Haidilao announces full-year 2025 performance: revenue of 43.225 billion yuan, with significant growth in revenue from other restaurants

On March 24, Haidilao (06862) announced its full-year results for 2025. The announcement showed that Haidilao achieved revenue of 43.225 billion yuan in 2025, a year-on-year increase of 1.1%; net profit for the year was 4.042 billion yuan, with core operating profit at 5.403 billion yuan. At the same time, the group’s diversified businesses continued to grow, with revenue from the takeout business reaching 2.658 billion yuan, a year-on-year increase of 111.9%; revenue from other restaurant operations reached 1.521 billion yuan, a year-on-year increase of 214.6%.

In 2025, the restaurant consumption market still faced a complex environment of intensified competition and evolving consumer demand. Haidilao continued to adhere to its core management philosophy of “grasping customers with one hand and employees with the other,” further delving into “refined management” and “multi-brand collaboration.” The announcement indicated that Haidilao operated a total of 1,383 restaurants in 2025, including 1,304 self-operated stores and 79 franchised stores. In addition to its main brand, the company continued to advance new brand layouts in various segments such as seafood stalls, sushi, hot pot, and Chinese fast food.

Revenue of 43.225 billion yuan, main brand showing stable and resilient development

From the core operating data, Haidilao’s revenue continued to grow in 2025, and the main brand maintained stable expansion. At the same time, affected by changes in turnover rates and adjustments in product and scene innovation models, Haidilao’s profits, core operating profits, turnover rates, and customer reception numbers fluctuated compared to the previous year.

The announcement showed that Haidilao’s core operating profit in 2025 was 5.403 billion yuan, a year-on-year decrease of 13.3%; net profit was 4.042 billion yuan, a year-on-year decrease of 14.0%; the overall turnover rate for self-operated Haidilao restaurants was 3.9 times per day, with over 380 million customers served throughout the year, and the average customer spending was 97.7 yuan.

Haidilao stated in the announcement that the group is fully promoting the “Different Haidilao” strategy, achieving a deep transformation from standardized operations to differentiated competition through the precise “one store, one policy” operating model.

In terms of diversified store matrices and scene innovation, Haidilao Group successfully built store models such as fresh-cut stores, late-night stores, family-friendly stores, and pet-friendly stores, targeting different commercial district characteristics and segmented customer groups. By the end of 2025, more than 200 themed stores had been transformed, with fresh-cut and late-night stores achieving layouts in key cities nationwide; the orderly establishment of family-oriented, pet-friendly, and community scene stores effectively enhanced the brand’s penetration in the existing market and customer loyalty.

In terms of core product strength construction and differentiation strategy, the group continued to focus on product innovation, establishing a competitive moat through a “national + regional” dual-driven product launch mechanism. By the end of 2025, over 100 regional specialty products had been accumulated, covering all categories including broth, dishes, condiments, and desserts, precisely meeting the diverse preferences of consumers in different regions.

Other restaurant operating revenue reached 1.521 billion yuan, “Chef” and “Common People’s Kitchen” dual systems driving multi-brand layout

In 2025, Haidilao continued to advance the “Pomegranate Project” beyond its main brand. The announcement indicated that in 2025, the group officially entered a new stage of “multi-brand parallel” group operation, with the “Pomegranate Project” shifting from internal incubation to market expansion. By the end of 2025, the group successfully operated 20 sub-brands covering segmented fields such as seafood stalls, sushi, Western light meals, hot pot, and Chinese fast food; during the reporting period, other restaurant operating revenue reached 1.521 billion yuan, significantly increasing compared to the previous year.

Notably, in 2025, Haidilao restructured the rules of the “Pomegranate Project,” forming a dual incubation mechanism of “Chef” and “Common People’s Kitchen.” The “Chef” system focuses on employee entrepreneurship, while the “Common People’s Kitchen” system is more inclined towards projects incubated and promoted by the headquarters. Haidilao expressed hope that through “Chef,” internal entrepreneurial potential could be stimulated, and through “Common People’s Kitchen,” multi-category and multi-level market coverage could be promoted, further enhancing the efficiency of collaborative development of entrepreneurial projects. In addition to the Haidilao brand, layouts have currently been established in various segmented tracks such as seafood stalls, sushi, Western light meals, hot pot, and Chinese fast food.

Revenue from the takeout business grew by 111.9% year-on-year, “in-store + at-home” dual-driven pattern beginning to take shape

In 2025, the takeout business became one of Haidilao’s fastest-growing segments. The announcement indicated that Haidilao’s annual takeout business revenue was 2.658 billion yuan, a year-on-year increase of 111.9%.

Haidilao stated in the announcement that the group enhanced the supply capacity of the takeout business from four aspects: expanding product categories, expanding stores, expanding time slots, and expanding channels, having completed the layout of over 1,200 takeout points nationwide and partnered with mainstream takeout platforms. At the same time, the company is continuously developing new products more suitable for takeout scenarios, optimizing the operation mechanism of the takeout business, and supporting other brands under the “Pomegranate” project to explore takeout business.

The announcement also mentioned that the Haidilao brand has gradually formed a dual-driven pattern of “in-store + at-home,” with the takeout business becoming an important pillar of the group’s revenue growth, and it will help the group achieve quality development in the future.

Digital intelligence and smart middle platform advancing simultaneously, supporting brand rejuvenation and multi-business collaborative development

In 2025, while continuously adjusting its operational structure, Haidilao also advanced brand marketing, organizational structure, and digital capabilities, providing stronger support for the refined operation of the main brand and multi-brand expansion. During the reporting period, the group constructed a multi-dimensional marketing system centered around “headquarters coordination + regional localization + store standard execution,” continuously enhancing efforts in product launches, holiday nodes, and key customer operations, further enriching the connection between the brand and consumers.

During the reporting period, on the product side, the company precisely focused on “seasonal launches” and holiday nodes; on the customer side, it deeply engaged student and family customer groups; on the marketing side, it achieved cross-border breakthroughs in Haidilao IP collaborations, collaborating with the two-dimensional world, online games, and celebrity artists, increasing fan marketing activities, effectively reaching highly participatory and interactive customer groups. At the same time, by building the “Haidilao Little Lao Lao” full-platform IP account and laying out short dramas, animations, and other youthful communication channels, it achieved a deep break in brand image. These youthful activities reshaped consumers’ inherent brand perceptions of Haidilao, established connections between the brand and new scenarios, and accumulated new customer assets.

Meanwhile, Haidilao continues to advance the construction of the “Restaurant Ecosystem Smart Middle Platform,” relying on experience standardization and AI empowerment, full-link empowerment systems, and management model reforms, promoting the evolution of management models from experience-driven to more data-driven and refined directions.

Upstream News Wei Qian