门店扩张上，海底捞保持相对稳健的扩张速度，同时继续调整优化门店。财报显示，2024年，海底捞品牌新开62家餐厅，其中自营餐厅59家，加盟餐厅3家，重启2家前期关停的海底捞餐厅，全年关闭或搬迁70家海底捞餐厅。On the evening of March 25, the hot pot leader $HAIDILAO (06862.HK)$ released its annual Earnings Report for the year ending December 31, 2024.
After the performance announcement, on the 26th, HAIDILAO's Hong Kong stock rose over 7%, currently reported at 17.78 Hong Kong dollars, with a transaction amount of 0.34 billion Hong Kong dollars.
Statistics show that in 2024, HAIDILAO achieved revenue of 42.755 billion yuan, a year-on-year increase of 3.1%; net income was 4.7 billion yuan, with a year-on-year growth of 4.6%. Core operating profit was 6.23 billion yuan, a year-on-year increase of 18.7%. Revenue and net income have seen continuous growth for two consecutive years.
In terms of store expansion, HAIDILAO maintained a relatively steady expansion pace while continuing to adjust and optimize its stores. The Earnings Report shows that in 2024, HAIDILAO opened 62 new Restaurants under its brand, including 59 self-operated Restaurants, 3 franchised Restaurants, and restarted 2 previously closed HAIDILAO Restaurants, while closing or relocating 70 HAIDILAO Restaurants throughout the year.
By the end of the year, HAIDILAO operated a total of 1,368 Restaurants, including 1,332 self-operated Restaurants in mainland China, 23 in Hong Kong, Macau, and Taiwan, and 13 franchised Restaurants.
It is worth mentioning that since the announcement of the franchising business at the beginning of 2024, HAIDILAO disclosed the progress of its franchise stores for the first time in an announcement. The Earnings Report shows that by the end of 2024, the review and establishment of 13 franchised stores have been completed, preliminarily validating the feasibility of the franchise model in large-scale layout. HAIDILAO stated that since the implementation of the franchise model, there has been strong demand in the sinking market, with over 70% of franchise applications coming from cities at the third tier and below, many of which are from county-level cities.
In fact, the continuous improvement of the dining market is also a major background for HAIDILAO's revenue and net income growth. According to data from the National Bureau of Statistics, in 2024, the national dining revenue growth rate is higher than the gross domestic product growth rate and the growth rate of total retail sales of social consumer goods by 0.3 and 1.8 percentage points, respectively. National dining revenue reached 5571.8 billion yuan, an increase of 5.3%; dining revenue of limited above units reached 1529.8 billion yuan, an increase of 3%.
Entering 2025, consumer spending in the dining industry has achieved a good start. The National Bureau of Statistics released the latest data on March 17, indicating that in January and February 2025, national dining revenue reached 979.2 billion yuan, a year-on-year increase of 4.3%; dining revenue of limited above units reached 261.9 billion yuan, a year-on-year increase of 3.6%. This indicates that the dining market shows a generally stable growth trend.
The China Cuisine Association believes that in January and February of this year, national dining revenue accounted for 11.7% of the total retail sales of social consumer goods, and the growth rate of national dining revenue exceeded the growth rate of total retail sales of social consumer goods by 0.3 percentage points, showing its important position in overall consumption. Driven by holiday spending and the initial economy, dining consumption continues to grow, giving a good start for the year and acting as a "catalyst" to boost consumer confidence in 2025.
Editor/rice
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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