Revenue and Sales Performance - Revenue for Q2 2024 was $183.3 million, a 12.5% increase from $163.0 million in Q2 2023[3] - Total revenue for the three months ended June 30, 2024, was $183.283 million, compared to $162.993 million for the same period in 2023, representing a year-over-year increase of 12.9%[15] - Same-store sales growth rate was 6.6%[4] - Same-store sales for the total of 105 locations reached $162.977 million, up from $152.816 million in the previous year, indicating an increase of 6.9%[10] - Average daily sales per same-store location increased to $17.1 thousand from $16.0 thousand, reflecting a growth of 6.9%[10] - Total customer traffic exceeded 7.2 million, representing a 14.3% growth compared to 6.3 million in the same period last year[3] Restaurant Operations - The number of Haidilao restaurants increased from 119 to 122, with a net addition of 3 restaurants during the quarter[3] - The average table turnover rate increased to 3.8 times per day, up from 3.3 times per day in the same quarter last year[4] - The average table turnover rate for same-store locations improved to 3.8 times per day, compared to 3.3 times per day in the previous year, showing a 15.2% increase[10] Financial Performance - Operating income was $8.5 million, down 14.1% from $9.9 million in Q2 2023, with an operating margin of 4.6%[5] - The pre-tax profit for the three months ended June 30, 2024, was $2.120 million, compared to a loss of $0.297 million in the same period last year[15] - The net loss for the period was $0.104 million, a significant improvement from a loss of $2.167 million in the previous year[15] - Total comprehensive income for the period was $7.039 million, compared to $8.310 million in the same period last year, reflecting a decrease of 15.3%[15] Costs and Expenses - Employee costs rose to $62.7 million, a 14.8% increase from $54.6 million in the previous year, accounting for 34.2% of revenue[5] - Takeout revenue decreased by 11.5% to $2.3 million, down from $2.6 million in Q2 2023[5] - Other business revenue grew by 37.1% to $4.8 million, driven by the popularity of hot pot condiments and Haidilao brand products[5] - The average customer spending was $24.4, down from $25.0 in the previous year[8] Assets and Liabilities - As of June 30, 2024, non-current assets totaled $344,293 thousand, a decrease from $357,921 thousand as of December 31, 2023, representing a decline of approximately 3.5%[16] - Current assets increased to $279,824 thousand from $218,962 thousand, marking a significant increase of about 27.8%[16] - The total liabilities decreased from $176,191 thousand as of December 31, 2023, to $167,059 thousand as of June 30, 2024, reflecting a reduction of about 5.3%[17] - Cash and cash equivalents at the end of June 30, 2024, were $140,659 thousand, an increase from $118,936 thousand at the end of the previous year, representing an increase of approximately 18.3%[18] - The company's total equity increased to $336,837 thousand as of June 30, 2024, from $272,121 thousand as of December 31, 2023, showing a growth of about 23.8%[17] - The company reported a net cash increase of $50,606 thousand for the six months ended June 30, 2024, compared to $25,395 thousand for the same period in 2023, indicating a growth of approximately 99.5%[18] - The inventory decreased to $26,632 thousand as of June 30, 2024, from $29,762 thousand as of December 31, 2023, representing a decline of about 10.7%[16] - The company’s deferred tax assets decreased from $1,995 thousand to $1,625 thousand, a decline of approximately 18.6%[16] - The company’s total liabilities to equity ratio improved from 0.65 as of December 31, 2023, to 0.49 as of June 30, 2024, indicating a stronger financial position[17] Leadership Changes - The company appointed Ms. Yang Lijuan as the new CEO effective July 1, 2024, indicating a strategic leadership change[11] Market Position - The company operates 122 self-operated restaurants across 13 countries, making it the largest Chinese dining brand in the international market[12]

证券研究报告 特海国际 (9658 HK) 翻台同比提升显著，关注展店节奏 | --- | --- | |--------------------------------|----------| | 年春研究 | 公告点评 | | 2024 年 8 月 04 日 \| 中国香港 | 餐饮 | 1H24 经营表现较优,利润端受非经常性因素拖累 特海8月2日发布盈利预警,预计 1H24 营收不低于 3.7 亿美元/yoy +14.2%; 归母净利润预计亏损 400-500 万美元,主要是受汇兑损失、上市费用、开 办费前置、政府补助减少影响。若别除上述因素,预计实现中低个位数净利 率，同比微升。公司业绩表现基本符合我们前赔预期（1H24 前瞻收入: 3.73~3.82 亿美元，归母净利润：转亏)。公司 24 年以来翻台率显著提升、 门店扩张提速、运营效能持续改善,我们预计 2H24 汇兑损失等非经常性因 素影响或有所削减,中长期看,海外中餐需求广阔,公司先发优势突出,多 品类业态积极孵化中,成长潜能充裕。我们预计公司 24-26 年扣非 EPS 为 0.05/0.06/0.08 关元，基于 30X25 PE（可比 ...

