HSHDLIH@EC2609A

LEOCH INT'L

STARGLORY HLDGS

INTELLIMARK W27

BEST FOOD HLDG

GAOYU FINANCE

EXTREME VISION

TIAN TU CAPITAL

HSC RESOURCES

EPI (HOLDINGS)

LAP KEI ENGRG

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06862

FTXG

Chinese dining chains are rapidly expanding in South Korea, particularly in tourist hotspots in Seoul, driven by increased sales. Notably, hot pot chain Tanghuo Kungfu Malatang has grown to over 560 locations since 2012, with a significant rise in revenue and operating profit. The brand is waiving fees for new franchise partners to encourage growth in the malatang market. Other chains like Haidilao and Bantianyao Grilled Fish are also expanding, as South Korea serves as a strategic entry point for global brands due to its cultural influence.

vnexpress

LONGDA

HAIDILAO

First Trust NASDAQ Food & Beverage

Chinese food chains expand foothold in South Korea

Haidilao International Holding faces challenges as China's economy slows, with a mere 1.1% revenue growth and a 14% drop in net profit for FY 25. The company lost over 31 million customer visits, prompting a shift to budget-friendly sub-brands and a franchise model. Despite a 15.1% decline in stock price, analysts remain optimistic, with 24 out of 39 recommending a "Buy" rating. The brand's future hinges on the success of its new strategies amid rising costs and declining margins.

marketscreener

Hotpot giant Haidilao is Served a Cold Reality

Super Hi Lifts 2025 Revenue and Profit as Haidilao Network Expands, Margins Tighten

Tip Ranks

Super Hi

Super Hi Lifts 2025 Revenue and Profit as Haidilao Network Expands, Margins Tighten

Nomura Adjusts Haidilao International Holding's Price Target to HK$18.40 From HK$17.30, Keeps at Buy

Nomura Adjusts Haidilao International Holding's Price Target to HK$18.40 From HK$17.30, Keeps at Buy

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China Renaissance has maintained a Buy rating on Haidilao International Holding (HDALF) with a price target of HK$17.60. Additionally, DBS analyst Alison Fok also issued a Buy rating on March 25. However, Jefferies has a Hold rating on the stock.

HAIDILAO N2601

Haidilao International Holding (HDALF) Receives a Buy from China Renaissance

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Nomura raised the target price for HAIDILAO to HKD 18.4 and maintained a "Buy" rating. Although the company's performance last year did not meet expectations, with a slight increase in annual revenue of 1.1% to RMB 43.23 billion and a 13% decline in core operating profit, several growth catalysts are expected in 2026

AASTOCKS

SUPER HI

Nomura raises HAIDILAO's target price to 18.4 yuan, expecting multiple favorable factors this year

UOB Kay Hian has reaffirmed a Buy rating on Haidilao International Holding (HDALF) with a price target of HK$18.30, while the shares closed at HK$13.91. The overall analyst consensus for Haidilao is a Strong Buy, with an average price target of HK$18.78.

UOB Kay Hian Reaffirms Their Buy Rating on Haidilao International Holding (HDALF)

Shenwan Hongyuan analyst maintained a Buy rating on Haidilao International Holding yesterday and set a price target of HK$17.30. The company’s shares closed yesterday at HK$14.59.Claim 30% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Currently, the analyst consensus on Haidilao International Holding is a Strong Buy with an average price target of HK$18.78.

Shenwan Hongyuan Reaffirms Their Buy Rating on Haidilao International Holding (HDALF)

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On March 27th, during the Hong Kong stock market, the three major indices collectively strengthened, with the Hang Seng China Enterprises Index leading with a rise of 1.14%. The catering and retail sectors performed impressively due to a rebound in consumption, with leading stocks such as Ganfeng Lithium and BYD significantly surging. Although the market is under pressure from previous highs, new economy leaders are actively traded, and investors are closely watching the upcoming macroeconomic indicators and the impact of exchange rate fluctuations

- As of March 27, Hong Kong's stock indices rose collectively, with the Hang Seng Index at 25,029.27, up 0.70%.  
- The restaurant sector experienced overall gains driven by a recovery in consumer spending, particularly with Haidilao rising 6.11%.  
- Key economic indicators such as exports and retail sales are under close observation to assess recovery strength, impacted by external factors and local policy adjustments.

