Hong Kong – Haidilao International Holding Ltd. released unaudited interim results for the six months ended 30 June 2026, highlighting resilient top-line momentum and expanding income streams despite a modest profit uptick.
Revenue and Earnings • Group revenue climbed 7.9% year on year to RMB 22.34 billion. • Profit attributable to shareholders edged up 0.47% to RMB 1.77 billion; basic EPS stood at RMB 0.33 (H1 2025: RMB 0.32). • Core operating profit (non-IFRS) increased 4.38% to RMB 2.51 billion, while reported profit before tax slipped 2.66% to RMB 2.56 billion, reflecting higher raw-material costs and delivery-related expenses.
Revenue Mix Shift • Haidilao self-operated restaurant sales contracted 4.00% to RMB 17.84 billion, representing 79.9% of total revenue versus 89.8% a year earlier. • Delivery revenue more than doubled, surging 121.2% to RMB 2.05 billion and accounting for 9.2% of total revenue (H1 2025: 4.5%). • “Pomegranate Plan” brands and other restaurant formats contributed RMB 1.27 billion, up 113.1%, lifting their share to 5.7%. • Condiments and food-ingredient sales almost doubled to RMB 0.90 billion, while franchise income rose 180% to RMB 0.25 billion on the back of an expanded franchise network.
Operational Metrics • Self-operated outlets declined to 1,290 (H1 2025: 1,322) after 24 openings, 6 conversions to franchise and 32 closures. • Franchised restaurants nearly doubled to 99 (H1 2025: 41). • Table turnover at self-operated restaurants improved to 3.9 times per day (H1 2025: 3.8). • Average spending per guest slipped to RMB 97.0 from RMB 97.9. • System-wide sales for Haidilao-branded restaurants rose 0.8%.
Cost Dynamics • Raw materials and consumables consumed 41.6% of revenue, up from 39.8%, reflecting an expanding delivery mix and promotional campaigns. • Labor costs were contained at 31.8% of revenue, down from 33.8%, amid organisational restructuring. • Depreciation and amortisation expense fell 21.5% to RMB 0.91 billion after prior-year impairment provisions. • Other expenses climbed 38.9% to RMB 1.51 billion, mainly due to higher third-party platform fees linked to delivery growth.
Balance Sheet and Liquidity • Cash and cash equivalents stood at RMB 4.94 billion; total bank balances and cash (including time deposits) reached RMB 5.93 billion. • Bank borrowings totalled RMB 2.56 billion, translating into a debt-to-equity ratio of 26.2%. • The USD 600 million 2.150% 2026 senior notes were fully redeemed in January 2026.
Dividend An interim dividend of HKD 0.377 per share has been declared, payable on or before 23 September 2026 to shareholders on record as of 11 September 2026.
Strategic Developments • 2026 marked the “inaugural year” of middle-office capability building, shifting growth drivers from individual outlets to a centralised headquarters platform. • Brand rejuvenation initiatives, cross-sector collaborations and expanded membership (now over 244 million members) targeted younger demographics and boosted customer loyalty. • Intelligent equipment upgrades and system digitisation aimed at lowering energy consumption and standardising operations. • Delivery business benefited from an enlarged single-serve product range and a denser self-built logistics network. • Under the “Pomegranate Plan”, food-stall hot pot and sushi concepts achieved scalable models and will be prioritised for roll-out from H2 2026.
Outlook Management signalled plans to accelerate new openings, continue middle-office integration, prioritise scalable sub-brands, expand delivery channels and evaluate selective acquisitions, while maintaining a prudent stance on franchising.