Tuna Terminal

Hong Kong · HKEX · 06862

Haidilao (06862) stock analysis: valuation and financials

旅游及消闲设施

HK$9.30 -3.0% Price as of Oct 13, 2026

Bottom line

Narrow-moat hot pot leader with net cash CNY4.86B, a 7.8% dividend yield and 11x P/E, but revenue growth of just 1.1% and falling margins; base case implies 104% upside.

Market cap
HK$51.8B
P/E
10.9x
EV/Sales
0.9x
FCF yield
8.1%
Dividend yield
7.8%
52-week range
HK$9.08 – HK$17.68

Research as of Oct 14, 2026

Business quality scorecard

0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.

How it makes money

Diners at company-operated Haidilao hot pot restaurants pay for meals and service; that network is the profit engine, but no segment revenue or profit split is disclosed; FY2025 group operating margin 13.9% and net income CNY4.05B.

Financials by year

FY2021Jan–Dec 2021FY2022Jan–Dec 2022FY2023Jan–Dec 2023FY2024Jan–Dec 2024FY2025Jan–Dec 2025
Revenue¥39.1B¥31.0B¥41.5B¥42.8B¥43.2B
Revenue growth+36.6%-20.6%+33.6%+3.1%+1.1%
Gross margin55.9%58.4%59.1%62.1%59.5%
Operating margin-6.6%8.1%14.8%16.0%13.9%
Net income-¥4.2B¥1.4B¥4.5B¥4.7B¥4.0B
Free cash flow-¥663.2M¥5.3B¥8.4B¥6.3B¥3.9B
FCF margin-1.7%17.1%20.2%14.8%9.1%

Amounts in CNY · What is free cash flow?

Margins FY2025 gross margin 59.5% vs 62.1% in FY2024; operating margin 13.9% vs 16.0%; TTM 58.6% and 13.1%. Revenue grew only 1.1% while gross profit fell 3.2%, so cost of sales outpaced sales; management's stated reason is not disclosed.

Balance sheet Leverage · Net cash

Cash & short-term investments
¥7.4B
Total debt
¥2.6B
Net cash
¥4.9B
Interest coverage
29.2x
Current ratio
1.2x

As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet

Management and track record

Valuation range

BearHK$10.15+9.2% vs price
BaseHK$18.98+104.1% vs price
BullHK$38.56+314.7% vs price

Implied value per share · Price when researched: HK$9.30

Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.

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