FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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Company card

Haidilao

Medium
Brand★Golden 50

HKEX 06862 · HKEX

Listing status
listed
Operating model
Direct / managed estate
Scale basis
Revenue proxy
Confidence
Medium
Segment
restaurant chain

海底捞是直营火锅龙头;经营对比重点看餐厅收入、翻台率、人均消费和核心经营利润,不要把收入误读成加盟 GMV。

Scale basis note

Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
1,383 stores
FY2025: By the end of 2025, the company operated a total of 1,383 restaurants, including 1,304 self-operated stores and 79 franchised stores
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · By the end of 2025, the company operated a total of 1,383 restaurants, including 1,304 self-operated stores and 79 franchised stores
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Scale
Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
$6.35B
FY2025: Haidilao (06862) announced its full-year 2025 performance: revenue of 43.225 billion yuan
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Haidilao (06862) announced its full-year 2025 performance: revenue of 43.225 billion yuan
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Revenue proxy
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$4.59M
Screening proxy
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$593.44M
FY2025: net profit for the year was 4.042 billion yuan, with core operating profit reaching 5.403 billion yuan
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · net profit for the year was 4.042 billion yuan, with core operating profit reaching 5.403 billion yuan
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$6.35B
CNY 43,225.4 million
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: S1 Official Annual Or Prospectus

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$9.19B
Directional proxy
2026-05-22: Unverified: no citable primary disclosure with a verbatim excerpt found. No verbatim source with a May 22 2026 date-specific market cap could be found. Aggregators show June 2026 figure ~$7.79B (HKD-based). Stored $9.19B is plausible for mi
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. No verbatim source with a May 22 2026 date-specific market cap could be found. Aggregators show June 2026 figure ~$7.79B (HKD-based). Stored $9.19B is plausible for mi
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

11/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
chineseS2 official secondary (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
casual diningS4 (opens in new tab)
Price tier
premium
Company
Founded
1,994S4 (opens in new tab)
HQ country
ChinaS3 supplementary (opens in new tab)
CEO
Zhang YongS3 supplementary (opens in new tab)
Employees
130,384 headcountS3 supplementary (opens in new tab)~
Ownership
Parent
Independent / public-standalone (Haidilao International Holding; founder-controlled, HKEX:6862). Sister listing Super Hi (overseas) separately listedS3 supplementary (opens in new tab)
PE / holding
Founder Zhang Yong & Shu Ping (controlling shareholders via NP United Holding etc.), ~60% combined / Zhang ~37.5% — family holding control, not a PE firmS3 supplementary (opens in new tab)
Recent M&A
not disclosed
Growth
Revenue YoY
1.1%S1 official primary (opens in new tab)
Net new units
15 unitsS1 official primary (opens in new tab)~
Pricing & digital
Avg check
$13.58S3 supplementary (opens in new tab)
Digital sales
not disclosed
Off-premise
2.9%S3 supplementary (opens in new tab)
Loyalty members
180 million registered members (52M active)S3 supplementary (opens in new tab)
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
China / Hong Kong
1,383 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed9/9 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
1,383 stores
1,383 restaurants
Source-backedS1 official primary (opens in new tab)
Revenue
$6.3B
CNY 43,225.4 million
Source-backedS1 official primary (opens in new tab)
Scale
$6.3B
Haidilao restaurant system sales decreased 3.7% year-on-year in FY2025; use RMB37,543.043 million Haidilao restaurant operation revenue, 1,383 Haidilao restaurants and table-turnover metrics as the main operator benchmark.
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

海底捞
Company-operated share
99%
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Avg table turnover
4.1 turns per day
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Net restaurant change
-6 net restaurants 2024
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
海底捞境内
Operating margin
14.6%
FY2024
Source-backedS2 official secondary (opens in new tab)
Food cost %
37.9%
FY2024
Source-backedS2 official secondary (opens in new tab)
Labor cost %
33%
FY2024
Source-backedS2 official secondary (opens in new tab)

Single-store model

3/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Turnover driver + derived revenue/restaurant.
Table turnover 4.1x/day 2024 (3.8x 2023); 415m customers; revenue RMB42.75bn/1,368 ≈ RMB31m/restaurant.
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
GAP — not fabricated.
—
GapSource (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
Gross opens/closures disclosed.
Net -6 company restaurants (62 opened, 70 closed, 2 resumed); +13 franchised. 1,368 total.
2024_or_latest
Source-backedS2 official secondary (opens in new tab)
Company-operated share
Secondary relay; confirm vs filing.
1,368 restaurants end-2024, 13 franchised → ~99% company-operated (franchising started 2024).
2024_or_latest
Source-backedS2 official secondary (opens in new tab)

Cost structure

3/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS37.9%
FY2024· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
Secondary relay of AR/10-K; confirm vs filing.
Labor33%
FY2024· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
Secondary relay of AR/10-K; confirm vs filing.
Rent / occupancy—
Gap
GAP — not fabricated.
Delivery commission—
Gap
GAP — not fabricated.
Marketing—
Gap
GAP — not fabricated.
Operating margin14.6%
FY2024· core_operating_margin_pctS2 official secondary (opens in new tab)Source-backed
Secondary relay of AR/10-K; confirm vs filing.
Not separately disclosed14.5%

Supply chain

3 suppliers · 7 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

颐海国际 Yihai InternationalHKEX:1579
Ingredients
hotpot_base/compound_seasoning
discloses as: 海底捞集团及其关联方(含海底捞、蜀海供应链)
FY202430.2%S1 filingsource (opens in new tab)
FY202332.7%S1 filingsource (opens in new tab)
FY202224.2%S1 filingsource (opens in new tab)
FY202132.6%S1 filingsource (opens in new tab)
FY202026.6%S1 filingsource (opens in new tab)
FY201938.8%S1 filingsource (opens in new tab)
安井食品 Anjoy FoodsSSE:603345
Ingredients
frozen_hotpot_ingredients
discloses as: 海底捞(特通直营/新零售渠道客户)
FY2024named (no % disclosed)S1 filingsource (opens in new tab)
千味央厨 Qianwei YangchuSZSE:001215
Ingredients
frozen_dough/速冻面米
discloses as: 上海海雁贸易及关联方(蜀海系)
FY20223.19%S2 citedsource (opens in new tab)
FY20214.92%S2 citedsource (opens in new tab)

Peers in this segment

SKYLARK HOLDINGS CO.,LTD.Revenue proxyFOOD & LIFE COMPANIES LTD.Company-operated revenue (proxy)SAIZERIYA CO.,LTD.Revenue proxyTORIDOLL Holdings CorporationCompany-operated revenue (proxy)COLOWIDE CO.,LTD.Revenue proxyKura Sushi,Inc.Company-operated revenue (proxy)

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.