机构：长江证券 研究员：赵刚/杨会强/马健轩 事件描述 经营方面，餐厅销售额增长，公司主动调整定价导致客单价下降。2025 年一季度，公司翻台率3.9 次/ 天，同比持平，同店翻台率4.0 次/天，同比增长0.1 次/天；各区域顾客日均消费均有所下跌，主要系公 司主动调整定价、菜品份量让利消费者，公司整体客单价24.2 美元，同比下降2.8%；餐厅平均每日销 售额1.78 万美元，同比增长1.71%，同店销售额同比增长0.34%。 盈利能力方面，公司让利员工及消费者，利润率有所下滑。2025 年一季度，公司原材料及耗材成本/员 工成本/租金及相关/水电开支占比分别同比+0.47%/+1.42%/+0.46%/-0.14%，员工成本大幅增长一方面是 随着餐厅网络扩张，客流量与翻台率提升下，员工人数增加，另一方面是公司增加了员工福利，提升员 工忠诚度与工作满意度。原材料成本提升则主要是由于公司主动调整菜单、升级产品以及提供更优惠的 价格组合。一季度公司利润率4.1%，同比下滑2.5pct，除上述因素外，还因公司随着餐厅增长，外包服 务费和日常维护费用增加以及短期租赁费用随员工福利投入增加而上升。 门店方面，餐厅网 ...

丨证券研究报告丨 港股研究丨公司点评丨特海国际（9658.HK） [Table_Title] 2025 年一季度业绩点评：汇兑亏损下降，同店 翻台率增长 报告要点 [Table_Summary] 2025 年一季度，公司实现营业收入 1.98 亿美元，同比增长 5.4%；实现扣非归母净利润 0.12 亿美元，受益于汇兑亏损下降，同比扭亏为盈。在餐饮出海浪潮下，特海国际以其独特的服务 形式、优越的品牌力、快速本土化的适应能力成为中餐出海品牌中的弄潮儿。在规模庞大且竞 争格局分散的国际餐饮市场中，特海国际具备广阔的发展空间。公司单店模型不断优化，新店 快速实现盈亏平衡，我们看好火锅行业在国际市场的发展空间以及公司未来的发展前景，预计 公司 2025-2027 年实现归母净利润 4406.37、5515.09、6340.58 万美元，维持"买入"评级。 分析师及联系人 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 特海 ...

公司加强员工团队建设以提高员工凝聚力，短期经营利润率承压，长期利于顾客粘性提高。 投资要点： 机构：国泰海通证券 研究员：刘越男/宋小寒 本报告导读： 投资建议：维持增持评级。预测 2025-2027 年收入分别为8.97/11.01/13.41 亿美元，归母净利润分别为 0.43/0.58/0.77 亿美元。 考虑公司海外扩张成长性强，给予2025 年高于行业平均的1.8 倍PS，目标价19.45 港元（按1 美元=7.83 港元折算），维持增持评级。 风险提示：海外门店拓展受阻，海外消费需求疲软，关税提高。 翻台同比提升，聚焦餐厅管理。①门店数：2025Q1 新开4 家，关闭3 家，净增1 家。截至2025Q1 门店 数123 家/同比+3.4%。②同店销售额：2025Q1 同店销售同比+0.3%，其中东南亚同比-2.8%，东亚同比 +14.7%，北美同比+0.8%，其他同比-1.5%。③同店翻台率：2025Q1同店平均翻台率4.0 次/天，同比 +0.1 次；其中东南亚3.8 次/同比持平，东亚4.9 次/同比+0.6 次，北美4.0 次/同比-0.1 次，其他4.0 次/同 比+0.2 次。④人均消费 ...

研究报告 Research Report 25 May 2025 特海国际 Super Hi International Holding (9658 HK) 点评报告：一季度同店翻台率同比提升，经营利润率短期承压 Review Report: Q1 Same-store Turnover Rate Improves YoY, Operating Margins Under Short- Term Pressure [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$15.60 目标价 HK$19.10 HTI ESG 4.0-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$10.14bn / US$1.30bn 日交易额 (3 个月均值) US$2.39mn 发行股票数目 650.30mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$23.35-HK ...

证券研究报告 特海国际 (9658 HK) 港股通 翻台稳中有增，聚焦长期精细化建设 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 5 月 | 22 日│中国香港 | 餐饮 | 特海国际 1Q25 收入 1.98 亿美元/yoy+5.4%；经营利润 0.082 亿美元/yoy +44.6%，经营利润率 4.1%/yoy-2.5pct，主因主动调整经营策略，通过让利 给顾客（更合理的定价、更实惠的份量）以提升消费粘性，并发力组织凝聚 力建设导致人工成本等费用抬升；归母净利润 0.12 亿美元/同比扭亏，期内 汇兑亏损净额较 24 年同期减少 0.20 亿美元，抵消部分费用增长影响。25 年公司继续做优顾客体验，同店翻台稳中有升，开店同比有望提速。短期经 营利润率虽有阶段性承压，但系列调整策略切实利好海底捞品牌特色的巩固 和经营质量长期提升，叠加红石榴多品牌计划逐步落地，中长期主品牌+新 品牌成长潜力可观。维持"买入"评级。 翻台高基数下仍有增长，人工成本抬升影响盈利能力 1Q25 海底捞餐厅 / 外 卖 / 其 他 业 务 收 入 1.88/0.04/0.054 ...

