Morgan Stanley has released a research report stating that HAIDILAO's 2025 revenue increased by 1% year-on-year to RMB 42.8 billion, with a net profit of RMB 4.05 billion, aligning with the bank's and market expectations. The most notable development, according to Morgan Stanley, was the reduction of the dividend payout ratio from 95% in 2024 to 86% in 2025. This is believed to be due to the company's plans to increase capital expenditure, intending to invest in automation, efficiency improvements, and the opening of new brand stores. The bank will focus on management's outlook for 2026 same-store productivity, network expansion plans, and margin guidance during the earnings briefing. It anticipates that short-term stock price pressure may present a buying opportunity, as the company is investing in future growth. Morgan Stanley maintains an "Overweight" rating with a target price of HK$21.5.