distributed to Directors at least 3 days before each meeting[186] - The company separated the roles of Chairman and CEO on March 1, 2022, with Ms. June Yang Lijuan becoming CEO[192] - The Audit Committee consists of 3 independent non-executive Directors: Mr. Qi Daqing, Mr. Hee Theng Fong, and Dr. Chua Sin Bin[198] - The Audit Committee is responsible for reviewing financial reporting, risk management, and internal control systems[198] - The Audit Committee proposes the appointment, re-appointment, or replacement of external audit institutions[198] - The Audit Committee reviews the independence and effectiveness of external audit institutions[198] - The Audit Committee consists of three directors, including independent non-executive directors Mr. Qi Daqing, Mr. Xu Tingfang, and Dr. Cai Xinmin[199] - The Audit Committee is responsible for reviewing and supervising the company's financial reporting, risk management, and internal control systems[199] - The Audit Committee held three meetings in 2022, focusing on reviewing audited annual results and financial reports for the year ended December 31, 2021[200] - The Audit Committee reviewed unaudited interim results and financial reports for the six months ended June 30, 2022[200] - The Audit Committee reviewed the company's financial reporting and compliance procedures[200] - The Audit Committee reviewed policies and practices on corporate governance[200] - The Audit Committee reviewed compliance with the Corporate Governance Code and disclosure requirements in the corporate governance report[200] Key Personnel and Leadership - Mr. Zhang Yong, aged 52, has over 20 years of experience in restaurant management and is responsible for leading the Board and senior management team to guide and supervise the Group's operations and formulate long-term strategies[114][117] - Ms. June Yang Lijuan, aged 44, is responsible for overseeing the management and strategic development of the Group and has extensive experience in the company since 1997[116][117] - Mr. Li Peng, aged 42, is responsible for the finance and budgeting of the Group and has over 20 years of experience in finance and accounting[118][119] - Ms. Song Qing, aged 41, is responsible for the procurement, research, and sales of the Group's products and has held various positions in the company since 2000[120][122] - Ms. Gao Jie, aged 33, is responsible for the innovation business of the Group and has been involved in various operational and managerial roles since 2016[123] - Ms. Gao Jie was appointed as an executive director on August 25, 2020, and has been responsible for the company's digital operations center since August 2020[124] - Mr. Zhou Zhaocheng was appointed as a non-executive director on December 30, 2022, and previously served as the chief strategy officer from April 3, 2018, to December 30, 2022[126] - Mr. Zhou Zhaocheng holds a bachelor's degree in Chinese Studies from Nanjing Normal University, a master's degree in Chinese Studies from the National University of Singapore, and a doctorate from Nanyang Technological University[129] - Dr. Chua Sin Bin was appointed as an independent non-executive director on May 2, 2018, with extensive experience in food safety, food science & technology, agriculture, and zoonoses[130] - Dr. Chua Sin Bin served as a board director at NTUC Fairprice Co-operative Ltd. from 2009 to 2018 and as a principal consultant at Agrifood Technologies Pte Ltd from 2009 to 2019[131] - Mr. Hee Theng Fong was appointed as an independent non-executive Director of the company on May 2, 2018[135] - Mr. Hee Theng Fong has over 30 years of experience as a lawyer in Singapore and is an experienced arbitrator in international arbitration[136] - Mr. Hee Theng Fong served as the chairman of the Citizenship Committee of Inquiry of Immigration and Checkpoints Authority of Singapore from June 2012 to June 2020[136] - Mr. Hee Theng Fong is currently serving as the deputy chairman of Medishield Life Council and an ambassador for Singapore International Mediation Centre[136] - Mr. Hee Theng Fong is an independent director of several companies including Straco Corporation Limited, Yanlord Land Group Limited, and China Aviation Oil (Singapore) Corporation Ltd[136] - Mr. Hee Theng Fong was awarded the Public Service Medal Awards twice by the Ministry of Home Affairs of Singapore in 2008 and 2015[139] - Mr. Qi Daqing was appointed as an independent non-executive Director of the company on May 2, 2018[139] - Mr. Qi Daqing is currently a professor in Accounting at Cheung Kong Graduate School of Business and focuses on financial accounting and financial reporting[140] - Mr. Qi Daqing has served as an independent non-executive director of several listed companies in Hong Kong including Bison Finance Group Limited and Yunfeng Financial Group Limited[141] - Mr. Qi Daqing has also served as an independent director of companies listed on NASDAQ such as Sohu.com Inc. and Momo Inc.[141] - Mr. Qi Daqing was appointed as an independent non-executive director of the company effective from the listing date on May 2, 2018[142] - Dr. Ma Weihua was appointed as an independent non-executive director on August 24, 2021, responsible for supervising and providing independent judgment to the Board[144] - Mr. Wu Xiaoguang was appointed as an independent non-executive director on August 24, 2021, responsible for supervising and providing independent judgment to the Board[148] - Mr. Wu Xiaoguang has extensive experience in product R&D, planning, operation, and marketing of internet business, having served in various senior roles at Tencent Holdings Limited from 1999 to 2015[150] - Mr. Wu Xiaoguang is currently an independent director of China Online Education Group (COE.NYSE) and LexinFintech Holdings Ltd (LX.NASDAQ)[151] - Ms. June Yang Lijuan serves as the executive Director and chief executive officer of the company[152] - Mr. Li Peng serves as the executive

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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) 截至2022年12月31日止年度的全年業績公告 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2022年12月31日止年度（「報告期」）的經審 核綜合業績，連同2021年同期的經審核比較數字。業績已經本公司審計委員會 （「審計委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 主要財務摘要 來自持續經營業務及已終止經營業務 截至12月31日止年度 2022年 2021年 人民幣千元 人民幣千元 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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) 截至2022年12月31日止年度的全年業績公告 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2022年12月31日止年度（「報告期」）的經審 核綜合業績，連同2021年同期的經審核比較數字。業績已經本公司審計委員會 （「審計委員會」）審閱。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。 主要財務摘要 來自持續經營業務及已終止經營業務 截至12月31日止年度 2022年 2021年 人民幣千元 人民幣千元 ...

2022 Interim Report 中期報告 HAIDILAO INTERNATIONAL HOLDING LTD. 海底撈國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Stock Code 股份代號 : 6862 CONTENTS 目錄 | --- | --- | --- | |-------------------------------------------------------------------------------------|------------------------------|-------| | | | | | Definitions | 釋義 | 2 | | Corporate Information | 公司資料 | 6 | | Key Financial Highlights | 主要財務摘要 | 9 | | 2022 Interim Performance Review | 2022 年中期業績回顧 | 10 | | Management ...