Haidilao International Holding, China’s largest hotpot chain, has experienced significant growth in its takeaway segment, which has become its fastest-growing area. According to the company’s interim results released on Tuesday evening, takeaway revenue reached 2.05 billion yuan (US$305 million) in the first half of 2026, marking a 121.2% increase year on year. This segment now accounts for 9.2% of Haidilao’s total revenue, up from 4.5% a year earlier.

Over the same six-month period, the group posted total revenue of 22.34 billion yuan, representing a 7.9% increase year on year. The average spend of dine-in customers remained stable at 97 yuan.

Despite these positive results, analysts note the company faces a challenging environment due to a weak macroeconomic backdrop and intense competition in China’s catering sector, the world’s second-largest consumer market. Ivan Su, director of equity research at Morningstar, highlighted that China’s restaurant industry is highly fragmented, with chains holding roughly 20% of the market compared to about 40% globally. He said, “That means a well-run chain like Haidilao can still gain share even in a soft macro environment.” Su also expects Haidilao to continue growing due to its operational and supply chain advantages, which provide better access to lower-tier cities than most of its hotpot peers.

The company is also exploring new brands and expanding its reach in lower-tier cities to sustain growth. Meanwhile, questions remain about how Hong Kong’s service sector can attract residents back from the mainland.

Sources