Revenue and Sales Performance - Revenue for Q1 2024 was $187.6 million, a 16.6% increase from $160.9 million in Q1 2023[3] - Total revenue for the three months ended March 31, 2024, was $187.65 million, an increase from $160.94 million in the same period of 2023, representing a growth of approximately 16.6%[15] - Same-store sales growth rate was 10.0%, up from 8.8% for the entire year of 2023[3] - Same-store sales for the three months ended March 31, 2024, totaled $166.72 million, compared to $151.53 million in the same period of 2023, reflecting an increase of about 10%[10] - Average daily revenue per restaurant for the overall business was $17.5 thousand, up from $15.9 thousand in the same period last year, indicating a growth of approximately 10.1%[10] - Takeout business revenue increased by 61.1% to $2.9 million, up from $1.8 million in Q1 2023[5] Customer Traffic and Engagement - Total customer traffic exceeded 7.3 million, representing a 21.7% growth compared to 6.0 million in the same period last year[3] - The average table turnover rate increased to 3.9 times per day from 3.3 times per day in the same period last year[3] - The average table turnover rate for the overall business increased to 3.9 times per day, compared to 3.3 times in the same period last year, showing an improvement of approximately 18.2%[10] Profitability and Costs - Operating profit was $12.4 million, a 9.7% increase from $11.3 million in Q1 2023, with an operating profit margin of 6.6%[6] - Employee costs rose to $63.6 million, a 19.8% increase from $53.1 million in the same period last year, accounting for 33.9% of revenue[6] - The net loss for the three months ended March 31, 2024, was $4.55 million, compared to a profit of $5.56 million in the same period of 2023[15] - The total comprehensive income for the period was $1.56 million, down from $6.65 million in the same period last year[15] - The company reported a basic and diluted loss per share of $0.01 for the three months ended March 31, 2024, consistent with the previous year[15] Assets and Liabilities - Non-current assets decreased from $357,921 thousand as of December 31, 2023, to $346,046 thousand as of March 31, 2024, representing a decline of approximately 3.5%[16] - Current assets increased slightly from $218,962 thousand to $221,085 thousand, showing a growth of about 1.0%[16] - Current liabilities decreased from $128,571 thousand to $123,648 thousand, a reduction of approximately 3.0%[16] - Net current assets improved from $90,391 thousand to $97,437 thousand, reflecting an increase of about 7.9%[16] - Total non-current liabilities decreased from $176,191 thousand to $169,798 thousand, a decline of approximately 3.5%[17] - Cash and cash equivalents decreased significantly from $152,908 thousand to $90,031 thousand, a drop of about 41.1%[18] - The company's total liabilities decreased from $304,762 thousand to $293,496 thousand, a reduction of about 3.7%[17] Cash Flow - Net cash provided by operating activities for the three months ended March 31, 2024, was $24,018 thousand, compared to $27,732 thousand for the same period in 2023, a decrease of approximately 13.0%[18] - The company reported a net cash outflow from investing activities of $73,548 thousand for the three months ended March 31, 2024, compared to an outflow of $17,182 thousand in the same period of 2023[18] Strategic Initiatives - The company plans to focus on customer satisfaction, employee contributions, and explore new business models and strategic acquisitions for future growth[4] - The company successfully listed on the NASDAQ, enhancing its global market visibility and growth resources[4] Expansion and Locations - The company opened 4 new Haidilao restaurants, increasing the total from 115 to 119 locations[3] - The number of same-store locations as of March 31, 2024, was 104, with a total of 119 self-operated restaurants across 13 countries[10][13] -

