According to Daiwa's report, Haidilao's first-half profit declined by 10% year-on-year to 2.04 billion yuan, although it was lower than the bank's and market expectations of 4%, it was mainly affected by exchange rate and tax factors. Restaurant revenue grew by 14% year-on-year, higher than the market's expectation of 3%, benefiting from strong table turnover. The bank believes that although consumer confidence is uncertain in the near term, it believes that Haidilao has prepared for downside risks and with the management's commitment to continue distributing high dividends, it is believed that the company will bring considerable returns to shareholders. Daiwa has lowered the EPS forecast for Haidilao from 2024 to 2026 by 5% to 10%, and the target price has been reduced from HKD 20 to HKD 16.1, maintaining a "buy" rating.