海底捞：2025 年花旗中国会议新看点-复苏好于预期

Flash | 13 Nov 2025 08:45:59 ET │ 11 pages HDL saw LSD YoY growth of table-turn in Oct (vs largely flat in 3Q). Given seasonably cold weather in Nov-Dec (which is a peak season for hot pot) and a low comp base in 4Q, mgt sees "less pressure" on table-turn in 4Q25E. Considering a late CNY in 26E and therefore YoY longer CNY holiday period in 26E (which is positive for hot pot biz), mgt anticipates "positive momentum" of table-turn in 1Q26E. Per mgt, its GPM sequentially improved in 3Q25 vs 1H25 and its YoY O ...