浦银国际研究 首次覆盖 | 消费行业 特海国际（9658.HK/HDL.US）：翻台率趋势 林闻嘉 保持强劲，美股上市将释放估值与扩张潜力 浦 首席消费分析师 richard_lin@spdbi.com 银 (852) 2808 6433 国 我们认为特海国际美股上市对于提升海底捞在全球范围的品牌力以及 际 加快其海外门店扩张步伐有着重要的意义。考虑到特海强劲的翻台率 桑若楠，CFA 趋势以及全球化布局带来较大的增长潜力，我们认为公司应享有比国 消费分析师 内餐饮玩家更高的估值。首次覆盖特海国际美股（HDL.US），给予“买 serena_sang@spdbi.com (852) 2808 6439 入”评级，目标价 26.7美元。对应美股目标价，我们上调特海国际港 首 股（9658.HK）目标价至 20.8 港元，维持“买入”评级。 2024年5月21日 次  登陆纳斯达克对公司发展具有重大的意义：特海国际于 5 月 17 日正 覆 特海国际(9658.HK) 式以19.56 美元/ADS（相当于15.28 港元/普通股）登陆美国纳斯达克 盖 （具体发行细节见正文）。新发行的 ADS（包括超额配股权）所对 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company is positioned as a benchmark for Chinese cuisine going global, with significant growth potential in international markets. It has shown a turnaround in profitability, driven by store expansion and operational efficiency improvements [6][19][22]. Summary by Sections 1. Benchmark for Chinese Cuisine Going Global, Profitability Turning Point - The company, Tehai International, operates as the overseas market entity for Haidilao and was independently listed on the Hong Kong Stock Exchange in 2022. It plans to launch new American Depositary Shares on NASDAQ to facilitate dual listing [6][19]. - As of the end of 2023, the company has expanded its store network to 115 locations across 12 countries, making it the third-largest Chinese restaurant brand internationally [6][8]. 2. Deepening International Chinese Cuisine Market, Growth Potential Expected to Accelerate - The international market penetration for the company remains low, indicating substantial room for expansion. The company currently holds a 1.8% market share in the international hot pot market, significantly lower than its 8% share in the domestic market [23][25]. - The average daily revenue per store in overseas markets is higher than in domestic markets, although profitability is currently weaker due to higher labor and rental costs [25][26]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at $799 million, $918 million, and $1.05 billion, with year-on-year growth rates of 16.4%, 14.9%, and 14.5% respectively. Net profit is expected to reach $48 million, $75 million, and $96 million during the same period [29][30]. - The report highlights that the company is well-positioned in the international market, which is still considered a blue ocean compared to the domestic market. The anticipated improvements in turnover rates and operational efficiency are expected to further enhance profitability [29].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% year-over-year growth[2]. - The company reported a significant increase in revenue, with a year-over-year growth of 25% to HK$1.5 billion[11]. - For the year ended December 31, 2023, the company recorded revenue of US$686.4 million, representing a 23.0% increase compared to US$558.2 million in 2022[32]. - Total revenue for 2023 reached US$661.2 million, a 21.2% increase from US$545.6 million in 2022[63]. - The Group's revenue for 2023 was $686.4 million, representing a 23.0% increase from $558.2 million in 2022, primarily driven by a $115.6 million increase in revenue from Haidilao restaurant operations[57]. - Revenue from Haidilao restaurant operations amounted to $661.2 million in 2023, a 21.2% increase from $545.6 million in 2022, due to the recovery of the service industry and improved operating performance[58]. User Engagement - User data showed a growth in active users, reaching 1.2 million, which is a 30% increase compared to the previous year[2]. - User data showed a 30% increase in active users, reaching 2 million by the end of 2023[12]. - The company served over 26.7 million customers in 2023, indicating strong consumer engagement[42]. - Total guest visits increased to 26.7 million in 2023, up from 21.7 million in 2022, representing a 22.9% growth[69]. - The company served over 26.7 million customers in 2023 and launched nearly 900 new products globally to enhance customer experience[46]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 