Haidilao International (6862) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 7.9% YoY to RMB22,336.9 million; profit for the period increased 0.5% to RMB1,764.0 million and core operating profit rose 4.4% to RMB2,513.5 million.

• Delivery and other restaurant operations grew rapidly, offsetting a 4.0% decline in Haidilao restaurant revenue, partly due to fewer self-operated outlets.

• Q2 revenue rose 10% YoY and operating profit increased 118.9%; a negative foreign-exchange swing contributed to a net loss of CNY1.93m.

• An interim dividend of HKD0.377 per share was declared for H1 2026.

Financial highlights

• H1 revenue was RMB22,336.9 million (+7.9% YoY), core operating profit RMB2,513.5 million (+4.4%), and profit for the period RMB1,764.0 million (+0.5%).

• Delivery revenue rose 121.2% to RMB2,051.4 million; other restaurant operations revenue rose 113.1% to RMB1,271.4 million.

• Haidilao restaurant operation revenue declined 4.0% to RMB17,836.7 million; basic EPS was RMB0.33 versus RMB0.32 in H1 2025.

• Q2 operating profit rose 118.9% to CNY8.1m from CNY3.7m; operating margin increased to 3.7% from 1.9%.

• Q2 net loss was CNY1.93m versus net profit of CNY16.39m a year earlier, reflecting an FX swing from a CNY16.33m gain to a CNY4.34m loss.

Outlook and guidance

• FY store-opening target is double digits, with second-half openings planned across North America, East Asia, and Southeast Asia; 2027 priorities include rejuvenating existing operations and incremental expansion.

• Plans include accelerating openings in higher- and lower-tier cities, scaling successful formats such as food stall hot pot and sushi, and expanding delivery and diversified channels.

• Continued investment in middle office management and digitalization, prudent franchise expansion, and consideration of strategic asset acquisitions.

• New overseas stores target a 3–4-year payback; Southeast Asia payback is relatively faster, while Europe and America are slower than previously.

• No uniform price adjustment planned; pricing, menus, and meal combinations will reflect local demand and competition. Cost controls include staffing, procurement, supply chain, inventory shrinkage, and tightly managed concept investment.