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]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In the first half of 2025, the company achieved revenue of $397 million, a year-on-year increase of 6.79%, and net profit of $28 million, marking a return to profitability due to favorable exchange rate changes [2][6]. - The company is positioned as a leader in the international Chinese dining market, benefiting from its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $46.81 million, $59.08 million, and $70.67 million for the years 2025 to 2027, respectively [2][6]. Revenue Breakdown - In the first half of 2025, revenue from the company's hot pot restaurants, takeout business, and other segments grew by 5.9%, 48.1%, and 25% year-on-year, respectively [9]. - The increase in restaurant revenue is attributed to store expansion and enhanced brand influence, while the takeout business saw significant growth due to product optimization and strategic marketing partnerships [9]. Operational Performance - The average table turnover rate improved by 0.1 percentage points to 3.9 times per day, with the East Asia market showing a notable increase of 0.8 percentage points to 4.9 times per day [9]. - Overall same-store sales increased by 3% year-on-year, with the Southeast Asia region experiencing a decline of 1.2% [9]. Profitability Analysis - The company's operating profit margin decreased by 2.6 percentage points to 3% in the first half of 2025, influenced by rising costs of materials and labor [9]. - The company has been adjusting pricing strategies to enhance value for customers, which has impacted profit margins [9]. Store Expansion - The company opened 8 new hot pot restaurants in the first half of 2025, while closing 4 underperforming locations [9]. - As of the end of Q2 2025, the company operated 126 hot pot restaurants, an increase of 4 from the previous year [9].

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [1][16]. Core Views - The company's profit-sharing strategy has led to short-term pressure on operating profit, but diversified brands are expected to drive new growth [1][16]. - The company achieved a revenue of USD 400 million in 1H25, a 7.0% year-on-year increase, and a net profit of USD 28.352 million, marking a turnaround from a loss in the previous year [5][15]. - The report highlights the strong growth in the takeaway business and the introduction of new business opportunities through strategic marketing collaborations [6][16]. Financial Performance Summary - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2.3%/2.0%/1.9% to USD 860 million, USD 960 million, and USD 1.06 billion, respectively, with year-on-year growth rates of 10.2%, 11.5%, and 10.7% [10][16]. - The net profit attributable to shareholders is projected to be USD 40 million, USD 60 million, and USD 70 million for 2025-2027, reflecting year-on-year growth of 104.7%, 28.4%, and 21.9% [10][16]. - The operating profit margin for 1H25 was reported at 6.4%, down 2.3 percentage points year-on-year, consistent with the company's profit-sharing policy [5][15]. Revenue Breakdown - Restaurant operating revenue reached USD 380 million in 1H25, a 5.9% increase year-on-year, with significant contributions from Southeast Asia, East Asia, and North America [6][10]. - The takeaway business generated USD 7.738 million, showing a remarkable growth of 49.0% year-on-year, attributed to product optimization and strategic marketing [6][10]. - Other income amounted to USD 11.527 million, a 24.6% increase year-on-year, driven by the popularity of hot pot seasonings and the launch of a second brand under the "Red Pomegranate Plan" [6][10]. Cost Structure and Efficiency - In 1H25, the cost of raw materials and consumables increased by 8.1% to USD 130 million, accounting for 34.0% of revenue [8][10]. - Employee costs rose by 11.0% to USD 140 million, with an employee cost ratio of 35.3%, reflecting the expansion of the restaurant network and increased investment in employee welfare [8][10]. - The company is implementing measures to reduce costs and improve efficiency, which are expected to enhance profitability in the second half of 2025 [8][10].

Core Insights - The company, Tehai International, reported a revenue of approximately $397 million for the first half of 2025, with a profit attributable to shareholders of $28.35 million, translating to an earnings per share of $0.05 [1] Group 1: Financial Performance - The average table turnover rate for Haidilao restaurants was 3.9 times per day, an increase of 0.1 times compared to the previous year [1] - Same-store revenue grew by 3.0% year-on-year [1] - The operating profit margin at the restaurant level was 6.4%, a decrease of 2.3 percentage points year-on-year, reflecting the company's expected profit-sharing policy and indicating areas for improvement in management precision [1] Group 2: Expansion and Strategy - Tehai International opened 8 new Haidilao restaurants in the first half of 2025 and closed 4 underperforming locations as part of its "Woodpecker Plan" in Southeast Asia and East Asia [1] - As of June 30, 2025, the company operated a total of 126 Haidilao restaurants internationally, with 74 in Southeast Asia, 20 in East Asia, 20 in North America, and 12 in other regions [1] Group 3: Brand Development - The company is steadily advancing its second brand incubation under the "Pomegranate Plan," with other sales revenue reaching $11.5 million, a 25.0% increase from $9.2 million in the same period of 2024 [2] - As of June 30, 2025, Tehai International has opened prototype stores across various categories, including hot pot, barbecue, and fast food, while preparing to offer Chinese, other Asian, and Western fast food options [2]

Core Viewpoint - Teahouse International (09658) reported a revenue of $397 million for the six months ending June 30, 2025, representing a year-on-year growth of 7.0% [1] - The company achieved a profit attributable to owners of $28.35 million, a significant turnaround from a loss of $4.583 million in the same period last year [1] - Basic earnings per share were $0.05 [1] Financial Performance - Revenue for the first half of 2025 was $397 million, up 7.0% year-on-year [1] - Profit attributable to owners was $28.35 million, compared to a loss of $4.583 million in the previous year [1] - Basic earnings per share stood at $0.05 [1] Operational Metrics - The average table turnover rate for Haidilao restaurants was 3.9 times per day, an increase of 0.1 times per day year-on-year [1] - Same-store average turnover rate remained stable at 3.9 times per day compared to the same period in 2024 [1] - Same-store revenue grew by 3.0% year-on-year [1] - Operating profit margin at the restaurant level was 6.4%, a decrease of 2.3 percentage points year-on-year, aligning with the company's expected profit-sharing policy [1] Strategic Initiatives - The company continued to optimize its global restaurant network through a "bottom-up" approach [1] - Eight new Haidilao restaurants were opened in the first half of 2025 [1] - The "Woodpecker Plan" was dynamically adopted in Southeast Asia and East Asia, resulting in the closure of four underperforming stores [1] - As of June 30, 2025, the company operated a total of 126 Haidilao restaurants internationally, with 74 in Southeast Asia, 20 in East Asia, 20 in North America, and 12 in other regions [1]