HAIDILAO(HK:06862) Ge Long Hui·2025-08-30 03:54Core Insights - Haidilao's H1 2025 revenue and net profit were 20.703 billion and 1.755 billion yuan, representing year-on-year declines of 3.66% and 13.70% respectively [1] - The group's core operating profit was 2.408 billion yuan, down 13.96% year-on-year, with a core operating profit margin decreasing by 1.339 percentage points to 11.63% [1] Revenue Breakdown - Revenue from restaurant operations, takeaway services, seasoning and ingredient sales, and other restaurant operations were 18.580 billion, 0.928 billion, 0.464 billion, and 0.597 billion yuan respectively, with year-on-year changes of -8.98%, +59.60%, +54.98%, and +227.00% [1] - Franchise business generated 0.09 billion yuan in revenue [1] Restaurant Operations - As of H1 2025, the total number of restaurants was 1,322, with a net decrease of 33 restaurants during the period [1] - The number of restaurants in first-tier, second-tier, third-tier cities, and Hong Kong/Macau/Taiwan were 218, 512, 569, and 23 respectively, with net changes of -2, -19, -12, and unchanged [1] - The number of franchise Haidilao stores reached 41, with a net increase of 28 stores in H1 [1] - The company operates 14 restaurant brands, totaling 126 restaurants, including 46 new openings for the Yancheng BBQ brand, bringing the total to 70 [1] Performance Metrics - The overall table turnover rate for H1 2025 was 3.8 times, with first-tier, second-tier, third-tier cities, and Hong Kong/Macau/Taiwan at 3.8, 3.8, 3.9, and 4.3 respectively [2] - The average customer spending was 97.9 yuan, a year-on-year increase of 0.51%, with first-tier, second-tier, third-tier cities, and Hong Kong/Macau/Taiwan at 105.2, 96.9, 91.6, and 205.8 yuan respectively [2] - Same-store sales decreased by 9.90% year-on-year, with first-tier, second-tier, third-tier cities, and Hong Kong/Macau/Taiwan at -9.45%, -13.31%, -8.15%, and +4.39% respectively [2] Cost Structure - In H1 2025, the cost rates for raw materials, labor, rent, utilities, depreciation and amortization, travel, and other expenses were 39.82%, 33.75%, 1.04%, 3.38%, 5.58%, 0.53%, and 5.25% respectively, with year-on-year changes of +0.79, +0.46, +0.06, +0.03, -0.65, +0.09, and +1.15 percentage points [2] Profit Forecast - The net profit forecast for 2025-2027 has been adjusted to 4.228 billion, 4.712 billion, and 5.113 billion yuan, reflecting year-on-year changes of -10.19%, +11.42%, and +8.53% [2] - Corresponding P/E ratios are projected at 17.55x, 15.75x, and 14.51x [2] - The company maintains a "buy" rating due to stable average spending and the success of the Red Pomegranate initiative [2]