Group 1 - Miniso's stock increased by nearly 5% [1] - Lao Pu Gold and Xiaomi Group both rose by 2% [1] - Li Auto, Cha Bai Dao, and Guo Quan saw increases of over 1.5% [1] Group 2 - Bruker experienced a decline of over 13.5% [1] - Hou Shang A Yi fell by nearly 6% [1] - Leap Motor dropped by nearly 3.5% [1] - Pop Mart decreased by nearly 1% [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。 董事會會議日期 特海国际控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，董事會會議將於2025年8月26日（星期二）舉行，藉 以（其中包括）考慮及批准(i)本集團截至2025年6月30日止三個月的未經審核財務 業績（「第二季度業績」）及其發佈；(ii)本集團截至2025年6月30日止六個月之未經 審核中期業績（「中期業績」）及其發佈；及(iii)派發中期股息（如有）。 本集團將於同日於香港聯合交易所有限公司（「聯交所」）交易時段結束後於聯交所 網站(www.hkexnews.hk)公佈第二季度業績及中期業績。 於刊發第二季度業績及中期業績後，本公司的管理層將於2025年8月26日（星期 二）下午八時正（香港時間）（即美國東部時間2025年8月26日上午八時正）召開以 中文進行的業績電話會議。 若 閣下欲參與電話會議，請於電話會議前透過以下鏈接註冊。註冊 ...

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7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8月5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 ...

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating a strong risk appetite and suggesting investment opportunities in various sectors, particularly in virtual assets and Web 3.0 [3][10]. Core Insights - The Hong Kong stock market is experiencing a significant increase in risk appetite, with improved asset quality and trading volume, highlighting the value of asset trading platforms [3][10]. - There is a notable uptrend in multiple sectors such as AI, new consumption, and innovative pharmaceuticals, with a particular focus on small and mid-cap stocks in media and consumer sectors [3][10]. - The report emphasizes the ongoing development of virtual assets and the Web 3.0 market, driven by stablecoin policies and recent IPOs, suggesting that more regulatory frameworks will emerge [3][10]. - The trend of Chinese companies returning to Hong Kong for IPOs is gaining momentum, with increased trading of companies like NetEase and Ctrip in the Hong Kong market [3][10]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, necessitating close monitoring of trade policies and domestic economic changes [3][10]. Summary by Sections Education - The K12 education sector maintains high growth, with leading institutions reporting over 20% revenue growth during the winter training period, and an increase in non-academic course retention rates [5][11]. Luxury Goods - The luxury goods market shows slight pressure due to macroeconomic factors, but brands that align with demand trends are performing well, with cautious price increases observed [5][20]. Coffee and Tea Drinks & OTA - Coffee and tea remain key categories for delivery platforms, with strong performance from major brands like Luckin Coffee, which continues to expand its store presence [5][25]. E-commerce - The e-commerce sector faces slight pressure, but major platforms like Alibaba and JD.com are expected to benefit from ongoing promotional activities [5][26]. Streaming Platforms - Music streaming platforms are viewed as high-quality internet assets, with sustained profitability driven by scale effects [5][34]. Virtual Assets & Internet Brokers - The stablecoin leader Circle's IPO saw a 168% increase on its first day, marking a significant event in the virtual asset space [5][38]. Real Estate Transactions - Recent data shows a slight decline in second-hand housing transactions in major cities, suggesting a need for caution in the real estate market [5][50]. Automotive Services - The automotive aftermarket is under pressure, with traditional fuel vehicle service visits declining, while new energy vehicle service visits are increasing [5][45].

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

Core Viewpoint - The company reported a revenue of $19.8 million in Q1 2025, a year-on-year increase of 5.4%, and a net profit of $1.2 million, benefiting from a decrease in foreign exchange losses [1][2] Business Performance - The restaurant operations of Haidilao showed steady growth, with revenue from restaurant operations, takeout, and other businesses increasing by 4.5%, 37.9%, and 22.7% year-on-year, respectively [1] - Restaurant operations accounted for over 95% of total revenue, with takeout growth driven by increased investment, marketing, and expanded restaurant coverage [1] - Other business growth was attributed to the second brand restaurant incubated by the Pomegranate Plan and the rising popularity of hot pot condiments and branded foods among local customers and retailers [1] Operational Metrics - The company maintained a table turnover rate of 3.9 times per day, with same-store turnover increasing by 0.1 times to 4.0 times per day [2] - Average daily sales per restaurant reached $17,800, a year-on-year increase of 1.71%, while same-store sales grew by 0.34% [1][2] - The overall customer spending per visit decreased by 2.8% to $24.2 due to proactive pricing adjustments and portion size reductions [1] Profitability - Profit margins declined to 4.1%, down 2.5 percentage points year-on-year, influenced by rising costs in raw materials, employee expenses, and increased outsourcing and maintenance costs [2] - Employee costs rose significantly due to restaurant network expansion and enhanced employee benefits aimed at improving loyalty and job satisfaction [2] Store Network - The company opened 4 new Haidilao locations in Q1 2025 while closing 3 underperforming restaurants, bringing the total number of stores to 123 [2] - Compared to the same period in 2024, the number of stores in Southeast Asia, East Asia, North America, and other regions each increased by 1 [2] Future Outlook - The company is well-positioned in the international restaurant market, with expectations of revenue growth to $89.7 million, $104.1 million, and $116.9 million from 2025 to 2027, and net profits projected at $4.4 million, $5.5 million, and $6.3 million, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In Q1 2025, the company achieved revenue of $198 million, a year-on-year increase of 5.4%, and a net profit of $12 million, benefiting from a decrease in foreign exchange losses, thus turning from a loss to a profit [2][6]. - The company is positioned as a leader in the international Chinese dining market, leveraging its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $44.06 million, $55.15 million, and $63.41 million from 2025 to 2027, indicating strong growth potential in the hot pot industry internationally [2][6]. Revenue and Profitability - The company's revenue from its main business segments in Q1 2025 showed steady growth: Haidilao restaurant operations increased by 4.5%, takeaway business by 37.9%, and other businesses by 22.7% [6]. - The average daily sales per restaurant reached $17,800, a year-on-year increase of 1.71%, while same-store sales grew by 0.34% [6]. - The overall customer spending per visit decreased by 2.8% to $24.20, attributed to the company's pricing adjustments and menu changes [6]. Store Expansion and Network - The company opened 4 new Haidilao restaurants in Q1 2025, while closing 3 underperforming locations, bringing the total number of stores to 123 [6]. - The company continues to expand its presence in Southeast Asia, East Asia, North America, and other regions, with a net increase of 1 store in each of these areas compared to the same period in 2024 [6].