15% market share within the next two years[2]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025[11]. - The company entered the United Arab Emirates market for the first time in 2023, expanding its international presence[35]. - The company plans to enhance its digital marketing strategy, allocating an additional $5 million to increase brand awareness and customer engagement[2]. Strategic Initiatives - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative technology solutions[2]. - New product launches are expected to contribute an additional HK$300 million in revenue next year[12]. - The company aims to explore potential acquisitions to diversify its product offerings and expand its market reach[12]. - A strategic acquisition of a local tech firm was completed, which is anticipated to enhance the company's product offerings and increase market competitiveness[2]. - The company plans to develop additional brands and business models through incubation and strategic acquisitions to enrich its business and customer base[51]. Financial Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to $180 million[2]. - The company provided a positive outlook for 2024, projecting a revenue growth of 20%[11]. - The board of directors expressed confidence in achieving the outlined financial targets, reinforcing the commitment to shareholder value[2]. Operational Efficiency - The management emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by 40% over the next five years[2]. - The management structure was adjusted to improve operational efficiency, with responsibilities delegated to regional and country offices[41]. - The company aims to enhance operational efficiency and management execution in its restaurant business[199]. - The restaurant level operating margin improved to 9.0%, an increase of 4.9 percentage points from the previous year[32]. Employee and Management Changes - The company has appointed new directors and company secretaries in 2023, indicating a restructuring of its management[21][23]. - Mr. Li Yu was appointed as the CEO on March 30, 2023, responsible for implementing development strategies and improving restaurant operations[198]. - The Group emphasizes regular and specialized training for employees to maintain workforce quality and skills, reflecting its commitment to employee development[157][161]. Financial Health - Cash and cash equivalents increased by 62.8% to US$152.9 million as of December 31, 2023, up from US$93.9 million as of December 31, 2022, driven by business growth and improved operating performance[138]. - The current ratio improved to 1.7 as of December 31, 2023, compared to 1.3 in 2022, indicating better short-term financial health[150]. - As of December 31, 2023, all bank borrowings had been fully repaid, indicating a debt-free position[137]. - The gearing ratio remained stable at 0.4 for both 2023 and 2022, reflecting consistent leverage levels[150]. Cost Management - Staff costs increased to $226.0 million in 2023, up 19.6% from $188.9 million in 2022[84]. - Rentals and related expenses rose to $17.2 million in 2023, a 32.3% increase from $13.0 million in 2022[90]. - Utilities expenses increased to $26.1 million in 2023, reflecting a 32.5% rise from $19.7 million in 2022[92]. - The Group's raw materials and consumables used amounted to $234.7 million in 2023, representing a 19.4% increase from $196.6 million in 2022[82].

浦银国际研究 公司研究 | 消费行业 特海国际（9658.HK）：2023 年业绩强 林闻嘉 劲，2024 年展望乐观，增长潜力开始释放 首席消费分析师 浦 银 richard_lin@spdbi.com 国 2H23翻台率大幅提升驱动公司2023年首次实现盈利。同时，公司1Q24 (852) 2808 6433 际 依然维持去年下半年强劲的翻台率趋势，有望帮助公司 2024 年的利 桑若楠，CFA 润率同比进一步改善。门店方面，公司有望在未来 3 年里实现加速扩 消费分析师 张。在当前强劲趋势下，我们认为公司估值尚有继续释放的潜力。我 serena_sang@spdbi.com 们上调目标价至 18.6港元（11x2024 EV/EBITDA），维持“买入”评级。 (852) 2808 6439 公  翻台率提升驱动 2023 年首次扭亏为盈：公司 2023 年收入同比增长 2024年4月9日 司 23%，并录得归母净利润 25.7 百万美元，首次扭亏为盈。虽然 2023 研 年全年仅新开 5 家门店（净开 4 家），但公司 2H23 翻台率环比大幅 评级 究 由 1H23 的 3.3 次/天提升至 3. ...

