海底捞上半年外卖与多品牌收入高增，但利润几乎持平且股价已当日重定价

China’s largest hotpot chain Haidilao International Holding has seen takeaway emerge as its fastest-growing segment, with demand for single-serving meals like rice-bowl sets surging, amid positive revenue and profit growth in the first half.
Takeaway revenue for the Hong Kong-listed group reached 2.05 billion yuan (US$305 million) in the first six months, surging 121.2 per cent year on year. The segment accounted for 9.2 per cent of total revenue, up from 4.5 per cent a year earlier, according to its interim results released on Tuesday evening.
Still, the upbeat results came against a weak macroeconomic backdrop and fierce competition in the catering sector of the world’s second-largest consumer market, analysts said.
“China’s restaurant industry is highly fragmented – chains hold roughly 20 per cent of the market versus around 40 per cent globally. That means a well-run chain like Haidilao can still gain share even in a soft macro environment,” said Ivan Su, director of equity research at Morningstar.
“I expect Haidilao to deliver growth over the coming years because it has operational and supply chain advantages that give it better reach into lower-tier cities than most hotpot peers.”

Over the six-month period, the group posted total revenue of 22.34 billion yuan, up 7.9 per cent year on year. Net profit rose 0.5 per cent to 1.77 billion yuan. The Haidilao brand’s dine-in customers spent an average of 97 yuan, little changed from a year earlier.
It reported slow new-store openings in the first half, with faster expansion planned in 2027, including new restaurants in shopping malls in higher-tier cities and in the mass market in lower-tier cities, according to its earnings report.
Haidilao operated 1,389 restaurants as of June, including 1,267 self-operated outlets in mainland China, and 23 in Hong Kong, Macau and Taiwan. The period saw 32 closures due to outdated facilities and underperformance.
Following the return of founder Zhang Yong – a Singaporean citizen – as CEO in January, the group has ramped up investment in new growth initiatives.
It has continued to expand its multi-brand business, spanning burger, sushi and street-style eateries. Revenue from this segment reached 1.27 billion yuan, jumping 113 per cent year on year. For the group’s other brands, the total number of restaurants rose to 183.
The food-stall hotpot and sushi business formats were ready for large-scale replication and would be scaled up in the second half, the group said. It would also strategically pursue high-quality asset acquisitions to further diversify its catering portfolio.
Beyond domestic multi-brand expansion, Haidilao continues to grow its overseas footprint. The brand operated 127 overseas restaurants as of March.
Its first overseas store opened at Singapore’s Clarke Quay in 2012, but closed in August last year. It has expanded in markets including the US, the UK, South Korea, Japan and the United Arab Emirates.
Shares of Haidilao jumped 7.3 per cent to HK$12.25 on Wednesday. Its share price has declined about 14 per cent this year.