Core Insights - Haidilao International Holding Ltd. reported a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan for the first half of 2025, with a core operating profit of 2.408 billion yuan [1] Group 1: Restaurant Performance - The overall table turnover rate for self-operated restaurants was 3.8 times per day, with the same-store turnover rate also at 3.8 times per day, serving nearly 190 million customers in the first half of 2025 [1] - There was a decline in table turnover rate and customer traffic due to intensified competition in the dining market and changes in consumer demand [1] - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, opening 25 self-operated and 3 franchised restaurants during the first half of the year [1] Group 2: Franchise and Business Model - Since opening franchises in 2024, Haidilao has validated the feasibility of its "old store + new store" franchise model and has accumulated quality franchisee resources [2] - The company aims to maintain brand consistency across franchise and self-operated stores while focusing on quality and steady progress [2] - The "Red Pomegranate Plan" will support the development of multiple brands alongside the main brand [2] Group 3: Revenue Growth and New Offerings - Haidilao's takeaway business saw a nearly 60% increase in revenue, with "one-person meal" offerings contributing over 55% of takeaway revenue [2] - The company is testing new takeaway categories such as rice bowls and self-made beverages, aiming to create a "super kitchen" for takeaway services [2] - The revenue from other restaurant brands, including "Yanjing Barbecue" and "Xiangqian Yinxing," reached 597 million yuan, a year-on-year increase of 227% [2] Group 4: Membership and Strategic Initiatives - As of June 30, 2025, Haidilao's membership exceeded 200 million, with plans for cross-industry collaborations to enhance member benefits [3] - The company is committed to maintaining the fairness of its membership system by combating non-compliant use of member rights [3] - Haidilao is strategically seeking to acquire quality assets to enrich its restaurant business and customer base [3]

里昂发表报告指，海底捞上半年净利润按年下降14%，但符合市场预期，平均客单价小幅上升及低线城 市翻桌率表现超预期成为亮点。该行认为，通过优化员工排班及转向特许经营模式，有望提升营运效 率。公司派息比率维持在95%。该行将海底捞2025年净利润预测下调11%以反映盈利能力下降，但2026 年及2027年预测保持不变。该行对其目标价从15港元小幅上调至16港元，维持"跑赢大市"评级。 ...

Core Viewpoint - Haidilao demonstrates resilience in a challenging hot pot industry, achieving stable profitability and significant revenue growth through innovation and a multi-brand strategy [1][5]. Financial Performance - For the first half of 2025, Haidilao reported revenue of 20.703 billion yuan, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, translating to profit margins of 11.63% and 8.5%, respectively, both exceeding industry peers [1]. - The company declared an interim dividend of 0.338 HKD per share, with a payout ratio of 96.6% and a dividend yield (TTM) exceeding 6% [1][5]. Business Strategy - Haidilao is actively exploring innovative hot pot scenarios, developing unique products, optimizing store operations, and enhancing supply chain and digital capabilities [1]. - The company is advancing its multi-brand strategy, with the "Pomegranate Plan" being a key initiative aimed at creating new growth avenues [1][3]. Operational Insights - Restaurant operations remain the core business, generating 18.58 billion yuan in revenue, accounting for 89.8% of total income, while other business segments, including takeout and other restaurant operations, saw revenue growth rates of 59.7% and 227%, respectively [1][2]. - The company operates 1,363 restaurants and has closed underperforming locations as part of its "Woodpecker Plan," while also opening 25 self-operated and 3 franchised restaurants in the first half of 2025 [2]. Multi-Brand Development - The "Pomegranate Plan" has led to the establishment of 14 new restaurant brands, with a total of 126 locations, significantly contributing to revenue growth [3]. - Haidilao's robust supply chain supports rapid brand incubation and development, allowing for lower costs and higher success rates for new ventures [3][4]. Market Outlook - The multi-brand strategy is expected to expand growth potential and create a second growth curve, which may lead to a revaluation of the company's stock [4][5]. - Analysts are optimistic about Haidilao's multi-brand development, with target prices exceeding 20 HKD, reflecting confidence in the company's growth trajectory and high dividend yield appealing to value investors [5].

