高盛：海底捞_ 2025 年上半年前瞻_ 翻台率表现预期下调，向消费者让渡更多价值，但下半年基数更低；中性评级

14 July 2025 | 9:56PM HKT Haidilao International Holding (6862.HK) 1H25 preview: lower forecasts on table turn performance and more value offered to consumers, but easier base in 2H; Neutral | 6862.HK | | --- | | 12m Price Target: HK$15.30 | | Price: HK$14.12 | | Upside: 8.4% | We lower our earnings forecasts for Haidilao and look for 4%/6% revenue/net profit decline in 1H, mainly reflecting: 1) the lower-than-expected table turn performance in 1H25 at -MSD% on average, and smaller party size observed by th ...