HAIDILAO(HK:06862) Ge Long Hui·2025-08-26 19:50Event Overview - In H1 2025, the company achieved revenue of 20.703 billion yuan, a decrease of 3.7%, and a net profit attributable to shareholders of 1.759 billion yuan, down 13.7%. The core operating profit was 2.408 billion yuan, down 14.0% [1] - The company plans to distribute an interim dividend of 1.673 billion yuan, equivalent to 0.309 yuan per share, with a payout ratio of 95% [1] Brand Performance - The main brand's table turnover rate declined, with restaurant revenue of 18.580 billion yuan, down 9.0%. The average table turnover rate for self-operated stores was 3.8 times, a decrease of 0.4 times, primarily due to intensified competition in the dining market and changes in consumer demand. The average customer spending was 97.9 yuan, an increase of 0.5% [1] - In H1 2025, the company closed 5 stores while opening 28 (25 self-operated and 3 franchised), resulting in a total of 1,363 stores by the end of June 2025, comprising 1,322 self-operated and 41 franchised stores [1] - The company is focusing on differentiated services through the "Different Haidilao" initiative, which includes themed stores such as specialty product scenes, late-night dining, family interaction, and pet-friendly environments, aiming to improve table turnover rates [1] Multi-Brand Development - In H1 2025, revenue from other restaurant brands was 0.597 billion yuan, an increase of 227.0%. The company operates 14 restaurant brands with a total of 126 stores, including 46 new openings for the Yanjing BBQ brand, bringing the total to 70 stores [1] - Revenue from the takeaway business reached 0.928 billion yuan, up 59.6%, driven by expanding product categories beyond traditional hot pot to include side dishes, mixed rice, and homemade beverages, as well as increased capacity and support from mainstream platforms [1] Cost and Profitability - The core operating profit margin was 11.6%, down 1.4 percentage points. The gross profit margin was 60.2%, a decrease of 0.8 percentage points, mainly due to increased food and material costs to enhance customer experience [2] - Employee cost ratio was 33.8%, up 0.5 percentage points, attributed to a higher proportion of fixed labor costs. Depreciation and amortization expenses accounted for 5.6%, down 0.6 percentage points, while rental and related expenses accounted for 1.0%, up 0.1 percentage points [2] - Other expenses accounted for 5.2%, up 1.1 percentage points, primarily due to increased promotional and support costs related to the takeaway business and more diversified marketing activities [2] Investment Outlook - Given the company's performance in the first half and the overall weak performance of the dining industry, revenue forecasts for 2025-2027 have been adjusted to 43.055 billion, 45.885 billion, and 49.027 billion yuan, respectively. Net profit forecasts for the same period are 4.305 billion, 4.786 billion, and 5.355 billion yuan, respectively [2] - The latest earnings per share (EPS) estimates are 0.77, 0.86, and 0.96 yuan for 2025-2027, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times based on the latest stock price [2]