Haidilao International Holding Ltd. released audited results for the year ended 31 December 2025, posting revenue of RMB 43.23 billion, a 1.1% increase year on year. Profit attributable to shareholders declined 14.0% to RMB 4.05 billion, while core operating profit (non-IFRS) fell 13.3% to RMB 5.40 billion. Basic earnings per share slipped to RMB 0.75 from RMB 0.87 in 2024.

Revenue growth was driven by strong expansion in non-dine-in businesses. Delivery revenue more than doubled, surging 111.9% to RMB 2.66 billion and accounting for 6.1% of group turnover. Other restaurant operations, powered by 20 sub-brands under the “Pomegranate Plan”, generated RMB 1.52 billion, up 214.6%. Sales of condiment products and food ingredients rose 100.9% to RMB 1.16 billion. Offsetting these gains, core Haidilao restaurant revenue fell 7.1% to RMB 37.54 billion, reducing its contribution to 86.9% of total revenue.

Operational metrics reflected a softer dining environment and the ongoing franchise transition. The number of self-operated Haidilao restaurants declined to 1,304 (-51 units), while franchised outlets expanded to 79 (+66 units). System sales for all Haidilao-branded restaurants contracted 3.7%. Average daily table turnover at self-operated stores slipped to 3.9 times from 4.1, and annual customer visits fell 7.5% to 383.9 million. Average spend per guest remained broadly flat at RMB 97.7.

Cost pressures intensified. Raw materials and consumables rose 8.1% to RMB 17.53 billion, lifting the cost ratio to 40.5% of revenue from 37.9%. Staff costs held steady at RMB 14.07 billion (32.6% of revenue). Depreciation and amortisation decreased 14.7% to RMB 2.18 billion following prior write-downs, and finance costs eased 13.3% to RMB 238.2 million.

Cash and cash equivalents fell to RMB 3.95 billion from RMB 6.41 billion, reflecting continued dividends and operating outflows; total bank balances and cash stood at RMB 6.60 billion. Bank borrowings reached RMB 399.18 million, while the debt-to-equity ratio was 24.3% at year-end.

The board proposes a final dividend of HKD 0.384 per share, following an interim dividend of HKD 0.338. Subject to shareholder approval at the 19 May 2026 AGM, payment is scheduled on or before 18 June 2026.

Strategic priorities outlined include accelerating the “Different Haidilao” restaurant differentiation, scaling the multi-brand “Pomegranate Plan”, and deepening investment in a group-wide intelligent middle-office platform to enhance operational efficiency and data-driven decision-making.