Core Viewpoint - Haidilao demonstrates resilience in the hot pot industry, achieving a revenue of 20.703 billion yuan in the first half of 2025, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, outperforming peers in profitability metrics [1][5] Financial Performance - The company reported a revenue of 20.703 billion yuan for the first half of 2025, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, resulting in profit margins of 11.63% and 8.5% respectively, both higher than industry averages [1] - The board has proposed an interim dividend of 0.338 HKD per share, with a payout ratio of 96.6% and a dividend yield exceeding 6% [1][5] Business Strategy - Haidilao is actively pursuing innovation in hot pot experiences, optimizing store operations, and enhancing supply chain and digital capabilities, which contribute to its competitive edge [1][2] - The company is implementing a multi-brand strategy, with the "Pomegranate Plan" being a key initiative aimed at creating new growth avenues [1][3] Operational Insights - Restaurant operations remain the core business, generating 18.58 billion yuan in revenue, accounting for 89.8% of total revenue, while other business segments, including takeout and other restaurant operations, have shown significant growth rates of 59.7% and 227% respectively [1][2] - The company has closed underperforming stores as part of its "Woodpecker Plan," operating 1,363 restaurants and 41 franchise locations as of June 2025, with a new store opening strategy in place [2][3] Multi-Brand Development - The "Pomegranate Plan" has led to the establishment of 14 new restaurant brands, with a total of 126 locations, including the successful "Yanjing Barbecue" brand, which opened 46 new locations in the first half of 2025 [3][4] - The company’s robust supply chain supports rapid brand incubation and development, allowing for lower costs and higher success rates for new ventures [3][4] Market Outlook - The multi-brand strategy is expected to create a second growth curve for the company, enhancing its valuation potential and attracting investor interest [4][5] - Analysts are optimistic about the company's multi-brand development, with target prices exceeding 20 HKD, reflecting confidence in its growth trajectory and high dividend yield [5]

Core Viewpoint - The report from Credit Lyonnais indicates that Haidilao, China's largest hot pot chain, achieved net profit in the first half of the year that met market expectations, with an increase in average customer spending and better-than-expected table turnover rates in lower-tier cities being key highlights [1] Financial Performance - Haidilao's net profit for the first half of the year aligns with market expectations [1] - The average customer spending has seen a slight increase [1] - The table turnover rate in lower-tier cities has performed better than anticipated [1] Operational Efficiency - The company is expected to enhance operational efficiency through employee scheduling optimization and a shift towards a franchising model [1] Profit Forecast and Target Price - Credit Lyonnais maintains its net profit forecasts for Haidilao for 2026 and 2027 [1] - The target price for Haidilao has been slightly raised from HKD 15 to HKD 16 [1] - The company maintains a dividend payout ratio of 95% [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Haidilao, China's largest hot pot chain, achieved net profit in the first half of the year that met market expectations, with an increase in average customer spending and better-than-expected table turnover rates in lower-tier cities being key highlights [1] Summary by Categories Financial Performance - Haidilao's net profit for the first half of the year aligns with market expectations [1] - The average customer spending has seen a slight increase [1] Operational Efficiency - The company is expected to enhance operational efficiency through employee scheduling optimization and a shift towards a franchising model [1] Future Projections - Credit Lyonnais maintains its net profit forecasts for Haidilao for 2026 and 2027 [1] - The target price for Haidilao has been slightly raised from 15 HKD to 16 HKD, while maintaining an "outperform" rating [1] Dividend Policy - The company's dividend payout ratio remains at 95% [1]

