HAIDILAO(HK:06862) Ge Long Hui·2025-12-26 14:09Core Insights - Haidilao International Holding Ltd. reported a record high revenue of 21.491 billion yuan for the first half of 2024, representing a year-on-year growth of 13.8% [1] - The core operating profit reached 2.799 billion yuan, an increase of 13.0% compared to the same period in 2023 [1] - The net profit was 2.033 billion yuan, impacted by foreign exchange losses and the cancellation of VAT incentives in mainland China [1] Financial Performance - Revenue for H1 2024: 21.491 billion yuan, up 13.8% year-on-year [1] - Core operating profit: 2.799 billion yuan, up 13.0% year-on-year [1] - Net profit: 2.033 billion yuan, affected by exchange rate fluctuations and policy changes [1] Operational Highlights - As of June 30, 2024, Haidilao operated 1,343 restaurants in Greater China, with 1,320 in mainland China and 23 in Hong Kong, Macau, and Taiwan [1] - The total number of customers served exceeded 200 million, with a table turnover rate of 4.2 times per day, close to the pre-pandemic rate of 4.8 times [1] Strategic Initiatives - Haidilao opened 11 new restaurants while closing underperforming ones [2] - The company launched the "Pomegranate Plan" to incubate and develop new restaurant brands, enhancing service innovation [2][3] - New dining concepts include camping hotpot, campus hotpot, and corporate hotpot, catering to diverse consumer needs [2] Brand Development - Five entrepreneurial projects were initiated, including brands like "Yanjing Barbecue" and "Xiao Hai Hotpot," covering various price ranges and consumer segments [3] - The management believes that the new brands will contribute to the steady expansion of Haidilao's restaurant business [3] Leadership and Governance - A new CEO, Gou Yiqun, was appointed in June 2023, establishing two core committees: the Entrepreneurship and Innovation Committee and the Digital Operations Committee [3][4] - The Entrepreneurship and Innovation Committee aims to develop new business models and incentive mechanisms for multi-level and multi-category growth [4]