China Consumer Trip Takeaways Key Takeaways June 11, 2025 11:03 AM GMT Haidilao International Holding Ltd | Asia Pacific Store openings: GPM: Might be lower in 2025 vs. 2024, due to higher raw material costs and more consumer benefits, partly offset by hedging measures. 1H25 GPM should still be flat yoy. Staff cost ratio: To remain stable yoy in 2025. Marketing: Haidilao continues to carry out company-level marketing activities, but it has also started to conduct regional and store level initiatives (e.g. r ...

Haidilao's comment is different from Jiumaojiu (9922.HK), which noted sequential improvement in April and Labor Day holiday (see our China BEST Conference takeaways for JMJ here). May 9, 2025 02:04 PM GMT Haidilao International Holding Ltd | Asia Pacific M Update China BEST Conference 2025 Feedback Key Takeaways Potential reasons behind the table turn weakness: Morgan Stanley Asia Limited+ Hildy.Ling@morganstanley.com +852 2239-7834 Cindy Gao Research Associate Cindy.XY.Gao@morganstanley.com +852 3963-0149 ...