Haidilao's net profit is expected to decline by 14% in 2025, with founder Zhang Yong returning. Diversified businesses become new growth engines.

Haidilao (06862.HK) recently announced its annual financial report for the year ending December 31, 2025. The data shows that the company achieved an operating income of approximately 43.225 billion yuan for the year, an increase of 1.1% compared to the previous year; however, net profit declined to 4.042 billion yuan, a decrease of 14% year-on-year. The company explained that the profit decline was mainly affected by a decrease in table turnover rate and adjustments to product and scenario innovation models.

From the operational data, Haidilao’s average table turnover rate in its self-operated stores in 2025 was 3.9 times per day, down from 4.1 times in 2024; per capita consumption slightly increased from 97.5 yuan in 2024 to 97.7 yuan. By the end of the reporting period, Haidilao operated a total of 1,383 restaurants worldwide, including 1,304 self-operated stores and 79 franchised stores.

In terms of business diversification, Haidilao’s takeout business and other dining revenue have become new growth points. The financial report shows that takeout revenue reached 2.658 billion yuan in 2025, a year-on-year increase of 111.9%; other dining revenue was 1.521 billion yuan, with a growth rate of 214.6%. In addition to the Haidilao brand, the company operates 20 other restaurant sub-brands, totaling 207 restaurants.

Regarding management changes, Haidilao recently announced that founder Zhang Yong has resumed the position of Chief Executive Officer. According to the announcement on January 13, former executive director and CEO Gou Yiqun has resigned, and Zhang Yong will take over the position starting January 13, 2026. Meanwhile, Song Qing resigned as executive director and member of the nomination committee, and Gao Jie also resigned as executive director; Li Nana, Zhu Yinhua, Jiao Defeng, and Zhu Xuanyi were appointed as new executive directors, with Li Nana also joining the nomination committee.

Securities analysts believe that this management adjustment marks a shift in Haidilao’s strategic focus from cost control to consolidating its core business and innovating breakthroughs. After the main brand stabilizes its operational data in the second half of 2025, it will accelerate scenario transformation and the expansion of the franchising model; the multi-brand strategy will transition from broad trial and error to focusing on supporting benchmark brands and external acquisitions.

In terms of market performance, Haidilao’s stock price has shown a fluctuating bottoming trend over the past two years, with a volatility range between 12 and 20 Hong Kong dollars. As of the market close on March 24, the company’s stock price was 15.99 Hong Kong dollars, up 5.41%; the cumulative increase this year has reached 12.21%.