HAIDILAO(HK:06862) Sou Hu Cai Jing·2025-08-27 10:03Core Insights - The core viewpoint of the article highlights the challenges faced by Haidilao in the first half of 2025, with a decline in key financial metrics and a cautious expansion strategy in its core hotpot business [1][2]. Financial Performance - Haidilao reported a revenue of 20.703 billion yuan and a net profit of 1.754 billion yuan for the first half of 2025, showing a decline compared to the same period last year [1]. - The core operating profit was 2.408 billion yuan, indicating a downward trend in performance metrics [1]. Business Expansion and Strategy - The company closed 33 restaurants while opening 25 self-operated and 3 franchised locations, resulting in a total of 1,363 restaurants as of June 30, 2025 [1]. - Haidilao is pursuing a multi-brand strategy and enhancing its takeaway business to seek growth opportunities amid pressures in its main business [1][2]. Sub-brands Development - Haidilao has launched 14 sub-brands under its "Pomegranate Plan," with a total of 126 restaurants contributing 597 million yuan in revenue, a 227% increase year-on-year [3][4]. - The sub-brand "Yuanqing Barbecue" has gained traction, opening 46 new locations in the first half of 2025, accounting for over half of the total sub-brand restaurants [5]. Franchise Business - The company has cautiously expanded its franchise model, with 41 franchise restaurants as of June 30, 2025, a net increase of 40 compared to the previous year [13]. - Franchise revenue surged from 189,900 yuan in 2024 to 9.084 million yuan in 2025, marking a growth of approximately 47 times [13]. Takeaway Business Growth - Haidilao's takeaway revenue reached 927 million yuan, a 59.6% increase from 581 million yuan in the previous year, with takeaway now being the second-largest revenue source [14][17]. - The company is testing new takeaway categories and has launched dedicated stores for "Haidilao Rice," aiming to enhance its product offerings [17]. Customer Experience Enhancement - To attract customers back to physical locations, Haidilao has introduced themed stores and experiences, including fresh-cut meat workshops and family-friendly environments [18]. - The company has opened over 50 fresh-cut themed stores and renovated nearly 30 night snack-themed locations [18]. Future Outlook - Haidilao's exploration in multi-brand development and takeaway expansion has shown initial success, but converting these explorations into stable growth remains a core challenge moving forward [18].