智通财经APP获悉，9月9日,阿里巴巴-W（09988）、中国平安（02318）、南方恒生科技（03033）南向 资金净流入金额位列市场前三，分别净流入42.34 亿、8.44 亿、4.80 亿 小米集团-W（01810）、美团-W（03690）、康方生物（09926）南向资金净流出金额位列市场前三， 分别净流出-17.33 亿、-8.52 亿、-4.62 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 小米集团-W(01810) | -17.33 亿 | -17.96% | 56.200（+2.65%） | | 美团-W(03690) | -8.52 亿 | -5.77% | 99.650（-2.30%） | | 康方生物(09926) | -4.62 亿 | -15.64% | 140.100（-1.68%） | | 中国宏桥(01378) | -3.13 亿 | -33.92% | 23.960（-2.60%） | | 荣昌生物(09995) | -2.45 亿 | -13.22% | 104.400（+7.91%） | | 腾 ...

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 ...

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]

Core Viewpoint - The announcement from Tehai International (09658) indicates that its controlling shareholder, NP United, has decided to simplify its shareholding structure by distributing all its shares in the company to its shareholders in a physical manner [1] Group 1: Share Distribution - NP United holds a total of 180 million shares, representing 27.71% of the total issued shares [1] - The shares will be distributed to ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD in proportion to their existing holdings [1] - The physical distribution will involve the transfer of 93.3024 million shares (14.35% of total issued shares) to ZY NP LTD, 28.9649 million shares (4.45%) to SP NP LTD, and 28.9649 million shares (4.45%) each to SYH NP LTD and LHY NP LTD [1]

Group 1 - The core announcement is that NP United Holding Ltd, a controlling shareholder of Tehai International (09658), has decided to simplify its shareholding structure by distributing all its shares in the company to its shareholders in kind [1] - As of the announcement date, NP United holds 180 million shares, representing 27.71% of the total issued shares [1] - The shares will be distributed to four entities: ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD, with respective ownership stakes of approximately 51.778%, 16.074%, 16.074%, and 16.074% [1] Group 2 - The physical distribution will involve the transfer of 93.3024 million shares, 28.9649 million shares, 28.9649 million shares, and 28.9649 million shares to ZY NP LTD, SP NP LTD, SYH NP LTD, and LHY NP LTD, respectively [1] - These transfers represent 14.35%, 4.45%, 4.45%, and 4.45% of the total issued shares as of the announcement date [1]

Core Viewpoint - NP United Holding Ltd, a major shareholder of Tehai International (09658.HK), has decided to distribute all its shares in the company to its shareholders in a physical manner to simplify its shareholding structure [1] Group 1: Share Distribution - NP United currently holds 180,197,011 shares, representing 27.71% of the total issued shares [1] - The shares will be distributed to four entities: ZY NP Ltd, SP NP Ltd, SYH NP Ltd, and LHY NP Ltd, with respective ownership stakes of approximately 51.778%, 16.074%, 16.074%, and 16.074% [1] - The physical distribution will involve transferring 93,302,407 shares (14.35% of total issued shares), 28,964,868 shares (4.45%), 28,964,868 shares (4.45%), and 28,964,868 shares (4.45%) to ZY NP Ltd, SP NP Ltd, SYH NP Ltd, and LHY NP Ltd respectively [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 （於開曼群島註冊成立的有限公司） 本公告由特海国际控股有限公司（「本公司」）自願作出。 NP UNITED實物配發本公司股份 本公司董事會（「董事會」）獲本公司控股股東（「控股股東」）之一NP UNITED HOLDING LTD（「NP United」）告知，為簡化於本公司的持股，NP United董事會 已決議將其持有的全部本公司股份（「股份」）（「配發股份」）嚴格按照持股比例以 實物方式分派予其股東（即ZY NP LTD、SP NP LTD、SYH NP LTD及LHY NP LTD）（「實物配發」）。 截至本公告日期，NP United持有180,197,011股股份（佔已發行股份總數的 27.71%），並分別由ZY NP LTD、SP NP LTD、SYH NP LTD及LHY NP LTD持 有約5 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of $199 million in Q2 2025, representing a year-over-year increase of 8.5%, while operating profit decreased by 56.5% to $3.7 million due to increased labor costs [1][2] - The company aims to enhance customer experience and employee satisfaction, which may temporarily affect operating profit margins but is expected to strengthen the brand and improve operational quality in the long term [1][3] - The company is expanding its store network while focusing on quality, with a total of 126 stores operational as of Q2 2025, including new openings in Malaysia [3] - The company has adjusted its profit forecasts for 2025-2027, lowering the adjusted net profit estimates by 43%, 21%, and 17% to $30 million, $52 million, and $68 million respectively [4][10] Summary by Sections Financial Performance - Q2 2025 revenue was $199 million, with a year-over-year growth of 8.5%, and a net profit of $16 million, marking a turnaround from losses due to reduced foreign exchange losses [1][2] - For the first half of 2025, revenue reached $397 million, up 7% year-over-year, with a net profit of $28 million [1] Operational Insights - Same-store sales increased by 5.3% in Q2 2025, with notable performance in East Asia, particularly Japan [2] - The company has introduced a more value-oriented menu, resulting in a gross margin of 66.0%, slightly down by 0.3 percentage points year-over-year [2] Expansion Strategy - The company is actively pursuing its "Pomegranate Plan" to diversify its offerings and enhance customer experience, with over 10 new project tracks identified for future growth [3] - The company plans to continue exploring new markets and types of cuisine, including barbecue and fast food, to establish a second growth curve [3] Profit Forecast and Valuation - The adjusted net profit estimates for 2025-2027 have been revised downwards due to increased operational costs, with a target price set at HKD 17.46, based on a 28x PE ratio for 2026 [4][10] - The company is expected to maintain a gross margin of around 67% in the coming years, despite slight adjustments due to rising labor costs [10][14]

