海底捞 (6862 HK) 证券研究报告 港股通 经营调整扰动盈利，2H 同店或有改善 2025 年 8 月 26 日│中国香港 餐饮 海底捞公布 1H25 业绩：1H25 收入 207 亿元/yoy-3.7%；归母净利润 17.6 亿元/yoy-13.7%；核心经营利润 24.1 亿/yoy-14.0%，对应核心经营利润率 11.6%/yoy-1.4pct。1H25 公司积极践行场景创新/菜品创新/品牌创新；海底 捞主品牌拓店保持审慎、同步孵化新品牌，"红石榴"及"啄木鸟"计划稳 步推进。1H25 分红率 95%，维持较高比例（vs24 年分红率 95%）。公司 深化差异化服务、专注提升顾客体验，创新多元消费场景店型，截至 1H25 期末，夜宵场景主题店已改造近 30 家，主打鲜切鲜活产品的标准版主题店 已营业超过 50 家。长期看，集团运营管理与激励机制完备且高效，期待经 营质量优化后海底捞主品牌重拾增长动能，内外资源整合下新品牌跑出第二 成长曲线。维持"买入"评级。 客单价已企稳，高基数下翻台同比下滑 1H25 公司餐厅经营收入 185.8 亿/yoy-9.0%，外卖业务收入 9.28 亿 /yoy+5 ...

Core Viewpoint - Haidilao International Holding Ltd reported a decline in revenue and net profit for the first half of 2025, attributing the downturn to decreased table turnover rates and initial adjustments in product and service innovation [1] Financial Performance - In the first half of 2025, Haidilao achieved revenue of 20.703 billion yuan, a year-on-year decrease of 3.7% - The net profit for the same period was 1.755 billion yuan, down 13.7% compared to the previous year [1] - The overall table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times in the same period last year [1] Store Operations - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, including 1,322 self-operated and 41 franchised locations [1] - During the first half of 2025, the company opened 25 self-operated restaurants and 3 franchised locations while closing underperforming restaurants as part of its "Woodpecker Plan" [1] Market Trends and Consumer Behavior - The increase in competition among hot pot brands has impacted Haidilao's market share, with consumers seeking healthier, more convenient, and personalized dining options [2] - Despite the overall decline in performance, Haidilao's takeout business showed strong growth, with revenue reaching 0.928 billion yuan, a year-on-year increase of 59.6% [2] Strategic Initiatives - Haidilao plans to integrate multi-brand and multi-category resources to create a super kitchen for takeout and explore new satellite store models to drive revenue and profit growth [2] - The company is also focusing on enhancing customer experience through improved service capabilities and digital operations [3] - Haidilao's multi-brand strategy has shown success, with "Other Restaurant Revenue" reaching 0.597 billion yuan, a significant year-on-year increase of 227.0% [3]

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╱ ...