东吴证券发布研报称，维持海底捞(06862)"买入"评级，海底捞是中国火锅第一品牌，服务运营和供应 链构建品牌壁垒，股息率达6%，行业需求承压下公司优化单店运营模型，孵化新品牌矩阵，未来仍有 发展空间。 东吴证券主要观点如下： 近期事件 2025年12月31日和2026年1月1日，全国海底捞火锅门店累计接待顾客超450万人次，其中多地演唱会散 场后客流支持跨年夜部分门店营业高峰延长。 翻台率同比保持稳定 该行预计2025年11月，海底捞整体门店翻台率同比维持稳定，整体运营稳定。公司翻台率下半年环比上 半年改善，预计12月火锅旺季延续稳健经营。 优化门店经营，提高存量盈利水平 餐饮行业需求持续承压，火锅品牌普遍进入发展调整期。海底捞以"不一样的海底捞"策略推动品牌运营 效率，如推出甄选店、鲜切店、夜宵店等主题店型，增加季节性和常态化的产品创新，支持同店改善。 同时降本增效有望带动利润率回升。 红石榴计划孵化新品牌 公司推出红石榴计划寻找新的增长点，截至2025年6月，红石榴计划已孵化14个餐饮品牌，涵盖寿司、 烤肉、炸鸡等品类，共计126家门店，其中"焰请烤肉铺子"门店达70家。2025年H1其他餐厅收入为6. ...

Group 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]

Core Insights - Haidilao is expanding its brand through innovative new concepts while maintaining its core strengths in restaurant management and supply chain efficiency [1][4][5] Group 1: New Brand Initiatives - Haidilao is implementing the "Pomegranate Plan" to systematically support the creation and operation of new brands, including sushi and barbecue [1][3] - The new sushi brand "Ruyushi" features over 200 dishes, with Norwegian salmon delivered via Haidilao's cold chain system, achieving a table turnover rate of over 9 times during peak hours [2][3] - The "Dapaidang Hotpot" concept in Guangzhou allows customers to select fresh ingredients themselves, enhancing the dining experience by making it interactive and engaging [3] Group 2: Operational Efficiency and Safety - Haidilao has launched 14 new brands with a total of 126 stores, generating nearly 600 million yuan in revenue, more than double the previous year's figures [3] - An AI system is used in the kitchens to monitor operations and food safety, replacing traditional manual checks with real-time digital tracking [3][4] - Employees undergo food safety training and participate in a "one-day food safety officer" program to foster a culture of responsibility [4] Group 3: Supply Chain Management - Haidilao emphasizes standardized management of key ingredients from sourcing to transportation, collaborating with industry associations to improve safety standards [4] - The company maintains transparency by allowing public access to its kitchens, with approximately 2,000 visitors each month, reinforcing its commitment to food safety [4] Group 4: Strategic Vision - Haidilao's approach combines exploration of new opportunities with a strong focus on quality and safety, ensuring long-term stability and growth in a changing market [5][6] - The dual strategy of innovation and quality control is seen as essential for the sustainable development of the brand [6]

Core Insights - Haidilao International Holding Ltd. reported a record high revenue of 21.491 billion yuan for the first half of 2024, representing a year-on-year growth of 13.8% [1] - The core operating profit reached 2.799 billion yuan, an increase of 13.0% compared to the same period in 2023 [1] - The net profit was 2.033 billion yuan, impacted by foreign exchange losses and the cancellation of VAT incentives in mainland China [1] Financial Performance - Revenue for H1 2024: 21.491 billion yuan, up 13.8% year-on-year [1] - Core operating profit: 2.799 billion yuan, up 13.0% year-on-year [1] - Net profit: 2.033 billion yuan, affected by exchange rate fluctuations and policy changes [1] Operational Highlights - As of June 30, 2024, Haidilao operated 1,343 restaurants in Greater China, with 1,320 in mainland China and 23 in Hong Kong, Macau, and Taiwan [1] - The total number of customers served exceeded 200 million, with a table turnover rate of 4.2 times per day, close to the pre-pandemic rate of 4.8 times [1] Strategic Initiatives - Haidilao opened 11 new restaurants while closing underperforming ones [2] - The company launched the "Pomegranate Plan" to incubate and develop new restaurant brands, enhancing service innovation [2][3] - New dining concepts include camping hotpot, campus hotpot, and corporate hotpot, catering to diverse consumer needs [2] Brand Development - Five entrepreneurial projects were initiated, including brands like "Yanjing Barbecue" and "Xiao Hai Hotpot," covering various price ranges and consumer segments [3] - The management believes that the new brands will contribute to the steady expansion of Haidilao's restaurant business [3] Leadership and Governance - A new CEO, Gou Yiqun, was appointed in June 2023, establishing two core committees: the Entrepreneurship and Innovation Committee and the Digital Operations Committee [3][4] - The Entrepreneurship and Innovation Committee aims to develop new business models and incentive mechanisms for multi-level and multi-category growth [4]

