HAIDILAO(HK:06862) Cai Jing Wang·2025-08-26 03:05Core Viewpoint - Haidilao International Holding Ltd reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to decreased table turnover rates and initial adjustments in product and service innovations [1][2]. Financial Performance - In the first half of 2025, Haidilao achieved revenue of 20.703 billion yuan, a year-on-year decrease of 3.7% - The net profit for the same period was 1.755 billion yuan, down 13.7% compared to the previous year [1]. - The overall table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times in the same period last year [1]. Operational Insights - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,322 self-operated and 41 franchised locations [1]. - The company opened 25 self-operated restaurants and 3 franchised restaurants in the first half of 2025 while closing underperforming locations as part of its "Woodpecker Plan" [1]. Market Trends - The competitive landscape in the hot pot market has intensified, leading to a decline in customer traffic and changes in consumer demand [2]. - Despite the overall decline in performance, Haidilao's takeaway business saw strong growth, with revenue reaching 0.928 billion yuan, a year-on-year increase of 59.6% [2]. Strategic Initiatives - Haidilao plans to integrate multi-brand and multi-category resources to create a "super kitchen" for takeaway services and explore new satellite store models [2]. - The company is also focusing on enhancing customer experience through improved service capabilities and digital operations [3]. - Haidilao's multi-brand strategy has shown success, with 14 additional restaurant brands contributing to a revenue increase of 227.0% in the "other restaurant income" category, totaling 0.597 billion yuan [3].