HK Stock Market Move | HAIDILAO(06862) falls nearly 5% again, dining same-store sales continue to face pressure, income in the second half of the year may be under pressure year-on-year for the first time in 24 years.

HAIDILAO (06862) fell by nearly 5%, reaching a 4.81% decrease as of the time of writing, at 13.86 Hong Kong dollars, with a trading volume of 3.37 billion Hong Kong dollars. Zhongjin pointed out that HAIDILAO's 2H24 year-on-year base is relatively high, estimating that the turnover rate from July to August 24 will be basically flat year-on-year, with a single-digit decline from September to November. It is expected that December, as the month with the highest year-on-year base, may face pressure on the turnover rate, but may be boosted by holiday promotions, improving from November. HAIDILAO's revenue in 2H24 may be under pressure year-on-year, but fine management is expected to support profit growth. Huaan pointed out that the restaurant consumption in 24 has shown a weak recovery trend, with a year-on-year increase of +4% in November in the social zero catering consumption, an increase of 0.8 percentage points compared to the previous month. The overall effect of restaurant consumption coupons on the national level is relatively limited. Looking at the current implementation of restaurant consumption coupons, we expect that there is still room for improvement in terms of implementation scope, duration, and discount intensity. Looking ahead to 25, if the promotion efforts of restaurant consumption coupon policy are enhanced, the recovery of the B-side is expected, with small Bs becoming a source of revenue growth.