海底捞 20250826 摘要 2025 年上半年，海底捞营收 207.03 亿元，自营餐厅收入占比 89.8%，一线城市收入占比 17%，二线城市占比 37.3%，三线及以下 城市占比 41.8%。自营餐厅客单价 97 元，外卖收入 9.28 亿元，同比 增长 60%。 海底捞通过差异化服务，如专属客户经理模式和主题场景店改造，应对 市场竞争。红石榴计划下，多品牌矩阵初具规模，燕青烤肉铺子营收接 近 2 亿元。数字化运营提升管理效率，打造覆盖全品牌的智能中台。 海底捞会员人数突破 2 亿，通过更新会员任务体系和异业合作提高活跃 度。加盟模式采用老店加新店组合，已验证其规模化布局的可行性，并 沉淀了优质加盟商资源，未来将稳步拓展加盟。 海底捞通过智能中台，将优秀管理经验沉淀为科学管理体系，结合自动 化、数字化技术赋能一线门店，减轻员工负担，提高决策效率，并计划 为红石榴计划中的多品牌赋能。 2025 年上半年，海底捞原材料及耗材费用占比 39.8%，同比上升 0.8 个百分点；人工成本占比 33.8%，同比上升 0.5 个百分点。总资产减少 至 211.15 亿元，货币资金 60.17 亿元，资本支出 8 亿 ...

证券研究报告 | 2025年08月26日 海底捞（06862.HK） 优于大市 "红石榴"创新效果显现，维持高比例现金分红 2025H1 核心经营利润同降 14%。2025H1，公司营收 207.0 亿元/-3.7%；核 心经营利润 24.1 亿元/-14.0%；归母净利润 17.6 亿元/-13.7%。分业务看， 火锅主业收入 185.8 亿元/-9.0%，收入占比 89.7%；外卖业务收入 9.3 亿 元/+59.6%，成为第二大收入来源、收入占比达 4.5%，其中海底捞下饭菜 增长明显、外卖收入占比超 55%；其他餐厅业务收入 6.0 亿元/+227.0%， 收入占比 2.9%；调味品及食材销售收入 4.6 亿元/+55.0%，系向加盟商销 售食材贡献，收入占比 2.2%；加盟业务实现收入 9085 万元，同比+227.0%。 同店面临翻台基数压力，客单价触底回暖。1）同店收入方面，2025H1，同 店收入同比-9.9%，同店翻台为 3.8 次/-9.5%。2）客单价方面，2025H1 公司 整体客单价为 97.9 元/+0.5%，其中一线/二线/三线及以下/港澳台城市客单 价分别为 105.2/96. ...

以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜海底捞 2025年，海底捞很"忙"。 主营业务之外，2025年以来海底捞打造了多类特色产品、夜宵等场景，亲子互动、宠物友好等主题店型，扶持外卖业务特别是"下饭火锅菜"等一人食 产品，组建新团队支持加盟业务，持续推进"红石榴计划"以拓宽品类边界。同时，还将上至人均500＋的臻选店、下至人均10元的快餐业务，通通做了 一遍。 此般忙碌能给海底捞带来预期中的"回报"吗？ 8月25日，海底捞国际控股有限公司（以下简称"海底捞"，股票代码：6862.HK）公布2025年上半年业绩报告。上半年实现营业收入207.03亿元，同比 下滑3.7%；净利润为17.55亿元，同比下降13.7%。核心经营利润（ 非国际财务报告准则计量 ）为24.08亿元，同比下降14.0%。每股基本盈利为0.32 元，低于去年同期的0.38元。 依此来看，至少短期而言，上述"折腾"暂未看到显著成效。"业绩下滑的主要原因在于翻台率下降及初期创新模式的调整成本"，海底捞在报告中坦 言："管理层在管理能力方面存在不 ...

海底捞上半年营收同比小幅下滑 8月25日晚间，海底捞国际控股有限公司（以下简称"海底捞"，股票代码：6862.HK）公布2025年上半年业绩报告。数据显示，2025年上半年，海底捞实现营业 收入207.03亿元，较去年同期下降3.7%，净利润17.55亿元，较去年同期下降13.7%，核心经营利润24.08亿元。 在餐厅表现方面，今年上半年海底捞自营餐厅整体翻台率为3.8次/天，同店翻台率3.8次/天，上半年海底捞接待顾客总数近1.9亿人次。海底捞餐厅翻台率及客流量 于2025年上半年有所下降，主要由于餐饮市场竞争加剧，顾客消费需求变化等影响。 截至2025年6月30日，海底捞品牌共经营1363家餐厅。2025年上半年，海底捞持续进行海底捞门店网络优化，期内新开自营餐厅25家，加盟餐厅3家。同时，海 底捞继续落实"啄木鸟计划"，主动关停了一些经营表现不达预期、增长潜力不足的餐厅，另有部分餐厅因其他商业原因停止营业。 餐饮行业龙头企业海底捞2025年上半年业绩报告出炉。 加盟业务稳步拓展 外卖业务收入增长近60% 值得注意的是，2025年上半年，海底捞外卖业务收入增长近60%。除了传统火锅外卖，主打"一人食"场景 ...

