（文章来源：每日经济新闻） 每经AI快讯，港股餐饮股涨幅进一步扩大。截至发稿，九毛九(09922.HK)涨3.75%，报1.66港元；海底 捞(06862.HK)涨3.6%，报14.12港元；特海国际(09658.HK)涨2.25%，报13.62港元；百胜中国(09987.HK) 涨2.02%，报364.2港元。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock prices of restaurant companies, with notable gains for Jiamao Jiu, Haidilao, Tehai International, and Yum China [1] - As of December 10, the National Bureau of Statistics reported that the Consumer Price Index (CPI) for November rose by 0.7% year-on-year, indicating an expanding growth rate [1] - The core CPI, excluding food and energy prices, increased by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [1] Group 2 - Tianfeng Securities noted that the restaurant sector's retail sales in October grew by 3.8% year-on-year, marking the highest growth rate since June, signaling positive improvement [1] - According to Zhongyin International's research report, the growth rate of restaurant retail sales declined in June and subsequent third quarters, primarily due to the overall dining consumption environment [1] - The current market competition is shifting from price wars to a more rational approach, with average spending per customer stabilizing [1]

中银国际此前发布研报称，行业层面来看，6月以及后续三季度，社零餐饮增速下降，主要是受餐饮消 费大环境影响。但当前市场竞争从价格战逐步走向理性，客单价逐步趋稳。后续企业层面更需关注自身 经营水平建设。 消息面上，12月10日，国家统计局公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨 幅扩大；扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。天风证券此前 指出，餐饮社零10月同比增长3.8%，为自6月以来的最高增幅，呈现积极改善信号。 智通财经APP获悉，餐饮股涨幅进一步扩大，截至发稿，九毛九(09922)涨3.75%，报1.66港元；海底捞 (06862)涨3.6%，报14.12港元；特海国际(09658)涨2.25%，报13.62港元；百胜中国(09987)涨2.02%，报 364.2港元。 ...

机构：长江证券 研究员：赵刚/杨会强/马健轩 事件描述 2025 年第三季度，公司实现营业收入2.14 亿美元，同比增长7.8%，期内溢利359.3 万美元，同比下滑 90.5%，主要系汇率波动影响。 1、公司门店拓展不及预期； 2、公司同店经营不及预期； 3、外汇汇兑风险。 分业务看，外卖与其他业务收入增长显著。2025 年第三季度，海底捞餐厅经营同比增长5.1%，主要系 业务扩张以及品牌影响力提升，公司客流及翻台率增长；外卖业务同比增长69.2%，主要系公司持续优 化外卖产品及服务，与当地外卖平台进行战略营销合作；其他业务同比增长74.5%，主要系火锅调味品 增长以及第二品牌餐厅增长；但从占比看，海底捞餐饮经营依然占据93%以上的营收份额。 经营方面，平均翻台率提升，同店销售额增长。2025 年第三季度，海底捞餐厅平均翻台率同比增长0.1 次/天至3.9 次/天，其中东亚市场增长显著，同比增长0.6 次/天至4.9 次/天；人均消费同比下滑4.65%至 24.6 美元，各市场均有不同程度的下滑，北美下滑幅度最大，同比下滑10.11%；海底捞餐厅同店销售 额同比增长2.27%，除东南亚市场外，各市场均有所增 ...

报告要点 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨特海国际（09658.HK） [Table_Title] 2025 年三季度业绩点评：同店销售额同比增长， 门店环比持平 [Table_Summary] 2025 年第三季度，公司实现营业收入 2.14 亿美元，同比增长 7.8%，期内溢利 359.3 万美元， 同比下滑 90.5%，主要系汇率波动影响。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、7192 万美元，维持"买入"评级。 分析师及联系人 [Table_Author] 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.9 ...

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11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 | 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 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | | 650,299,000 | | | 0 | | 650,299,000 | | 增加 / 減少 (-) | | | | 0 | | | 0 | | | | 本月底結存 | | | | 650,299,000 | | | 0 | | 650,299,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 ...

