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Haidilao (06862.HK): Operations in the first quarter of 2026 show signs of recovery, with table turnover recording a mid-single-digit year-on-year growth

$HAIDILAO (06862.HK)$ : Revenue for 2025 was RMB 43.225 billion, representing only a slight increase of 1.1% year-on-year. However, due to factors such as an overall decline in table turnover rate and adjustments in product models, profitability declined. Annual profit stood at RMB 4.042 billion, down 14.0% year-on-year; core operating profit also fell by 13.3% to RMB 5.403 billion. Despite the pressure on profits, the company maintained its dividend policy, proposing a final cash dividend of HKD 0.384 per share. In terms of business segments, operating income from Haidilao restaurants, which accounted for nearly 87%, decreased by 7.1% year-on-year, primarily due to the table turnover rate of self-operated restaurants dropping from 4.1 times/day to 3.9 times/day. However, the takeout business performed exceptionally well, with revenue surging 111.9% to RMB 2.658 billion driven by the 'ready-to-eat dishes' segment. Additionally, the multi-brand strategy under the 'Red Pomegranate Plan' began showing results, with revenue from other restaurant brands increasing by 214.6% year-on-year. As of the end of 2025, the group operated a total of 1,383 Haidilao restaurants and managed 207 restaurants across 20 sub-brands. Looking ahead to 2026, the group plans to achieve mid-single-digit growth in the number of Haidilao brand stores, with a focus on expanding new brands such as 'Seafood Bazaar' and 'Sushi.' Operations in the first quarter of 2026 have already shown signs of recovery...
$HAIDILAO (06862.HK)$ : Revenue for 2025 was RMB 43.225 billion, representing only a slight increase of 1.1% year-on-year. However, due to factors such as an overall decline in table turnover rate and adjustments in product models, profitability declined. Annual profit stood at RMB 4.042 billion, down 14.0% year-on-year; core operating profit also fell by 13.3% to RMB 5.403 billion. Despite the pressure on profits, the company maintained its dividend policy, proposing a final cash dividend of HKD 0.384 per share.
In terms of business segments, operating income from Haidilao restaurants, which accounted for nearly 87%, decreased by 7.1% year-on-year, primarily due to the table turnover rate of self-operated restaurants dropping from 4.1 times/day to 3.9 times/day. However, the takeout business performed exceptionally well, with revenue surging 111.9% to RMB 2.658 billion driven by the 'ready-to-eat dishes' segment. Additionally, the multi-brand strategy under the 'Red Pomegranate Plan' began showing results, with revenue from other restaurant brands increasing by 214.6% year-on-year. As of the end of 2025, the group operated a total of 1,383 Haidilao restaurants and managed 207 restaurants across 20 sub-brands.
Looking ahead to 2026, the group plans to achieve mid-single-digit growth in the number of Haidilao brand stores, with a focus on expanding new brands such as 'Seafood Bistros' and 'Sushi.' Operations in the first quarter of 2026 already showed signs of recovery, with table turnover rate recording a mid-single-digit year-on-year increase. To boost market confidence, founder Zhang Yong announced plans to purchase no less than HKD 100 million worth of shares within 12 months. The group will continue to invest in the 'Smart Middleware' to enhance management efficiency and seek acquisition opportunities for high-quality assets in a highly competitive market.
Source: KGI Securities
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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