# Haidilao International Holding (6862.HK)

Canonical: https://gigainvestors.com/s/6862.HK

Analysis as of: 2026-10-16T07:36:50.660Z. Financial observations: FY2019–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 9.35 per share; close as of 2026-10-15.

Estimated value: low HKD 12.67 per share, central HKD 14.17 per share, high HKD 16.17 per share. Buy at or below the central value HKD 14.17 per share. Valuation as of 2026-10-16T07:36:50.660Z; scenarios are not confidence intervals.

Expected annual return: 14.7% at the stated quote. About 14.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.21×

- FY2020: 0.05×

- FY2021: 0.02×

- FY2022: 0.07×

- FY2023: 0.13×

- FY2024: 0.14×

- FY2025: 0.12×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 29.8%

- ROIC, second-lowest year: 5.4%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 26.1%

- Recent gross margin (lower of latest and 3-year median): 26.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 30.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 29.8%

- FY2020: 5.4%

- FY2021: 4.0%

- FY2022: 16.1%

- FY2023: 58.0%

- FY2024: 61.9%

- FY2025: 55.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

- Net income, five-year total: CNY 10B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.33×

- FY2022: 2.40×

- FY2023: 1.31×

- FY2024: 1.10×

- FY2025: 0.93×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.4% vs 58.0%

- Per-share earnings: 0.06 to 0.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.4%

- Per-share value growth: 94.3%

- Per-share value change: CNY 0.77

- Per-share value, starting three-year median: CNY 0.06

- Per-share value, ending three-year median: CNY 0.83

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 5.4%

- ROIC, last three-year median: 58.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.44

- FY2020: CNY 0.06

- FY2021: CNY -0.75

- FY2022: CNY 0.25

- FY2023: CNY 0.83

- FY2024: CNY 0.87

- FY2025: CNY 0.75

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.40×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -10.8%

- FY2020: -9.5%

- FY2021: -28.4%

- FY2022: -22.3%

- FY2023: -18.2%

- FY2024: -12.8%

- FY2025: -7.3%

## Holders

## Price story

Down 58% since Dec 2022 · sales +1.1%

Story as of 2026-10-16T10:00:08.238Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.3% a year for ten years

### Sales · FY2024–2025

sales +1.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 27B 

- FY2020: CNY 29B 

- FY2021: CNY 39B 

- FY2022: CNY 31B 

- FY2023: CNY 41B 

- FY2024: CNY 43B 

- FY2025: CNY 43B 

### Gross margin · FY2025

gross margin 26.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 27.6% 

- FY2020: 18.2% 

- FY2021: 19.1% 

- FY2022: 24.3% 

- FY2023: 26.8% 

- FY2024: 28.3% 

- FY2025: 26.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in restaurants; annual sales are CNY 43.2 billion.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2025-12-31 (filed 2026-10-16T07:36:50.660Z); FY2025: revenue 43225355000; grossProfit 11301869000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6862.HK: Haidilao International Holding Ltd., an investment holding company, engages in the restaurant operation and delivery businesses in Mainland China, Hong Kong, Macau, and Taiwan. The company operates through Restaurant Operation, Delivery Business, Sales of Condiment Products and Food Ingredients, and Franchise Business segments. It also operates a Chinese cuisine restaurant under the Haidilao brand that offers hot pot cuisine. In addition, the company is involved in technology; sale of condiment products and food ingredients; hotel operation; property investment management and consulting; and trading businesses. Haidilao International Holding Ltd. was founded in 1994 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 26.1% to 28.3% during 2023–25; it earns 29.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2023-12-31 (filed 2026-10-16T07:36:50.660Z); FY2023: grossProfit / revenue = 26.8%.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2024-12-31 (filed 2026-10-16T07:36:50.660Z); FY2024: grossProfit / revenue = 28.3%.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2025-12-31 (filed 2026-10-16T07:36:50.660Z); FY2025: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.660Z); 7-year return on capital observations [[2019,0.29789600978010033],[2020,0.053844828722692806],[2021,0.039867781632644275],[2022,0.16068478305287545],[2023,0.5801568245125311],[2024,0.6189756186999303],[2025,0.5505461553021156]]; median 0.29789600978010033. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back CNY 50.2 million of shares.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2022-12-31 (filed 2026-10-16T07:36:50.660Z); FY2022: growth capex 0; upkeep 847461000; cash acquisitions 20214000; owner earnings 3295269800. Growth capex plus acquisitions / owner earnings = 0.006134247338412169.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2023-12-31 (filed 2026-10-16T07:36:50.660Z); FY2023: growth capex 0; upkeep 630732000; cash acquisitions 124769000; owner earnings 5904179600. Growth capex plus acquisitions / owner earnings = 0.02113231785835241.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2024-12-31 (filed 2026-10-16T07:36:50.660Z); FY2024: growth capex 0; upkeep 1309179000; cash acquisitions 0; owner earnings 5157896600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2025-12-31 (filed 2026-10-16T07:36:50.660Z); FY2025: growth capex 0; upkeep 1748375000; cash acquisitions 0; owner earnings 3782208800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.660Z); Dividend observations: [[2019,473416000],[2020,703413000],[2021,92781000],[2022,650025000],[2023,553798000],[2024,6071486000],[2025,4133303000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/8HI.F.json#2025-12-31 (filed 2026-10-16T07:36:50.660Z); FY2025: cash repurchases 50207000 CNY.