Market Heartbeat

GANFENGLITHIUM

MEITUAN

CTG DUTY-FREE

POP MART

BYD COMPANY

XUNCE

XIAOMI-W

Ganfeng Lithium

Hang Seng Index

Hong Kong stocks intraday | Three major indices rose collectively, Ganfeng Lithium up 8.31%, the catering retail sector strong

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As of noon, the three major indices of the Hong Kong stock market rose collectively, with the Hang Seng Index approaching the 24,993-point mark and the Hang Seng Tech Index returning above 4,811 points. Market sentiment is relatively stable, with heavyweight and tech stocks resonating upward. In terms of sectors, the restaurant and retail industries performed strongly, with Haidilao leading the midday gains at 6.47%, and core assets such as Meituan and BYD leading in trading volume. Investors are closely monitoring macroeconomic data and performance guidance from core sectors, with overall market trading remaining active

- As of March 27, 2026, Hong Kong’s stock market indices showed positive movement, with the Hang Seng Index at 24,993.64, up 0.55%.  
- Notable performances included Haidilao, which rose 6.47%, reflecting recovering demand in the restaurant sector, while macroeconomic indicators are drawing investor focus.  
- The trading volume highlighted major players, including Meituan and Tencent, with respective figures of 62.41 billion HKD and 59.09 billion HKD amid mixed sector performance.

KUAISHOU-W

TENCENT

JD-SW

BEONE MEDICINES

BIDU-SW

TIANQI LITHIUM

LI AUTO-W

SENSETIME-W

Hong Kong Stock Midday Review | Hang Seng Index Approaches 25,000 Points, Strong Performance in Dining Retail with Haidilao Up 6.47%

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On March 27th, during intraday trading of Hong Kong stocks, the three major indices maintained a narrow range of fluctuations and have not yet broken through the peak level reached on March 25th. In terms of sectors, retail stocks performed steadily, while the internet and catering sectors showed divergent trends. MAO GEPING rose over 11%, leading the popular stocks, with Tencent and Meituan having high trading volumes, and the overall market sentiment remained cautious

- On March 27, during trading, Hong Kong's three major indices saw slight increases, maintaining a fluctuating trend.  
- The Hang Seng Index reported 24,860.82, up 0.02%, yet failed to reach new highs from March 25, while retail sectors showed slight gains due to stable consumer demand.  
- The macroeconomic context remains focused on trade data and unemployment rates, with expectations of policy support rising as investors seek clearer recovery signals.

MAO GEPING

CHIFENG GOLD

MircroPort Medbot-B

Hong Kong stock market intraday | The Hang Seng Index rose slightly, the retail sector strengthened, MAO GEPING rose 11.56%

Jefferies Adjusts Haidilao International Holding's Price Target to HK$15.50 From HK$15.40, Keeps at Hold

Jefferies Adjusts Haidilao International Holding's Price Target to HK$15.50 From HK$15.40, Keeps at Hold

Atour

Conference Minutes

Below is Dolphin Research's transcript of Atour's FY2025 earnings call.For our take on the results, please see 'Atour: Retail is surging — is the Haidilao of hotels smiling again?'

ATAT (Trans): 2026 retail revenue expected to grow 25%-30% YoY---

Financial Analysis

Operating leverage kicked in, driving a sharp profit jump

ATAT: Retail Boom — Is the 'Haidilao' of Hotels Smiling Again?

