Haidilao (stock code: "6862") released its financial results for the first half of 2026 on August 25. The company reported revenue of 22.337 billion yuan for the period, marking a 7.9% increase from the 20.7 billion yuan recorded in the same period last year.

Dining business revenue reached 21.16 billion yuan in the first half of 2026, up 5.3% from 20.1 billion yuan a year earlier. However, pre-tax profit declined nearly 3% year-over-year to 2.557 billion yuan, down from 2.627 billion yuan in the prior-year period.

Net profit for the period was essentially flat at 1.764 billion yuan, compared to 1.754 billion yuan in the same period last year. Core operating profit rose 4.7% to 2.513 billion yuan, up from 2.4 billion yuan previously.

Delivery business surges 121% to 2.05 billion yuan

Revenue from restaurant operations stood at 17.837 billion yuan in the first half of 2026, a 4% decline from 18.58 billion yuan in the prior-year period. As a result, its share of total revenue dropped from 89.8% to 79.9%.

Delivery emerged as the fastest-growing segment for the group during the reporting period. Delivery revenue surged 121.2% year-over-year to 2.051 billion yuan, up from 927 million yuan, with its contribution to total revenue climbing from 4.5% to 9.2%.

The growth in delivery revenue was driven by two key factors. First, an expanded product mix — single-dining items such as rice bowls saw significant year-over-year sales growth, transforming delivery from a hotpot extension scenario into an independent category covering everyday meals, with new product lines currently being refined and market-tested. Second, an expanded delivery network — the group has continued to advance its self-built delivery station model, improving coverage density and fulfillment efficiency while reducing pressure on in-store kitchen capacity, providing stable support for sustained order growth.

Self-operated restaurants reduced by 32 locations

As of June 30, 2026, the Haidilao brand operated 1,389 restaurants in total, including 1,267 self-operated locations in mainland China, 23 self-operated restaurants in Hong Kong, Macau, and Taiwan, and 99 franchised restaurants.

The number of self-operated restaurants decreased by 32 year-over-year, from 1,322 to 1,390. The company stated that it continues to optimize its store network. During the reporting period, it opened 24 new self-operated restaurants and 14 franchised locations, while converting 6 self-operated restaurants to franchised operations. In the first half, 32 restaurants were closed due to facility aging and relocation, underperformance, or other commercial reasons.

Haidilao also operates 21 other dining brands, comprising 183 restaurants in total. In terms of restaurant performance, the table turnover rate for self-operated Haidilao restaurants reached 3.9 times per day, compared to 3.8 times per day in the same period of 2025.

Labor costs reach 7.09 billion yuan

In the first half of 2026, raw material and consumables costs totaled 9.289 billion yuan, up from 8.243 billion yuan a year earlier. Labor costs rose to 7.093 billion yuan from 6.988 billion yuan. Rental and related expenses increased to 225 million yuan from 216 million yuan. Utility expenses reached 728 million yuan, up from 700 million yuan. Depreciation and amortization declined to 900 million yuan from 1.156 billion yuan. Other expenses increased to 1.51 billion yuan from 1.086 billion yuan.

As of June 30, 2026, Haidilao employed a total of 113,325 staff members.

Bank borrowings at 2.56 billion yuan

As of June 30, 2026, Haidilao's inventory stood at 1.169 billion yuan, compared to 1.077 billion yuan a year earlier. Inventory turnover days decreased from 22.3 days for the year ended December 31, 2025, to 21.9 days for the six months ended June 30, 2026.

Trade receivables amounted to 323 million yuan as of June 30, 2026, down from 448 million yuan a year earlier. Trade receivable turnover days declined from 3.4 days for the year ended December 31, 2025, to 3.1 days for the six months ended June 30, 2026.

Trade payables decreased from 1.911 billion yuan as of December 31, 2025, to 1.668 billion yuan as of June 30, 2026. Trade payable turnover days fell from 38.6 days for the year ended December 31, 2025, to 34.9 days for the six months ended June 30, 2026.

As of June 30, 2026, Haidilao's bank borrowings totaled 2.562 billion yuan. During the six-month period, the company took on 2.56 billion yuan in new bank borrowings and repaid 400 million yuan.

Interim dividend of HK$0.377 per share

The board of directors has resolved to declare an interim dividend of HK$0.377 per share for the six months ended June 30, 2026, payable to shareholders whose names appear on the company's register of members at the close of business on Friday, September 11, 2026. The interim dividend is expected to be paid to shareholders in Hong Kong dollars on or before Wednesday, September 23, 2026.

At today's market close, Haidilao's share price stood at HK$11.41, giving the company a market capitalization of HK$63.6 billion.