HAIDILAO(HK:06862) Jiang Nan Shi Bao·2025-10-29 08:05Core Insights - Haidilao is successfully replicating its next "Haidilao" with the launch of "Jugaogao Self-Service Hotpot," which has quickly become a phenomenon in the market [2][13][19] Company Overview - Haidilao's new brand "Jugaogao" has expanded to over 50 locations across 9 provinces within six months, demonstrating a rapid growth trajectory [2][14] - The brand's first store in Wuhan achieved a remarkable 11 rounds of table turnover, while the first store in Xi'an saw over 4,000 tables queued [2][5] Market Dynamics - The self-service hotpot segment is gaining traction, with the market for small hotpot restaurants exceeding 56,000 locations and a market size nearing 100 billion, growing by 30% year-on-year [16] - Jugaogao's pricing strategy at approximately 60 yuan per person positions it well within the competitive landscape, appealing to a broader consumer base [16][10] Innovation and Strategy - The launch of Jugaogao is part of Haidilao's broader "Pomegranate Plan," aimed at diversifying its offerings and exploring new business models [13][18] - Jugaogao's unique product offerings and service enhancements, such as timely clearing of empty plates and customer care, differentiate it from traditional self-service hotpot experiences [10][12] Competitive Advantage - Jugaogao's rapid expansion and ability to replicate its business model across regions highlight its potential as a significant growth driver for Haidilao [14][15] - The brand's focus on high-quality ingredients and innovative menu items has redefined customer expectations in the self-service hotpot category [9][12] Future Outlook - The success of Jugaogao in Xi'an is seen as a testament to the city's potential as a culinary hub and a fertile ground for Haidilao's expansion [4][20] - Jugaogao is positioned to become a key player in Haidilao's portfolio, contributing to the company's second growth curve and opening new revenue streams [13][17]