Core Viewpoint - The company is focusing on enhancing employee team building to improve employee cohesion, which may pressure short-term operating profit margins but is expected to benefit customer loyalty in the long run [1]. Financial Performance - For Q1 2025, the company reported revenue of $198 million, a year-on-year increase of 5.4%, with restaurant revenue up 4.5%, delivery revenue up 37.9%, and other revenue up 22.7% [1]. - The operating profit margin for Q1 2025 was 4.1%, a decrease of 2.5 percentage points year-on-year [1][3]. - The net profit for Q1 2025 was $12 million, compared to a loss of $4.5 million in Q1 2024, primarily due to a reduction in foreign exchange losses [1]. Store Management and Sales - As of Q1 2025, the company had a total of 123 stores, reflecting a net increase of 1 store year-on-year, with 4 new openings and 3 closures [2]. - Same-store sales for Q1 2025 increased by 0.3% year-on-year, with regional variations: Southeast Asia down 2.8%, East Asia up 14.7%, North America up 0.8%, and others down 1.5% [2]. - The average table turnover rate for same-store locations was 4.0 times per day, an increase of 0.1 times year-on-year [2]. Cost Structure - Raw material costs accounted for 34.0% of revenue in Q1 2025, an increase of 0.5 percentage points year-on-year, driven by targeted pricing strategies [3]. - Employee costs represented 35.3% of revenue in Q1 2025, up 1.4 percentage points year-on-year, due to an increase in employee numbers and investments in employee benefits [3]. Investment Outlook - The company maintains a "buy" rating, forecasting revenues of $897 million, $1.101 billion, and $1.341 billion for 2025-2027, with net profits of $43 million, $58 million, and $77 million respectively [1]. - Given the strong growth potential from overseas expansion, the company is assigned a price-to-sales ratio of 1.8 times the industry average for 2025, with a target price of HKD 19.45 [1].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of $198 million in Q1 2025, representing a year-over-year increase of 5.4%. Operating profit reached $8.2 million, up 44.6% year-over-year, with an operating margin of 4.1%, down 2.5 percentage points year-over-year. The improvement in profit was attributed to strategic adjustments aimed at enhancing customer experience and brand loyalty, despite rising labor costs [1][2] - The company continues to focus on enhancing customer experience, with same-store turnover showing stable growth. The opening of new stores is expected to accelerate year-over-year. Although operating margins may face short-term pressure, the strategic adjustments are expected to strengthen the brand and improve operational quality in the long term [1][4] Summary by Sections Financial Performance - In Q1 2025, the company generated revenue from restaurants, takeout, and other businesses amounting to $1.88 million, $0.04 million, and $0.054 million respectively, with year-over-year growth rates of 4.5%, 37.9%, and 22.7%. Same-store turnover was 4.0 times per day, an increase of 0.1 times year-over-year [2] - The average spending per customer was $24.2, a slight decrease of 0.3% year-over-year. The gross margin was 66.04%, down 0.47 percentage points year-over-year, primarily due to the introduction of more value-for-money menu items [2] Store Expansion and Strategy - As of Q1 2025, the company operated 123 direct stores across various regions, with a net addition of 1 store since the end of 2024. The company is committed to enhancing both the quality and quantity of its store openings, with plans to launch its first barbecue restaurant in Malaysia in June [3] - The company is actively pursuing the "Pomegranate Plan" to diversify customer experiences and explore new growth opportunities in different food categories [3] Valuation and Price Target - The target price for the company is set at HKD 19.69, down from the previous HKD 21.88, reflecting a valuation of 28 times the expected earnings per share (EPS) for 2026. The EPS estimates for 2025, 2026, and 2027 have been adjusted to $0.07, $0.09, and $0.11 respectively, reflecting a decrease of 17%, 10%, and 3% [4][8]