Group 1: Technology Sector - Major technology stocks experienced a collective decline, with Baidu Group falling over 4%, Bilibili and Alibaba dropping more than 3%, and other companies like Kuaishou, Xiaomi, and NetEase also seeing declines of over 2% [1][2] - Specific stock performance includes Baidu Group at 82.65, down 4.01%, Bilibili at 140.30, down 3.90%, and Alibaba at 119.10, down 3.25% [3] Group 2: Film and Entertainment Sector - The film sector saw a downturn, with Alibaba Pictures dropping over 5%, and other companies like Emperor Culture, Lingmeng Film, and Maoyan Entertainment also declining [4] - Alibaba Pictures is currently priced at 0.71, down 5.33%, while Emperor Culture is at 0.039, down 4.88% [4] Group 3: Restaurant Sector - The restaurant sector is struggling, highlighted by Tehai International's drop of over 10%, with other companies like Haidilao and Yum China also experiencing declines [7] - Tehai International's stock is priced at 15.68, down 10.30% [8] Group 4: Gold Sector - In contrast, gold stocks rose, with Tongguan Gold increasing over 9%, supported by a strong gold price that reached $3340 per ounce [9] - Specific stock performance includes Tongguan Gold at 1.60, up 9.59%, and Lingbao Gold at 10.04, up 4.37% [9] Group 5: Banking Sector - Banking stocks were active, with Shengjing Bank rising by 3%, and other banks like Postal Savings Bank and Citic Bank also seeing gains [10] - Shengjing Bank is priced at 1.03, up 3.00%, while Postal Savings Bank is at 5.16, up 1.98% [11] Group 6: Automotive Sector - Xiaopeng Motors reported a significant increase in revenue, with Q1 revenue of 15.81 billion, up 141.5% year-on-year, and a projected Q2 revenue of 17.5 billion to 18.7 billion [16] - Xiaopeng Motors' stock is currently at 82.05, with a market cap of 156.186 billion [12] Group 7: Biopharmaceutical Sector - Genscript Biotech saw a rise of over 10% after announcing a strategic partnership with Taohuan Science to enhance antibody discovery solutions [20] - Genscript Biotech's stock is priced at 11.76, with a market cap of 256.03 billion [17] Group 8: Market Outlook - Ping An Securities suggests focusing on undervalued sectors such as technology, innovative pharmaceuticals, and consumer sectors due to the low-risk interest rates in mainland China [21]

Core Viewpoint - The company reported a positive financial performance for Q1 2025, with a revenue increase and a significant turnaround from losses to profits [1][2] Financial Performance - Revenue for Q1 2025 reached $19.8 million, representing a year-on-year increase of 5.4% [1] - Shareholders' profit amounted to $11.938 million, a recovery from a loss of $4.457 million in the same period last year [1] - Basic earnings per share were $0.02 [1] Operational Adjustments - The company opened 4 new Haidilao restaurants while closing 3 underperforming ones, resulting in a total of 123 restaurants as of March 31, 2025 [1] - The overall average table turnover rate was 3.9 times per day, with same-store turnover at 4.0 times per day, both unchanged from the previous year [1] - Total customer traffic exceeded 7.8 million, a 6.8% increase compared to 7.3 million in the same period last year [1] Strategic Focus - The CEO emphasized a proactive adjustment of business strategies, including better pricing, more affordable portions, and enhanced dining experiences to increase customer loyalty [2] - The company is committed to long-term investments in employee welfare and team building, despite short-term pressures on operating margins [2] - Future plans include further enhancing the "different Haidilao" experience through product, decor, and operational upgrades, as well as advancing the "Pomegranate Plan" to diversify product offerings and expand market share [2]

智通财经5月21日电，特海国际(09658.HK)在港交所发布公告称，2025年一季度收入为1.978亿美元，同 比增长5.4%。期内净利润为1190万美元，2024年同期亏损为450万美元。变动的主要原因是本季度汇兑 亏损净额较2024年同期减少2040万美元。 特海国际：一季度收入1.978亿美元 同比增5.4% ...

