Core Viewpoint - Haidilao is undergoing a significant transformation, shifting from a traditional hotpot chain to a more diversified restaurant ecosystem, exploring new business models and marketing strategies to counter declining revenues and customer traffic [1][5][38] Group 1: Financial Performance - In the first half of 2025, Haidilao reported a 3.7% year-on-year decline in revenue and a 13.7% drop in net profit, with key metrics such as table turnover rate, customer traffic, and store count under pressure [1][3] - The total number of Haidilao restaurants decreased by 5, totaling 1,363, with 1,299 in mainland China and 41 franchises [1][2] - The table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times the previous year, indicating a struggle to meet the previously set benchmark of 4 times [2][3] Group 2: Business Strategy and Innovation - Haidilao is actively pursuing a multi-brand strategy and enhancing its delivery services, with revenue from "other restaurants" and delivery business growing by 227% and nearly 60% respectively in the first half of 2025 [3][24] - The company is experimenting with new concepts such as "nightclub mode" and launching themed menus to attract customers, including a "night snack menu" featuring new dishes and cocktails [8][13][15] - The "Red Pomegranate Plan" was introduced to encourage internal entrepreneurship among employees, aiming to expand and incubate new brands beyond the main Haidilao brand [22][23] Group 3: Market Position and Challenges - Despite the rapid growth of the delivery business, it still contributes a relatively small portion to overall revenue, and maintaining service quality during this expansion poses a significant challenge [35][37] - The company faces intense competition in the delivery market, having entered a crowded space where many players are vying for market share [37] - Haidilao's traditional service model is being challenged by changing consumer preferences, necessitating a balance between standardization and personalized experiences [38]

Core Insights - The article highlights the rapid expansion of the restaurant brand "Weila" in Henan, which has surpassed 1,500 locations nationwide, establishing itself as the leader in the rotating hot pot segment in China [1][2][3] Group 1: Company Growth and Strategy - Weila started with a single store in a small county in Henan and has grown to over 1,500 locations in ten years, becoming the largest rotating hot pot chain in the country [1][2] - The founder, Zhang Xiao, emphasized the importance of adapting and evolving the business model in response to challenges, focusing on practical experience and grassroots development [5][6] - The brand underwent significant changes in 2022, rebranding from "Weila Chuan Chuan Xiang" to "Weila Hot Pot" and standardizing its visual identity and operational processes [7][9] Group 2: Supply Chain and Operational Efficiency - Weila has prioritized supply chain development, partnering with leading suppliers to ensure consistent quality and cost-effectiveness for franchisees [10][11] - The collaboration with Huading Cold Chain Technology has enabled Weila to implement a centralized supply system, ensuring uniform service across all locations [10][11] - The company has established regional warehouses to enhance logistics and distribution efficiency, facilitating its national expansion [10][11] Group 3: Market Position and Competitive Advantage - The small hot pot market is highly competitive, with over 50,000 establishments nationwide, yet Weila has managed to stand out due to its grassroots origins and focus on customer needs [12][14] - The brand maintains a consistent price point for its offerings, with average customer spending remaining between 25 to 30 yuan, despite rising ingredient quality [12][14] - Weila's rapid expansion has allowed it to build a strong brand presence, capitalizing on the lack of established chains in the self-service hot pot segment [14]

8月25日，中国火锅龙头海底捞（06862.HK）发布的2025年中报显示，报告期内实现收入207.03亿元， 同比下降3.66%；股东应占溢利17.59亿元，同比下降13.72%。 上半年，海底捞自营店和加盟店出现此消彼长的变动趋势，其中，自营餐厅数量为1322家，比2024年上 半年减少了21家；加盟餐厅41家，2024年上半年仅为1家，同比增加了40家。餐厅系统销售额增长率出 现下滑，减少了6.5%。 早在2024年上半年，海底捞股东应占溢利就出现了下滑，同比下降9.74%至20.38亿元，今年上半年下滑 幅度继续扩大。对此，海底捞给出的理由是收翻台率下降，以及产品、场景等创新模式方面的初期调整 影响。 从翻台率来看，海底捞2025年上半年在一线城市、二线城市、三线及以下城市的翻台率分别为3.8次、 3.8次、3.9次，同比分别减少0.2个百分点、0.5个百分点、0.2个百分点。二线城市受影响最大，整体翻 台率2025年上半年是3.8次，同比减少0.4个百分点。 从业务收入来看，2025年上半年，海底捞餐厅经营收入为185.8亿元，比2024年上半年减少了18.33亿 元，同比下降8.97%；外卖业务和 ...