Core Insights - Teh Hai International (09658.HK) reported a revenue of $214 million for Q3, a year-on-year increase of 7.8%, but the operating profit decreased by 15.4% to approximately $12.6 million, although it showed a quarter-on-quarter improvement of 240.5% [1] - The net profit attributable to shareholders fell dramatically by 90.4% to $3.609 million, primarily due to a significant increase in exchange losses compared to the same period in 2024 [1] Revenue Breakdown - The core revenue driver remains the dining operations, contributing $201 million in Q3, a 5.1% increase year-on-year, driven by store expansion and increased customer traffic and table turnover [2] - The average customer spending decreased to $24.6, down from $25.8, reflecting a 4.6% decline, attributed to pricing adjustments and marketing strategies aimed at increasing customer frequency and traffic [3][4] Customer Traffic and Store Expansion - The total customer traffic for Q3 exceeded 8.1 million, a 9.5% increase from 7.4 million in the same period last year, with an average table turnover rate of 3.9 times per day, slightly up from 3.8 times [4] - The company opened 10 new restaurants this year, bringing the total to 126, with plans for more openings despite some delays due to property handover and construction timelines [5] Delivery and Other Revenue Streams - The delivery business showed significant growth, achieving $4.4 million in revenue, a 69.2% increase year-on-year, as the company expanded its delivery channels and product offerings [6] - Other business segments generated $8.9 million in revenue, up 74.5%, driven by increased sales of hot pot condiments and contributions from the "Pomegranate Plan" which incubates new restaurant brands [7] Brand Development and Localization - The "Pomegranate Plan" aims to develop independent new brands outside of the hot pot segment, with successful launches in Canada and ongoing projects in Indonesia, Vietnam, and Japan [8] - The localization rate of customers has been steadily increasing, with over 90% in Asian markets like Korea and Indonesia, while North America shows a localization rate of 40%-50% [9]

Group 1: JD Discount Supermarket - JD Discount Supermarket in Shuyang opened on November 26, attracting nearly 50,000 visitors on its first day. The store features a two-level design with an area of approximately 5,000 square meters and over 200 free parking spaces [7] - The fresh produce section became a consumer hotspot, with durians priced at 18.9 yuan per pound and fresh eggs at 9.9 yuan per tray, leading to significant sales, including over 4 tons of durians sold in one day [7] - The store's opening signifies JD's complete coverage of Suqian, leveraging supply chain advantages to offer "everyday low prices" [7] Group 2: Happy Monkey Supermarket - Meituan's hard discount supermarket brand "Happy Monkey" opened its third store in northern China on November 28, accelerating its national expansion to six stores [10] - The new store emphasizes "good products at low prices," offering tested vegetables and fruits, fresh pork, and self-branded products [10] - Happy Monkey's rapid market capture is attributed to supply chain optimization and high-cost performance strategies, focusing on community core business districts [10] Group 3: Sam's Club Controversy - Sam's Club faced criticism for introducing two products from Xueji Fried Goods, with some consumers questioning the frequency of common product introductions in a membership-based store [11] - A staff member clarified that the products were priced lower than at Xueji's stores and were conveniently packaged for transport [11] Group 4: Alibaba's Cross-Border AI Tool - Alibaba's 1688 platform launched a cross-border e-commerce AI tool named "Ao Xia," which provides one-stop supply chain services for small and medium-sized businesses [11] - The tool enhances product selection efficiency to the top 20% of human buyers and boasts an 80% inquiry task resolution rate [11] Group 5: Tehai International Q3 Performance - Tehai International reported a 7.8% year-on-year revenue increase to $214 million in Q3 2025, with same-store sales up 2.3% to $182 million [12] - However, operating profit fell by 15.4% to $12.6 million, with a profit margin of 5.9%, primarily due to increased foreign exchange losses [12] Group 6: Hema Fresh Store Expansion - Hema Fresh signed a contract to open its first store in Shunde, Foshan, expanding its presence in Guangdong [14] Group 7: Wahaha Leadership Change - Zong Fuli has stepped down as chairman of Wahaha, with Xu Simin taking over the role, while Zong retains a 29.40% stake in the company [16] Group 8: JD Express Service Upgrade - JD Express upgraded its one-stop ski equipment delivery service in response to the early start of the ice and snow season, offering customized packaging and free storage for seven days [16] Group 9: Taobao Double 12 Festival - The 2025 Taobao Double 12 Festival's promotional rules were released, with the event scheduled from December 8 to December 12, featuring official discounts [17] Group 10: Cainiao's Black Friday Performance - Cainiao's overseas warehouses experienced a three-digit percentage increase in daily shipping volume during Black Friday, with order processing capacity nearly tripling [18] Group 11: Fuling Mustard's Market Strategy - Fuling Mustard plans to expand its product matrix and channels while continuing to develop overseas markets to drive overall sales [20] Group 12: Encountering Small Noodles IPO - Guangzhou Encountering Small Noodles began its IPO process, planning to list on the Hong Kong Stock Exchange on December 5, with a share price range of 5.64 to 7.04 HKD [21] Group 13: China Resources' Emergency Relief - China Resources initiated an emergency relief plan to support the Dapu community in Hong Kong, providing over 5,000 essential supplies to residents affected by recent disasters [22]

