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China's largest hot pot restaurant chain, known for its distinctive attentive customer service.
China's largest hot pot restaurant chain, known for its distinctive attentive customer service.
Earns mostly from diners paying for meals in its own restaurants, so results track table turnover, staff costs and the pace of openings. It expanded very fast to 2020, closed a large number of weaker stores in 2021 and has since added selectively. The founder family, led by Zhang Yong and Shu Ping, controls it.
In one line: A Chinese hot-pot chain famous for extreme customer service.
Moat: narrow (brand, process know-how). Reputation for exceptional service and operational training systems are hard to replicate at scale.
Headquarters: Singapore/Beijing · Founded: 1994 · Employees: 125,620
Size Haidilao (6862.HK) is a Hong Kong Consumer Discretionary company (Restaurants) with a market value of $7.24B, the 208th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.19 on 6 Nov 2026.
Performance Over six months the shares fell 28.3%, against +16.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 10.6% over the last twelve months (peer median +10.4%); the operating margin is 11.9% (peer median 8.9%).
Valuation It trades at 11.4× forward earnings against a peer median of 28.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 43.6 points above its cost of capital (11.6% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$50.1B | HK$46.9B | HK$46.4B | HK$45.8B | HK$36.1B |
| Revenue growth | — | +1% | +1% | +27% | — |
| Gross profit | HK$11.5B | HK$10.4B | HK$10.9B | HK$9.53B | HK$5.37B |
| EBITDA | HK$8.13B | HK$7.90B | HK$9.26B | HK$9.33B | HK$6.22B |
| Net income | HK$4.52B | HK$4.39B | HK$5.10B | HK$4.97B | HK$1.60B |
| Free cash flow | HK$4.35B | HK$4.46B | HK$7.33B | HK$9.40B | HK$6.27B |
| Capital expenditure | HK$1.96B | HK$1.90B | HK$1.42B | HK$708M | HK$1.02B |
| Total debt | n/a | HK$6.61B | HK$6.56B | HK$8.04B | HK$11.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Haidilao 6862.HK | $7.24B | -28% | +11% | 12% | 11.4× | 2.0% |
| Yum China YUMC | $17.1B | +6% | +10% | 13% | 15.3× | -7.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6862.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.6% | +10.1% | 10th highest of 21 |
| 6-month return | -28.3% | +16.6% | 2nd lowest of 20 |
| Distance from 52-week high | -41.4% | -15.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | +10.6% | +10.4% | 11th highest of 21 |
| Operating margin | 11.9% | 8.9% | 7th highest of 21 |
| Forward P/E | 11.4× | 28.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.0% | 6.6% | 4th least demanding of 19 |
| Growth delivered (Del g) | +7.8% | +14.6% | 6th lowest of 19 |
| Hurdle (Req g minus delivered) | -5.9 pp | -2.9 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +43.6 pp | +6.2 pp | 2nd highest of 21 |
| EV / EBITDA | 6.7× | 14.4× | 2nd cheapest of 21 |
| Net debt / EBITDA | -0.3× | 2.2× | 3rd least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Haidilao 6862.HK | Hong Kong | $7.24B | -28% | +11% | 12% | 11.4× | 2.0% | +7.8% |
| McDonald's Holdings Company (Japan) 2702.T | Japan | $7.33B | +7% | +2% | 14% | 32.0× | 1.8% | +7.6% |
| Food & Life Companies 3563.T | Japan | $7.34B | +12% | +24% | 10% | 35.6× | 6.9% | +16.0% |
| CAVA CAVA | United States | $6.91B | -26% | +27% | 7% | 85.5× | 41.5% | +27.9% |
| Brinker International EAT | United States | $8.58B | +49% | +6% | 11% | 14.7× | 9.3% | +11.7% |
| Jersey Mike's Subs JMKE | United States | $6.03B | n/a | +11% | 21% | 26.3× | n/a | n/a |
| Dutch Bros BROS | United States | $5.90B | -36% | +30% | 10% | 31.0× | 36.3% | +38.0% |
| Cheesecake Factory CAKE | United States | $5.32B | +73% | +8% | 7% | 21.2× | 16.7% | +13.6% |
| Sodexo SW.PA | France | $9.91B | +28% | 0% | 3% | 17.7× | 6.0% | +6.6% |
| Skylark 3197.T | Japan | $5.18B | +19% | +11% | 7% | 38.5× | 6.4% | +9.7% |
| Domino's DPZ | United States | $11.0B | +4% | +4% | 20% | 16.3× | 1.8% | +3.7% |
| Wingstop WING | United States | $4.42B | +26% | +7% | 28% | 35.3× | 21.9% | +22.9% |
| Texas Roadhouse TXRH | United States | $12.1B | +4% | +10% | 8% | 26.8× | 13.8% | +19.6% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 34.3× | 6.1% | +16.3% |
| Aramark ARMK | United States | $13.9B | +17% | +11% | 4% | 19.8× | 16.1% | +7.6% |
| Jubilant Foodworks JUBLFOOD.NS | India | $3.20B | -5% | +16% | 10% | 61.4× | 28.6% | +23.5% |
| Shake Shack SHAK | United States | $3.08B | +2% | +17% | 5% | 55.7× | n/a | n/a |
| Yum China YUMC | United States | $17.1B | +6% | +10% | 13% | 15.3× | -7.5% | +7.4% |
| TORIDOLL 3397.T | Japan | $2.68B | +19% | +3% | 7% | 57.7× | 5.9% | +15.6% |
| Mitchells & Butlers MAB.L | United Kingdom | $2.56B | +25% | +3% | 12% | 10.2× | 4.7% | +12.9% |
| Saizeriya 7581.T | Japan | $2.52B | +60% | +17% | 5% | 26.9× | 4.6% | +19.0% |