Restaurants

HAIDILAO

Atour

Conference Minutes

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ATAT

Below is Dolphin Research's transcript of Atour's FY2025 earnings call.For our take on the results, please see 'Atour: Retail is surging — is the Haidilao of hotels smiling again?'

ATAT (Trans): 2026 retail revenue expected to grow 25%-30% YoY---

Financial Analysis

Operating leverage kicked in, driving a sharp profit jump

ATAT: Retail Boom — Is the 'Haidilao' of Hotels Smiling Again?

Deep Research

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In our previous piece, we examined how ATAT has carved out a differentiated position in the mid-to-upscale segment, winning on service in its core hotel business. We also highlighted a fast-rising 'second growth curve' in recent years — the retail business built on its hotel footprint.At this juncture, how do we assess ATAT's growth outlook? How should investors view its investment value today? Let's continue.---

Allstate

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ATAT: Hotel fandom, retail cash-out — how long can the 'boutique-chic' darling keep winning?---

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In China's cutthroat hotel market, ATAT stands out as a brand competitors both envy and fail to decode. It lacks the sheer scale of H World or Jin Jiang, and it does not play in the luxury league of Marriott or Hilton.On the surface, it sits awkwardly in a mid-to-upscale gap where brands often fall between two stools. Conventional wisdom says this positioning is a recipe for mediocrity.Yet in 2024, amid an industry slump marked by price wars and a wave of closures, the company broke out with 50%+ revenue growth and 70%+ profit growth. It emerged as the sector's lone high-growth benchmark.What exactly enables this puzzling, much-envied brand to carve out growth in the gap? And what disruptive logic underpins its 'lodging + retail' dual-engine model?This time, Dolphin Research takes a closer look at how ATAT's biz. model differs. We'll unpack what truly sets it apart.---

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ATAT: How the 'Haidilao' of Hotels Was Built?

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82020

02020

09987

YUMC

The return of Trump has left China with no policy options but one path—reflation, which includes asset reflation and price reflation.For China's economic growth, there are only two real drivers: leveraging and strong external demand. These are the fundamental sources of demand creation.Next year, external demand itself will weaken marginally. If Trump wields the tariff stick again, China will have to focus on internal reforms. Moreover, demand stimulation must target end-user demand, not intermediate investment demand.Over the past two years, Chinese assets have remained undervalued with high dividends. In 2025, cyclical and tech-upgrading sectors are likely to present opportunities (refer to the 2018 trade war).The path is singular and clear, making the game simple. Next year, the focus will likely be on cyclical sectors, especially in trading terms—front-loading policy expectations and back-loading implementation effects.The policy game has already begun today. In terms of timing, consumer goods, especially service-related consumption, must lead the cyclical upturn, as service consumption holds greater potential in China's domestic demand.Moreover, the results of the 8th meeting will soon be released, followed by the Central Economic Work Conference at year-end. Thus, consumer sectors are poised for an initial rally. With valuations at low levels, Dolphin Research believes now is the window to position in cyclical sectors, recommending focus on consumer sectors with solid fundamentals and low valuations. $YUM China(YUMC.US) $NONGFU SPRING(09633.HK) $TSINGTAO BREW(00168.HK) $HAIDILAO(06862.HK) $CHINA RES BEER(00291.HK) $ANTA SPORTS(02020.HK) Note that these overseas assets are purely listed in Hong Kong.Internet consumer stocks, mostly listed in the U.S. with higher U.S. capital weightings, face concerns about becoming part of the U.S.-China play. Thus, they need to digest negative sentiment first, but opportunities may emerge afterward.