8月25日，海底捞发布025年上半年业绩报告。报告显示，海底捞上半年营收207亿元，净利润17.6亿 元，核心经营利润24.1亿元。 餐厅表现方面，2025 年上半年自营海底捞餐厅整体翻台率 3.8 次 / 天，同店翻台率 3.8 次 / 天，上半年 海底捞接待顾客总数近1.9亿人次。海底捞餐厅翻台率及客流量于 2025 年上半年有所下降，主要由于餐 饮市场竞争加剧，顾客消费需求变化等影响。 截至2025年6月30日，海底捞品牌共经营1363家餐厅，其中自营餐厅中国大陆地区1299家，港澳台地区 23家，另有加盟餐厅共41家。2025年上半年，海底捞持续进行海底捞门店网络优化，期内新开自营餐厅 25家，加盟餐厅3家。 另外，2025年上半年，海底捞外卖业务收入增长近60%。除了传统火锅外卖，主打"一人食"场景的海底 捞"下饭火锅菜"上半年贡献超过55%的外卖收入。海底捞拌饭、自制饮料等外卖新品类也在测试过程 中。 同时，海底捞继续落实"啄木鸟计划"，主动关停了一些经营表现不达预期、增长潜力不足的餐厅，另有 部分餐厅因其他商业原因停止营业。 此外，2025年上半年，海底捞不断开拓营销思路，继续升级海底捞品牌。海 ...

8月25日晚，海底捞(06862.HK)出炉半年报显示，2025年1—6月，海底捞共实现营收207.03亿元，实现 净利润17.55亿元。 海底捞表示，2025年上半年，餐饮市场面临竞争加剧、消费需求迭代的复杂环境。海底捞积极应对市场 挑战。一方面，持续探索创新火锅场景、研发特色产品、精细化运营、强化供应链与数字化能力，以进 一步优化产品和服务、加强品牌差异化优势。另一方面，稳步推进多品牌战略，寻求新的业务增长路 径。凭借上述举措，公司保持行业领先地位，向长期可持续发展方向迈进。 具体来看，上半年，海底捞89.8%的营收来自海底捞餐厅经营，达185.8亿元。值得一提的是，上半年， 海底捞外卖业务收入增长近60%。除了传统火锅外卖，主打"一人食"场景的海底捞"下饭火锅菜"外卖增 长迅速，上半年贡献超过55%的外卖收入。 海底捞表示，海底捞拌饭、自制饮料等外卖新品类也在测试过程中，"未来，我们将整合多品牌、多品 类资源，打造海底捞外卖超级厨房，探索卫星店新模式，驱动收入与利润双增长。同时打通三方平台与 会员体系，搭建私域运营体系，进一步提升用户黏性与运营效率。" 在开店模式方面，海底捞自2024年开放加盟后，采用 ...

智通财经APP讯，海底捞(06862)发布截至2025年6月30日止六个月的中期业绩，收入207.03亿元(人民 币，下同);股东应占溢利17.59亿元;每股基本盈利0.32元;拟派发中期股息每股0.338港元。 公告称，外卖业务收入从截至2024年6月30日止六个月的5.81亿元增加59.6%至2025年同期的9.28亿元， 主要归因于"下饭菜"一人食精品快餐业务的快速增长。 集团拥有多个餐饮品牌。截至2025年6月30日止，海底捞火锅方面，集团共经营1363家餐厅，其中自营 餐厅中国大陆地区1299家，港澳台地区23家，另有加盟餐厅41家。集团持续进行海底捞门店网络优化， 2025年上半年新开自营餐厅25家，加盟餐厅3家。同时，集团继续落实"啄木鸟计划"，主动关停了一些 经营表现不达预期、增长潜力不足的餐厅，另有部分餐厅因其他商业原因停止营业，共关闭33家餐厅。 截至2025年6月30日止，除海底捞火锅之外，公司还运营14个餐饮品牌共计126家餐厅。其中期间内新 开"焰请烤肉铺子"46家，截至本报告期末共运营70家。 餐厅表现方面，2025年上半年自营海底捞餐厅整体翻台率3.8次╱天，同店翻台率3.8次╱ ...