Revenue and Sales Performance - Revenue for Q1 2025 was $197.8 million, an increase of 5.4% compared to $187.6 million in Q1 2024[9] - Total customer traffic exceeded 7.8 million, a year-on-year increase of 6.8% from 7.3 million in the same period last year[9] - Takeout business revenue increased by 37.9% to $4.0 million, compared to $2.9 million in Q1 2024[10] - Total revenue for the three months ended March 31, 2025, was $197.783 million, an increase from $187.647 million in the same period of 2024, representing a growth of approximately 0.6%[21] - Same-store sales for the total of 102 locations reached $166.403 million, slightly up from $165.835 million in the previous year, indicating a year-over-year increase of about 0.3%[16] - Average daily sales per restaurant across all regions was $17.8 thousand, compared to $17.5 thousand in the same period last year, reflecting a growth of approximately 1.7%[21] Profitability and Costs - Operating profit decreased by 33.9% to $8.2 million, with an operating profit margin of 4.1%, down from 6.6% in Q1 2024[11] - Net profit for the quarter was $11.9 million, compared to a loss of $4.5 million in the same period last year[12] - The company reported a net profit of $11.880 million for the quarter, a significant recovery from a loss of $4.545 million in the same period last year[21] - Employee costs rose by 9.7% to $69.8 million, representing 35.3% of revenue, up from 33.9% in the same period last year[11] - The company incurred a cost of goods sold amounting to $67.167 million, which is an increase from $62.845 million in the previous year, reflecting a rise of approximately 5.3%[21] - Employee costs rose to $69.832 million from $63.597 million, marking an increase of about 9.5% year-over-year[21] Restaurant Operations and Expansion - The company opened 4 new Haidilao restaurants and closed 3 underperforming ones, bringing the total number of restaurants to 123 as of March 31, 2025[9] - The number of restaurants in Southeast Asia increased to 73 from 72, while total restaurant count rose from 119 to 123[14] - The company operates 123 self-operated restaurants across 14 countries as of March 31, 2025, maintaining its position as the largest Chinese dining brand in international markets[17] - The average table turnover rate for same-store locations increased to 4.0 times per day, up from 3.9 times in the previous year, showing improved operational efficiency[16] Financial Position and Cash Flow - As of March 31, 2025, total non-current assets amounted to $360,351 thousand, slightly down from $361,198 thousand as of December 31, 2024, indicating a decrease of approximately 0.23%[22] - Current assets increased to $324,304 thousand from $323,227 thousand, reflecting a growth of about 0.33%[22] - The net current asset position improved to $199,584 thousand, up from $194,659 thousand, representing an increase of approximately 2.0%[22] - Cash and cash equivalents decreased to $204,933 thousand from $254,719 thousand, a decline of about 19.5%[24] - Operating cash flow for the three months ended March 31, 2025, was $19,694 thousand, down from $24,018 thousand in the same period of 2024, a decrease of approximately 18.3%[24] - Total liabilities decreased slightly to $192,148 thousand from $194,196 thousand, a reduction of about 1.06%[23] - The company's total equity increased to $367,787 thousand from $361,661 thousand, reflecting a growth of approximately 1.5%[23] - The net cash used in investing activities was $(55,605) thousand, an improvement compared to $(73,548) thousand in the previous year, indicating a reduction in cash outflow of about 24.4%[24] - The company reported a decrease in cash used in financing activities to $(14,828) thousand from $(12,518) thousand, indicating an increase in cash outflow of approximately 18.4%[24] - The total inventory increased to $34,575 thousand from $31,521 thousand, representing a rise of about 9.7%[22] Strategic Initiatives - The company plans to enhance customer experience through product, decor, and operational upgrades as part of the "Different Haidilao" initiative[10] - The "Pomegranate Plan" will be advanced to diversify product offerings and expand market share[10] - The company anticipates continued growth in same-store sales and plans to expand its market presence further in the coming quarters[19]

