【海底捞（6862.HK）】经营多点开花，全力再造一个“海底捞”——动态跟踪报告（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - Haidilao is undergoing a strategic and management upgrade as it enters a "second entrepreneurship" phase, focusing on stabilizing its core business and expanding its multi-brand strategy [4]. Group 1: Strategic and Management Upgrades - In early 2026, Haidilao's founder Zhang Yong resumes the role of CEO, with four experienced female executives joining the board, while the original management shifts to key functions like intelligent platforms [4]. - The strategic focus has shifted from merely cost reduction to maintaining the core business and seeking breakthroughs, with plans to enhance the main brand's operational data and expand franchise models [4]. - The assessment mechanism has evolved from a "data-only" approach to a comprehensive evaluation that includes business capabilities and employee welfare, introducing new incentives to boost employee engagement [4]. Group 2: Red Pomegranate Plan - The "Red Pomegranate Plan" aims to break through the limitations of the hotpot category and incentivize talent, with a full-scale launch planned for 2024 [5]. - By the first half of 2025, 14 brands and 126 stores have been incubated under this plan, with average customer spending ranging from over 10 yuan to over 160 yuan, and a 227% year-on-year increase in revenue from sub-brands [5]. - The seafood restaurant segment is central to future plans, with the first store opening in December 2025 and expansion into six cities, featuring over 200 SKUs and a fresh market model [5]. Group 3: Main Brand Performance - The main brand of Haidilao has shown signs of recovery, with the average customer spending rebounding to 97.9 yuan in the first half of 2025, outperforming industry trends [6]. - The "Different Haidilao" initiative has driven improvements in service, product offerings, and dining experiences, leading to a gradual increase in table turnover rates since July 2025 [6]. - During the New Year holiday, over 4.5 million customers were served in two days, and over 14 million during the Spring Festival, with a table turnover rate exceeding five times per day, confirming demand resilience [6]. Group 4: Dividend Policy - Haidilao has increased its dividend payout ratio from 40% in 2022 to 90% in 2023, with a projected 95% for 2024 and maintaining 95% in the first half of 2025 [8]. - Based on the dividend amount for 2024 and the market capitalization as of March 4, 2026, the dividend yield is expected to reach 5.4%, which is relatively high within the industry [8].