Haidilao International Holding Ltd.

Fair Value Summary

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
% Growth	8.25%	7.78%	7.31%	6.84%	6.36%	5.89%	5.42%	4.95%	4.47%	4.00%
Revenue	46,284.00	49,885.85	53,532.15	57,191.89	60,831.46	64,415.05	67,905.23	71,263.50	74,450.94	77,428.98
EBITDA	11,885.95	12,810.92	13,747.31	14,687.15	15,621.80	16,542.09	17,438.38	18,300.80	19,119.35	19,884.12
D&A	-3,758.75	-4,051.26	-4,347.38	-4,644.59	-4,940.16	-5,231.18	-5,514.62	-5,787.35	-6,046.20	-6,288.05
EBIT	8,127.20	8,759.66	9,399.93	10,042.56	10,681.65	11,310.90	11,923.76	12,513.45	13,073.15	13,596.07
Pro forma Taxes	-2,599.40	-2,801.69	-3,006.47	-3,212.01	-3,416.42	-3,617.68	-3,813.70	-4,002.30	-4,181.32	-4,348.57
NOPAT	5,527.79	5,957.97	6,393.46	6,830.55	7,265.23	7,693.22	8,110.06	8,511.15	8,891.83	9,247.50
Capital Expenditures	-4,232.84	-4,562.24	-4,895.70	-5,230.40	-5,563.25	-5,890.98	-6,210.17	-6,517.30	-6,808.80	-7,081.15
NWC Investment	195.12	199.13	201.59	202.33	201.21	198.12	192.96	185.66	176.22	164.64
(+) D&A	3,758.75	4,051.26	4,347.38	4,644.59	4,940.16	5,231.18	5,514.62	5,787.35	6,046.20	6,288.05
Free Cash Flow	5,248.83	5,646.12	6,046.72	6,447.06	6,843.35	7,231.54	7,607.47	7,966.86	8,305.45	8,619.04
Diluted Shares Outstanding	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00	5,415,000,000.00

Metric	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34
Period Start	6/30/25	1/1/26	1/1/27	1/1/28	1/1/29	1/1/30	1/1/31	1/1/32	1/1/33	1/1/34
Period End	12/31/25	12/31/26	12/31/27	12/31/28	12/31/29	12/31/30	12/31/31	12/31/32	12/31/33	12/31/34
Mid-Point	9/30/25	7/2/26	7/2/27	7/1/28	7/2/29	7/2/30	7/2/31	7/1/32	7/2/33	7/2/34
Time (t)	0.10	0.46	1.46	2.46	3.46	4.46	5.46	6.46	7.46	8.46
Valuation Date	1/16/26

WACC: 6.74%Terminal Growth: 3.08%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.91	0.85	0.80	0.75	0.70	0.66	0.61	0.58
PV UFCF	5,214.70	5,479.23	5,497.44	5,491.29	5,460.76	5,406.14	5,328.05	5,227.41	5,105.46	4,963.66	Raw: 192,899.48 148,987.97	Raw: 242,952.57 135,425.51

WACC: 7.74%Terminal Growth: 2.58%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.90	0.83	0.77	0.72	0.67	0.62	0.57	0.53
PV UFCF	5,209.84	5,455.77	5,423.10	5,366.76	5,287.38	5,185.91	5,063.56	4,921.82	4,762.37	4,587.13	Raw: 136,127.99 101,328.25	Raw: 171,450.16 87,908.52

WACC: 5.74%Terminal Growth: 3.58%

Metric	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	TV (5y)	TV (10y)
Discount Factor	0.99	0.97	0.92	0.87	0.82	0.78	0.74	0.70	0.66	0.62
PV UFCF	5,219.61	5,503.00	5,573.51	5,619.93	5,641.53	5,637.92	5,609.03	5,555.13	5,476.84	5,375.09	Raw: 328,629.68 263,460.17	Raw: 413,901.73 251,017.29

Current Price$14.73

WACC Used6.7%

IMPLIED REVENUE GROWTH92.91%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	165,955.03	320,150.18	617,613.94	1,191,462.64	2,298,496.07	4,434,116.53	8,554,023.51	16,501,893.37	31,834,432.60	61,413,019.48
Constant Implied Growth	92.91%	92.91%	92.91%	92.91%	92.91%	92.91%	92.91%	92.91%	92.91%	92.91%
Implied Free Cash Flow	16.60	32.02	61.76	119.15	229.85	443.41	855.40	1,650.19	3,183.44	6,141.30
Discount Factor	0.96	0.85	0.80	0.75	0.70	0.66	0.61	0.58	0.54	0.51
Present Value of Implied FCF	15.85	27.27	49.28	89.07	160.98	290.94	525.83	950.34	1,717.56	3,104.18

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2019	2019-12-31	$27.96	8.00%	$-2.06	-107.36%
2018	2018-12-31	$15.06	9.08%	$-0.03	-100.22%
2017	2017-12-31	$14.83	14.28%	$0.80	-94.61%
2016	2016-12-31	$15.95	30.61%	$9.49	-40.48%
2015	2015-12-31	$14.91	35.12%	$2.56	-82.83%

Mean Fair Value
$39.55

Median
$34.55

10th Percentile
$25.42

90th Percentile
$56.33