Core Insights - The article discusses the expertise of a specialized equity analyst in the restaurant sector, focusing on various dining segments in the U.S. market [1] Company Analysis - The company, Goulart's Restaurant Stocks, is dedicated to analyzing restaurant stocks across multiple segments, including QSR, fast casual, casual dining, fine dining, and family dining [1] - Advanced analytical models and specialized valuation techniques are employed to provide detailed insights and actionable strategies for investors [1] Industry Engagement - The analyst actively participates in academic and journalistic initiatives, contributing to institutions that promote individual and economic freedom [1] - Previous contributions include columns on monetary policy, financial education, and financial modeling aimed at making these topics accessible to a broader audience [1]

特海国际 20250325 摘要 • 特海国际 2024 年总收入达 7.783 亿美元，同比增长 13.4%，餐厅营业收 入占比 96%。通过优化供应链，毛利率提升至 10.1%。尽管有汇兑损失， 剔除非经营因素影响实际利润符合目标。 • 2025 年第四季度，特海国际总收入同比增长 10.4%至 2.09 亿美元，餐 厅营业收入占比 95.7%。毛利率提升至 67.6%，但受汇率波动影响，录 得税后亏损 1,160 万美元。 • 公司通过优化运营效率，提升员工福利，加强客户互动，并推出 1,000 多 种新产品，包括派牛肉、佳龙新鲜切片牛肉等，优化产品供给并改善供应 链。 • 特海国际积极拓展服务，如在马来西亚和加拿大门店推出夜间消费产品和 夜店风格装修，在韩国组织名人合作活动，并重视外卖业务，推出麻辣火 锅、盖浇饭等快餐产品。 • 公司注重员工本地化，约 20%-30%的员工与管理层来自当地。北美市场 当地经理成功吸引大量当地客户，欧洲市场当地客户对亚洲风格餐饮表示 喜爱。 Q&A 请介绍特海国际 2024 年第四季度和全年的业绩表现。 特海国际在 2024 年第四季度实现了营收 2.09 亿美元，同比 ...

Core Viewpoint - Super Hi International Holding Ltd. Unsponsored ADR (HDL) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in a company's earnings picture, tracking EPS estimates from sell-side analysts through a consensus measure known as the Zacks Consensus Estimate [2]. - The recent upgrade reflects a positive outlook on the company's earnings, which could lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Revisions - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, and their investment actions based on these estimates can significantly influence stock prices [5]. Company Performance Insights - Super Hi International Holding Ltd. is expected to earn $0.34 per share for the fiscal year ending December 2024, representing a year-over-year decline of 32% [9]. - Over the past three months, the Zacks Consensus Estimate for the company has increased by 3.4%, indicating a positive trend in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade to Zacks Rank 2 positions Super Hi International Holding Ltd. in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Summary of the Conference Call Company Overview - The conference call discusses the performance of Tehai International for Q3 2024, highlighting key metrics and operational strategies. Key Points Financial Performance - Total revenue for Q3 2024 reached $199 million, a year-over-year increase of 14.6% [5] - Restaurant operating income was $191 million, accounting for 96% of total revenue, also up 14.5% year-over-year [5] - Average customer spending increased to $25.8, up $2.1 from the previous year [7] - The company reported a net profit of $37.66 million for Q3, with a significant foreign exchange gain of $25.9 million [7] - Operating cash flow improved to $40 million, an increase of $20 million year-over-year [7] Operational Metrics - Average table turnover rate was 3.8 times, an increase of 0.1 times year-over-year [7] - Customer traffic reached 7.4 million, a 4.2% increase from the previous year [7] - The company optimized over 300 new products across various categories, enhancing customer engagement [3] Strategic Initiatives - The company is focusing on enhancing store management through better KPI understanding and management tools for store managers [1] - New marketing strategies were implemented, including collaborations with popular games to attract younger customers [3] - The company is exploring new restaurant formats and concepts, including hot pot, barbecue, and fast food, supported by market research and product development [4][23] Store Expansion Plans - The company plans to open a double-digit number of new stores in 2024, with ongoing projects in North America, Southeast Asia, East Asia, the Middle East, and Europe [11][12] - The management is cautious about setting specific store opening targets to avoid misalignment in strategy [12] Cost Management - Labor costs increased due to higher minimum wage requirements, but rent and utility costs decreased as a percentage of revenue [6] - The company is working on optimizing supply chain processes to reduce costs and improve efficiency [25] Market Dynamics - The competitive landscape remains intense, with ongoing price adjustments and promotional strategies to maintain customer interest [14][26] - The company is committed to maintaining reasonable pricing while adapting to market conditions and customer preferences [14] Future Outlook - The management anticipates stable profit margins in the mid-single digits for the upcoming quarters, with a long-term target of 10% to 15% profit margin per restaurant [16][28] - The company is focused on improving operational efficiency and customer satisfaction through enhanced management practices and localized strategies [18][35] Additional Insights - The company is actively working on localizing its offerings in various markets, achieving up to 90% localization in some Asian countries [35] - There is a strong emphasis on data-driven decision-making to enhance marketing effectiveness and operational performance [18] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of Tehai International's current performance and future plans.

