Haidilao International (6862) H2 2025 earnings summary

Executive summary

• Revenue grew 1.1% year-over-year to RMB43,225.4 million, but profit for the year declined 14.0% to RMB4,041.9 million, mainly due to lower table turnover rates and operational adjustments.

• Core operating profit (non-IFRS) decreased 13.3% year-over-year to RMB5,403.2 million.

• Delivery business revenue surged 111.9% to RMB2,657.6 million, becoming a key growth driver.

• The Board recommends a final cash dividend of HKD0.384 per share for 2025.

Financial highlights

• Profit attributable to owners was RMB4,049.8 million, down from RMB4,708.1 million in 2024.

• Basic earnings per share fell to RMB0.75 from RMB0.87 year-over-year.

• System sales for Haidilao restaurants decreased 3.7% year-over-year.

• Raw materials and consumables as a percentage of revenue increased to 40.5% from 37.9%.

• Staff costs remained stable at 32.6% of revenue.

Outlook and guidance

• Plans to enhance consumer dining experience, deepen product R&D, and refine service capabilities.

• Will advance the “Pomegranate Plan” for diversified business and pursue strategic acquisitions.

• Continued investment in digital operations and intelligent middle office to drive efficiency.