Core Viewpoint - Haidilao demonstrates resilience in the hot pot industry, achieving a revenue of 20.703 billion yuan in the first half of 2025, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, outperforming peers in profitability metrics [1][5] Financial Performance - The company reported a revenue of 20.703 billion yuan for the first half of 2025, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, resulting in profit margins of 11.63% and 8.5% respectively, both higher than industry averages [1] - The board has proposed an interim dividend of 0.338 HKD per share, with a payout ratio of 96.6% and a dividend yield exceeding 6% [1][5] Business Strategy - Haidilao is actively pursuing innovation in hot pot experiences, optimizing store operations, and enhancing supply chain and digital capabilities, which contribute to its competitive edge [1][2] - The company is implementing a multi-brand strategy, with the "Pomegranate Plan" being a key initiative aimed at creating new growth avenues [1][3] Operational Insights - Restaurant operations remain the core business, generating 18.58 billion yuan in revenue, accounting for 89.8% of total revenue, while other business segments, including takeout and other restaurant operations, have shown significant growth rates of 59.7% and 227% respectively [1][2] - The company has closed underperforming stores as part of its "Woodpecker Plan," operating 1,363 restaurants and 41 franchise locations as of June 2025, with a new store opening strategy in place [2][3] Multi-Brand Development - The "Pomegranate Plan" has led to the establishment of 14 new restaurant brands, with a total of 126 locations, including the successful "Yanjing Barbecue" brand, which opened 46 new locations in the first half of 2025 [3][4] - The company’s robust supply chain supports rapid brand incubation and development, allowing for lower costs and higher success rates for new ventures [3][4] Market Outlook - The multi-brand strategy is expected to create a second growth curve for the company, enhancing its valuation potential and attracting investor interest [4][5] - Analysts are optimistic about the company's multi-brand development, with target prices exceeding 20 HKD, reflecting confidence in its growth trajectory and high dividend yield [5]