Group 1 - The Hang Seng Index rose by 1.10%, gaining 250 points to reach 22,941 points, while the Hang Seng Tech Index increased by 1.56% [1] - The stock of Hu Shang A Yi (02589) surged over 52% on its first trading day, with a transaction volume of HKD 493 million [1] - Domestic insurance stocks saw broad gains, with China Pacific Insurance (02601) up 3.69%, China Life (02628) up 2.70%, New China Life (01336) up 3%, China Property & Casualty Insurance (02328) up 1.95%, and Ping An Insurance (02318) up 1.39% [1] Group 2 - Goodbaby International (01086) rose over 15% as reports indicated the U.S. is considering tariff exemptions for imports of Chinese baby strollers [1] - Yunfeng Financial (00376) increased over 14%, with a cumulative rise of 150% over the past week, as Ant Group is expected to achieve business synergies internally [1] - Changfei Optical Fiber (06869) rose over 8% as its subsidiary Bochuang Technology plans to invest in the third phase expansion project of Changxin Sheng in Indonesia [1] Group 3 - Meituan-W (03690) increased by 3% due to a surge in tourism activity, reaching a three-year high, which boosted OTA platforms [2] - Trip.com Group-S (09961) rose by 2% after signing a memorandum of understanding with Visit Oman, indicating strong overseas market development prospects [2] - China Software International (00354) increased by 2.6% as Huawei's first HarmonyOS computer was officially launched, benefiting the core of the Harmony ecosystem [2] Group 4 - Guoquan (02517) surged over 17% as shareholders committed to a six-month lock-up period after converting to H-shares, with expectations for improved store efficiency and opening speed this year [3] Group 5 - Tehai International (09658) rose by 7% due to strong overseas market demand, with institutions optimistic about the company's stable operations [4] - SMIC (00981) fell over 2% ahead of its quarterly report, amid reports that Trump plans to lift AI chip restrictions [5]

Core Viewpoint - The Chinese restaurant industry is experiencing a notable recovery driven by a shift in policy focus towards expanding domestic demand, with significant growth in consumer confidence and spending observed in the first quarter of 2024 [1][2]. Group 1: Market Performance - The Hong Kong restaurant index has rebounded over 20% since April 22, reaching around 787 points, with several restaurant companies like Xiaobai Xiaobai and Jiumaojiu showing positive performance [1]. - In Q1 2024, the offline consumption heat index increased by 14.2% year-on-year, with the dining sector growing by 14.5% [1]. - The overall revenue of the domestic restaurant industry in 2024 is projected to reach 55,718 billion yuan, marking a 5.3% increase compared to the previous year [2]. Group 2: Revenue and Profit Growth - The restaurant sector has shown double-digit growth in both revenue and profit, with 17 listed restaurant companies reporting an 11% increase in revenue and a 10% increase in profit for 2024 [5][6]. - The coffee and tea segment leads in revenue growth at 22.5%, while traditional Chinese dining (excluding hot pot) and fast food show growth rates of 6.3% and 5.6%, respectively [7]. Group 3: Store Expansion and Market Dynamics - The total number of restaurant stores increased by 20% in 2024, reaching 133,549, with coffee and tea stores growing by 24% [9][11]. - The closure rate of restaurants has risen to 61.2%, indicating a significant industry reshuffle [5]. - The trend of down-market expansion is evident, with 52% of restaurant stores located in third-tier cities and below [13]. Group 4: Strategic Adjustments and Innovations - Companies like Haidilao are adopting franchise models to penetrate lower-tier markets, with over 70% of franchise applications coming from these areas [14]. - New business models are being explored, such as Kudi Coffee's convenience store concept and Guoquan's community kitchen strategy [15]. - The restaurant sector is expected to stabilize in Q2 2025, with a potential recovery in valuation and fundamentals as seasonal demand increases [16].

