海底捞上半年营收降了，但外卖业务收入增长近六成

Core Insights - The company reported a revenue of 20.703 billion yuan for the first half of 2025, a year-on-year decrease of 3.7% [1] - Net profit for the same period was 1.755 billion yuan, down 13.7% year-on-year [1] - Core operating profit also declined by 14% to 2.408 billion yuan [1] Restaurant Performance - The overall table turnover rate for self-operated restaurants reached 3.8 times per day, with nearly 190 million customers served in the first half of the year, both of which showed a decline compared to the previous year [1] - As of June 30, the company operated a total of 1,363 restaurants, including 1,299 in mainland China and 23 in Hong Kong, Macau, and Taiwan, along with 41 franchised restaurants [1] - The company opened 25 self-operated restaurants and 3 franchised restaurants in the first half of the year, while some underperforming restaurants were closed [1] Franchise Strategy - The company opened its franchise model in 2024, utilizing a "combination of old and new stores" approach [1] - The company plans to maintain a unified brand network layout and ensure that franchised stores align with self-operated stores in all operational aspects [1] - Future growth will focus on developing the main brand while also supporting multi-brand development [1] Multi-Brand Strategy - The company has incubated multiple restaurant brands, operating a total of 14 brands with 126 restaurants as of June 30, excluding its main hot pot brand [2] - The "Yanquan Barbecue" brand opened 46 new locations in the first half of the year, bringing its total to 70 [2] - Revenue from "other restaurant income" reached 597 million yuan, reflecting a significant year-on-year growth of 227% [2] Delivery Business Growth - The company's delivery business experienced rapid growth, with revenue increasing by nearly 60% [2] - The "Xiafan Hot Pot Dishes" delivery service, targeting the "single meal" market, contributed over 55% of the delivery revenue in the first half of the year [2]