相较于火锅主业谨慎的扩张节奏，海底捞在开副牌这件事上的动作要大胆许多。 自"红石榴计划"提出以来，海底捞接连孵化了多个餐饮品牌。 文 | 红餐网 周飞飞 编辑 | 方圆 火锅"一哥"上半年过得并不容易。 昨晚，海底捞（06862.HK）交出了2025年上半年业绩报告，上半年营收207.03亿元，净利润为17.54亿 元，核心经营利润为24.08亿元。相较于去年同期，这几个核心指标均有一定程度下滑。 同期，海底捞火锅主业扩张节奏审慎，上半年关停33家餐厅，同时新开25家自营门店，3家加盟门店。 截至2025年6月30日，海底捞品牌共经营1363家餐厅。 在主业承压的情况下，海底捞正通过多品牌战略、发力外卖业务等方式寻求突破。 01 14个子品牌收入同比增长227%，加盟或成增长新动能 截至2025年6月30日，海底捞旗下有"焰请烤肉铺子""从前印巷""小嗨爱炸"等14个餐饮品牌，共计126家 餐厅。财报数据显示，这些子品牌带来的"其他餐厅收入"达5.97亿元，同比增长227%，整体增速比较亮 眼。 尽管目前子品牌的营收贡献尚不明显——占比2.9%，但海底捞仍在积极孵化子品牌。 其中焰请烤肉铺子已经小有规模。上半 ...

继潮汕牛肉火锅、贵州酸汤鱼火锅之后，各地又新开了一些"茶火锅"主题店。打开菜单，从锅底到菜，都茶元素拉满——老白茶菌汤锅、桂花乌龙千层 肚、手打龙井黑虎虾滑，菜单读得又新鲜、又费劲。 吃完后，有人评："茶的清香融入浓郁的辣汤底，吃完肚子不烧不燥"。也有人批评，"9块钱的茶淡的跟白水一样，茶的味道根本吃不出来，噱头大于内 容。" 业内人士表示，火锅赛道已经高度饱和。除了茶火锅，还有"水火锅"概念的店也登上战场，其实它们都不是新事物。火锅的时尚轮回转，当下这些"新物 种"显示的只是火锅赛道"热辣滚烫"般的焦虑——想突围自救，但搞来搞去可能只是炒作一个概念，生命周期究竟会不会短如昙花，不需一年，就能见分 晓。 一顿大快朵颐，潘达得出了"初探茶火锅"店的结论。"味道即不重庆火锅，也不茶。"锅底总体而言不够浓、不够麻、不够辣，古法茶香牛肉丸也像忘了放 茶。 茶的味道，看来不是辣的对手。 结账时200多元。吃的不尽兴，潘达印象最深刻的，反倒是火锅店推出的点评打卡送刮刮乐。这已是时下新火锅店招揽顾客的最常见手段，邻桌抽中150元 代金券，而潘达只抽到几块茶糖。 同一刻，三里屯 SOHO的另一口茶火锅正咕嘟作响。晓飞和朋友来 ...

继潮汕牛肉火锅、贵州酸汤鱼火锅之后，各地又新开了一些"茶火锅"主题店。打开菜单，从锅底到菜， 都茶元素拉满——老白茶菌汤锅、桂花乌龙千层肚、手打龙井黑虎虾滑，菜单读得又新鲜、又费劲。 吃完后，有人评："茶的清香融入浓郁的辣汤底，吃完肚子不烧不燥"。也有人批评，"9块钱的茶淡的跟 白水一样，茶的味道根本吃不出来，噱头大于内容。" 业内人士表示，火锅赛道已经高度饱和。除了茶火锅，还有"水火锅"概念的店也登上战场，其实它们都 不是新事物。火锅的时尚轮回转，当下这些"新物种"显示的只是火锅赛道"热辣滚烫"般的焦虑——想突 围自救，但搞来搞去可能只是炒作一个概念，生命周期究竟会不会短如昙花，不需一年，就能见分晓。 在茶火锅里，茶依然是配角 辣椒和牛油在锅中结块，年轻伙计提着老鹰茶（四川石棉县特产），沿锅边缓缓倒下。这是重庆火锅店 里最寻常的一幕，号称能去油解腻的老鹰茶，也被称为重庆火锅的灵魂，"咋如今也成了标新立异的噱 头？" 但停了几秒，潘达还是答应了——毕竟，不是自己买单。 傍晚五点，他来到北京朝阳区青年路商圈，进到某家以"茶"作为卖点的火锅店。 店内新中式装修，茶元素充满每个角落。门口白瓷盖碗里放着乌龙、白茶、普 ...

