25 August 2025 | 10:37PM HKT Haidilao International Holding (6862.HK): First take: Margin miss pressured by lower GPM and operating deleverage; Neutral Haidilao reported 1H25 sales/net profit of Rmb20.7bn and Rmb1.76bn, implying 3.7%/13.7% yoy decline. Topline was in line with GSe with lower-than-expected Haidilao restaurant revenue offset by higher delivery, other restaurant and product/franchise store sales. Net profit missed GSe by 8%, due to lower-than-expected GPM with the company offering better value ...