Group 1 - The core viewpoint of the report is that Haidilao (06862) is seeking new growth drivers through optimizing stores, creating differentiated themed restaurants, and advancing the "Pomegranate Plan" to incubate multiple brands [1][2] Group 2 - As of the first half of 2025, the total number of Haidilao restaurants is 1,489, comprising 1,322 self-operated, 41 franchised, and 126 other new brands [2] - The company is focusing on store upgrades and creating differentiated Haidilao restaurants, including themes such as late-night dining, family interaction, and pet-friendly environments to meet diverse consumer needs [2] Group 3 - The "Pomegranate Plan" has been steadily advancing since its launch last year, with multiple sub-brands like "Flame Grilled BBQ," "Flame Official," "Little Hi Fried," and "High High Hot Pot" being established, covering various dining scenarios [3] - The flagship project, "Flame Grilled BBQ," operates over 70 stores and employs a composite model of "BBQ + Hair Wash + Night Bar" to attract different customer segments [3] Group 4 - The company is implementing a strategy of simultaneous store optimization and expansion, with the main brand Haidilao continuously upgrading its stores and sub-brands exploring new niche market opportunities [4] - The expected net profits for the company from 2025 to 2027 are projected to be 4.434 billion, 4.857 billion, and 5.342 billion yuan respectively, with a target price of 18.06 HKD per share, indicating a potential upside of 23.7% from the current price [4]

Group 1 - The core viewpoint of the report is that Haidilao is seeking new growth drivers through store optimization, creating differentiated themed stores, and advancing the "Pomegranate Plan" to incubate multiple brands [1][2] - As of the first half of 2025, the total number of Haidilao restaurants is 1,489, comprising 1,322 self-operated, 41 franchised, and 126 other new brands [2] - The company is focusing on upgrading its stores and creating differentiated Haidilao outlets, including night snack scenes, family interaction, and pet-friendly themes to meet diverse consumer needs [2] Group 2 - The "Pomegranate Plan" has been steadily advancing since its launch last year, with several sub-brands established, including "Flame Grilled BBQ," "Flame Official," "Little Hi Fried," and "Raise High Little Hot Pot," covering various dining scenarios [3] - The flagship project, "Flame Grilled BBQ," operates over 70 stores with a composite model of "BBQ + Hair Wash + Night Bar," attracting different customer segments [3] - The company aims to cultivate a second growth curve through the incubation of different new brands while also forming synergistic effects [3] Group 3 - The company adopts a strategy of parallel store optimization and expansion, with the main brand Haidilao continuously upgrading its outlets and sub-brands exploring new niche market opportunities [4] - The expected net profits attributable to the parent company for 2025-2027 are projected to be 4.434 billion, 4.857 billion, and 5.342 billion respectively [4] - The target price is set at 18.06 HKD per share, corresponding to a PE ratio of approximately 20 times for 2025, indicating a potential upside of 23.7% from the current price [4]

