Citi raised its sales forecasts for HAIDILAO for 2026 and 2027 due to faster-than-expected delivery sales in 2025 and anticipated net store additions. However, they expect slight margin pressure in 2026 due to high upfront investments in new businesses, leading to a slight reduction in core net profit forecasts for 2026 and 2027. The target price was slightly lowered, but the stock retains a Buy rating.