Group 1: Technology Sector - Major technology stocks experienced a collective decline, with Baidu Group falling over 4%, Bilibili and Alibaba dropping more than 3%, and other companies like Kuaishou, Xiaomi, and NetEase also seeing declines of over 2% [1][2] - Specific stock performance includes Baidu Group at 82.65, down 4.01%, Bilibili at 140.30, down 3.90%, and Alibaba at 119.10, down 3.25% [3] Group 2: Film and Entertainment Sector - The film sector saw a downturn, with Alibaba Pictures dropping over 5%, and other companies like Emperor Culture, Lingmeng Film, and Maoyan Entertainment also declining [4] - Alibaba Pictures is currently priced at 0.71, down 5.33%, while Emperor Culture is at 0.039, down 4.88% [4] Group 3: Restaurant Sector - The restaurant sector is struggling, highlighted by Tehai International's drop of over 10%, with other companies like Haidilao and Yum China also experiencing declines [7] - Tehai International's stock is priced at 15.68, down 10.30% [8] Group 4: Gold Sector - In contrast, gold stocks rose, with Tongguan Gold increasing over 9%, supported by a strong gold price that reached $3340 per ounce [9] - Specific stock performance includes Tongguan Gold at 1.60, up 9.59%, and Lingbao Gold at 10.04, up 4.37% [9] Group 5: Banking Sector - Banking stocks were active, with Shengjing Bank rising by 3%, and other banks like Postal Savings Bank and Citic Bank also seeing gains [10] - Shengjing Bank is priced at 1.03, up 3.00%, while Postal Savings Bank is at 5.16, up 1.98% [11] Group 6: Automotive Sector - Xiaopeng Motors reported a significant increase in revenue, with Q1 revenue of 15.81 billion, up 141.5% year-on-year, and a projected Q2 revenue of 17.5 billion to 18.7 billion [16] - Xiaopeng Motors' stock is currently at 82.05, with a market cap of 156.186 billion [12] Group 7: Biopharmaceutical Sector - Genscript Biotech saw a rise of over 10% after announcing a strategic partnership with Taohuan Science to enhance antibody discovery solutions [20] - Genscript Biotech's stock is priced at 11.76, with a market cap of 256.03 billion [17] Group 8: Market Outlook - Ping An Securities suggests focusing on undervalued sectors such as technology, innovative pharmaceuticals, and consumer sectors due to the low-risk interest rates in mainland China [21]

Core Viewpoint - The company reported a positive financial performance for Q1 2025, with a revenue increase and a significant turnaround from losses to profits [1][2] Financial Performance - Revenue for Q1 2025 reached $19.8 million, representing a year-on-year increase of 5.4% [1] - Shareholders' profit amounted to $11.938 million, a recovery from a loss of $4.457 million in the same period last year [1] - Basic earnings per share were $0.02 [1] Operational Adjustments - The company opened 4 new Haidilao restaurants while closing 3 underperforming ones, resulting in a total of 123 restaurants as of March 31, 2025 [1] - The overall average table turnover rate was 3.9 times per day, with same-store turnover at 4.0 times per day, both unchanged from the previous year [1] - Total customer traffic exceeded 7.8 million, a 6.8% increase compared to 7.3 million in the same period last year [1] Strategic Focus - The CEO emphasized a proactive adjustment of business strategies, including better pricing, more affordable portions, and enhanced dining experiences to increase customer loyalty [2] - The company is committed to long-term investments in employee welfare and team building, despite short-term pressures on operating margins [2] - Future plans include further enhancing the "different Haidilao" experience through product, decor, and operational upgrades, as well as advancing the "Pomegranate Plan" to diversify product offerings and expand market share [2]

智通财经5月21日电，特海国际(09658.HK)在港交所发布公告称，2025年一季度收入为1.978亿美元，同 比增长5.4%。期内净利润为1190万美元，2024年同期亏损为450万美元。变动的主要原因是本季度汇兑 亏损净额较2024年同期减少2040万美元。 特海国际：一季度收入1.978亿美元 同比增5.4% ...