（文章来源：21世纪经济报道） 8月25日晚，海底捞发布半年报，1-6月，营收约207亿元，净利下降13.7%至17.55亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 20.7 billion RMB for 1H25, a year-on-year decrease of 3.7%, and a net profit of 1.76 billion RMB, down 13.7% year-on-year [1] - The company is focusing on innovation in dining experiences and menu offerings, with a cautious approach to expanding its main brand while nurturing new brands like "Red Pomegranate" and "Woodpecker" [1] - The company has a high dividend payout ratio of 95% for 1H25, consistent with the previous year [1] - The company is expected to see improvements in same-store sales in 2H25 as customer experience enhancements take effect [2] Revenue and Profitability - The restaurant operating revenue for 1H25 was 18.58 billion RMB, a decline of 9.0% year-on-year, while the takeaway business saw a significant increase of 59.6% to 928 million RMB [2] - The overall average table turnover rate decreased to 3.8 times per day, down 0.4 times year-on-year, indicating pressure on sales due to high base effects [2] - The gross profit margin for 1H25 was 60.2%, a decrease of 0.8 percentage points year-on-year, attributed to increased costs of raw materials and consumables [3] - The net profit margin for 1H25 was 8.5%, down 1.0 percentage points year-on-year, reflecting the impact of operational adjustments on profitability [3] Brand Expansion and New Initiatives - As of the end of 1H25, the company operated 1,363 Haidilao restaurants, with a net addition of 28 franchise stores during the period [4] - The "Red Pomegranate" initiative is progressing steadily, with 14 other restaurant brands operating a total of 126 locations, contributing to a revenue increase of 227% year-on-year [4] - The company plans to focus on optimizing existing brand models and supporting potential projects in 2H25 [4] Earnings Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 down by 17.7%, 13.8%, and 10.5% to 4.314 billion RMB, 4.767 billion RMB, and 5.281 billion RMB, respectively [5] - The target price has been adjusted to 20.92 HKD, based on a 25x PE ratio for 2025 [5][8]

Core Insights - Haidilao International Holding Ltd reported a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan for the first half of 2025, with a core operating profit of 2.408 billion yuan [1] - The total number of customers served by Haidilao in the first half of 2025 was nearly 190 million, with an overall table turnover rate of 3.8 times per day [1] - The company faced a decline in table turnover and customer flow due to intensified competition in the dining market and changing consumer demands [1] Financial Performance - Haidilao's revenue for the first half of 2025 was 20.703 billion yuan, with a net profit of 1.755 billion yuan and a core operating profit of 2.408 billion yuan [1] - The company reported a nearly 60% growth in its takeaway business during the same period [2] Restaurant Operations - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,299 in mainland China, 23 in Hong Kong, Macau, and Taiwan, and 41 franchised restaurants [1] - The company opened 25 self-operated restaurants and 3 franchised restaurants in the first half of 2025, while also closing underperforming locations as part of its "Woodpecker Plan" [1] Innovation and Consumer Engagement - Haidilao is focusing on diverse consumer scenarios by creating themed restaurants such as "Fresh Cut Workshop" and night snack venues to cater to varied consumer needs [2] - The "One-Person Meal" takeaway option has rapidly gained popularity, contributing over 55% of the takeaway revenue in the first half of 2025 [2] Brand Expansion - In addition to its core hotpot business, Haidilao operates 14 other restaurant brands, with "Yanjing Barbecue" opening 46 new locations, bringing its total to 70 [2] - Revenue from other restaurant brands reached 597 million yuan, marking a year-on-year increase of 227% [2]

Group 1 - The core viewpoint of the article highlights that Haidilao's stock experienced fluctuations, initially rising over 6% before closing down 2% at HKD 14.58, with a significant trading volume of HKD 800 million [1] - Haidilao reported a revenue of RMB 20.7 billion for the first half of 2025, a year-on-year decrease of 4%, which was in line with expectations of RMB 20.7 billion [3] - The company's net profit for the same period was RMB 1.76 billion, reflecting a 14% decline year-on-year, while the forecast was RMB 2.2 billion [3] - The interim dividend per share was HKD 0.338, a decrease of approximately 14% compared to the previous year [3] Group 2 - The decline in profit is attributed to a decrease in table turnover rates and initial adjustments in product and scene innovation models [3] - The company acknowledged that the current performance decline indicates a lack of management capability [3]