Core Insights - Haidilao is exploring a differentiated approach to its business model, focusing on both customer and employee engagement while navigating market challenges [1][10] - The company reported a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan for the first half of 2025, indicating a strong financial performance [1][10] Financial Performance - In the first half of 2025, Haidilao achieved an operating income of 20.703 billion yuan and a net profit of 1.755 billion yuan, with core operating profit reaching 2.408 billion yuan [1][10] - The operating cash flow for the same period was 3.25 billion yuan, providing a solid financial foundation for the company's initiatives [10] Multi-Brand Strategy - Haidilao's "Pomegranate Plan" has led to the establishment of a matrix of 14 second brands, with "other restaurant income" surging by 227% year-on-year [3][4] - The company has successfully launched multiple restaurant brands, including "Yanjing Barbecue" and "Xiangqian Yinxing," with a total of 126 restaurants operating under these new brands [4][5] - The strategy emphasizes rapid brand incubation through an "internal entrepreneurship + external empowerment" model, significantly reducing the time required to develop new brands [4][5] Innovation and Operational Efficiency - Haidilao is leveraging a comprehensive service system that integrates supply chain management, digital platforms, and talent development to lower the costs associated with multi-brand experimentation [8][9] - The company has implemented a "fast trial and iteration" approach to innovation, allowing for quick adjustments and learning from failures [11][12] - The digital platform enhances operational efficiency by streamlining management processes and improving decision-making capabilities [8][11] Market Position and Future Outlook - Despite challenges in the restaurant industry, Haidilao's multi-brand strategy is viewed positively by the capital market, with expectations for potential growth from successful new brands [10][11] - The company is focusing on optimizing single-store models and nurturing promising brands to enhance overall brand synergy [7][11] - Analysts suggest that Haidilao's ability to adapt to changing consumer preferences and its systematic approach to brand development position it well for future growth [12]

Core Viewpoint - The overall decline in the restaurant industry has impacted Haidilao, with a notable decrease in sales and revenue in the first half of 2025 compared to the previous year [1][2]. Financial Performance - In the first half of 2025, Haidilao's restaurant system sales decreased by 6.5% year-on-year, with total revenue recorded at 20.703 billion RMB, down 3.7% [1]. - The core restaurant operations generated 18.58 billion RMB, a 9% decrease, marking the first year-on-year decline in revenue since 2022 [1]. - The average table turnover rate fell from 4.2 times per day to 3.8 times, leading to a 10% decrease in same-store sales [4][7]. - Core operating profit declined by 14% to 2.4 billion RMB, a reduction of nearly 400 million RMB compared to the previous year [6]. Market Environment - The external market environment has changed, with national restaurant revenue growth slowing down, and in June 2025, revenue from large-scale catering enterprises fell by 0.4% year-on-year [3]. - Despite the market downturn, Haidilao maintained a slight increase in average consumer spending, rising from 97.4 RMB to 97.9 RMB [3]. Strategic Adjustments - Haidilao is shifting from a standardized model to a more personalized growth path, expanding its product offerings and store types [2]. - The company is diversifying its menu and store themes, including high-end "selected stores" and budget lunch buffets, as well as themed stores for night snacks and family interactions [2]. - The "Red Pomegranate Plan" has been launched to extend into various food categories, including barbecue and fried chicken, covering nearly all mainstream restaurant formats [2]. Cost Management - Fixed costs remain high, with labor costs increasing by 0.5 percentage points to 33.8% of total costs [5]. - Although prices were not directly lowered, increased portion sizes and material investments led to a rise in raw material costs by 0.8 percentage points to 39.8% [5]. New Business Initiatives - Haidilao has accelerated its franchise system and the "Red Pomegranate Plan," which now includes 14 restaurant brands and 126 locations, up from 11 brands and 74 locations last year [13]. - The new franchise stores generated 91 million RMB in revenue, significantly lower than the average revenue of direct-operated stores [15]. - The "other restaurant operations" segment, which includes various brands under the "Red Pomegranate Plan," achieved a revenue of 597 million RMB, a substantial increase of 227% year-on-year [15]. Shareholder Returns - Haidilao has significantly increased its shareholder return, with the payout ratio rising from 40% in 2022 to 90% in 2023, and reaching 95% in 2024 [19][20].

