Lyon: HAIDILAO (06862) refocusing on developing sub-brand strategy is correct, maintaining "outperform the market" rating.

14:19 02/04/2026

This line indicates that the easing competition of Haidilao should aid in the expansion of its stores; The estimated annual compound growth rate of store numbers from 2026 to 2028 is 2% to 3%.

Lyon released a research report stating that it maintains a "outperform the market" rating for HAIDILAO (06862) with a target price of 19 Hong Kong dollars. Given the current challenges faced by HAIDILAO, the turnover rate of 3.9 times in 2025 is considered quite robust. It is estimated that the number of stores will increase by 2%, contrasting with a 7% overall decrease in hot pot restaurants by 2025. The bank believes that a relaxed competitive environment for HAIDILAO should help its store expansion; it is estimated that the compound annual growth rate of store numbers from 2026 to 2028 will be between 2% and 3%, and they also believe that refocusing on developing subsidiary brands is the right strategic move for HAIDILAO.

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