研究报告 Research Report 27 Aug 2025 特海国际 Super Hi International Holding (9658 HK) 点评报告：让利策略致经营利润短期承压，多元品牌助力新增长 Review Report: Profit-sharing Strategy Leads to Short-Term Pressure on Operating Profit, While Diversified Brands Drive New Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$15.34 目标价 HK$18.50 HTI ESG 4.0-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.98bn / US$1.28bn 日交易额 (3 个月均值) US$1.30mn 发行股票数目 650.30mn 自由流通股 ( ...

经济观察网海底捞净利润大跌，8月25日，海底捞国际控股有限公司(6862.HK)公布2025年上半年业绩， 营收207.03亿元，同比下滑3.7%；净利润17.55亿元，同比下降13.7%；核心经营利润24.08亿元，同比下 降14.0%；每股基本盈利0.32元，低于去年同期0.38元。 ...

8月25日，2025年中期每股派人民币0.309元(相当于港币0.338元)，除权除息日2025-09-05，派息日2025- 10-15(董事会预案)。 本文源自：金融界 作者：行情君 8月26日，海底捞(06862)盘中下跌5.44%，截至09:30，报14.07元/股，成交3842.9万元。 海底捞国际控股有限公司主要经营火锅餐饮业务，截至2024年底，在大中华区拥有1368家餐厅，年服务 顾客超过4.15亿人次。公司致力于提供高质量、健康、安全的火锅食品，并凭借诚信经营和创新服务赢 得消费者信赖。 截至2025年中报，海底捞营业总收入207.03亿元、净利润17.59亿元。 ...

餐饮行业龙头企业海底捞2025年上半年业绩报告出炉。 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。 加盟业务稳步拓展 海底捞自2024年开放加盟后，采用"老店+新店"组合加盟模式，已经初步验证了加盟模式在规模化布局 中的可行性，并沉淀了优 ...

报告期内，海底捞餐厅表现方面的数据略有下滑。今年上半年海底捞自营餐厅整体翻台率为3.8次╱ 天，上年同期为4.2次╱天。具体来看，中国大陆地区的翻台率同比下滑，港澳台地区则有所上升。海 底捞表示，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。 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。海底捞拌饭、自制饮料等外 卖新品类也在测试过程中。 8月25日，海底捞国际控股有限公司（下称"海底捞"，股票代码：6862.HK）公布2025年上半年业绩报 告。2025年上半年，海底捞实现营业收入207.03亿元，同比下降3.7%；净利润17.55亿元，同比下降 13.7%。 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。餐厅总数较去年同期减少21家。对此，海底捞表示，公司继续落实"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 ...

数据显示，海底捞2025年上半年收入为207.03亿元，较2024年同期的214.91亿元有所下降；餐厅经营收 入也由2024年的205.96亿元减少至2025年的191.77亿元。 海底捞宣布中期股息为每股0.338港元。 在盈利能力方面，海底捞2025年上半年除税前溢利为26.27亿元，较2024年的28.88亿元有所减少；期内 溢利由2024年的20.33亿元下降至2025年的17.55亿元；本公司拥有人应占溢利也从2024年的20.38亿元减 少至2025年的17.59亿元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 核心经营利润（非国际财务报告准则计量）同样出现下滑，由2024年的27.99亿元降至2025年的24.08亿 元。 观点网讯：8月25日，海底捞国际控股有限公司公布截至2025年6月30日止六个月的中期业绩。 在餐厅数量方面，海底捞自营餐厅由2024年的1343家减少至2025年的1322家，而加盟餐厅数量则由2024 年的1家增加至2025年的41家。 ...

Core Viewpoint - The controversy surrounding Baiguoyuan's chairman Yu Huiyong's comments reflects a disconnect between the brand's high-end positioning and consumer expectations, leading to a significant decline in market trust and financial performance [2][6][10] Group 1: Company Background and Development - Baiguoyuan was established in 2001, initially targeting the mid-to-high-end fruit market, and rapidly expanded due to rising consumer income and demand for quality products [4] - The company went public on the Hong Kong Stock Exchange in 2023, with an initial stock price of 6.98 HKD and a market capitalization of nearly 9.5 billion HKD, but has since seen its stock price drop to 1.75 HKD, representing a 71% decline in market value [4][5] Group 2: Financial Performance - Despite five consecutive years of profitability from 2019 to 2023, Baiguoyuan reported a loss of 391 million CNY in 2024, with a reduction of 966 stores, leaving only 5,127 locations [5] - The decline in performance is attributed to a tightening consumer environment and significant quality control issues, leading to negative customer experiences [5][6] Group 3: Consumer Perception and Brand Trust - Instances of poor product quality, such as moldy fruit and foreign objects in products, have eroded consumer trust, contradicting the brand's promise of high quality [6][8] - The chairman's comments about "educating consumers" have been perceived as condescending, further aggravating the situation and leading to public backlash [2][6][10] Group 4: Market Dynamics and Consumer Behavior - The current market environment features both consumption downgrade and quality upgrade, necessitating companies to listen to consumer needs and optimize their offerings rather than adopting a superior attitude [10] - Consumers are increasingly discerning about value for money, making it essential for brands to align product quality with pricing and marketing claims [8][10]