Core Viewpoint - Haidilao is undergoing a significant transformation, shifting from a traditional hotpot chain to a more diversified restaurant ecosystem, exploring new business models and marketing strategies to counter declining revenues and customer traffic [1][5][38] Group 1: Financial Performance - In the first half of 2025, Haidilao reported a 3.7% year-on-year decline in revenue and a 13.7% drop in net profit, with key metrics such as table turnover rate, customer traffic, and store count under pressure [1][3] - The total number of Haidilao restaurants decreased by 5, totaling 1,363, with 1,299 in mainland China and 41 franchises [1][2] - The table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times the previous year, indicating a struggle to meet the previously set benchmark of 4 times [2][3] Group 2: Business Strategy and Innovation - Haidilao is actively pursuing a multi-brand strategy and enhancing its delivery services, with revenue from "other restaurants" and delivery business growing by 227% and nearly 60% respectively in the first half of 2025 [3][24] - The company is experimenting with new concepts such as "nightclub mode" and launching themed menus to attract customers, including a "night snack menu" featuring new dishes and cocktails [8][13][15] - The "Red Pomegranate Plan" was introduced to encourage internal entrepreneurship among employees, aiming to expand and incubate new brands beyond the main Haidilao brand [22][23] Group 3: Market Position and Challenges - Despite the rapid growth of the delivery business, it still contributes a relatively small portion to overall revenue, and maintaining service quality during this expansion poses a significant challenge [35][37] - The company faces intense competition in the delivery market, having entered a crowded space where many players are vying for market share [37] - Haidilao's traditional service model is being challenged by changing consumer preferences, necessitating a balance between standardization and personalized experiences [38]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25H1国内餐饮市场竞争加剧、需求迭代，消费者更重质价比与个性化，公司针对不同品牌进行调整应对：1） 主品牌：公司推进"不一样的海底捞"计划，员工端优化评价机制（侧重努力程度，先帮扶再处理），产品端以 区域与全国上新双轮驱动并打造鲜切系列，场景端改造夜宵等主题店（超半数夜间翻台率提升）。2）"红石榴 计划"：公司放宽创业门槛、打通内外创业通道，已孵化和收购烤肉、旋转小火锅、轻食、烘焙等多业态品 牌，多品牌矩阵初见雏形。 展望未来，公司将继续深耕主业并积极探索新增长曲线 海底捞发布2025年半年报。25H1实现营业收入207.03亿元，同比-3.7%；归母净利润17.59亿元，同比-13.7%。 翻台率有所下滑，客单价同比微升 ...

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [1][16]. Core Views - The company's profit-sharing strategy has led to short-term pressure on operating profit, but diversified brands are expected to drive new growth [1][16]. - The company achieved a revenue of USD 400 million in 1H25, a 7.0% year-on-year increase, and a net profit of USD 28.352 million, marking a turnaround from a loss in the previous year [5][15]. - The report highlights the strong growth in the takeaway business and the introduction of new business opportunities through strategic marketing collaborations [6][16]. Financial Performance Summary - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2.3%/2.0%/1.9% to USD 860 million, USD 960 million, and USD 1.06 billion, respectively, with year-on-year growth rates of 10.2%, 11.5%, and 10.7% [10][16]. - The net profit attributable to shareholders is projected to be USD 40 million, USD 60 million, and USD 70 million for 2025-2027, reflecting year-on-year growth of 104.7%, 28.4%, and 21.9% [10][16]. - The operating profit margin for 1H25 was reported at 6.4%, down 2.3 percentage points year-on-year, consistent with the company's profit-sharing policy [5][15]. Revenue Breakdown - Restaurant operating revenue reached USD 380 million in 1H25, a 5.9% increase year-on-year, with significant contributions from Southeast Asia, East Asia, and North America [6][10]. - The takeaway business generated USD 7.738 million, showing a remarkable growth of 49.0% year-on-year, attributed to product optimization and strategic marketing [6][10]. - Other income amounted to USD 11.527 million, a 24.6% increase year-on-year, driven by the popularity of hot pot seasonings and the launch of a second brand under the "Red Pomegranate Plan" [6][10]. Cost Structure and Efficiency - In 1H25, the cost of raw materials and consumables increased by 8.1% to USD 130 million, accounting for 34.0% of revenue [8][10]. - Employee costs rose by 11.0% to USD 140 million, with an employee cost ratio of 35.3%, reflecting the expansion of the restaurant network and increased investment in employee welfare [8][10]. - The company is implementing measures to reduce costs and improve efficiency, which are expected to enhance profitability in the second half of 2025 [8][10].

