Haidilao revenue drops 3.7% in first half 2025 amid intense competition

Haidilao International Holding Ltd. reported operating revenue of RMB20,703.3 million for the first half of 2025, a 3.7% decrease compared to RMB21,490.9 million in the same period of 2024. Core operating profit (non-IFRS measure) fell by 14.0% to RMB2,408.1 million, while profit for the period decreased by 13.7% to RMB1,754.6 million. This decline was primarily attributed to a lower table turnover rate and initial adjustments to innovative product and scenario models.

Restaurant operations remained the primary revenue driver, contributing RMB18,580.2 million (89.8% of total revenue), despite a 9.0% decrease from RMB20,414.0 million in 2024. The average table turnover rate for self-operated Haidilao restaurants was 3.8 times per day, with an average spending per guest of RMB97.9.

In contrast, delivery business revenue surged by 59.6% to RMB927.6 million, largely due to the rapid growth of single-serving fast food. Other restaurant operations also saw a significant increase of 227.0% to RMB596.5 million, driven by new brands under the "Pomegranate plan" and diverse dining scenarios.