
Core Viewpoint - The financial performance of Haidilao for the first half of 2025 fell short of market expectations, with a notable decline in net profit attributed to decreased table turnover rates and initial adjustments in product and service innovations [2][3]. Financial Performance - Revenue for the first half of 2025 was RMB 20.70 billion, down from RMB 21.49 billion in 2024 [1]. - Restaurant operating income decreased from RMB 20.60 billion in 2024 to RMB 19.18 billion in 2025 [1]. - Pre-tax profit was RMB 2.63 billion, compared to RMB 2.89 billion in the previous year [1]. - Net profit for the period was RMB 1.75 billion, down from RMB 2.03 billion in 2024 [1]. - Basic earnings per share were RMB 0.32, a decrease from RMB 0.38 [1]. Operational Metrics - The average table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times in the same period last year [4][7]. - The average customer spending in self-operated restaurants was RMB 97.9, slightly up from RMB 97.4 [9]. - The system sales growth rate for Haidilao restaurants was -6.5% [9]. Store Expansion and Strategy - The total number of self-operated Haidilao restaurants decreased from 1,343 to 1,322, marking a rare negative net increase in store count [9][10]. - The shift from external expansion to internal growth strategies indicates a focus on improving operational efficiency and effectiveness of existing stores [11]. Delivery Business Highlights - Haidilao's delivery business saw a significant revenue increase of nearly 60%, reaching RMB 928 million [12]. - The "one-person meal" delivery service contributed over 55% of the delivery revenue, showcasing a successful adaptation to consumer preferences [12]. - The company plans to enhance its delivery offerings by integrating multiple brands and product categories, aiming for revenue and profit growth [13]. Future Outlook - Haidilao aims to improve dining experiences through digital operations, diversify its business strategies, and seek strategic acquisitions to enhance its restaurant portfolio [14]. - As of August 25, 2025, Haidilao's stock price was HKD 14.88, with a total market capitalization of HKD 829 billion [15].