On August 31, HAIDILAO fell 3.21% in regular trading, trading at HK$11.82/share, with turnover of HK$81.89 million.

On the news front, Morgan Stanley cut HAIDILAO's target price to HK$16.5 on the same day, simultaneously lowering revenue and net profit forecasts. This follows a concentrated wave of investment bank downgrades after the company's interim results released on August 25: Bank of America Securities cut its target to HK$12.3, reiterating a neutral rating; Nomura reduced its target from HK$18.4 to HK$17.4; CMBI lowered from HK$16 to HK$14.4; and UBS trimmed to HK$16.3.

The downgrades reflect structural concerns revealed in the H1 results. While total revenue rose 7.9% year-over-year to RMB 22.337 billion, core hotpot restaurant revenue declined 4%, same-store sales fell 1.3%, and average customer spending dropped to RMB 97. Attributable net profit grew only 0.5%, raising market concerns about earnings quality amid a challenging macro environment.

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