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [2][15]. Core Views - The company has shown improvement in table turnover rates and is steadily advancing its multi-brand strategy. The revenue for 3Q25 reached USD 210 million, a year-on-year increase of 7.8%, while net profit attributable to shareholders decreased by 90.4% to USD 3.609 million due to increased foreign exchange losses [3][4][15]. Financial Performance Summary - Revenue projections for 2025-2027 are maintained at USD 856 million, USD 952 million, and USD 1.064 billion, reflecting year-on-year growth rates of 10.0%, 11.2%, and 11.7% respectively [8][15]. - Net profit attributable to shareholders is forecasted to be USD 40 million in 2025, USD 50 million in 2026, and USD 70 million in 2027, with corresponding growth rates of 102.4%, 23.5%, and 25.6% [8][15]. - The gross profit margin is projected to be around 66.3% in 2025, with net profit margins of 5.2%, 5.7%, and 6.4% for 2025, 2026, and 2027 respectively [8][15]. Operational Insights - The company’s restaurant operations generated USD 200 million in revenue for 3Q25, a 5.1% increase year-on-year, driven by network expansion and enhanced brand influence [4][5]. - The takeaway business saw significant growth, with revenue increasing by 69.2% to USD 4.4 million, attributed to product optimization and strategic marketing collaborations [4][5]. - The average table turnover rate improved to 3.9 times per day, reflecting the effectiveness of the company's customer and employee incentive strategies [5][6]. Market Position and Valuation - The target price is set at HKD 18.4, corresponding to a market capitalization of HKD 11.98 billion, based on a price-to-sales (P/S) ratio of 1.8 [2][15]. - The company’s current market capitalization is approximately HKD 9.25 billion, with a share price of HKD 14.22 as of November 27, 2025 [2][15].

智通财经APP获悉，特海国际(09658)绩后跌超4%，截至发稿，跌4.37%，报13.58港元，成交额396.94万 港元。 消息面上，特海国际发布2025年第三季度业绩，该集团取得收入2.14亿美元，同比增加7.8%；公司拥有 人应占溢利360.9万美元，同比减少90.43%；每股盈利0.01美元。期内整体平均翻台率为3.9次/天，2024 年同期为3.8次/天；整体同店平均翻台率为4.0次/天，2024年同期为3.9次/天。总客流量超过810万人 次，较2024年同期的740万人次同比增长9.5%。同店销售额为1.82亿美元，较2024年同期的1.78亿美元 同比增长 2.3%。 ...