2022年1月28日

Haidilao 2020 earnings suffered “Waterloo” hot pot industry recovery is on the way

On the evening of March 23, Haidilao released its 2020 annual results on the Hong Kong stock exchange. The outbreak of the epidemic in early 2020 once made the catering industry, especially the hot pot industry, suffer a major impact. However, the good news is that the recovery of the hot pot industry is on the way and presents a new competitive situation.
According to the financial report, in 2020, Haidilao achieved a revenue of 28.6 billion yuan, a year-on-year increase of 7.8%; the annual net profit was 309 million yuan, a year-on-year decrease of 86.8%; 544 new stores were opened in the whole year, and the number of global stores reached 1298; the per capita consumption of customers increased from 105.2 yuan in 2019 to 110.1 yuan in 2020.
In addition, in 2020, the average turnover rate of Haidilao is 3.5 times / day, while in 2019, the average turnover rate of restaurants is 4.8 times / day.
In fact, Haidilao is not the only company that has been hit in the past year. In early March, the hotpot enterprise Gabu Gabu also issued a profit warning. It is expected that the revenue in 2020 will drop by about 9.5% compared with that in 2019, the net profit will be between 10 million and 20 million yuan, and the net profit in 2019 will be about 290 million yuan, which means that the net profit of Gabu Gabu will drop by more than 90% in 2020.
However, for the catering industry, especially the hot pot industry, the worst has passed and the recovery trend is obvious.
Haidilao said in its financial report that since the second quarter of 2020, with the gradual control of the epidemic situation in China, the recovery trend of the domestic catering industry in the second half of 2020 is clear, and Haidilao will accelerate the opening of its existing stores while gradually resuming business.
Known as the upgraded version of Haidilao, the Nanking store of Banu has recently been hot searched for many times due to the line-up of scalpers, which shows that the consumption of hot pot industry has gradually recovered.
In recent years, more and more people have entered the hot pot industry. According to the “2020-2021 China hotpot industry development report” released by ncbd, the overall scale of China’s catering industry will reach 3457.8 billion yuan from January to November 2020. Among them, the total revenue of hot pot market is 888 billion yuan, contributing more than a quarter of the total revenue of the entire catering industry.
In recent years, the new forces represented by Banu and Xiaolongkan vied to enter the hot pot industry and quickly occupied a place, opening a new pattern of competition in the hot pot industry.
“In addition to service first, the pursuit of Productism has become a new trend in the hot pot industry.” A person in the hot pot industry said. Take Banu as an example. Instead, it does a lot of subtraction: it cuts the SKU of dishes from 100 + to about 30, focusing on related dishes such as tripe. According to the data, the average unit price per customer of Banu is 160 yuan. Nationwide, only 1.9% of the hot pot shops have more than 120 yuan.
According to reports, after 75 stores generate 1.5 billion yuan in 2020, the operation scale of Banu will be expanded again.
“Last year’s difficult time in the industry was an opportunity for the catering giants and new force businesses. We can expand our stores at a lower cost, and the competition in the hot pot industry will enter a new pattern. ” People in the hot pot industry said that on the road of industry recovery, “all kinds of new hot pot forces are speeding up the race.”

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