Core Viewpoint - Haidilao's financial performance for the first half of 2025 shows a decline in revenue and profits, indicating challenges in the competitive dining market while also highlighting growth in its second brand and delivery services [1][5][10]. Financial Performance - Total revenue for the first half of 2025 was 20.703 billion RMB, a decrease of 3.7% compared to 2024 [4]. - Core operating profit (non-IFRS) was 2.408 billion RMB, down 14.0% year-on-year [1][4]. - Net profit reached 1.755 billion RMB, reflecting a 13.7% decline from the previous year [1][4]. Restaurant Operations - The overall table turnover rate for self-operated restaurants was 3.8 times per day, with a total customer count of nearly 190 million in the first half of 2025 [6][7]. - The company has closed underperforming restaurants as a strategy to cope with reduced customer traffic [6][7]. - As of June 30, 2025, Haidilao operated 1,363 restaurants, including 1,299 in mainland China and 23 in Hong Kong, Macau, and Taiwan [7]. Brand Expansion and Innovation - Haidilao has launched 126 second brand stores, indicating a focus on diversifying its offerings beyond traditional hotpot [3][8]. - The company has introduced various themed restaurants and products, such as late-night dining options and "one-person meal" delivery services, contributing to a nearly 60% increase in delivery revenue [10][11]. - The "other restaurant income," including second brands, reached 597 million RMB, a significant increase of 227.0% year-on-year [10]. Customer Engagement and Future Strategy - Haidilao has surpassed 200 million members and is expanding member benefits through partnerships with other industries [11]. - The management plans to leverage digital operations and continue diversifying its business strategy, including potential acquisitions of quality assets [11].

Core Viewpoint - Haidilao International Holding Ltd. reported its financial results for the first half of 2025, showing a revenue of 20.703 billion yuan and a net profit of 1.755 billion yuan, indicating a challenging market environment with intensified competition and changing consumer demands [1][3]. Financial Performance - In the first half of 2025, Haidilao achieved an operating income of 20.703 billion yuan and a net profit of 1.755 billion yuan, with core operating profit at 2.408 billion yuan [1]. - The total number of customers served reached nearly 190 million, with an overall table turnover rate of 3.8 times per day [3]. Restaurant Operations - As of June 30, 2025, Haidilao operated 1,363 restaurants, including 1,299 in mainland China and 23 in Hong Kong, Macau, and Taiwan, along with 41 franchised restaurants [3]. - The company opened 25 self-operated restaurants and 3 franchised restaurants in the first half of 2025, while also closing underperforming locations as part of its "Woodpecker Plan" [3]. Strategic Initiatives - Haidilao is focusing on a multi-brand strategy, with the "Pomegranate Plan" leading to the establishment of 126 additional restaurant brands, contributing to a significant revenue increase of 227% year-on-year for other restaurant income [7][9]. - The company is enhancing its digital capabilities and operational efficiency through a smart digital platform, aiming to empower its management and improve customer service [10]. Customer Engagement and Marketing - The "Different Haidilao" initiative aims to meet diverse consumer needs by innovating customer experiences, enhancing employee development, and creating personalized services [4][5]. - Membership numbers surpassed 200 million, with ongoing collaborations with various IPs to attract younger demographics and enhance customer loyalty [11]. Future Outlook - Haidilao management expresses confidence in overcoming current challenges and aims to enhance dining experiences, diversify operations, and strategically seek acquisitions to enrich its business portfolio [11].