Hotpot chain Haidilao said on February 21 that it expected to lose as much as 4.5 billion yuan (US$711 million) last year, a drastic rollback compared with its 300 million yuan profit in 2020.
Haidilao said its revenue last year actually grew to 40 billion yuan from 28.6 billion yuan a year before, but closing over 300 restaurants had cost the hotpot chain at least 3.3 billion yuan, which contributed the most to the expected loss.