Financial Performance - Revenue for Q3 2024 was US$198.6 million, reflecting a 14.6% increase from US$173.3 million in Q3 2023[6] - Income from operations was US$14.9 million, a 52.0% increase from US$9.8 million in the same period last year, with an operating margin of 7.5% compared to 5.7% in Q3 2023[10] - Profit for the period was US$37.7 million, compared to a loss of US$1.4 million in Q3 2023, driven by increased revenue and operational efficiency[11] - Revenue from Haidilao restaurant operations was US$190.9 million, a 14.5% increase from US$166.7 million in Q3 2023[11] - Profit before tax surged to USD 41,220,000 compared to USD 358,000 in the same period last year, marking a significant improvement[22] - Total comprehensive income for the period was USD 24,070,000, compared to USD 1,617,000 in Q3 2023, reflecting a strong turnaround[22] - Basic and diluted earnings per share improved to USD 0.06 from a loss of USD 0.00 in the previous year[22] Operational Metrics - Total guest visits reached over 7.4 million, up 4.2% from 7.1 million in Q3 2023[6] - Same-store sales growth was 5.6%[6] - The total number of Haidilao restaurants as of September 30, 2024, was 121, with a net increase of 6 since December 31, 2023[6] - Average spending per guest increased to US$25.8, up from US$23.7 in the same period of 2023[14] Cost and Expenses - Raw materials and consumables used were US$65.5 million, a 9.9% increase from US$59.6 million in Q3 2023, but as a percentage of revenue, it decreased to 33.0%[8] - Staff costs were US$65.8 million, a 15.2% increase from US$57.1 million in Q3 2023, accounting for 33.1% of revenue[9] Cash Flow and Liquidity - Net cash from operating activities rose to USD 40,699,000, a 104.0% increase from USD 19,911,000 in Q3 2023[25] - Current assets increased to USD 310,559,000, up from USD 218,962,000 at the end of 2023, indicating improved liquidity[23] - Net current assets rose significantly to USD 183,513,000 from USD 90,391,000, showcasing enhanced financial health[23] - Cash and cash equivalents at the end of the period reached USD 215,162,000, a substantial increase from USD 75,271,000 in Q3 2023[25] Equity and Liabilities - The company reported a total equity of USD 360,907,000, up from USD 272,121,000 at the end of 2023, reflecting strong growth in shareholder value[24] - Non-current liabilities increased to USD 178,481,000, up from USD 176,191,000, primarily due to higher deferred tax liabilities[24]

Exhibit 99.2 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 (Incorporated in the Cayman Islands with limited liability) (HKEX Stock Code: 9658; ...