Core Viewpoint - Haidilao is diversifying its offerings and exploring new business models to adapt to a competitive market, including launching self-service meals and various themed restaurants, while facing growth challenges in a saturated industry [1][2][14]. Group 1: Business Innovations - Haidilao has introduced a 22 yuan self-service lunch in select locations, including a variety of dishes and drinks, as part of its strategy to attract customers during weekdays [1][3]. - The company has experimented with various formats, such as 12 yuan boxed meals, 5 yuan breakfast options, and street food stalls selling items like "boiled chicken" and "German wheat beer" [3][6]. - In 2024, Haidilao launched themed restaurants, including private rooms, family-friendly venues, and late-night dining spots, aiming to enhance customer experience and engagement [6][7]. Group 2: Strategic Plans - The "Pomegranate Plan" aims to create new sub-brands and diversify Haidilao's offerings, with over ten new brands in development, including barbecue and hot pot concepts [7][8]. - The company is focusing on improving operational efficiency by decentralizing decision-making to individual stores, allowing them to adapt to local market conditions [7][8]. - Haidilao's management emphasizes the importance of both major innovations in business models and minor improvements in daily operations and service [8]. Group 3: Market Performance - In 2024, Haidilao served 4.14 billion customers, a significant increase from 2.43 billion in 2019, but revenue growth has slowed to 3.1%, with net profit growth narrowing to 4.6% [11][14]. - The average customer spending has decreased to 97.5 yuan, continuing a downward trend since 2023 when it first fell below 100 yuan [11][14]. - Compared to competitors like Xiaobai and Taier, Haidilao's performance remains relatively strong, although the overall restaurant industry is under pressure, with significant profit declines reported [13][14]. Group 4: Future Outlook - Haidilao plans to continue focusing on stabilizing its main brand while exploring new market opportunities, particularly in lower-tier cities, despite the associated risks [11][14]. - The company is expected to maintain a cautious approach to expansion, having opened 59 new self-operated stores while closing 70 underperforming ones in 2024 [14].

Core Insights - The restaurant market is entering a new phase characterized by price wars, with a notable decline in average dining prices despite an increase in order volume [1][4][6] - Major players like Haidilao and Banu are adapting their strategies in response to market changes, with Haidilao focusing on new brand development while Banu aims to maintain its position in the high-end hot pot segment [8][12][16] Market Trends - In 2024, the average dining price dropped by 10.2% while the per capita dining order volume increased by 15.4% [1] - 47.8% of ongoing restaurant operators reduced their average price, with over 80% of restaurants priced above 100 yuan experiencing a decline in customer spending [1][4] Company Performance - Haidilao reported a revenue increase of 3.1% to 42.75 billion yuan in 2024, while its net profit grew by 4.7% to 4.708 billion yuan [8] - In contrast, other listed companies like Xiaobuxiang and Quanjude faced significant revenue declines, with Xiaobuxiang's revenue down 19.7% to 4.755 billion yuan [7][8] Competitive Landscape - The competitive environment is intensifying, leading to a higher closure rate of restaurants, with 61.2% of new openings in 2024 exiting the market [5][6] - Haidilao's new brand initiatives, such as the "Red Pomegranate Plan," have led to the establishment of 11 new brands and 74 outlets, generating 483 million yuan in revenue, a 39.6% increase [8][9] Strategic Approaches - Banu is focusing on a cautious expansion strategy, prioritizing brand recognition in key cities and maintaining higher profit margins in lower-tier cities [12][14] - Banu's profit margin in first-tier cities is 20.7%, while it reaches 24.5% in second-tier and below cities, with the highest margin of 26.2% in Henan province [14][15] Future Outlook - Banu plans to leverage its established brand to explore multi-brand ecosystems in the future, indicating potential growth opportunities despite current market challenges [19][20]

Core Viewpoint - The article discusses Haidilao's recent initiatives to introduce lower-priced meal options, including a weekday self-service lunch priced at 22 yuan, as part of its strategy to diversify offerings and address declining growth in its core hotpot business [1][4][13]. Group 1: New Product Offerings - Haidilao has launched a weekday self-service lunch priced at 22 yuan, featuring a variety of dishes including hot and cold options, fruit, drinks, and staple foods [1]. - The company previously introduced "small portion dishes" suitable for solo dining, priced between 4 to 25 yuan, to cater to changing consumer preferences [3]. - In addition to self-service lunches, Haidilao has started selling breakfast and boxed meals from street carts, with prices for items like tea eggs at 1.5 yuan and boxed meals around 15 yuan [7]. Group 2: Financial Performance - In the 2024 annual report, Haidilao reported total revenue of 427.55 billion yuan and a net profit of 47.08 billion yuan, with a customer turnover rate of 4.1 times per day and 415 million customers served [13]. - Despite revenue and profit growth, the company experienced a significant slowdown in growth rates, with 2023 revenue at 414.53 billion yuan, a year-on-year increase of 33.6%, and net profit at 44.95 billion yuan, up 174.6% [13]. - The company is facing challenges in its core hotpot business due to intense market competition, prompting it to explore new growth avenues [13]. Group 3: Strategic Initiatives - In 2024, Haidilao launched the "Pomegranate Plan," which incubated and developed 11 sub-brands, including "Flame Grilled Meat" and "Little Hi Hotpot," covering various dining scenarios [14]. - The revenue from other restaurant operations reached 4.83 billion yuan in 2024, marking a year-on-year growth of 39.6% [14]. - Haidilao has applied for multiple trademarks in 2025, including "Little Hi Hotpot" and "Little Hi Mixed Rice," indicating plans for expansion into convenience foods and beverages [14].