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Haidilao shares rose after results pointed to strong growth in delivery and in the company's newer restaurant formats, even as revenue from its core hotpot restaurants fell.
The combination lifted the operator's near-term outlook. The results divide cleanly along format lines. Newer restaurant brands expanded. Core hotpot, the segment Haidilao is best known for, contracted on revenue.
For a company whose identity is built around hotpot, that internal divergence is the key read.
Delivery and alternative restaurant concepts reach customers outside the in-person dining traffic that powers the core format.
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