Sinolink Securities Co., Ltd. (600109.SS)

China hotpot chain Haidilao soars on surge in first-half profit

Shares in Haidilao International Holding soared 16% on Monday after China's largest hotpot chain said it expected to report a 30-fold jump in first-half profit with diners returning to restaurants after the country lifted its strict COVID curbs. The company, which is set to report results next month, said on Sunday it expects profit from continuing operations in the first half to exceed 2.2 billion yuan ($307.77 million) versus 72 million yuan last year, while revenue would rise by about 24% to 18.8 billion yuan. Sinolink Securities said in a research note the results flagged by the company were 33% better than the market had expected, and said its move to close hundreds of stores since 2021 had helped.