短期承压，海底捞有点忙

Core Viewpoint - Haidilao is experiencing short-term performance pressure, with a focus on diversifying its business model and enhancing operational efficiency to counteract declining same-store sales and table turnover rates [2][3][9] Financial Performance - In the first half of 2025, Haidilao reported revenue of 20.703 billion yuan, a year-on-year decline of 3.7%, and a net profit of 1.755 billion yuan, down 13.7% [2] - Core operating profit decreased by 14.0% to 2.408 billion yuan, with basic earnings per share falling from 0.38 yuan to 0.32 yuan [2][3] Operational Challenges - The primary reasons for the performance decline include a decrease in table turnover rates from 4.2 times per day to 3.8 times per day and a drop in same-store sales [3][4] - Haidilao closed 33 underperforming restaurants in response to reduced customer traffic, with a total of 1,363 restaurants operating as of June 30, 2025 [3][4] Strategic Initiatives - The company is implementing a multi-brand strategy, expanding its takeout business, and enhancing digital operations to seek breakthroughs [2][5] - Haidilao's takeout business saw a nearly 60% increase in revenue, with the "down-to-earth hot pot dishes" contributing over 55% of takeout revenue [4][5] Franchise Development - As of June 30, 2025, Haidilao had 41 franchise restaurants, a net increase of 40 compared to the previous year, with franchise revenue growing approximately 47 times [7] - The "Red Pomegranate Plan" aims to incubate and support sub-brands, contributing to revenue growth from other restaurant brands [7][8] Market Position and Future Outlook - Despite the challenges, Haidilao's new concept store in Beijing achieved a table turnover rate exceeding 7, indicating potential for future growth [6] - The company faces the challenge of balancing traditional business optimization with new business expansion while managing multiple sub-brands effectively [9]