ANTA SPORTS-R

ANTA SPORTS

YUM CHINA

YUM China

Haidilao Partners with Beijing Yizhuang Luxury Cinema to Launch First 'Hotpot Theater' in Beijing, Innovating Scenarios to Drive Consumption Upgrade

Guojin Securities Issues Report Predicting Haidilao’s Performance and Assigning Buy Rating

China Merchants Securities International Survey Shows Strong Bounce in Haidilao's Same-Store Sales Post-May Day Holiday

Haidilao Launches Takeout Speciality Store 'Haidilao Home-style Stir-fry'

Over 5 million customers visited Haidilao's nationwide stores during the May Day holiday

Long Ge Opens Innovative Self-service Hot Pot in Beijing

Super Hi International stock hits new 52-week low

Haidilao receives over 25,000 table bookings for the first day of May Day holiday

Haidilao CEO Yang Lijuan Returns to Parent Company to Revitalize Performance

Haidilao Releases Annual Report 转向 Franchise Model

Yang Lijuan Returns to Haidilao to Promote the Red Pomegranate Plan

Haidilao Launches New Sub-brand 'Ruzu Sushiaburo'

Yang Lijuan Returns to Haidilao to Oversee the Red Pomegranate Plan

Haidilao Admits to Store Violations and Compensates Employees

Sea International Announces 2025 Annual Report, Net Profit Soars

Haidilao Conducts Comprehensive Internal Investigation on Mandatory Self-Payment for Gifts

Citi Updates Haidilao's Forecast Model and Adjusts Sales and Profit Predictions

Zhang Yong Plans to Increase Holdings in Haidilao Shares

Haidilao Responds to Employee Forced to Buy Gifts Incident and Pledges Compensation

Guoyuan Securities Reiterates Buy Rating on Haidilao International Holdings with Target Price

CH DEMETER FIN

FAMEGLOW

LUEN THAI

NEW GONOW RV

REF HOLDINGS

PARADISE ENT

WEBX HOLDING

HAICHANG HLDG

BEST FOOD HLDG

INTELLIMARK W27

Ordinary dividend (cash)

Ex Date: Today 2026.05.21, Cash dividend 0.384 HKD

Super Hi (HDL.US, 9658.HK) Q2 2025 Earnings Conference Call

Super Hi (HDL.US, 9658.HK) Q4 2024 Earnings Conference Call

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FTXG

Super Hi International (NASDAQ:HDL) reported a 14.2% year-over-year revenue increase for Q1 2026, reaching $226 million, primarily driven by Haidilao restaurant operations. Operating profit rose 17.7% to $13.993 million, with an operating margin of 6.2%. The company added four restaurants year-over-year and emphasized customer experience and employee engagement as key strategies for future growth.

benzinga_article

Super Hi

AdvisorShares Restaurant ETF

Invesco Food & Beverage ETF

First Trust NASDAQ Food & Beverage

SUPER HI

Transcript: Super Hi International Q1 2026 Earnings Conference Call

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Yesterday, YIHAI INTL triggered a daily MACD golden cross signal above the zero axis in the Hong Kong stock market, with a transaction volume of approximately HKD 31.97 million. Although the absolute amount is not large, it represents a moderate increase in trading volume compared to the recent trading levels of the stock. As a leading hot pot seasoning and compound seasoning supplier, YIHAI INTL's stock price has gradually stabilized and rebounded recently. The confirmation of the MACD golden cross above the zero axis indicates that a preliminary medium-term bullish pattern is forming, and the buying power is returning in stages. The moving average system is gradually converging and showing signs of turning, with a short-term trend leaning towards warmth. On the news front, there are frequent signals of a recovery in the Chinese consumer market. The Ministry of Commerce disclosed that the total foreign trade value in the first four months of 2026 increased by 14.9% year-on-year, and domestic consumer confidence is expected to improve with the economic fundamentals. As a related supplier to HAIDILAO, YIHAI INTL's performance is highly correlated with the prosperity of the restaurant industry. Recently, the warming of US-China economic and trade relations and positive signals from US President Trump’s visit to China are helping to boost market expectations for a recovery in Chinese consumption. The packaged food sector has recently become increasingly active, with a rising focus on defensive consumer stocks. From a technical perspective, YIHAI INTL has started to strengthen gently after a period of consolidation at low levels, and attention should be paid to whether the trading volume can continue to expand to push the stock price above the recent consolidation range. If the transaction volume continues to maintain above HKD 30 million and is accompanied by a bullish arrangement of moving averages, the confirmation of the trend continuation will be higher. The overall performance of the consumer sector and the sentiment in the Hong Kong stock market serve as auxiliary reference variables

Technical Forecast

YIHAI INTL

Pre-market trend | YIHAI INTL (1579.HK) 5/14 gently increased in volume and stabilized, is the consumption recovery logic fermenting?

