According to a research report published by Morgan Stanley, Haidilao provided a one-month loan of up to 100 million yuan to Chairman of the Board of Directors Zhang Yong, or further dampened investor sentiment. The bank downgraded its rating from “increasing holdings” to “synchronizing with the market”, and the target price was lowered from HK$16.5 to HK$10.5. The bank pointed out that the loan had little impact on the company's finances, but it was a related transaction, which may further increase valuation pressure after the majority shareholders reduced their holdings earlier. Macro and catering demand continued to weaken, the year-on-year recovery rate was weak, and the company saw no clear catalyst. The bank lowered Haidilao's 2026-2028 revenue forecast by 1% and the earnings forecast per share by 3% to 4%, reflecting a slower than expected recovery in macro and catering demand in the third quarter.

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