Shares of Chinese hotpot chain Haidilao International climbed 7% in Hong Kong on Wednesday, a day after the company posted first-half results that showed delivery revenue more than doubled, even as core restaurant sales slipped.
The company’s revenue rose 7.9% year-on-year to 22.34 billion yuan ($3.32 billion) in the six months ended June, according to the results released Tuesday. Core operating profit, a non-IFRS measure, increased 4.4% to 2.51 billion yuan.
Delivery was the standout performer, with revenue jumping 121.2% to 2.05 billion yuan. Haidilao attributed the surge mainly to rapid growth in its single-serving fast-food business and an expanded delivery network supported by more local hubs.
Restaurant revenue slips
Revenue from Haidilao-branded restaurants, which accounted for 79.9% of group sales, fell 4% to 17.84 billion yuan, reflecting a decline in the number of self-operated restaurants. As of the end of June, the company operated 1,389 locations under its core hotpot brand.
Other restaurant operations, however, provided a bright spot, with revenue surging 113.1% to 1.27 billion yuan. Haidilao credited the growth to its “Pomegranate Plan,” an initiative to explore new catering formats, as well as contributions from dining scenarios such as camping hotpot and late-night hotpot.
The company said its food-stall hotpot and sushi formats have developed relatively mature single-restaurant models and entered the stage of “large-scale replication.” It plans to progressively scale them up starting in the second half of this year, positioning them to become a significant revenue growth driver for its other restaurant operations in 2027.
Citi sees acceleration ahead
In a note following the earnings release, Citi said Haidilao’s first-half operating profit before other income rose 13% from a year earlier, coming in 6% above its expectations.
The bank noted that the seafood-stall hotpot and sushi formats should begin scaling up in the second half of 2026, while Haidilao-branded store openings are expected to accelerate in 2027, likely boosting topline growth next year. Citi maintained its buy rating on the stock.
Haidilao also operates 183 restaurants across 21 other catering brands, according to the company.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/26/haidilao-shares-delivery-restaurant-growth.html
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