① In the first half of this year, Haidilao achieved double-digit growth in both revenue and core operating profit, with increased income from food delivery and multi-brand catering operations. ② The number of self-operated stores and average spending per customer declined slightly, while table turnover rate improved.
On the evening of August 26, Haidilao (6862.HK) released its interim results for 2026, reporting dual growth in revenue and core operating profit during the period. While the number of self-operated restaurants declined, delivery services expanded, and the revenue contribution from multi-brand restaurant operations increased.
During the reporting period, Haidilao achieved revenue of RMB 22.337 billion, a year-on-year increase of 7.9%; core operating profit reached RMB 2.513 billion, up 4.4% year-on-year; and net profit amounted to RMB 1.764 billion, representing a slight increase of 0.5% compared to the same period last year.
The company's revenue is primarily derived from Haidilao restaurant operations, which accounted for 79.9% of total revenue during the reporting period. Revenue from Haidilao restaurant operations totaled RMB 17.837 billion, a 4% decrease from the same period last year, mainly due to a reduction in the number of self-operated Haidilao restaurants.
The financial report indicated that the total number of self-operated Haidilao restaurants decreased from 1,322 in the same period last year to 1,290. The closure of 32 stores was primarily attributed to relocations due to aging facilities, underperformance against expectations, or other commercial reasons. The company noted that it continues to optimize its Haidilao store network, opening 24 new self-operated restaurants and 14 franchised restaurants during the reporting period, while converting 6 self-operated restaurants to franchise models.
The number of franchised Haidilao restaurants increased from 41 to 99. This growth in franchised outlets also contributed to the overall sales growth of the Haidilao brand. The financial report showed that in the first half of the year, system-wide sales for Haidilao restaurants grew by 0.8% year-on-year. This figure represents the total gross merchandise value generated by all Haidilao-branded restaurants, including both self-operated and franchised outlets.
Regarding same-store data for self-operated Haidilao restaurants, the table turnover rate improved, rising from 3.8 times per day in the same period last year to 3.9 times per day. However, the average spending per customer declined slightly, dropping from RMB 97.9 to RMB 97.0 compared to the previous year.
Food delivery is the company's fastest-growing business segment. In the first half of the year, revenue from food delivery reached RMB 2.051 billion, a year-on-year increase of 121.2%, raising its share of group revenue from 4.5% to 9.2%. This growth was driven mainly by two factors: First, sales of "single-serving" products, such as bibimbap-style rice bowls, surged year-on-year, allowing food delivery to extend beyond hot pot scenarios to cover daily meal needs. Second, the company continued to advance its self-built food delivery station model, enhancing coverage density and fulfillment efficiency while reducing pressure on back-of-house kitchen capacity at stores.
In terms of multi-brand catering operations, revenue from other restaurants reached RMB 1.271 billion during the reporting period, a year-on-year increase of 113.1%, raising its contribution to group revenue to 5.7%. This growth was primarily attributed to the development of other innovative dining brands under the "Red Pomegranate Plan" and contributions from diverse dining scenarios such as camping hot pot and late-night hot pot.
Haidilao stated that its street-stall-style hot pot and sushi formats have established relatively mature single-store models and gained certain market recognition, now entering a phase of scalable replication. Unlike the previous approach where entrepreneurial teams explored these formats independently, future expansion and operations for these two formats will be centrally managed by the headquarters' middle platform to ensure replication quality through group-level capabilities. Volume is expected to ramp up gradually starting in the second half of 2026, with these formats becoming significant drivers of revenue growth for other restaurant operations by 2027.