Full Breakdown
Haidilao’s Delivery Boom Fuels Growth Amid Modest Profit Gains
8/26/2026, 10:50:57 AM
Core Event: 2026 Interim Results Spotlight Delivery Surge
On August 25, Haidilao International Holding Ltd. reported first-half 2026 revenue of 22.34 billion yuan (? $3.3 billion), up 7.9 % year-on-year and a record high for the period. Core operating profit rose 4.4 % to 2.51 billion yuan (? $374 million), while net profit increased a marginal 0.5 % to 1.77 billion yuan (? $263 million).
The standout driver was the delivery segment, whose revenue reached 2.05 billion yuan (? $305 million), a 121.2 % jump from the prior year and expanding its share of total revenue from 4.5 % to 9.2 %.
Background & Context
China’s restaurant market remains highly fragmented, with chains capturing roughly 20 % of domestic sales versus about 40 % globally. This structure allows a well-run chain to gain market share even when macro-economic conditions are soft. Haidilao, traditionally reliant on a store-level, frontline-empowered growth model, has begun shifting toward a centralized “middle-office” approach that consolidates strategy, product planning, and operational analytics at headquarters.
Data & Statistics
| Metric | Figure | Year-on-Year Change |
|---|---|---|
| Total revenue | 22.34 bn yuan | +7.9 % |
| Core operating profit | 2.51 bn yuan | +4.4 % |
| Net profit | 1.77 bn yuan | +0.5 % |
| Delivery revenue | 2.05 bn yuan | +121.2 % |
| Delivery share of revenue | 9.2 % | ? from 4.5 % |
| Flagship restaurant revenue | 17.84 bn yuan | –4 % |
| Company-operated stores (as of June 30) | 1,290 | –32 from prior year |
| Franchised stores (as of June 30) | 99 | ? from 41 |
| Table turnover (company-operated) | 3.9 times/day | ? from 3.8 times |
| Average ticket size | 97 yuan | ? from 97.9 yuan |
| Per-capita spend in first-tier cities | 104.2 yuan | ? from 105.2 yuan |
The company opened 24 new company-operated restaurants and 14 franchised locations, while closing 32 underperforming or aging sites.
Official Statements & Responses
Management highlighted two pillars of the delivery surge:
1. Expanded product mix – single-serve “solo dining” rice bowls, led by bibimbap-style offerings, transformed delivery from a hot-pot adjunct into a standalone everyday-meal category.
2. Denser delivery-station network – continued rollout of self-operated stations improved coverage density and fulfillment efficiency while easing pressure on in-store kitchens.
The board also declared an interim dividend of HK$0.377 per share, an 11.5 % increase year-on-year, payable on or before September 23, 2026.
Verbatim Quotes
- “China’s restaurant industry is highly fragmented – chains hold roughly 20 per cent of the market versus around 40 per cent globally. That means a well-run chain like Haidilao can still gain share even in a soft macro environment,” — Ivan Su, director of equity research at Morningstar
What’s Next
- The dividend payment is scheduled for September 23, 2026.
- Under the “Pomegranate Plan,” Haidilao will further centralize new-brand development, with the “Dai Pai Dang Hotpot” and “Sushi” formats slated for headquarters-managed expansion.
- Ongoing evaluation of “solo dining” products and delivery-station density will shape the next phase of growth as the company seeks to sustain the delivery momentum while stabilizing profitability.
