Haidilao’s delivery-and-multi-brand pivot turns margin defense into a discretionary-spending tell

What matters in China’s casual-dining cycle right now is not whether operators can open new restaurants—it’s whether they can protect margins when traffic is price-sensitive.

In its interim results for the six months ended June 30, 2026, Haidilao International Holding showed delivery moving from a minor contributor to a fast-growing revenue stream: delivery revenue surged to RMB 2,051.4 million (+121.2%). Delivery’s share of group revenue rose from 4.5% to 9.2%, which changes the way investors should think about “margin playbooks” under deflation-era conditions.

Delivery growth that happens while the core’s same-store sales are not expanding strongly is usually a sign of behavior change rather than broad traffic expansion.

In the same interim disclosure, Haidilao reported that same-store sales (self-operated Haidilao restaurants) were effectively flat: the document shows same store sales of RMB 16,348,861k for the six months ended June 30, 2026 versus RMB 16,571,065k in the prior comparable period, while average same-store table turnover stayed at 3.9 times/day. Put simply: delivery is scaling without needing the core brand to re-accelerate on dine-in demand.

Haidilao’s second lever is not only “more delivery,” but “more ways to buy.” The interim filing describes a structured approach to replication within non-core formats.

It discloses 21 other catering brands with a total of 183 restaurants as of June 30, 2026. That is the scale background behind the “other restaurant operations” revenue line of RMB 1,271.4 million (+113.1%). From an investor lens, multi-brand restaurant revenue jumped in lockstep with delivery—suggesting demand is being re-routed, not just created.

The interim filing provides net profit and core operating profit figures, which helps investors gauge whether the pivot is only “revenue optics” or whether it supports earnings quality.

For the six months ended June 30, 2026, Haidilao reported profit attributable to owners of RMB 1,766,871k (2025: RMB 1,758,525k). Core operating profit (non-IFRS) was RMB 2,513,490k (2025: RMB 2,408,104k). Even though the filing excerpt does not give a single summarized delivery gross margin percentage, the earnings direction is consistent with the idea that core operating profit rose while same-store sales were not expanding.

The market reaction to Haidilao’s interim update is understandable—but the actionable question is whether this is a one-period mix bounce or a durable new operating model.

Based on the filing, delivery’s share rising to 9.2% and other restaurant operations rising to 5.7% are concrete shifts in where revenue is coming from. Meanwhile, same-store sales are not booming in tandem. That combination supports a more nuanced thesis: China discretionary spending may be bottoming in the “value and convenience” lane even if dine-in demand stays restrained.