Investment Rating - The report maintains an "Outperform" rating for Haidilao International Holding [2][14] Core Insights - Haidilao's short-term performance is under pressure, with the "Red Pomegranate Plan" gradually showing effects [1][4] - Revenue for 1H25 was RMB 20.7 billion, a decrease of 3.7% year-on-year, while net profit attributable to shareholders was RMB 1.76 billion, down 13.7% year-on-year [3][13] - The company plans to pay an interim dividend of HKD 0.338 per share, with a dividend payout ratio of 95% [3][14] Revenue Breakdown - Main brand revenue decreased by 9.0% to RMB 18.58 billion, with contributions from various city tiers: 17.0% from tier-one, 37.3% from tier-two, 41.8% from tier-three and below, and 3.9% from Hong Kong, Macau, and Taiwan [4][5] - Other restaurant revenue increased by 227.0% to RMB 0.6 billion, driven by the introduction of new dining brands under the "Red Pomegranate Plan" [4] - Takeout revenue grew by 59.6% to RMB 0.93 billion, attributed to the rapid growth of the "one-person meal" fast food segment [4] - Sales of condiments and ingredients rose by 55.0% to RMB 0.46 billion, while franchise revenue surged by 4684.0% to RMB 0.09 billion [4] Operational Metrics - As of 1H25, Haidilao operated 1,363 restaurants, including 1,322 self-operated and 41 franchised [5] - The average customer spending was RMB 97.9, a slight increase of 0.5% year-on-year, while the overall table turnover rate decreased by 9.5% to 3.8 times per day [5][6] - Same-store sales declined by 9.9% in 1H25, with tier-one and tier-two cities experiencing declines of 9.4% and 13.3%, respectively [5] Financial Forecasts - Revenue projections for 2025-2027 are RMB 44.45 billion, RMB 47.06 billion, and RMB 49.89 billion, representing year-on-year growth of 4.0%, 5.9%, and 6.0% respectively [8][14] - Net profit attributable to shareholders is forecasted to be RMB 4.63 billion, RMB 4.95 billion, and RMB 5.33 billion for the same period, with net profit margins of 10.4%, 10.5%, and 10.7% [8][14] - The valuation has been adjusted from 23x PE to 20x PE for 2025, leading to a target price of HKD 18.22 per share [8][14]

Summary of Haidilao Conference Call Company Overview - **Company**: Haidilao - **Period**: First half of 2025 - **Total Revenue**: 20.703 billion CNY, a decrease of 3.7% year-on-year [2][3] Financial Performance - **Net Profit**: 1.755 billion CNY, down 13.7% year-on-year [3] - **Core Operating Profit**: 2.408 billion CNY, down 15% year-on-year [3] - **Self-operated Restaurant Revenue**: 18.58 billion CNY, accounting for 89.8% of total revenue [8] - **Average Table Turnover Rate**: 3.8 times per day, a decline from the previous year [3] - **Material and Consumable Costs**: 39.8% of revenue, up 0.8 percentage points year-on-year [9] - **Labor Costs**: 33.8% of revenue, up 0.5 percentage points year-on-year [9] - **Total Assets**: 21.115 billion CNY, a decrease of 1.666 billion CNY from the end of 2024 [10] Revenue Breakdown by Region - **First-tier Cities**: 3.161 billion CNY, 17% of total revenue [3] - **Second-tier Cities**: 6.923 billion CNY, 37.3% of total revenue [3] - **Third-tier and Below Cities**: 7.757 billion CNY, 41.8% of total revenue [3] - **Hong Kong, Macau, and Taiwan**: 730 million CNY, 3.9% of total revenue [3] Strategic Initiatives - **Differentiated Services**: Introduction of dedicated customer manager model and themed store renovations to enhance customer experience [2][4] - **Red Pomegranate Plan**: Development of a multi-brand matrix, with 14 other restaurant brands and 126 locations, including Yanching BBQ with nearly 200 million CNY in revenue [5][12] - **Digital Operations**: Implementation of an intelligent management platform to improve operational efficiency and decision-making [2][7] Membership and Franchise Model - **Membership Growth**: Over 200 million members, with initiatives to enhance engagement through updated task systems and cross-industry collaborations [6] - **Franchise Expansion**: 41 franchise stores, utilizing a combination of old and new stores to validate scalability and attract quality franchisees [6] Cost Management - **Raw Material and Consumable Costs**: Increased due to enhanced customer experience initiatives [9] - **Labor Cost Management**: Adjustments made to optimize employee management and control costs in response to new social security policies [20][24] Market Trends and Challenges - **Industry Performance**: Overall restaurant industry growth with challenges in same-store sales for hot pot brands [21][22] - **Consumer Behavior**: Increased demand for differentiated experiences and health-conscious options, with a shift towards online dining [22][23] Future Outlook - **Store Opening Plans**: Anticipation of over 40 new franchise stores in the second half of 2025 [16][17] - **Continued Focus on Digital Transformation**: Ongoing efforts to enhance supply chain and operational efficiency through digital initiatives [20] Conclusion - **Financial Health**: Despite a decline in revenue and profit, the company maintains a strong cash position with 6.017 billion CNY in cash and 5.3 billion CNY in financial products [19] - **Strategic Focus**: Emphasis on customer-centric services, digital transformation, and multi-brand development to navigate competitive pressures and market changes [20][23]

