According to a report published by China Merchants Securities International, Haidilao's steady performance in the first half of the year clearly released a signal of an inflection point in business. The company's revenue increased 7.9% year over year to 22.3 billion yuan, which is at the upper limit of the bank's forecast range; net profit was slightly lower than expected due to the decline in gross margin due to increased promotions. However, the bank believes that this round of profit margin pressure is active investment, which is a necessary measure for the company to stabilize its market share and increase customer flow in stores. The management exceeded expectations by paying an interim dividend of HK$0.377 per share, with a dividend ratio of nearly 100%, reflecting management's confidence in the company's strong ability to generate cash flow and the fundamentals of long-term operations. Considering the increase in revenue contributions from the delivery business and new brands, the bank slightly raised its 2026-2027 revenue forecast, with an average increase of 1%; due to increased short-term promotion investment and rising raw material costs, the two-year net profit forecast was lowered by 2.5%. The bank lowered its target price from HK$16 to HK$14.4. The current stock price corresponds to 13.8 times the 2027 mid-term price-earnings ratio, and is at a low level of nearly two years. This is an excellent window for laying out long-term fundamental restoration. The high dividend ratio establishes a solid downward safety cushion, and the combination of multiple brand expansion returns to an accelerated path. The target risk-benefit ratio is very attractive, and the rating was raised from “neutral” to “increase in holdings”.

According to a report published by China Merchants Securities International, Haidilao's steady performance in the first half of the year clearly released a signal of an inflection point in business. The company's revenue increased 7.9% year over year to 22.3 billion yuan, which is at the upper limit of the bank's forecast range; net profit was slightly lower than expected due to the decline in gross margin due to increased promotions. However, the bank believes that this round of profit margin pressure is active investment, which is a necessary measure for the company to stabilize its market share and increase customer flow in stores. The management exceeded expectations by paying an interim dividend of HK$0.377 per share, with a dividend ratio of nearly 100%, reflecting management's confidence in the company's strong ability to generate cash flow and the fundamentals of long-term operations. Considering the increase in revenue contributions from the delivery business and new brands, the bank slightly raised its 2026-2027 revenue forecast, with an average increase of 1%; due to increased short-term promotion investment and rising raw material costs, the two-year net profit forecast was lowered by 2.5%. The bank lowered its target price from HK$16 to HK$14.4. The current stock price corresponds to 13.8 times the 2027 mid-term price-earnings ratio, and is at a low level of nearly two years. This is an excellent window for laying out long-term fundamental restoration. The high dividend ratio establishes a solid downward safety cushion, and the combination of multiple brand expansion returns to an accelerated path. The target risk-benefit ratio is very attractive, and the rating was raised from “neutral” to “increase in holdings”.