海底捞外卖陷“黄腔风波”，营收净利双降

Core Viewpoint - Haidilao's performance in the first half of the year shows a decline in revenue and net profit, raising concerns about its operational efficiency and market competitiveness amid increasing competition in the restaurant industry [4][8][11]. Financial Performance - In the first half of the year, Haidilao reported revenue of 20.703 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 1.755 billion yuan, down 13.7% from the previous year [8][10]. - The overall table turnover rate was 3.8 times per day, down from 4.2 times per day in the same period last year, while customer traffic also declined, with approximately 190 million customers served compared to over 209 million in the previous year [10][11]. External Factors - The decline in performance is attributed to increased competition in the dining market and changes in consumer demand [11]. - Despite the drop in customer traffic, the average spending per customer slightly increased from 97.4 yuan to 97.9 yuan, but this was insufficient to offset the revenue loss from decreased turnover and customer numbers [11]. Business Strategy - Haidilao continues to optimize its restaurant network, opening 25 new self-operated restaurants and 3 franchise restaurants while closing 33 underperforming locations [11][12]. - The company operates 14 restaurant brands, including "Yanjing Barbecue" and "Cai Wei," with the latter generating 597 million yuan in revenue, a 227% increase year-on-year [13]. Delivery Business - Haidilao's delivery business saw significant growth, with revenue increasing nearly 60% year-on-year, driven by product, capacity, and traffic synergies [14][18]. - The "side dishes" delivery segment contributed over 55% of the delivery revenue in the first half of 2025, indicating a growing trend [18]. Management Changes - The company has undergone multiple management changes in recent years, with the latest CEO, Gou Yiqun, taking over in June 2022. However, the performance under his leadership has not met expectations [6][27]. - The management acknowledges that the current performance decline reflects inadequacies in management capabilities, and efforts will be made to improve [28]. Wealth Impact - The net worth of Haidilao's founders, Zhang Yong and Shu Ping, has significantly decreased from 217.57 billion yuan at its peak to 59.72 billion yuan, a drop of over 70% [5][23].