Nomura: Haidilao has multiple growth catalysts, maintaining a buy rating.

Nomura analysts said in a research report that although the performance of Chinese hotpot chain Haidilao in 2025 was disappointing, the company has multiple growth catalysts in the future. Despite Haidilao's full-year revenue growth of only 1.1% last year, the company has been working hard to stimulate growth, including enriching product variety, marketing in lower-tier cities, and cultivating new brands. These analysts believe that these efforts should gradually revive the sales momentum of Haidilao restaurants. Nomura raised the stock's target price from HK$17.30 to HK$18.40 and maintained a buy rating.