Revenue and Sales Performance - Revenue for Q1 2025 was $197.8 million, an increase of 5.4% compared to $187.6 million in Q1 2024[9] - Total customer traffic exceeded 7.8 million, a year-on-year increase of 6.8% from 7.3 million in the same period last year[9] - Takeout business revenue increased by 37.9% to $4.0 million, compared to $2.9 million in Q1 2024[10] - Total revenue for the three months ended March 31, 2025, was $197.783 million, an increase from $187.647 million in the same period of 2024, representing a growth of approximately 0.6%[21] - Same-store sales for the total of 102 locations reached $166.403 million, slightly up from $165.835 million in the previous year, indicating a year-over-year increase of about 0.3%[16] - Average daily sales per restaurant across all regions was $17.8 thousand, compared to $17.5 thousand in the same period last year, reflecting a growth of approximately 1.7%[21] Profitability and Costs - Operating profit decreased by 33.9% to $8.2 million, with an operating profit margin of 4.1%, down from 6.6% in Q1 2024[11] - Net profit for the quarter was $11.9 million, compared to a loss of $4.5 million in the same period last year[12] - The company reported a net profit of $11.880 million for the quarter, a significant recovery from a loss of $4.545 million in the same period last year[21] - Employee costs rose by 9.7% to $69.8 million, representing 35.3% of revenue, up from 33.9% in the same period last year[11] - The company incurred a cost of goods sold amounting to $67.167 million, which is an increase from $62.845 million in the previous year, reflecting a rise of approximately 5.3%[21] - Employee costs rose to $69.832 million from $63.597 million, marking an increase of about 9.5% year-over-year[21] Restaurant Operations and Expansion - The company opened 4 new Haidilao restaurants and closed 3 underperforming ones, bringing the total number of restaurants to 123 as of March 31, 2025[9] - The number of restaurants in Southeast Asia increased to 73 from 72, while total restaurant count rose from 119 to 123[14] - The company operates 123 self-operated restaurants across 14 countries as of March 31, 2025, maintaining its position as the largest Chinese dining brand in international markets[17] - The average table turnover rate for same-store locations increased to 4.0 times per day, up from 3.9 times in the previous year, showing improved operational efficiency[16] Financial Position and Cash Flow - As of March 31, 2025, total non-current assets amounted to $360,351 thousand, slightly down from $361,198 thousand as of December 31, 2024, indicating a decrease of approximately 0.23%[22] - Current assets increased to $324,304 thousand from $323,227 thousand, reflecting a growth of about 0.33%[22] - The net current asset position improved to $199,584 thousand, up from $194,659 thousand, representing an increase of approximately 2.0%[22] - Cash and cash equivalents decreased to $204,933 thousand from $254,719 thousand, a decline of about 19.5%[24] - Operating cash flow for the three months ended March 31, 2025, was $19,694 thousand, down from $24,018 thousand in the same period of 2024, a decrease of approximately 18.3%[24] - Total liabilities decreased slightly to $192,148 thousand from $194,196 thousand, a reduction of about 1.06%[23] - The company's total equity increased to $367,787 thousand from $361,661 thousand, reflecting a growth of approximately 1.5%[23] - The net cash used in investing activities was $(55,605) thousand, an improvement compared to $(73,548) thousand in the previous year, indicating a reduction in cash outflow of about 24.4%[24] - The company reported a decrease in cash used in financing activities to $(14,828) thousand from $(12,518) thousand, indicating an increase in cash outflow of approximately 18.4%[24] - The total inventory increased to $34,575 thousand from $31,521 thousand, representing a rise of about 9.7%[22] Strategic Initiatives - The company plans to enhance customer experience through product, decor, and operational upgrades as part of the "Different Haidilao" initiative[10] - The "Pomegranate Plan" will be advanced to diversify product offerings and expand market share[10] - The company anticipates continued growth in same-store sales and plans to expand its market presence further in the coming quarters[19]

Group 1 - The Hang Seng Index rose by 1.10%, gaining 250 points to reach 22,941 points, while the Hang Seng Tech Index increased by 1.56% [1] - The stock of Hu Shang A Yi (02589) surged over 52% on its first trading day, with a transaction volume of HKD 493 million [1] - Domestic insurance stocks saw broad gains, with China Pacific Insurance (02601) up 3.69%, China Life (02628) up 2.70%, New China Life (01336) up 3%, China Property & Casualty Insurance (02328) up 1.95%, and Ping An Insurance (02318) up 1.39% [1] Group 2 - Goodbaby International (01086) rose over 15% as reports indicated the U.S. is considering tariff exemptions for imports of Chinese baby strollers [1] - Yunfeng Financial (00376) increased over 14%, with a cumulative rise of 150% over the past week, as Ant Group is expected to achieve business synergies internally [1] - Changfei Optical Fiber (06869) rose over 8% as its subsidiary Bochuang Technology plans to invest in the third phase expansion project of Changxin Sheng in Indonesia [1] Group 3 - Meituan-W (03690) increased by 3% due to a surge in tourism activity, reaching a three-year high, which boosted OTA platforms [2] - Trip.com Group-S (09961) rose by 2% after signing a memorandum of understanding with Visit Oman, indicating strong overseas market development prospects [2] - China Software International (00354) increased by 2.6% as Huawei's first HarmonyOS computer was officially launched, benefiting the core of the Harmony ecosystem [2] Group 4 - Guoquan (02517) surged over 17% as shareholders committed to a six-month lock-up period after converting to H-shares, with expectations for improved store efficiency and opening speed this year [3] Group 5 - Tehai International (09658) rose by 7% due to strong overseas market demand, with institutions optimistic about the company's stable operations [4] - SMIC (00981) fell over 2% ahead of its quarterly report, amid reports that Trump plans to lift AI chip restrictions [5]