According to the Wisdom Finance app, Haidilao (06862) rose more than 4% in the closing session. As of the press time, it rose 3.59% to HKD 16.74, with a turnover of HKD 158 million.

China Merchants Securities pointed out that as the leader in the hot pot industry, Haidilao's service, management, brand and supply chain capabilities are still at the industry's ceiling level. The company currently maintains a steady opening plan, and the follow-up franchise model and the incubation process of the new brand "Hai Lao" are worth paying attention to. As the turnover rate of the company rebounds since 2024, we are bullish on the company's steady growth in performance, and high dividends are expected to contribute to sustained returns for shareholders in the future.

It is worth noting that on March 4th, Haidilao announced that it will start to implement a franchised operation model for Haidilao restaurants. Huatai Securities pointed out that asset-light expansion is a more efficient model, and opening up franchising is beneficial for Haidilao to better leverage social resources, enter more scarce locations, and appropriately speed up the pace of store expansion to make store operations more flexible.