Deep Research

In our previous piece, we examined how ATAT has carved out a differentiated position in the mid-to-upscale segment, winning on service in its core hotel business. We also highlighted a fast-rising 'second growth curve' in recent years — the retail business built on its hotel footprint.At this juncture, how do we assess ATAT's growth outlook? How should investors view its investment value today? Let's continue.---

Allstate

ALLSTATE CORP DEP SHS REP 1/1000 NON CUM PER PRF SER H

ALLSTATE CORP 4.750% DEP SHS REP 1/1000TH PRP PFD SR I

ALLSTATE CORP DEP SHS REPSTG 1/1000TH NON PERP PFD SER

ATAT: Hotel fandom, retail cash-out — how long can the 'boutique-chic' darling keep winning?---

Kellyk310

In China's cutthroat hotel market, ATAT stands out as a brand competitors both envy and fail to decode. It lacks the sheer scale of H World or Jin Jiang, and it does not play in the luxury league of Marriott or Hilton.On the surface, it sits awkwardly in a mid-to-upscale gap where brands often fall between two stools. Conventional wisdom says this positioning is a recipe for mediocrity.Yet in 2024, amid an industry slump marked by price wars and a wave of closures, the company broke out with 50%+ revenue growth and 70%+ profit growth. It emerged as the sector's lone high-growth benchmark.What exactly enables this puzzling, much-envied brand to carve out growth in the gap? And what disruptive logic underpins its 'lodging + retail' dual-engine model?This time, Dolphin Research takes a closer look at how ATAT's biz. model differs. We'll unpack what truly sets it apart.---

HWORLD-S

H World

MNSO

Miniso

ATAT: How the 'Haidilao' of Hotels Was Built?

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$Hang Seng Index(00HSI.HK) market trends spreading to consumer sector $ANTA SPORTS(02020.HK)$LI NING(02331.HK)$HAIDILAO(06862.HK)$MIXUE GROUP(02097.HK)

The return of Trump has left China with no policy options but one path—reflation, which includes asset reflation and price reflation.For China's economic growth, there are only two real drivers: leveraging and strong external demand. These are the fundamental sources of demand creation.Next year, external demand itself will weaken marginally. If Trump wields the tariff stick again, China will have to focus on internal reforms. Moreover, demand stimulation must target end-user demand, not intermediate investment demand.Over the past two years, Chinese assets have remained undervalued with high dividends. In 2025, cyclical and tech-upgrading sectors are likely to present opportunities (refer to the 2018 trade war).The path is singular and clear, making the game simple. Next year, the focus will likely be on cyclical sectors, especially in trading terms—front-loading policy expectations and back-loading implementation effects.The policy game has already begun today. In terms of timing, consumer goods, especially service-related consumption, must lead the cyclical upturn, as service consumption holds greater potential in China's domestic demand.Moreover, the results of the 8th meeting will soon be released, followed by the Central Economic Work Conference at year-end. Thus, consumer sectors are poised for an initial rally. With valuations at low levels, Dolphin Research believes now is the window to position in cyclical sectors, recommending focus on consumer sectors with solid fundamentals and low valuations. $YUM China(YUMC.US) $NONGFU SPRING(09633.HK) $TSINGTAO BREW(00168.HK) $HAIDILAO(06862.HK) $CHINA RES BEER(00291.HK) $ANTA SPORTS(02020.HK) Note that these overseas assets are purely listed in Hong Kong.Internet consumer stocks, mostly listed in the U.S. with higher U.S. capital weightings, face concerns about becoming part of the U.S.-China play. Thus, they need to digest negative sentiment first, but opportunities may emerge afterward.

ANTA SPORTS-R

ANTA SPORTS

YUM CHINA

YUM China

HSHDLIH@EC2609A(27723.HK)

HSHDLIH@EC2609A Stock Performance Chart

Chinese food chains expand foothold in South Korea

Hotpot giant Haidilao is Served a Cold Reality

Super Hi Lifts 2025 Revenue and Profit as Haidilao Network Expands, Margins Tighten

Nomura Adjusts Haidilao International Holding's Price Target to HK$18.40 From HK$17.30, Keeps at Buy

Haidilao International Holding (HDALF) Receives a Buy from China Renaissance