On August 28, Goldman Sachs released a report stating that Haidilao (6862.HK) had lower-than-expected revenue and net income in the first half of the year. Goldman Sachs maintains a "neutral" rating with a target price of HK$15. The report states that Haidilao's first-half revenue was 21.5 billion yuan, a year-on-year increase of 13.8%, which is 3.7% lower than the bank's forecast, mainly due to more store closures than expected. Net income for the period was 2 billion yuan, a year-on-year decrease of 9.7%, which is 6% lower than Goldman Sachs' forecast, mainly due to a higher tax rate and non-operating factors. Goldman Sachs believes that Haidilao's management has strong execution capabilities, but store expansion has been slower than expected in the first half of the year. The company also faced a high gross margin base in the first half of the year and will face a high table turnover base in the second half of the year. The current valuation is believed to be at a reasonable level, so the "neutral" rating is maintained.