Core Insights - The company reported a revenue of $397 million in the first half of 2025, marking a year-on-year increase of 6.79%, and a net profit of $28 million, indicating a return to profitability due to favorable exchange rate fluctuations [1] - In Q2 2025, the company achieved a revenue of $201 million, reflecting a year-on-year growth of 8.26%, with a net profit of $16 million, also showing a return to profitability [1] Business Performance - Revenue growth across all business lines: restaurant operations, takeout, and other businesses increased by 5.9%, 48.1%, and 25% respectively in H1 2025 [1] - Restaurant revenue growth was driven by store expansion and enhanced brand influence, alongside improved customer traffic and table turnover rates [1] - The takeout business saw significant growth due to product and service optimization based on market demand and strategic marketing collaborations with local delivery platforms [1] - Other income, primarily from hot pot condiments and sub-brands, benefited from rising local customer preferences and the ongoing "Pomegranate Plan" for second brand restaurant incubation [1] Operational Metrics - Average table turnover rate increased by 0.1 percentage points to 3.9 times per day in H1 2025, with East Asia showing a notable improvement of 0.8 percentage points to 4.9 times per day [1] - Overall average revenue per restaurant per day grew by 2.9% year-on-year, despite a 1.6% decline in average customer spending due to pricing adjustments [1] - Same-store sales increased by 3% year-on-year, with the exception of Southeast Asia, which saw a decline of 1.2% [1] Profitability Analysis - Operating profit margins faced pressure due to strategic decisions, with raw material and consumables costs rising by 0.4 percentage points to 34%, and employee costs increasing by 1.2 percentage points to 35.3% [1] - The overall operating profit margin decreased by 2.6 percentage points to 3%, attributed to customer discounts from quality-price ratio strategies and the need for improved management practices [1] Expansion and Brand Development - The company opened 8 new Haidilao restaurants in H1 2025 while closing 4 underperforming locations, resulting in a total of 126 restaurants by the end of Q2 2025, an increase of 4 from the previous year [2] - The company is actively developing second brands across various categories, including hot pot, barbecue, and fast food [2] Future Outlook - The company is well-positioned in the international dining market, benefiting from its unique service model, strong brand presence, and rapid localization capabilities [2] - Forecasts for net profit from 2025 to 2027 are projected at $46.81 million, $59.08 million, and $70.67 million respectively, maintaining a "buy" rating [2]

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 年中期业绩点评：翻台率同比提升，东亚 市场表现优异 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 3.97 亿美元，同比增长 6.79%；实现净利润 0.28 亿美元， 同比扭亏为盈，利润改善主要受到汇率变动影响。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 4681、5908、7067 万美元，维持"买入"评级。 分析师及联系人 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 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 1 特海国际（96 ...