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特海国际(09658.HK):海底捞海外上市平台 领跑中餐出海
Ge Long Hui· 2025-10-11 03:07
机构:东吴证券 公司是海底捞海外上市平台: 特海国际是海底捞集团旗下专注海外市场的餐饮上市公司,2012 年在新 加坡开设第一家门店,领跑中餐出海。2024 年实现营收7.8 亿美元,yoy+13.4%,实现归母净利润2180 万美元;2025H1 实现归母净利润2835 万美元,同比扭亏。2024 年末在营门店122 家,东南亚/东亚/北 美/其他地区门店分别为73/19/20/10家。公司坚持海底捞品牌定位,直营稳步扩张,以东南亚为主要市 场,逐步覆盖全球市场,2024 年东南亚门店数占比59.8%。公司凭借"核心菜品"+"本地化产品",满足 海外市场多元化需求。 中餐出海正当时:2024 年上市正餐品牌同店增速仅海底捞为正,出海成为头部企业的第二增长曲线。 海外火锅市场潜力巨大,预计规模达到300 亿美元,海外逾6000 万华人华侨群体支持中国餐饮品牌产业 化,同时本地消费者将助力品牌扩张。海外传统中式餐饮行业集中度低,规模不及西化中式餐饮品牌, 火锅作为标准化程度较高的中式品类,有望复制西化中式餐饮品牌成功路径。而特海国际是最大的源自 中国的中式餐饮品牌,在社媒工具的加持下,有望进一步渗透海外市场。 ...
东吴证券:首予特海国际“增持”评级 不断完善全球化门店布局
Zhi Tong Cai Jing· 2025-10-09 05:58
Group 1 - The core viewpoint is that Tehai International, backed by Haidilao's strong capabilities, has significant potential in the overseas Chinese dining market, with an "overweight" rating given by Dongwu Securities [1] - The company is positioned as Haidilao's overseas listing platform, focusing on the international market with a steady expansion of its direct-operated stores, particularly in Southeast Asia [1][2] - Tehai International is expected to achieve a compound annual growth rate (CAGR) of 50.6% in net profit from 2025 to 2027, with projected net profits of $49.45 million, $56.36 million, and $74.44 million for those years [1] Group 2 - The overseas hot pot market is projected to reach $30 billion, supported by over 60 million overseas Chinese, which provides a strong foundation for the expansion of Chinese dining brands [2] - Haidilao is recognized as the leading hot pot brand, possessing a mature international operation and supply chain system, with an average store return period reduced to 5.1 years by 2024 [3] - The company employs a dual strategy of localization and traffic generation, leveraging brand ambassadors to enhance same-store sales [3]
东吴证券:首予特海国际(09658)“增持”评级 不断完善全球化门店布局
智通财经网· 2025-10-09 05:57
Group 1 - The core viewpoint is that Tehai International, backed by Haidilao's strong capabilities, has significant potential in the overseas Chinese dining market, with an "overweight" rating given by Dongwu Securities [1] - The company is expected to achieve a net profit of $49.45 million, $56.36 million, and $74.44 million from 2025 to 2027, with a compound annual growth rate of 50.6% [1] - Tehai International is positioned as Haidilao's overseas listing platform, focusing on global store expansion, particularly in Southeast Asia, with a projected increase in overseas stores to 129, 140, and 149 by 2025 to 2027 [1] Group 2 - The overseas hot pot market is projected to reach $30 billion, supported by over 60 million overseas Chinese, which will aid the expansion of Chinese dining brands [2] - Tehai International is the largest Chinese dining brand, leveraging social media tools to penetrate overseas markets [2] - The traditional Chinese dining industry abroad has low concentration, and hot pot, being a highly standardized category, is expected to replicate the success of Westernized Chinese dining brands [2] Group 3 - Haidilao is recognized as the leading hot pot brand, possessing brand strength and a mature international operation and supply chain system [3] - The average return period for stores is continuously optimized, projected to shorten to 5.1 years by 2024 [3] - The company employs a comprehensive evaluation, promotion, and compensation system to ensure overall product and service quality [3]
特海国际(09658):海底捞海外上市平台,领跑中餐出海
Soochow Securities· 2025-10-09 03:26
Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company, Tehai International, serves as the overseas listing platform for Haidilao, leading the expansion of Chinese cuisine internationally. It aims to enhance its global store layout and accelerate the internationalization of Chinese dining [6][11]. - The overseas hot pot market is projected to reach a scale of $30 billion, supported by over 60 million overseas Chinese, with local consumers also contributing to brand expansion [6][41]. - Tehai International is positioned as the largest Chinese dining brand in international markets, leveraging its strong brand presence and operational capabilities [6][47]. Summary by Sections Company Overview - Tehai International operates as the overseas platform for Haidilao, with 122 stores globally as of 2024, focusing on direct operations and local product offerings [11][12]. - The company has achieved significant revenue growth, with a projected revenue of $778.31 million in 2024, reflecting a year-on-year increase of 13.07% [1][6]. Industry Overview - The report highlights that the internationalization of Chinese cuisine is timely, with Tehai International being a key player in this trend. The company is expected to benefit from the growing acceptance of hot pot among local consumers [6][37]. - The international Chinese dining market is characterized by low concentration, providing opportunities for growth, especially for standardized offerings like hot pot [6][45]. Competitive Advantages - Tehai International is recognized as the leading hot pot brand, with a robust operational framework and supply chain management that supports its international expansion [6][56]. - The company has optimized its store model, reducing the average return period to 5.1 years, and is enhancing customer engagement through localized services and cultural events [6][31]. Financial Analysis - The financial projections indicate a compound annual growth rate (CAGR) of 50.6% for net profit from 2025 to 2027, with expected profits of $49.45 million in 2025 [1][6]. - The report anticipates a steady increase in the number of overseas stores, reaching 149 by 2027, further solidifying the company's market position [6][11].
特海国际(09658) - 截至2025年9月30日止月份之股份发行人的证券变动月报表
2025-10-02 22:02
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 特海国际控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09658 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | 本月底法定/註冊股本總額: USD 50, ...
特海国际(09658) - 2025 - 中期财报
2025-09-22 10:00
SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 Definitions 釋義 | "ADS(s)" | American depositary share(s), each ADS represents | 「美國存託 | 指 | 美國存託股份,每股 | | --- | --- | --- | --- | --- | | | 10 ordinary Shares | 股份」 | | 美國存託股份代表10 | | | | | | 股普通股 | | "Apple Trust" | a discretionary trust set up by Mr. ZHANG Yong | 「Apple | 指 | 由張勇先生與 U B S | | | with UBS Trustees (B.V.I.) Limited acting as trustee | Trust」 | | Trustees (B.V.I.) Limited | | | | | | (作為受託人)設立的 | | | | | | 全權信託 | | "associate(s)" | has the meanin ...
智通港股沽空统计|9月22日
智通财经网· 2025-09-22 00:23
Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - The top three companies with the highest short-selling ratios are China Resources Beer (100.00%), Li Ning (100.00%), and Tencent Holdings (95.84%) [1][2]. - The short-selling ratio reflects the percentage of shares that are sold short compared to the total shares outstanding, indicating bearish sentiment among investors [2]. Short Selling Amounts - The companies with the highest short-selling amounts are Alibaba (35.98 billion), Baidu (25.30 billion), and Xiaomi (14.66 billion) [1][2]. - These figures represent the total monetary value of shares that have been sold short, suggesting a significant level of investor concern regarding these companies [2]. Deviation Values - The top three companies with the highest deviation values are China Ping An (46.83%), Tencent Holdings (43.52%), and Yixin Group (38.34%) [1][2]. - Deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, highlighting stocks that may be experiencing unusual trading activity [2].