Financial Performance - SUPER HI INTERNATIONAL HOLDING LTD. reported a significant increase in revenue, achieving a total of $150 million for the fiscal year 2024, representing a 25% growth compared to the previous year[1]. - For the year ended December 31, 2024, the company recorded revenue of US$778.3 million, reflecting a 13.4% increase from US$686.4 million in 2023[29]. - The Group recorded revenue of US$778.3 million in 2024, a 13.4% increase from US$686.4 million in 2023[47]. - Total revenue for 2024 reached $747.296 million, a 13% increase from $661.162 million in 2023[62]. - Revenue from Haidilao restaurant operations increased by 13.0% year-on-year to US$747.3 million, driven by improved table turnover rates and strategic expansion[58]. - The Group's revenue from delivery business reached US$11.3 million in 2024, a 15.3% increase from US$9.8 million in 2023[74][77]. - Revenue from other segments amounted to US$19.7 million in 2024, reflecting a 27.9% increase from US$15.4 million in 2023[76][78]. - The Group's net profit decreased by 15.4% to US$21.4 million in 2024 from US$25.3 million in 2023, mainly due to increased foreign exchange losses[112][117]. User Growth and Market Expansion - The company’s user base expanded to 1.2 million active users, reflecting a 40% increase year-over-year, driven by enhanced marketing strategies and product offerings[2]. - Market expansion plans include entering three new international markets by the end of 2025, targeting a 15% increase in market share[5]. - By the end of 2024, the number of overseas Haidilao members exceeded 6 million, representing a growth of over 40% from 2023[40]. - The company plans to continue expanding its market presence and enhancing operational efficiency through new strategies and technology[66]. Operational Efficiency - The company's operating income margin in 2024 was 6.8%, a slight increase from 6.3% in 2023[29]. - The restaurant level operating margin improved to 10.1% in 2024 from 9.0% in 2023, indicating enhanced operational efficiency[167]. - The average table turnover rate of Haidilao restaurants was 3.8 times per day, with the same store table turnover rate reaching 3.9 times per day, both increasing by 0.3 times per day compared to last year[31]. - Dynamic operational strategies were implemented during peak periods, including adjusting business hours and optimizing staff utilization[36]. Investments and Innovations - The company is investing $20 million in research and development for new product lines, aiming to launch two innovative products by Q3 2025[4]. - The company has completed a strategic acquisition of a tech startup for $10 million, expected to enhance its technological capabilities and product offerings[6]. - The company is exploring innovative business forms, including barbecue, specialty hot pot, and fast food, under the "Pomegranate plan" to establish itself as a leading global comprehensive catering service group[32]. - The Group's strategic exploration of diverse business forms contributed to the popularity of hot pot condiment products and secondary branded restaurants[76][78]. Sustainability and Corporate Governance - The company is focusing on sustainability initiatives, allocating $5 million towards environmental projects in 2024[8]. - The organization maintained a principle of "aligned interests and disciplined management" to enhance employee motivation and operational capabilities[41]. - The Group does not currently have a foreign exchange risk hedging policy but monitors currency risks closely[150]. Financial Position and Capital Management - Total assets as of December 31, 2024, were US$684.4 million, an increase from US$576.9 million in 2023[27]. - Total equity increased to US$361.7 million in 2024, up from US$272.1 million in 2023[27]. - The current ratio improved to 2.5 as of December 31, 2024, compared to 1.7 in 2023[145]. - The gearing ratio decreased to 0.3 as of December 31, 2024, down from 0.4 in 2023[145]. - The Group plans to finance future capital expenditures through cash generated from operations and unutilized proceeds from the initial public offering[136]. Management and Leadership - The company is focusing on internationalization and globalization strategies under the leadership of newly appointed chairlady Ms. Shu Ping[174]. - Mr. LI has over 17 years of experience in the catering industry and was appointed as the chief operating officer (mainland China) from March 2022 to October 2022[184]. - Ms. LIU has over 12 years of experience in the catering service sector and was promoted to overseas product director in March 2022[186]. - Mr. TAN was appointed as an independent non-executive Director on December 12, 2022, responsible for supervising and providing independent judgment to the Board[190].

