Core Viewpoint - In 2024, Haidilao is launching the "Pomegranate Plan" to incubate independent brands internally, aiming to address market saturation and consumer segmentation challenges while fostering employee entrepreneurship [1][2][3]. Group 1: Financial Performance - By the end of 2024, Haidilao's other restaurant revenues reached 483 million yuan, marking a year-on-year increase of 39.6% [2]. - The company has already established 11 sub-brands, including "Yanjing BBQ," "Fire Flame Official," and "Little Hi Hot Pot," with a total of 74 stores [7]. Group 2: Strategic Initiatives - The "Pomegranate Plan" encourages employees to manage multiple stores, allowing store managers to oversee both the main brand and incubated brands, thus promoting talent sharing [2][3]. - The plan symbolizes internal innovation and entrepreneurship, with a focus on project replicability and alignment with economic trends [3][5]. Group 3: Internal Structure and Evaluation - The internal "Entrepreneurship Committee" acts similarly to a venture capital entity, evaluating new projects based on their replicability, market trends, and integration of automation and digital operations [8][9]. - Projects may be voluntarily shut down by founders or based on data assessments by the company, with a structured review mechanism in place [9]. Group 4: Employee Engagement and Incentives - The incentive mechanism for the entrepreneurial teams includes equity incentives, profit sharing, and salary guarantees, aligning the interests of founders with the company's performance [9]. - Employees are excited about the potential for career advancement, seeing opportunities to manage new brands beyond just Haidilao [4].

Core Insights - Haidilao achieved a revenue of 42.755 billion yuan in 2024, marking a year-on-year increase of 3.1% [1] - The net profit for 2024 reached 4.7 billion yuan, reflecting a growth of 4.6% compared to the previous year [1] - Core operating profit rose to 6.23 billion yuan, showing an 18.7% increase year-on-year [1] Financial Performance - The average table turnover rate was 4.1 times per day [1] - Haidilao served 415 million customers in 2024, with an average daily foot traffic exceeding 1.1 million, a 4.5% increase from the previous year [1] Store Expansion - By the end of 2024, Haidilao operated a total of 1,368 restaurants, including 1,332 self-operated locations in mainland China, 23 in Hong Kong, Macau, and Taiwan, and 13 franchised restaurants [1] Brand Development - Haidilao launched the "Pomegranate Plan" to expand its second brand offerings, creating 11 new restaurant brands with a total of 74 locations [1] - New brands include Yanquan Barbecue, Huoyan Guan, and Xiaohai Hotpot, catering to various dining scenarios [1] Innovation in Dining Experience - In 2024, Haidilao introduced various themed restaurants, including private dining, family-friendly, and late-night dining options [2] - The company also launched a "one-person meal" delivery service, contributing to a 20.4% increase in takeaway revenue, reaching 1.254 billion yuan [2] Other Revenue Streams - Revenue from other restaurant formats, including camping hotpot and campus hotpot, grew by 39.6% to 483 million yuan in 2024 [2]