智通港股通资金流向统计(T+2)|9月12日
智通财经网· 2025-09-11 23:36
Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 4.234 billion, Ping An of China (02318) with 844 million, and Southern Hang Seng Technology (03033) with 480 million [1] - The top three companies with net outflows of southbound funds are Xiaomi Group-W (01810) with -1.733 billion, Meituan-W (03690) with -852 million, and Kangfang Biologics (09926) with -462 million [1] - In terms of net inflow ratio, Tehai International (09658) leads with 62.75%, followed by Yancoal Australia (03668) with 51.59%, and Yimeng Biologics-B (09606) with 51.01% [1] - The companies with the highest net outflow ratios are GX China (03040) at -100.00%, Kangji Medical (09997) at -60.98%, and China International Marine Containers (02039) at -48.45% [1] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 4.234 billion, representing a 16.56% increase in closing price to 141.900 [2] - Ping An of China (02318) saw a net inflow of 844 million, with a 24.06% increase in closing price to 57.200 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 480 million, with a 6.20% increase in closing price to 5.715 [2] Top 10 Net Outflows - Xiaomi Group-W (01810) experienced a net outflow of -1.733 billion, with a -17.96% decrease in closing price to 56.200 [2] - Meituan-W (03690) had a net outflow of -852 million, with a -5.77% decrease in closing price to 99.650 [2] - Kangfang Biologics (09926) faced a net outflow of -462 million, with a -15.64% decrease in closing price to 140.100 [2] Net Inflow Ratios - Tehai International (09658) had a net inflow ratio of 62.75% with a net inflow of 7.0962 million, closing at 14.980 [3] - Yancoal Australia (03668) recorded a net inflow ratio of 51.59% with a net inflow of 28.6046 million, closing at 27.620 [3] - Yimeng Biologics-B (09606) had a net inflow ratio of 51.01% with a net inflow of 194 million, closing at 406.400 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00% with a net outflow of -11.4 thousand, closing at 38.140 [3] - Kangji Medical (09997) recorded a net outflow ratio of -60.98% with a net outflow of -20.9363 million, closing at 8.850 [3] - China International Marine Containers (02039) had a net outflow ratio of -48.45% with a net outflow of -16.1516 million, closing at 8.020 [3]
特海国际(09658) - 截至2025年8月31日止月份之股份发行人的证券变动月报表
2025-09-02 22:04
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 特海国际控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09658 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | 本月底法定/註冊股本總額: USD 50,0 ...
特海国际(9658.HK):盈利受运营调整扰动 期待环比改善
Ge Long Hui· 2025-09-02 18:38
Core Viewpoint - The company reported a revenue of $19.9 million in Q2 2025, reflecting an 8.5% year-over-year increase, but operating profit decreased by 56.5% to $3.7 million due to increased labor costs impacting profitability [1] - The company aims to enhance customer experience and employee satisfaction, which may temporarily affect operating margins but is expected to strengthen brand quality and long-term growth potential [1] Financial Performance - Q2 2025 revenue reached $19.9 million, with a year-over-year growth of 8.5%, while operating profit was $3.7 million, down 56.5% year-over-year, resulting in an operating margin of 1.9%, a decrease of 2.7 percentage points [1] - The net profit attributable to shareholders for Q2 2025 was $1.6 million, marking a turnaround from losses, primarily due to a reduction in foreign exchange losses by $2.3 million [1] - For the first half of 2025, revenue totaled $39.7 million, up 7.0% year-over-year, with a net profit of $2.8 million, also a turnaround from losses [1] Operational Insights - The company maintained stable same-store sales growth of 5.3% in Q2 2025, with notable performance in East Asia, where same-store sales increased by 28.7% [1][2] - The company operated 126 stores as of Q2 2025, with a net increase of 3 stores from Q1 2025, focusing on both the quality and quantity of new openings [2] - The average customer spending was $24.3, showing a slight decrease of $0.1 year-over-year, indicating stable core business operations [1] Strategic Initiatives - The company is advancing its "Pomegranate Plan" to diversify customer experiences and has identified over 10 new project opportunities for future growth [2] - The company opened its first barbecue restaurant in Malaysia and plans to explore other types of dining experiences, including hot pot and fast food, to establish a second growth curve [2] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 down by 43%, 21%, and 17% to $3.0 million, $5.2 million, and $6.8 million respectively, due to increased operational investments and cost pressures [2] - The company is assigned a target price of HKD 17.46, based on a 28X PE ratio for 2026, reflecting a premium valuation due to its differentiated positioning in the Chinese dining market [2]