24 February 2026 | 11:40PM HKT Equity Research China Restaurants: Look for an improving market backdrop in 2026E; 2H25 earnings preview Following a solid earnings beat for YUMC for 4Q25 result, we expect major restaurant companies (Guming, Mixue, Haidilao) in our coverage to report better than our earlier expected earnings for 2025. In this note, we update industry forecast and provide earnings preview/updated 2026-27E earnings outlook on Guming (Buy, on CL, revise up earnings outlook and TP), MIXUE (Buy) a ...