海 外 研 证券研究报告 究 ＃industryId＃ 餐饮连锁 ＃09658 .HK ＃特dy海Com国pa际ny＃ 港股通（沪、深） dyStockco d e＃ ＃title＃ 店效增长，盈利提升 ＃investSu无gge评stion级＃ ＃ inve stS ugg esti ＃createTime1＃ 2024年 4 月 2 日 onChan ge＃ 投资要点 跟 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 我ma 们ry 的＃观 点：2023年公司聚焦存量门店经营效率提升，优化管理模式，在产品推新、团队 踪 日期 2024.3.28 招募等各方面积极推进本地化战略，期内各区域餐厅盈利能力、店效均不断改善。公司坚 报 收盘价（港元） 14.14 持自下而上开店，以盈利为重要导向，2023年开店较为保守，预计2024年将提速开店。 告 总股本（亿股） 6.19 同时，除了门店经营利润率不断爬升，规模效应增长和管理优化带来总部费用率下降，亦 正面促进报表净利率提升。公司具备优秀的管理能力基因，我们看好公司的海外开店空间 总市值（亿港元） 87.57 和盈利能力持续提升。 净资产（亿美元） 2. ...

社会服务/酒店餐饮 公 司 研 特海国际（09658.HK） 经营业绩亮眼，提质增效多区域本土化成果显著 究 2024年03月29日 ——公司信息更新报告 投资评级：买入（维持） 初敏（分析师） 李睿娴（联系人） chumin@kysec.cn liruixian@kysec.cn 证 书编号：S0790522080008 证书编号：S0790122120005 日期 2024/3/28 当前股价(港元) 14.140  2023H2翻台率达3.8，经营业绩亮眼，带动餐厅利润率上行 公 一年最高最低(港元) 20.450/7.950 特海国际发布年度业绩，2023 年公司实现收入 6.86 亿美元/yoy+23%，净利润 司 2525.7万美元，同比扭亏为盈，利润提升主因翻台率增加、经营效率提升以及减 信 总市值(亿港元) 87.57 值减少。2023年翻台率为3.5，其中2023H2翻台率为3.8，较2023H1的3.3大 息 流通市值(亿港元) 87.57 更 幅提升。2023年餐厅层面利润率9.0%，同比提升4.9pct，其中2023H2为9.7%， 总股本(亿股) 6.19 新 环比提升 1.4pc ...

Financial Performance - For the year ended December 31, 2023, the company's revenue was $686.4 million, a 23.0% increase from $558.2 million in 2022[4] - Net profit for the year was $25.3 million, representing a 161.3% year-on-year growth[4] - Total revenue for 2023 reached $661.2 million, a 21.2% increase from $545.6 million in 2022[11] - The company reported total revenue of $686.4 million for the year ended December 31, 2023, representing an increase from $558.2 million in the previous year, reflecting a growth of approximately 23%[43] - The company reported a net profit of $25.3 million for the year ended December 31, 2023, compared to a net loss of $41.3 million in 2022[43] - The group reported a net loss of $25,653,000 for 2023, a significant improvement from a loss of $41,248,000 in 2022[67] Restaurant Operations - The number of restaurants increased to 115, up from 111 in the previous year, with a net addition of 4 restaurants[3] - The number of restaurants increased to 115 in 2023, up from 111 in 2022, with an average revenue per restaurant of $5.749 million[11] - Total customer traffic reached 26.7 million, compared to 21.7 million in 2022, marking a significant increase[3] - Total customer traffic rose to 26.7 million in 2023, compared to 21.7 million in 2022, marking a 22.9% increase[14] - The average table turnover rate improved to 3.5 times per day, up from 3.3 times per day in 2022[3] - The average daily revenue per restaurant was $16.3 thousand, an increase from $15.4 thousand in the previous year[3] - Same-store sales amounted to $536.5 million in 2023, up from $493.3 million in 2022, reflecting an 8.8% growth[17] - The average daily sales per same-store restaurant increased to $17.4 thousand in 2023, compared to $16.0 thousand in 2022[17] Revenue Sources - Revenue from takeaway services grew by 48.5% to $9.8 million in 2023, up from $6.6 million in 2022[19] - Revenue from other sources surged by 156.7% to $15.4 million in 2023, compared to $6.0 million in 2022[20] - Revenue from Haidilao restaurant operations was $661.162 million, up 21% from $545.612 million in the previous year[55] - The takeaway business generated $9.807 million in revenue, a 49% increase from $6.572 million in 2022[55] - Other business revenue, including sales of hot pot condiments and food, rose to $15.393 million from $6.041 million, marking a 155% increase[55] Costs and Expenses - Raw