Haidilao Reports Q4 Revenue of $230M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 31 2026
0mins
Should l Buy HDL?
Reports Q4 revenue $230.0M vs. $208.8M last year. CEO Yang Lijuan commented, "In Q4 of 2025, as we continued to reward employees and customers, Haidilao restaurant achieved a 0.1 times per day improvement for both overall average table turnover rate and overall average same-store table turnover rate compared to the same period last year. Revenue for Haidilao restaurant grew by 6.0% year-over-year, with same-store sales rising by 2.3%. Overall company revenue increased by 10.2% year-over-year...In 2025, we also expanded and optimized our restaurant network, diversified revenue streams, and increased investment in the 'Pomegranate Plan'. These initiatives collectively contributed to Haidilao restaurant revenue growth of 5.7% and other business revenue growth of 61.4%. Looking ahead, we remain committed to our vision of becoming a leading global integrated restaurant group. We will strengthen our diverse customer base overseas and deliver richer dining experiences to customers worldwide, driving sustainable growth across global markets."
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About HDL
Super Hi International Holding Ltd. is an investment holding company and its subsidiaries are principally engaged in the restaurant operations, delivery business and others located in overseas markets outside the Chinese Mainland, Hong Kong, Macau and Taiwan. The Company operates a Chinese cuisine restaurant brand and operates Haidilao hot pot restaurant in the international market. It has approximately 126 self-operated restaurants in 14 countries across four continents, such as Asia, North America, Europe, and Oceania. Its restaurants offer substantially all the Haidilao signature menu items, including four signature soup bases, namely its spicy vegetable oil Sichuan-style soup base, tomato soup base, mushroom soup base and savory bone soup base, as well as signature Laopai dishes, including classic Sichuan-style hot pot ingredients, such as beef tripe, shrimp paste and hand-pulled noodles. Its restaurants in Japan offer traditional Japanese-style soup bases, such as miso soup base.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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See More
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- Conference Call Timing: The company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 20, 2026 (8:00 PM Singapore/Hong Kong Time), where they will discuss financial results in detail, enhancing transparency and engaging with investors.
- Webcast Availability: The conference call will feature live webcasts in both English and Chinese, ensuring global investors can participate, thereby improving communication efficiency and facilitating timely information dissemination between the company and its stakeholders.
- Global Brand Influence: Super Hi operates 126 self-owned Haidilao restaurants across 14 countries, and with its unique dining experience and exceptional service, it has become one of the world's most valuable restaurant brands, showcasing strong market competitiveness.
See More
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- Annual General Meeting Scheduled: Super Hi International will hold its annual general meeting on June 12, 2026, at 11 a.m. Hong Kong Time, aimed at reviewing and passing the proposed resolutions, ensuring shareholder participation in corporate governance.
- Shareholder Voting Rights: Ordinary shareholders as of April 27, 2026, are entitled to attend and vote, while American Depositary Share holders must submit voting instructions to Citibank, reflecting the company's commitment to shareholder voting rights.
- Financial Report Submission: The company filed its Form 20-F and audited financial statements for the fiscal year ended December 31, 2025, with the SEC on April 13, 2026, ensuring transparency and compliance with regulatory requirements, thereby enhancing investor confidence.
- Global Brand Influence: Super Hi operates 126 Haidilao restaurants across 14 countries, and since its establishment in 1994, it has been recognized as one of the
See More
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- Customer Traffic Growth: In Q4 2025, Super Hi International reported customer traffic of 8.31 million, indicating significant progress in enhancing customer experience and optimizing product cost performance, thereby strengthening its competitive position in the market.
- Revenue and Profitability: The total revenue for 2025 was $840.8 million, with Haidilao restaurant operating revenue at $790 million; despite rising raw material costs, the company achieved a gross margin of 66.6%, demonstrating effective cost control measures.
- Brand Expansion and Innovation: The company opened 13 new stores and closed 9 in 2025, ending with 126 overseas Haidilao locations, while “other business revenue” increased by 61.4% year-on-year, reflecting the success of its diversification strategy.
- Future Outlook and Strategy: Management did not provide specific revenue or profit guidance for 2026, emphasizing a shift in investment strategy from expansion to optimization, ensuring that customer and employee benefits remain unaffected, which demonstrates a commitment to long-term sustainable growth.
See More
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- Revenue Growth: Super HiPress reported Q4 2025 revenue of $229.97 million, marking a 10.2% year-over-year increase, indicating the company's sustained growth potential despite ongoing economic challenges.
- Increased Guest Visits: The company recorded over 8.3 million total guest visits in the quarter, a 3.8% increase from 8.0 million in the same period of 2024, demonstrating effective strategies in attracting customers and enhancing brand competitiveness.
- Same-Store Sales Increase: Same-store sales reached $195.4 million, up 2.3% from $191.1 million in Q4 2024, reflecting improved operational efficiency in existing stores, although overall profit margins have declined.
- Decline in Operating Margin: The operating margin was 5.7%, down from 8.4% in the same period of 2024, indicating pressure on cost control and profitability, necessitating measures to improve financial performance.
See More
Super Hi International Reports 2025 Financial Highlights
- Revenue Growth: In Q4 2025, Super Hi reported revenue of $230 million, a 10.2% increase year-over-year, indicating sustained market demand and brand influence, which is expected to further drive the company's international expansion.
- Restaurant Network Optimization: As of December 31, 2025, Super Hi operated 126 Haidilao restaurants globally, a net increase of 4 from 2024, reflecting the company's success in strategic brand conversions and market positioning.
- Delivery Business Surge: Revenue from the delivery business reached $6.8 million, a 94.3% increase, primarily due to ongoing optimization based on market demand and strategic collaborations with local delivery platforms, which is expected to enhance revenue diversity.
- Operating Profit Pressure: The operating profit for Q4 2025 was $13 million, a 25.7% decline from the previous year, mainly due to strategic investments in employee incentives and enhanced customer experiences, which exerted short-term pressure on profit margins.
See More
Haidilao's International Profits Growth Constrained by Competition
- Overseas Revenue Growth: Haidilao's international business is projected to see nearly an 8% revenue increase in 2025, with profits expected to jump 56%, primarily driven by foreign exchange gains, although the actual earnings growth is relatively modest when excluding currency effects.
- Increased Cost Pressure: Restaurant-level operating margins have slipped due to rising labor and operating costs, indicating that Haidilao is absorbing some profitability pressure to maintain foot traffic and protect its market position amid intensifying competition.
- Intensifying Market Competition: As more Chinese restaurant brands expand overseas, Haidilao faces competition from emerging brands like Big Way Hot Pot, which cater more closely to local consumer preferences in terms of pricing and product offerings, further constraining Haidilao's market space.
- Cautious Investor Sentiment: Haidilao's shares have fallen about 29% over the past year, currently trading around HK$13, reflecting market concerns regarding the quality and sustainability of its earnings growth, even as the company strives to enhance single-store efficiency to tackle these challenges.
See More
