In the intensely competitive restaurant market, even industry leader HAIDILAO is undergoing significant structural adjustments. On March 24, HAIDILAO released its full-year 2025 financial report, showing total revenue of RMB 43.225 billion, maintaining a modest growth of 1.1%.

However, competition for market share has become increasingly challenging for the main brand. In 2025, although the total number of stores increased slightly by 15 to 1,383, the "system-wide sales" of HAIDILAO restaurants declined by 3.7%. During the period, the table turnover rate for self-operated HAIDILAO restaurants decreased from 4.1 times per day the previous year to 3.9 times per day. The average spending per customer saw a marginal increase of RMB 0.2 to RMB 97.7, while same-store sales dropped by 6.7%, indicating continued pressure on single-store efficiency.

To stabilize customer traffic and enhance competitiveness, HAIDILAO has continued to advance its "Different HAIDILAO" strategy, aiming to increase appeal through store differentiation and scenario innovation. The company has developed various models catering to different consumer needs, including fresh-cut meat stores, late-night snack stores, family-friendly stores, and pet-friendly stores. By the end of 2025, over 200 specialty themed stores had been renovated, with fresh-cut and late-night snack stores already established in key cities.

Despite these efforts, profitability saw a temporary decline due to pressure on single-store performance and increased investment in store renovations. HAIDILAO's core operating profit for 2025 was RMB 5.403 billion, a decrease of 13.3% year-on-year.

Growth in diversified businesses has helped offset the decline in revenue from the main brand. Specifically, delivery services achieved annual revenue of RMB 2.658 billion, surging 111.9% year-on-year. The franchising system also accelerated its expansion, with the number of stores increasing from 13 the previous year to 79, 45 of which were conversions from self-operated stores.

While the main brand seeks stability, HAIDILAO's diversification strategy is entering a phase of rapid expansion. By the end of 2025, the company's 20 sub-brands collectively operated 207 restaurants, an increase of over 60% compared to mid-year. Benefiting from economies of scale, revenue from other restaurants soared 214.6% year-on-year to RMB 1.521 billion.

This wave of expansion is supported by a more systematic incubation mechanism. In 2025, the group formally launched its "Pomegranate Plan" from internal testing to the market, establishing two parallel expansion models: "Chef-led" and "Public Restaurant." The former focuses on employee entrepreneurship to stimulate innovation and vitality within the organization, while the latter is centrally planned and promoted by headquarters to cover multiple categories and price points.

Notably, HAIDILAO's latest annual report downplayed descriptions of specific sub-brands, instead dedicating significant space to discussing the development of its "Intelligent Mid-Platform for the Dining Ecosystem." This platform is positioned as the strategic coordination and technological empowerment hub for the group, aiming to digitally model the operational experience, service standards, and product logic accumulated by HAIDILAO over three decades.

The strengthening of the mid-platform model effectively signals HAIDILAO's transition from a pure restaurant chain to a platform-based dining company. By leveraging the mid-platform's capabilities in automated scheduling, intelligent inventory management, and full-chain supply chain support, new brands can share the group's core resources, significantly lowering the barriers to cross-sector expansion.

This strategic direction was foreshadowed by management changes earlier in the year. An announcement indicated that after stepping down as CEO, Gou Yiqun would remain responsible for coordinating the "intelligent and automated planning of management processes" and leading the "operational model upgrade and intelligent mid-platform construction." The fact that the former CEO is personally overseeing the mid-platform department underscores its importance in HAIDILAO's future blueprint.

The effectiveness of this diversification strategy will be a key indicator for assessing whether this dining giant can sustain long-term growth.