HAIDILAO(HK:06862) Ge Long Hui·2025-08-26 19:50Core Insights - The company reported a decline in core operating profit by 14% in H1 2025, with total revenue at 20.7 billion yuan, down 3.7% [1] - The main business of hot pot generated revenue of 18.58 billion yuan, a decrease of 9.0%, accounting for 89.7% of total revenue [1] - The takeaway business saw significant growth, with revenue increasing by 59.6% to 930 million yuan, now representing 4.5% of total revenue [1] Revenue Breakdown - Hot pot main business revenue: 18.58 billion yuan, down 9.0% [1] - Takeaway business revenue: 930 million yuan, up 59.6% [1] - Other restaurant business revenue: 600 million yuan, up 227.0% [1] - Sales of condiments and ingredients: 460 million yuan, up 55.0% [1] - Franchise business revenue: 90.85 million yuan, up 227.0% [1] Same-store Performance - Same-store revenue declined by 9.9%, with a turnover rate of 3.8 times per day, down 9.5% [1] - Overall average spending per customer was 97.9 yuan, up 0.5% [1] - Turnover rates in different city tiers showed slight variations, with first-tier cities at 3.8 times per day, down 0.2 times [1] Store Expansion and Brand Development - As of June 2025, the total number of hot pot stores was 1,363, a net decrease of 5 stores since the beginning of the year [2] - The company is cautiously expanding its hot pot business while actively growing its sub-brands, with a net increase of 46 stores in the barbecue brand [2] - The company operates a total of 14 restaurant brands with 126 locations [2] Profitability and Financial Metrics - Gross margin decreased by 0.8 percentage points due to increased portion sizes to enhance dining experience [2] - Employee compensation as a percentage of revenue increased by 0.5 percentage points, reflecting fixed cost pressures [2] - Net profit margin stood at 8.5%, down 1.0 percentage points [2] Dividend Policy - The company maintained a high cash dividend payout ratio of 95%, distributing 0.309 yuan per share [2]