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豪餐均消超600,“穷鬼套餐”20多元,海底捞“既要又要”
3 6 Ke· 2025-09-24 23:53
Core Insights - High-end hotpot business is facing challenges, with Haidilao reporting a decline in revenue, net profit, and customer traffic in the first half of 2025 [1][2][3] - The company is attempting to pivot towards higher-end offerings while also targeting lower-income consumers with budget options [6][11] Financial Performance - Haidilao's revenue for the first half of 2025 was 20.703 billion yuan, a year-on-year decrease of 3.7% [1] - The group's profit was 1.755 billion yuan, down 13.7% year-on-year, with core operating profit declining by 14.0% to 2.408 billion yuan [1] - Customer visits dropped by over 10 million, with total customer count reaching nearly 190 million, compared to over 200 million in the same period last year [1] New Store Concepts - Haidilao launched its first "Premium Store" in Beijing, targeting high-net-worth individuals with an average spending of over 600 yuan per person, significantly higher than the regular store average of 97.9 yuan [2][4] - The Premium Store offers enhanced service and high-quality ingredients, but has also introduced lower-priced group packages to attract more customers [4][5] Market Strategy - The company is diversifying its offerings with new store formats, including community stores and budget-friendly options, to capture a wider customer base [10][11] - The "Down-to-Earth" hotpot meal options have seen significant growth, with a 59.6% increase in revenue from the takeaway segment [6][9] Industry Context - The overall hotpot industry is struggling, with a net decrease of over 27,000 stores in the past year, indicating a challenging market environment [13][15] - Haidilao's market value has dropped to 71.236 billion HKD from a peak of over 430 billion HKD since its IPO in 2018 [13] Operational Challenges - Haidilao experienced a net decrease of 5 stores in the first half of 2025, with operational inefficiencies leading to closures [12] - The company is facing increased competition and pressure from both high-end and budget segments, complicating its growth strategy [15]