Zhi Tong Cai Jing·2026-01-12 03:47Group 1 - The core viewpoint is that Dongwu Securities maintains a "buy" rating for Haidilao (06862), highlighting it as the leading hotpot brand in China with strong service operations and supply chain building brand barriers, alongside a dividend yield of 6% [1] - As of December 31, 2025, and January 1, 2026, Haidilao's hotpot stores received over 4.5 million customers, with increased foot traffic during New Year's Eve due to concert events [2] - The overall table turnover rate for Haidilao is expected to remain stable year-on-year in November 2025, with operational stability and an anticipated continuation of robust performance during the December hotpot peak season [3] Group 2 - In response to ongoing pressure in the restaurant industry, Haidilao is optimizing store operations to enhance profitability, implementing strategies like themed stores (selection stores, fresh-cut stores, late-night stores) and seasonal product innovations to support same-store improvements [4] - The company has launched the "Pomegranate Plan" to incubate new brands, resulting in 14 new restaurant brands by June 2025, covering sushi, barbecue, and fried chicken, with a total of 126 stores, including 70 for "Flame Barbecue" [5] - The revenue from other restaurants in the first half of 2025 reached 600 million yuan, representing a year-on-year increase of 227%, as the company focuses on evaluating and supporting potential projects to strengthen multi-brand synergy [5]