Core Insights - Haidilao's new premium restaurant model, "Zhenxuan," aims to cater to high-end dining experiences, focusing on quality ingredients and a refined atmosphere, with an average customer spend of approximately 500 yuan [1][3][4] - The restaurant has been well-received, maintaining full occupancy during evening hours, indicating strong consumer interest in upscale dining options [1][4] Group 1: Market Trends - There is a growing demand for high-end dining experiences that emphasize quality and personalized service, particularly for celebrations and family gatherings [3][6] - The high-end dining market is undergoing a transformation, moving from traditional business banquets to experiences that emphasize emotional value and quality [8][11] Group 2: Consumer Behavior - A significant portion of consumers (43%) are tightening their spending, while 37% are seeking better value for their money, indicating a shift in consumer spending habits [8][10] - Younger consumers are increasingly prioritizing quality and unique experiences over mere price, suggesting a potential market for premium dining options [8][10] Group 3: Operational Strategy - Haidilao is implementing a refined operational strategy, allowing for differentiated restaurant management to meet diverse consumer needs and preferences [11][13] - The company is expanding its restaurant formats to include themed dining experiences, such as family-oriented and late-night options, to capture a broader customer base [13][11] Group 4: Competitive Landscape - The premium dining sector is becoming more competitive, with brands diversifying their offerings and focusing on unique dining experiences to attract consumers [11][13] - The "fine dining" market is evolving, with a trend towards "scene cultivation," where restaurants are adapting to consumer preferences for personalized and experiential dining [11][13]

Core Viewpoint - Nomura has downgraded its profit forecasts for Haidilao from 2023 to 2027 by 7% to 10%, with a target price reduced to HKD 16.2 [1] Financial Performance - Nomura expects Haidilao's mid-term revenue to decline by 4.4% year-on-year to RMB 20.5 billion, primarily due to the impact on table turnover rates [1] - Despite improvements in average spending per order, restaurant operations are estimated to decrease by 6% year-on-year [1] - The growth in takeout and barbecue businesses may partially alleviate the decline [1] Profitability Metrics - The firm has lowered its profit margin forecasts, predicting a contraction in operating profit margin and adjusted net profit margin by 0.3% and 0.4% year-on-year, respectively [1] - Food cost ratio is expected to increase by 2.4% compared to the second half of last year [1] - Operating expense ratio is projected to rise by 0.4% year-on-year due to efforts to provide better value products [1] - Adjusted net profit is forecasted to decline by 8% year-on-year to RMB 1.8 billion [1] Long-term Outlook - The downgrade in net profit forecasts for the company from 2023 to 2027 reflects higher-than-expected operating costs [1] - The target price has been revised from HKD 20.2 to HKD 16.2, while maintaining a buy rating [1]

Core Points - The core initiative of the company is the launch of the "Feng Huan Chao" partner program aimed at outstanding internal employees and talented individuals in the restaurant industry [1][3] - The first batch of 21 partners has officially signed with the company, marking the successful implementation of the program [1][3] Group 1 - The first batch of partners mainly consists of excellent internal employees from key positions such as operation managers and store managers across various regions [3] - Partners will engage in a shareholding model with the company, aligning store profits closely with the partners to enhance their motivation and initiative [3] - The company emphasizes that the program is designed to support partners without requiring them to consider opening funds or brand management costs, allowing them to focus on optimizing operational metrics [3] Group 2 - The company commits to providing comprehensive support to partners, including brand authorization, supply chain assurance, and strict management standards, ensuring a win-win development for both the brand and partners [3][4] - All partner stores must adhere to the company's stringent management standards and food safety systems to maintain brand image and service quality consistency [3][4] - The company plans to establish a dedicated service team to support partners throughout the entire process, from site evaluation to operational guidance and marketing planning [3][4] Group 3 - The "Feng Huan Chao" program aims to encourage frontline employees, with a focus on providing the highest profit-sharing ratio to them [4] - The program is rooted in the company's core value of sharing results with those who strive [4] - Currently, there are 5 partner stores in operation, with plans to steadily add approximately 50 to 100 partner stores each year in the future [4]