HAIDILAO(HK:06862)2025-09-22 08:32Financial Performance - Haidilao reported a revenue of HK$3.5 billion for the first half of 2025, representing a year-on-year increase of 15%[4]. - The company achieved a net profit of HK$500 million, up 20% compared to the same period last year[4]. - The Group achieved operating revenue of RMB20,703.3 million for the first half of 2025, a decrease of 3.7% compared to the same period in 2024[21]. - Core operating profit (non-IFRS measure) was RMB2,408.1 million, representing a decrease of 14.0% year-over-year[21]. - Profit for the period was RMB1,754.6 million, down 13.7% from the previous year[21]. - The revenue for the six months ended June 30, 2025, decreased by 3.7% to RMB20,703.3 million from RMB21,490.9 million in the same period of 2024[42][43]. - Revenue from Haidilao restaurant operations accounted for 89.8% of total revenue, decreasing by 9.0% to RMB18,580.2 million due to a decline in table turnover rate, which averaged 3.8 times per day[47]. - Same store sales for Haidilao restaurants decreased to RMB17,016.2 million for the six months ended June 30, 2025, from RMB18,884.9 million in the same period of 2024, representing a decline of approximately 9.9%[56]. Customer Engagement and Expansion - User data indicated that the total number of customers served increased by 12% to 15 million during the reporting period[4]. - Haidilao plans to open 50 new restaurants in 2025, expanding its footprint in both domestic and international markets[4]. - The overall market expansion strategy includes targeting key cities in Southeast Asia, with plans to enter two new countries by 2026[4]. - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,299 self-operated in mainland China and 41 franchised restaurants[23]. - The company opened 25 new self-operated restaurants and 3 franchised restaurants in the first half of 2025, while closing a total of 33 under-performing restaurants[23]. Product Development and Innovation - Haidilao is focusing on developing a new line of vegetarian dishes, aiming to attract health-conscious consumers[4]. - Haidilao is actively exploring and innovating hot pot scenarios and developing distinctive products to optimize offerings[20]. - Revenue from other restaurant operations surged by 227.0% to RMB596.5 million, attributed to the launch of innovative dining brands under the "Pomegranate plan" and various dining scenarios[49]. - The company plans to integrate multi-brand and multi-category resources to build a Haidilao Delivery Super Kitchen and explore a new satellite restaurant model[31]. Operational Efficiency and Cost Management - The company is investing HK$200 million in new technology for kitchen automation to enhance operational efficiency[4]. - The implementation of the "Woodpecker plan" aims to improve performance by shutting down under-performing restaurants and adjusting organizational structure[24]. - The average table turnover rate for Haidilao restaurants was 3.8 times per day for the six months ended June 30, 2025, down from 4.2 times per day in the same period of 2024[53]. - Staff costs decreased by 2.3% from RMB7,155.7 million for the six months ended June 30, 2024, to RMB6,988.0 million for the corresponding period in 2025, with the percentage of revenue rising from 33.3% to 33.8%[65]. Financial Position and Liquidity - Total assets as of June 30, 2025, were RMB21,115.1 million, down from RMB22,781.3 million at the end of 2024[18]. - Cash and cash equivalents decreased from RMB6,406.9 million as of December 31, 2024, to RMB4,756.1 million as of June 30, 2025, a reduction of approximately 25.7%[100]. - The Group's debt-to-equity ratio as of June 30, 2025, was 22.4%[119]. - The company funded its operations and expansion primarily through cash generated from operations, maintaining optimum liquidity to support business growth[99]. Shareholder Information and Corporate Governance - The Board has declared an interim dividend of HK$0.338 (equivalent to RMB0.309) per Share for the six months ended June 30, 2025[180]. - The company declared an interim dividend of HKD 0.338 per share for the six months ended June 30, 2025[183]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[165]. - As of June 30, 2025, the total number of issued shares is 5,574,000,000[140].