海底捞做副业，能成为“餐饮界的小米”吗？

Core Insights - Haidilao is expanding its business model by launching multiple new brands and even venturing into the hotel industry, positioning itself as a "Xiaomi of the restaurant industry" [1][5][20] - The company is facing increased competition in the hot pot market, leading to a strategic shift away from its core business to explore new revenue streams [1][10][22] - Despite impressive growth in its subsidiary brands, many have struggled to survive, indicating challenges in maintaining brand vitality in a highly competitive market [22][24] Business Expansion - Haidilao has introduced over ten new brands, including barbecue, fried chicken, and bakery, as part of its diversification strategy [1][6] - The subsidiary revenue reached 597 million yuan in the first half of 2025, a staggering increase of 227% year-on-year [4][8] - The company has opened 126 stores under 14 different restaurant sub-brands as of mid-2025 [8][10] Market Challenges - The hot pot industry is experiencing a decline in average spending per customer, dropping from 86 yuan to 77 yuan, a decrease of 10% from 2022 to 2024 [13][22] - The number of hot pot restaurants in China has reached 530,000, with over 300,000 closures reported from November 2023 to November 2024 [13][10] - Haidilao's revenue growth has slowed significantly, with only a 3.1% increase in 2024 compared to previous years [13][22] Strategic Initiatives - The "Red Pomegranate Plan" was launched in 2024 to foster internal entrepreneurship and incubate new restaurant brands [14][15] - Haidilao is leveraging its strong supply chain to support new brands, reducing startup costs and risks [15][18] - The company is also exploring cross-industry collaborations, such as opening a themed hotel in Chengdu [9][19] Brand Management - New brands are designed to operate independently from the Haidilao name, allowing for flexible market positioning while still benefiting from the parent brand's reputation [18][24] - The company aims to cater to specific consumer needs, such as the "one-person dining" trend with its self-service hot pot brand [18][22] - Despite initial successes, many of Haidilao's new brands have faced high failure rates, with over half of the 26 brands launched by March 2025 already closed [22][24]