Haidilao International Holding Ltd

06862: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Haidilao Earnings: Growth Beyond the Core Brand Comes at a Short-Term Cost; Shares Undervalued

Ivan Su

Mar 25, 2026

Haidilao's second-half 2025 revenue grew 6% year-over-year on strong delivery sales. Core operating profit declined 13%, primarily due to an unfavorable mix shift toward lower-margin delivery and new restaurant concepts. Early indicators for the first quarter of 2026 point to decent revenue growth.

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Haidilao International Holding Ltd

Haidilao Earnings: Growth Beyond the Core Brand Comes at a Short-Term Cost; Shares Undervalued

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