Core Points - A video posted by a netizen in Hohhot, Inner Mongolia, revealed that a customer received a response containing insulting language from a customer service representative after placing an order through a food delivery platform at a Haidilao restaurant [1][4] - On August 25, a representative from Haidilao stated that a special investigation has been initiated regarding the incident and that any potential issues would be reported to the police [1][4] - The restaurant involved is identified as Haidilao Hot Pot at Wutasi Primary School, and the service hours for this location have been changed to "closed" after the incident [4] Company Response - Haidilao has committed to thoroughly investigate the situation and will hold accountable anyone involved in actions that violate regulations or harm customer rights [1][4] - The company has acknowledged the inappropriate content and account issues on the third-party platform related to the incident [4]

Core Viewpoint - Haidilao demonstrates resilience in a challenging hot pot industry, achieving stable profitability and significant revenue growth through innovation and a multi-brand strategy [1][5]. Financial Performance - For the first half of 2025, Haidilao reported revenue of 20.703 billion yuan, with a core operating profit of 2.408 billion yuan and a net profit of 1.76 billion yuan, translating to profit margins of 11.63% and 8.5%, respectively, both exceeding industry peers [1]. - The company declared an interim dividend of 0.338 HKD per share, with a payout ratio of 96.6% and a dividend yield (TTM) exceeding 6% [1][5]. Business Strategy - Haidilao is actively exploring innovative hot pot scenarios, developing unique products, optimizing store operations, and enhancing supply chain and digital capabilities [1]. - The company is advancing its 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 income, while other business segments, including takeout and other restaurant operations, saw revenue growth rates of 59.7% and 227%, respectively [1][2]. - The company operates 1,363 restaurants and has closed underperforming locations as part of its "Woodpecker Plan," while also opening 25 self-operated and 3 franchised restaurants in the first half of 2025 [2]. Multi-Brand Development - The "Pomegranate Plan" has led to the establishment of 14 new restaurant brands, with a total of 126 locations, significantly contributing to revenue growth [3]. - Haidilao'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 expand growth potential and create a second growth curve, which may lead to a revaluation of the company's stock [4][5]. - Analysts are optimistic about Haidilao's multi-brand development, with target prices exceeding 20 HKD, reflecting confidence in the company's growth trajectory and high dividend yield appealing to value investors [5].

8月25日，根据青岛广播电视台"正在新闻"报道，有消费者在社交平台上反馈，8月23日，其通过外卖平台在 海底捞火锅呼和浩特（五塔寺小学店）下单后，在询问商家能否将套餐中的"肥牛和蟹棒更换成蔬菜"时，遭 到商家辱骂。 该消费者透露，涉事门店经理已经在8月25日登门道歉，并携带水果、牛奶作为补偿，并为该笔订单进行了 免单处理。门店经理表示，门店的账号在23日被非法登录，黑客冒充商家对多名顾客进行辱骂，门店直至当 天晚上才发现异常。 8月25日，海底捞相关负责人告诉南都湾财社记者，海底捞已启动专项调查并对其中可能涉及的问题进行报 警处理。海底捞将彻查全貌，对任何涉嫌违规操作、损害顾客权益的行为，坚决追究相关责任。 同一时间，南都湾财社向外卖平台核实情况，截至发稿，尚未收到回应。 （文章来源：南方都市报） 海底捞于1994年在四川简阳创立，截至2025年6月，海底捞品牌在全国共经营1363家餐厅。 2025年上半年， 海底捞实现营业收入207.03亿元，净利润17.55亿元，其中来自外卖的收入为9.28亿元，同比增长了59.73%， 占收入的比例为4.48%。 ...

曾和"服务至上"的海底捞打"对台戏"、试图凭借"产品主义"的独特定位脱颖而出的巴奴毛肚火锅，于今 年6月递交上市申请，谋求成为继海底捞、呷哺呷哺之后"港股火锅第三股"。 然而，近日巴奴国际控股有限公司（简称"巴奴国际"）收到中国证监会关于境外发行上市的补充说明要 求，涉及股权架构、数据安全、分红合理性等三大类共9个方面问题。 中国企业资本联盟中国区首席经济学家表示："分红合理性、社保合规、股权架构、数据安全四大问题 是巴奴能否通过港交所聆讯的核心变量，其中'先大额分红、后上市融资'是最尖锐的矛盾点。" 上市前夕突击分红 2025年8月8日，证监会发布了境外发行上市备案补充材料要求（2025年8月1日—2025年8月7日），共对 17家企业出具补充材料要求。其中，包括了谋求成为"港股火锅第三股"的巴奴国际。 其中，就有请说明报告期内分红内部决策情况以及税费缴纳、外汇管理等监管程序履行情况，结合公司 负债等情况说明实施分红的合理性，以及在分红情况下本次上市融资的必要性；公司非全职人员（兼职 人员、外包人员）社保公积金缴纳情况，以及劳动用工合法合规的结论性意见等。 招股书显示，截至最后实际可行日期，杜中兵于受控制法 ...