Core Insights - The company, Tehai International, reported a revenue of approximately $397 million for the first half of 2025, with a profit attributable to shareholders of $28.35 million, translating to an earnings per share of $0.05 [1] Group 1: Financial Performance - The average table turnover rate for Haidilao restaurants was 3.9 times per day, an increase of 0.1 times compared to the previous year [1] - Same-store revenue grew by 3.0% year-on-year [1] - The operating profit margin at the restaurant level was 6.4%, a decrease of 2.3 percentage points year-on-year, reflecting the company's expected profit-sharing policy and indicating areas for improvement in management precision [1] Group 2: Expansion and Strategy - Tehai International opened 8 new Haidilao restaurants in the first half of 2025 and closed 4 underperforming locations as part of its "Woodpecker Plan" in Southeast Asia and East Asia [1] - As of June 30, 2025, the company operated a total of 126 Haidilao restaurants internationally, with 74 in Southeast Asia, 20 in East Asia, 20 in North America, and 12 in other regions [1] Group 3: Brand Development - The company is steadily advancing its second brand incubation under the "Pomegranate Plan," with other sales revenue reaching $11.5 million, a 25.0% increase from $9.2 million in the same period of 2024 [2] - As of June 30, 2025, Tehai International has opened prototype stores across various categories, including hot pot, barbecue, and fast food, while preparing to offer Chinese, other Asian, and Western fast food options [2]

Group 1 - The core viewpoint of the articles highlights the financial performance of Tehai International for Q2 2025, showing a revenue increase of 8.5% year-on-year to $19.89 million, and a significant turnaround in profit with a net income of $16.41 million compared to a loss of $0.126 million in the same period last year [1][2] - The total number of Haidilao restaurants increased from 123 as of March 31, 2025, to 126 by June 30, 2025, with the company opening 4 new restaurants and closing 1 underperforming location [1] - Customer traffic exceeded 7.7 million, reflecting a 6.9% increase compared to 7.2 million in the same quarter of 2024 [1] Group 2 - The average table turnover rate for Haidilao restaurants remained stable year-on-year, with same-store sales growth recorded at 5.3% [2] - Despite the revenue growth, the operating profit decreased by 56.5% year-on-year, and the operating profit margin fell by 2.7 percentage points compared to the previous year [2] - The company is focusing on enhancing management practices and implementing strategies such as the "Pomegranate Plan" and the "Woodpecker Plan" to address underperforming stores and improve operational efficiency through new technology [2]

Core Insights - The company reported a revenue of $19.89 million for Q2 2025, representing an 8.5% year-on-year increase [1] - The profit attributable to the company's owners was $16.41 million, a significant turnaround from a loss of $0.126 million in the same period last year [1] - Basic earnings per share were $0.03 [1] Group 1: Operational Performance - The company opened 4 new Haidilao restaurants while closing 1 underperforming location, increasing the total number of restaurants from 123 to 126 [1] - Total customer traffic exceeded 7.7 million, a 6.9% increase compared to 7.2 million in the same period last year [1] Group 2: Management and Strategy - The average table turnover rate remained stable year-on-year, with same-store sales increasing by 5.3% [2] - Operating profit decreased by 56.5% year-on-year, with the operating profit margin declining by 2.7 percentage points [2] - The company is focusing on customer and employee benefits, aiming to enhance perceived value and employee satisfaction [2] - Management acknowledges the need for improvement in operational management and is committed to advancing the "Pomegranate Plan" and addressing underperforming stores through the "Woodpecker Plan" [2] - The company plans to embrace new technological changes to improve organizational efficiency [2]