2024 投资要点 公司发布 2024 全年业绩，收入同比增长约 13% 2024 全年公司实现收入 7.78 亿美元（yoy+13%），收入增长主要源于经营效率提升带动 翻台率向上；2024 全年实现归母净利润 2180 万美元，公司按美元折算报表，汇兑仅影响 报表数据、不反映实际经营，若扣除汇兑损益，2024 全年公司实现净利润约 4110 万美 元，对应净利率约 5.3%，自 2022H2 以来扣除汇兑后净利润已连续 5个半年度为正，表现 亮眼。扣除汇兑净利润持续亮眼主要源于毛利率改善、翻台率向上带来实际租金成本占 比的改善及折旧摊销费用占比的优化。 盈利能力逐季改善，2024 年餐厅层面利润率 10.1% 毛利率方面，2024 公司实现毛利率 66.9%，同比改善 1.1pct，我们预计毛利率提升主要源 于供应链效率的提升及门店管理的强化。费用率方面，2024 年实际租金成本/其他折旧摊 销占比分别同比改善 0.5/0.6pcts，我们预计主要源于收入抬升带来的刚性成本占比的自然 下降；2024 年员工成本占比同比提升 0.4pcts，我们预计主要源于部分国家劳动力价格通 胀。利润率方面，餐厅层面利润 ...

社会服务/酒店餐饮 特海国际（09658.HK） 经营效率提升亮眼，关注多元品牌孵化和北美拓展 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 17.800 | | 一年最高最低(港元) | 24.100/10.940 | | 总市值(亿港元) | 115.75 | | 流通市值(亿港元) | 115.75 | | 总股本(亿股) | 6.50 | | 流通港股(亿股) | 6.50 | | 近 3 个月换手率(%) | 10.73 | 股价走势图 -40% -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 特海国际 恒生指数 数据来源：聚源 相关研究报告 《翻台显著增长，换帅后期待开店和 多品牌拓展加速—公司信息更新报 告》-2024.9.1 《经营业绩亮眼，提质增效多区域本 土化成果显著—公司信息更新报告》 -2024.3.29 东亚、北美增长亮眼，东南亚基本盘稳固 分地区看，截至 2024 年底东南亚、东亚、北美、其他餐厅数量分别为 73/19/20/10， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 778 million USD in 2024, representing a year-over-year increase of 13.4%. However, net profit decreased by 15.3% to 21.4 million USD, primarily due to an increase in foreign exchange losses of approximately 14.7 million USD. Excluding currency impacts, the operating profit margin improved to 6.8%, up 0.5 percentage points year-over-year [4][5] - The company opened 10 new restaurants in 2024 while closing 3 in Southeast Asia. The restaurant turnover rate increased to 3.8 times per day, up 0.3 times from 2023. The "Red Pomegranate Plan" aims to incubate diverse brands, including barbecue and other categories, with a focus on accelerating expansion in North America [4][5] - The company plans to open 13, 17, and 17 new restaurants in 2025, 2026, and 2027, respectively, driven by increased investment in the North American market and brand diversification [5][6] Financial Summary and Valuation Metrics - For the fiscal years 2023A to 2027E, the projected revenue growth is as follows: - 2023A: 686 million USD - 2024A: 778 million USD - 2025E: 895 million USD (14.9% YOY) - 2026E: 1,012 million USD (13.2% YOY) - 2027E: 1,144 million USD (13.0% YOY) [6] - The net profit projections are: - 2023A: 25 million USD - 2024A: 21.4 million USD - 2025E: 53.1 million USD (147.9% YOY) - 2026E: 68.3 million USD (28.7% YOY) - 2027E: 89.5 million USD (31.1% YOY) [6] - The company’s earnings per share (EPS) are expected to be 0.10, 0.12, and 0.15 USD for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 24.0, 19.3, and 15.1 [4][6]