material and consumable costs increased to $234.7 million in 2023, a 19.4% rise from $196.6 million in 2022, but the percentage of revenue decreased from 35.2% to 34.2%[21] - Employee costs rose to $226.0 million in 2023, a 19.6% increase from $188.9 million in 2022, with the percentage of revenue decreasing from 33.8% to 32.9%[22] - Rent and related expenses increased to $17.2 million in 2023, a 32.3% rise from $13.0 million in 2022[23] - In 2023, the company's utility expenses amounted to $26.1 million, a 32.5% increase from $19.7 million in 2022, primarily due to an increase in the number of restaurants and higher table turnover rates[24] - Depreciation and amortization expenses rose to $78.6 million in 2023, up 7.7% from $73.0 million in 2022, with the percentage of revenue decreasing from 13.1% in 2022 to 11.5% in 2023[25] - Travel and communication expenses increased by 20.8% to $5.8 million in 2023, compared to $4.8 million in 2022, while the percentage of revenue remained stable at 0.9% in 2022 and 0.8% in 2023[26] - Other expenses grew to $62.7 million in 2023, a 13.0% increase from $55.5 million in 2022, driven by higher outsourcing service fees and bank service fees[27] Financial Position - As of December 31, 2023, the company's cash and cash equivalents increased by 62.8% to $152.9 million from $93.9 million as of December 31, 2022, primarily due to business growth and improved operational performance of Haidilao restaurants[37] - The total assets decreased to $357.9 million as of December 31, 2023, from $422.7 million in 2022, reflecting a reduction of approximately 15.4%[47] - The company's net assets increased to $272.121 million in 2023 from $242.037 million in 2022, reflecting a growth of 12%[48] - Deferred tax liabilities decreased significantly to $1.347 million from $3.611 million, a reduction of 63%[48] - Lease liabilities also saw a decline, dropping to $163.947 million from $201.687 million, a decrease of 19%[48] - The company reported total equity of $272.121 million, up 12% from $242.037 million in the previous year[48] - The current ratio improved to 1.7 as of December 31, 2023, compared to 1.3 in the previous year, indicating better short-term financial health[37] - The company has no bank borrowings as of December 31, 2023, having fully repaid all loans[37] Strategic Initiatives - The company launched nearly 900 new products globally in 2023, enhancing customer experience[6] - Membership numbers exceeded 4.3 million, with active online engagement in 12 countries[6] - Future strategies include expanding restaurant networks and exploring new business formats through strategic acquisitions[7] - The company plans to continue seeking strategic investment opportunities to enhance synergies and improve business performance[39] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable principles and provisions during the reporting period[88] - The Audit Committee reviewed the annual performance for the year ended December 31, 2023, and confirmed compliance with relevant accounting standards[90] - No significant events requiring disclosure occurred after December 31, 2023, up to the date of this announcement[91] Shareholder Information - The Annual General Meeting is scheduled for June 12, 2024[92] - The company will suspend share transfer registration from June 6 to June 12, 2024, to facilitate the Annual General Meeting[92] - The company expressed gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[92]