On July 22, Haidilao fell 3.15% in regular trading, trading at HK$11.32 per share, with turnover of HK$39.51 million.

On the news front, Morgan Stanley recently lowered its target price for Haidilao from HK$20 to HK$17.5, citing weaker-than-expected second-quarter dine-in demand and a persistent consumer downgrade trend. The bank cut its FY2026-27 revenue forecasts by 3-4% and net profit estimates by 8%, while maintaining an Overweight rating. Morgan Stanley noted that amid subdued industry conditions, the company may adopt more cautious network expansion and focus on cost control.

Adding to the pressure, tracking data indicates the company's table turnover rate declined year-over-year during May-June, while its sub-brand Yanqing Roast Meat has closed at least 19 stores this year, raising concerns about its multi-brand expansion strategy. The broader restaurant sector also weakened, with Meituan-W down 2.99%, Yum China down 2.64%, Easyhold Group down 6.25%, and Mixue Group down 1.32%.

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