Core Insights - Haidilao is testing its new "Dapaidang Hotpot" concept in Guangzhou, aiming to create a dining experience that blends hotpot with a market-style atmosphere, appealing to both young and family customers [1] - The first Dapaidang Hotpot store features over 200 products displayed in distinct functional areas, with pricing based on a per-plate system using color-coded tableware [1] - The restaurant emphasizes a relaxed and engaging dining experience, allowing customers to see fresh ingredients and make their own selections [1] Company Developments - The Dapaidang Hotpot is part of Haidilao's strategy to diversify its dining offerings, with plans to open additional locations in cities like Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning [2] - Haidilao has also launched a new sushi brand, "Rushi Sushi," in Hangzhou, indicating a broader expansion into various dining segments [2] - As of June 30, Haidilao operated 1,363 restaurants, including 41 franchise locations [2] Financial Performance - In its latest financial report, Haidilao reported a revenue of 20.703 billion yuan for the first half of the year, a decrease of 3.7% year-on-year, with a net profit of 1.755 billion yuan, down 13.7% [2] - The company's core operating profit was 2.408 billion yuan, reflecting a 14% decline compared to the previous year [2] - The "Red Pomegranate Plan" has successfully launched 14 new restaurant brands, with a total of 126 stores under this initiative, generating 0.597 billion yuan in revenue, a significant increase of 227% year-on-year [3]

Core Viewpoint - Haidilao's stock price increased by over 4% during trading, currently at HKD 14.55, with a trading volume of HKD 329 million [1] Group 1: New Store Launch - Haidilao's new "Dapaidang" hotpot restaurant has entered the internal testing phase in Guangzhou [1] - The first store is located on the 4th floor of Wanda Plaza in Panyu, Guangzhou, featuring a fresh market concept integrated into the hotpot dining experience [1] - Future expansions of the Dapaidang hotpot will occur in cities such as Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning, with a focus on local consumer preferences for diverse and differentiated styles [1] Group 2: Business Development - Since the launch of the "Pomegranate Plan," Haidilao has incubated 14 restaurant brands, including "Yanquan Barbecue" and "Xiao Hai Ai Zha" [1] - As of June 30, 2025, there are 126 stores under the "Pomegranate Plan," with "other restaurant revenue" reaching CNY 597 million, a year-on-year increase of 227% [1] - Research indicates that consumers are increasingly valuing the dining experience, focusing on "smoky atmosphere," "relaxation," and emotional value during meals, leading them to prefer fresh and live cooking experiences [1]

Core Viewpoint - Haidilao's stock price increased by over 4% during trading, currently at 14.55 HKD, with a transaction volume of 329 million HKD, following the announcement of its new restaurant concept, Haidilao Dapaidang Hotpot, which is currently in the internal testing phase [1] Group 1: New Restaurant Concept - Haidilao Dapaidang Hotpot's first store is located in Guangzhou, featuring a fresh market concept that differentiates it from traditional hotpot restaurants [1] - The company plans to open additional locations in cities such as Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning, with a focus on local consumer preferences for product structure and main offerings [1] Group 2: Business Development and Financial Performance - Since the launch of the "Pomegranate Plan," Haidilao has incubated 14 restaurant brands, including "Yanjing Barbecue" and "Xiao Hai Ai Fried," with a total of 126 stores under this initiative as of June 30, 2025 [1] - Revenue from "other restaurant income" reached 597 million CNY, reflecting a year-on-year growth of 227.0% [1] Group 3: Consumer Trends - Current consumer preferences indicate a greater focus on "smoky atmosphere," "relaxation," and emotional value during dining experiences, with a willingness to pay for freshly prepared and experiential dining [1]

Core Viewpoint - Haidilao's stock price increased by over 4% during trading, currently at 14.55 HKD with a transaction volume of 329 million HKD, following the announcement of its new dining concept, Haidilao Dapaidang Hotpot, which is currently in the internal testing phase [1] Group 1: New Store Concept - Haidilao Dapaidang Hotpot's first store is located in Guangzhou, featuring a fresh market integrated into the hotpot dining experience, distinguishing it from traditional hotpot restaurants [1] - Future expansions of Haidilao Dapaidang Hotpot are planned in cities such as Qingdao, Shanghai, Wuhan, Hangzhou, and Nanning, with a focus on local consumer preferences for diverse and differentiated styles [1] Group 2: Business Development - Since the launch of the "Pomegranate Plan," Haidilao has incubated 14 restaurant brands, including "Yanquan Barbecue" and "Xiao Hai Ai Zha" [1] - As of June 30, 2025, there are 126 stores under the "Pomegranate Plan," with "other restaurant revenue" reaching 597 million CNY, a year-on-year increase of 227.0% [1] Group 3: Consumer Trends - Current consumer preferences indicate a greater focus on "smoky atmosphere," "relaxation," and emotional value during dining experiences, with a willingness to pay for freshly made and experiential dining [1]