In a report released yesterday, from Sinolink Securities maintained a Buy rating on Haidilao International Holding, with a price target of HK$18.94. The company’s shares closed yesterday at HK$15.04.Claim 55% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Haidilao International Holding has an analyst consensus of Strong Buy, with a price target consensus of HK$18.40.

Tip Ranks

Haidilao International Holding (HDALF) Gets a Buy from Sinolink Securities

China Merchants Securities (HK) (CMSI) has raised its target price for HAIDILAOfrom HKD15.3 to HKD16, maintaining a Neutral rating. Recent channel checks indicate a strong rebound in same-store sales, driven by increased customer traffic, despite a decline in average spending. CMSI expects low-to-mid single-digit revenue growth for 1H, but this is below market expectations for double-digit growth. The company faces cost pressures and transformation challenges, leading to a 9% reduction in EBITDA forecasts and a 7% cut in net profit forecasts for this year and next. HAIDILAO offers a dividend yield over 5%.

AASTOCKS News

CMSC

CMSI Raises HAIDILAO  TP to HKD16; Rating Neutral

HAIDILAOreported that over 5 million customers were served across more than 1,300 stores during the first three days of the May Day holiday, with high table turnover rates at many locations. The company's short selling amounted to $29.78 million, with a ratio of 41.367%.

HAIDILAO : Over 5 million Customers Served in First Three Days of May Day Holiday

Super Hi International (NASDAQ:HDL) shares reached a new 52-week low of $14.00, closing at $14.35 with a trading volume of 1,061 shares. Analysts have issued a consensus "Sell" rating, with Weiss Ratings and Zacks Research downgrading their ratings. The company reported Q1 earnings of $0.10 per share, missing estimates, and had a revenue of $229.97 million. Hedge funds have recently adjusted their stakes in the company, which operates Haidilao branded restaurants and food delivery services. Super Hi International is not currently recommended by top analysts.

Market Beat

Bank of America

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Bank of America Corp

Super Hi International (NASDAQ:HDL) Hits New 52-Week Low  - Here's What Happened

Haidilao has reported over 25,000 dining reservations booked for the first day of the May Day holiday, indicating a peak in domestic tourism and catering markets. The data reflects a growing trend in dining interest as the holiday approaches. Haidilao's stock is currently down by 2.055%, with significant short selling activity noted.

Haidilao : Over 25,000 Tables Booked on First Day of May Day Holiday

Haidilao's CEO Yang Lijuan returns to the parent company to revive stagnating revenues and declining profits. Following her announcement, shares jumped 7%. Yang previously turned a 3.2 billion yuan loss in 2021 to a profit of 1.6 billion in 2022. The company faces challenges with falling customer visits and has downsized its workforce significantly. Haidilao is shifting focus to franchise operations and take-out services, which are slowly growing but still contribute minimally to overall revenue. The company aims to stabilize its business amid these changes.

Haidilao's Overseas Boss Returns To China To Reignite Slowing Growth

HAIDILAO announced the return of senior executive Yang Lijuan to the parent company, aiming to restart local growth momentum. Yang Lijuan served as CEO in 2022 and successfully reversed the company's loss situation. Following her return, HAIDILAO's stock price rose by about 7%. Her leadership experience and performance make her a key hope for the company's recovery

BambooWorks

HAIDILAO recalls the fire-fighting captain, hoping to restart local growth momentum

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Most Hong Kong consumer stocks declined, with YUM China falling more than 5%, CHOW SANG SANG dropping over 4%, and LAOPU GOLD, ZHOU HEI YA, and HAIDILAO each falling more than 3%