### Are managers owners

Insiders own 64.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 6862.HK SharesStats.PercentInsiders = 64.627 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.660Z); Ten-year compound average after fade. Initial solved rate -0.08767288141296364. Price 9.345; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2018-09: HKD 17.20 per share

- 2018-10: HKD 15.93 per share

- 2018-11: HKD 16.78 per share

- 2018-12: HKD 16.58 per share

- 2019-01: HKD 17.74 per share

- 2019-02: HKD 21.21 per share

- 2019-03: HKD 24.26 per share

- 2019-04: HKD 29.18 per share

- 2019-05: HKD 26.67 per share

- 2019-06: HKD 31.55 per share

- 2019-07: HKD 29.47 per share

- 2019-08: HKD 35.27 per share

- 2019-09: HKD 32.37 per share

- 2019-10: HKD 36.72 per share

- 2019-11: HKD 31.79 per share

- 2019-12: HKD 30.25 per share

- 2020-01: HKD 28.99 per share

- 2020-02: HKD 30.78 per share

- 2020-03: HKD 29.18 per share

- 2020-04: HKD 32.61 per share

- 2020-05: HKD 36.19 per share

- 2020-06: HKD 31.60 per share

- 2020-07: HKD 34.45 per share

- 2020-08: HKD 48.32 per share

- 2020-09: HKD 53.87 per share

- 2020-10: HKD 49.48 per share

- 2020-11: HKD 49.14 per share

- 2020-12: HKD 57.69 per share

- 2021-01: HKD 63.15 per share

- 2021-02: HKD 61.51 per share

- 2021-03: HKD 51.36 per share

- 2021-04: HKD 48.66 per share

- 2021-05: HKD 43.20 per share

- 2021-06: HKD 39.52 per share

- 2021-07: HKD 28.22 per share

- 2021-08: HKD 30.63 per share

- 2021-09: HKD 28.75 per share

- 2021-10: HKD 21.07 per share

- 2021-11: HKD 16.64 per share

- 2021-12: HKD 17.01 per share

- 2022-01: HKD 16.22 per share

- 2022-02: HKD 17.32 per share

- 2022-03: HKD 14.84 per share

- 2022-04: HKD 15.13 per share

- 2022-05: HKD 15.08 per share

- 2022-06: HKD 17.68 per share

- 2022-07: HKD 15.13 per share

- 2022-08: HKD 17.97 per share

- 2022-09: HKD 14.88 per share

- 2022-10: HKD 11.27 per share

- 2022-11: HKD 18.48 per share

- 2022-12: HKD 22.40 per share

- 2023-01: HKD 21.25 per share

- 2023-02: HKD 21.70 per share

- 2023-03: HKD 21.25 per share

- 2023-04: HKD 19.06 per share

- 2023-05: HKD 16.48 per share

- 2023-06: HKD 17.24 per share

- 2023-07: HKD 21.85 per share

- 2023-08: HKD 21.35 per share

- 2023-09: HKD 21.00 per share

- 2023-10: HKD 19.56 per share

- 2023-11: HKD 15.54 per share

- 2023-12: HKD 14.54 per share

- 2024-01: HKD 12.26 per share

- 2024-02: HKD 14.34 per share

- 2024-03: HKD 17.66 per share

- 2024-04: HKD 17.88 per share

- 2024-05: HKD 17.36 per share

- 2024-06: HKD 14.04 per share

- 2024-07: HKD 12.70 per share

- 2024-08: HKD 13.12 per share

- 2024-09: HKD 19.06 per share

- 2024-10: HKD 15.68 per share

- 2024-11: HKD 15.52 per share

- 2024-12: HKD 15.90 per share

- 2025-01: HKD 14.50 per share

- 2025-02: HKD 16.62 per share

- 2025-03: HKD 17.56 per share

- 2025-04: HKD 17.62 per share

- 2025-05: HKD 15.08 per share

- 2025-06: HKD 14.90 per share

- 2025-07: HKD 13.92 per share

- 2025-08: HKD 13.79 per share

- 2025-09: HKD 13.42 per share

- 2025-10: HKD 12.80 per share

- 2025-11: HKD 13.75 per share

- 2025-12: HKD 14.25 per share

- 2026-01: HKD 15.98 per share

- 2026-02: HKD 17.62 per share

- 2026-03: HKD 14.27 per share

- 2026-04: HKD 14.36 per share

- 2026-05: HKD 12.76 per share

- 2026-06: HKD 10.62 per share

- 2026-07: HKD 11.89 per share

- 2026-08: HKD 11.74 per share

- 2026-09: HKD 9.33 per share

- 2026-10: HKD 9.35 per share

## Annual estimated value (HKD per share)

- FY2024: low HKD 12.63 per share, central HKD 14.12 per share, high HKD 16.09 per share

- FY2025: low HKD 12.67 per share, central HKD 14.17 per share, high HKD 16.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.