Core Viewpoint - Haidilao's performance in the first half of the year shows a decline in revenue and net profit, raising concerns about its operational efficiency and market competitiveness amid increasing competition in the restaurant industry [4][8][11]. Financial Performance - In the first half of the year, Haidilao reported revenue of 20.703 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 1.755 billion yuan, down 13.7% from the previous year [8][10]. - The overall table turnover rate was 3.8 times per day, down from 4.2 times per day in the same period last year, while customer traffic also declined, with approximately 190 million customers served compared to over 209 million in the previous year [10][11]. External Factors - The decline in performance is attributed to increased competition in the dining market and changes in consumer demand [11]. - Despite the drop in customer traffic, the average spending per customer slightly increased from 97.4 yuan to 97.9 yuan, but this was insufficient to offset the revenue loss from decreased turnover and customer numbers [11]. Business Strategy - Haidilao continues to optimize its restaurant network, opening 25 new self-operated restaurants and 3 franchise restaurants while closing 33 underperforming locations [11][12]. - The company operates 14 restaurant brands, including "Yanjing Barbecue" and "Cai Wei," with the latter generating 597 million yuan in revenue, a 227% increase year-on-year [13]. Delivery Business - Haidilao's delivery business saw significant growth, with revenue increasing nearly 60% year-on-year, driven by product, capacity, and traffic synergies [14][18]. - The "side dishes" delivery segment contributed over 55% of the delivery revenue in the first half of 2025, indicating a growing trend [18]. Management Changes - The company has undergone multiple management changes in recent years, with the latest CEO, Gou Yiqun, taking over in June 2022. However, the performance under his leadership has not met expectations [6][27]. - The management acknowledges that the current performance decline reflects inadequacies in management capabilities, and efforts will be made to improve [28]. Wealth Impact - The net worth of Haidilao's founders, Zhang Yong and Shu Ping, has significantly decreased from 217.57 billion yuan at its peak to 59.72 billion yuan, a drop of over 70% [5][23].

Core Viewpoint - The financial performance of Haidilao in the first half of the year shows a decline in both revenue and net profit, alongside a decrease in table turnover rate and customer traffic, despite a significant growth in the takeaway business [2][4][11]. Group 1: Financial Performance - In the first half of the year, Haidilao reported revenue of 20.703 billion yuan, a decrease of 3.7% from 21.491 billion yuan in the same period last year [4]. - The net profit for the same period was 1.755 billion yuan, down 13.7% from 2.033 billion yuan year-on-year [4]. - The overall table turnover rate was 3.8 times per day, down from 4.2 times per day in the previous year [6]. - Customer traffic also declined, with approximately 190 million customers served, compared to over 209 million in the same period last year [7]. - Despite the decline in traffic and turnover, the average spending per customer slightly increased from 97.4 yuan to 97.9 yuan [8]. Group 2: Business Operations - Haidilao operated a total of 1,363 hot pot restaurants by the end of the first half, including 1,322 self-operated and 41 franchised restaurants [8]. - The company opened 25 new self-operated restaurants and 3 franchised restaurants, while closing 33 underperforming locations [8][10]. - The revenue from other brands, including "Yanjing Barbecue" and "Congqian Yinxiang," reached 597 million yuan, a year-on-year increase of 227% [10]. Group 3: Takeaway Business - The takeaway business saw a remarkable revenue increase of nearly 60% year-on-year, driven by product, capacity, and traffic synergies [11][14]. - "Side dishes" takeaway contributed over 55% of the takeaway revenue in the first half of the year and is on a growth trend [14]. - Haidilao plans to integrate multi-brand and multi-category resources to create a "super kitchen" for takeaway, aiming for dual growth in revenue and profit [14]. Group 4: Management Changes and Challenges - The wealth of Haidilao's founders, Zhang Yong and Shu Ping, has decreased significantly, dropping from 217.57 billion yuan at its peak to 59.72 billion yuan, a decline of over 70% [15][16]. - The company has undergone multiple management changes, with the latest CEO, Gou Yiqun, taking over in June last year, but the performance under his leadership has not shown significant improvement [22][23]. - The company acknowledges that the recent performance decline reflects management capability issues, and efforts for improvement are ongoing [24].

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 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] - The incident has garnered significant attention, prompting Haidilao to initiate a special investigation and report the matter to the authorities [1][4] Company Response - A representative from Haidilao stated that they have launched a special investigation regarding the inappropriate content and account issues related to the restaurant's third-party platform account [4] - The company emphasized that it will thoroughly investigate the situation and hold accountable anyone involved in actions that violate regulations or harm customer rights [4] - Following the incident, the restaurant's service hours were changed to "closed" status, which was previously until 2 AM [4]

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 [2][6] - On August 25, a representative from Haidilao stated that a special investigation has been initiated regarding the incident, and any potential issues will be reported to the authorities. The company is committed to thoroughly investigating the matter and holding accountable anyone involved in actions that violate customer rights [2][6] Company Response - The incident involved a customer who requested to substitute beef and crab sticks with vegetables in their order but received a derogatory reply, which sparked significant public attention [6] - The specific location of the incident was identified as the Haidilao Hot Pot Wutasi Primary School store, which has since changed its service status to "closed" after originally being open until 2 AM [6]