[Executive Summary](index=1&type=section&id=Executive%20Summary) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) SUPER HI INTERNATIONAL HOLDING LTD. reported a significant turnaround in profitability for the six months ended June 30, 2025, achieving a net profit of US$28.3 million compared to a net loss in the prior year. Revenue increased by 7.0% YoY, driven by Haidilao restaurant operations Financial Highlights | Metric | 2025 (US$'000) | 2024 (US$'000) | YoY Change (%) | | :----------------------------------- | :------------- | :------------- | :------------- | | Revenue | 396,733 | 370,930 | 7.0% | | Revenue from Haidilao restaurant operation | 377,468 | 356,488 | 5.9% | | Profit before tax | 34,673 | 628 | 5419.6% | | Profit (Loss) for the period | 28,271 | (4,649) | N/A (from loss to profit) | | Profit (Loss) per share (Basic and diluted) (US$) | 0.05 | (0.01) | N/A | | Income from operation margin (%) | 3.0 | 5.6 | -2.6 pp | [Business Highlights of Haidilao Restaurants](index=1&type=section&id=Business%20Highlights%20of%20Haidilao%20Restaurants) The company expanded its restaurant network to 126 locations, increased total guest visits, and improved average table turnover rate. However, average spending per guest and restaurant level operating margin saw slight decreases Key Business Highlights | Metric | As of/For the six months ended June 30, 2025 | As of/For the six months ended June 30, 2024 | YoY Change | | :----------------------------------- | :------------------------------------------ | :------------------------------------------ | :--------- | | Number of restaurants | 126 | 122 | +4 | | Total guest visits (million) | 15.5 | 14.5 | +1.0 | | Average table turnover rate (times/day) | 3.9 | 3.8 | +0.1 | | Average spending per guest (US$) | 24.2 | 24.6 | -0.4 | | Average daily revenue per restaurant (US$'000) | 17.7 | 17.2 | +0.5 | | Restaurant level operating margin (%) | 6.4 | 8.7 | -2.3 pp | [2025 Interim Performance Review](index=2&type=section&id=2025%20INTERIM%20PERFORMANCE%20REVIEW) [Overall Performance](index=2&type=section&id=Overall%20Performance) In the first half of 2025, the Group's total revenue increased by 7.0% YoY to US$396.7 million. The average table turnover rate for Haidilao restaurants rose to 3.9 times per day, and same-store revenue increased by 3.0% YoY. However, the restaurant level operating margin decreased to 6.4% due to competitive pricing - Total revenue reached **US$396.7 million**, a **7.0% increase** year-on-year[9](index=9&type=chunk) - Average table turnover rate for Haidilao restaurants was **3.9 times per day**, up by **0.1 times per day** YoY[9](index=9&type=chunk) - Same-store revenue posted a **3.0% increase** YoY, while the restaurant level operating margin stood at **6.4%**, down **2.3 percentage points** YoY, attributed to competitive pricing[9](index=9&type=chunk) [Restaurant Network Optimization](index=2&type=section&id=Restaurant%20Network%20Optimization) The Group continued to optimize its global restaurant network through the 'Woodpecker Plan,' opening 8 new Haidilao restaurants and closing 4 underperforming stores in Southeast Asia and East Asia. As of June 30, 2025, 126 Haidilao restaurants were operated internationally - Opened **8 new Haidilao restaurants** and closed **4 underperforming stores** in Southeast Asia and East Asia under the 'Woodpecker Plan'[10](index=10&type=chunk) - Operated a total of **126 Haidilao restaurants** in international markets as of June 30, 2025[10](index=10&type=chunk) [Secondary Brands Incubation ("Pomegranate Plan")](index=2&type=section&id=Secondary%20Brands%20Incubation%20(%22Pomegranate%20Plan%22)) Under the 'Pomegranate Plan,' revenue from other businesses, primarily secondary brands, increased by 25.0% to US$11.5 million. The company launched prototype restaurants in various categories and plans to enter new cuisines - Revenue from others (secondary brands) reached **US$11.5 million**, a **25.0% increase** YoY[11](index=11&type=chunk) - Launched prototype restaurants covering hot pot, barbecue, and fast food, with plans to enter new categories like Chinese, other Asian, and Western fast-food cuisines[11](index=11&type=chunk) [Business Initiatives](index=2&type=section&id=Business%20Initiatives) The Company focused on 'Enhancing Value-For-Money' by adjusting menu pricing and portion sizes, and 'Creating a Differentiated Haidilao Experience' through upgraded ambiance and fresh-cut meat offerings. Over 700 product upgrades and new launches were completed globally - Implemented 'Enhancing Value-For-Money' by adjusting menu pricing and portion sizes based on customer demographics and operational metrics[12](index=12&type=chunk) - Rolled out 'Creating a Differentiated Haidilao' by upgrading decoration, lighting, acoustics, and introducing 'Open Kitchen Fresh-Cut Stations'[12](index=12&type=chunk) - Completed over **700 product upgrades** and new product launches worldwide, establishing differentiated product portfolios[13](index=13&type=chunk) [Employee Development](index=3&type=section&id=Employee%20Development) The Company prioritized employee benefits and development, with regional managers optimizing compensation, benefits, training, and team-building activities to foster a supportive work environment and enhance loyalty - Assigned regional managers to optimize compensation, benefits policies, staff training, and team-building standards[15](index=15&type=chunk) - Enriched team-building activities to unite employees and foster a supportive work environment[15](index=15&type=chunk) [Financial Performance Overview](index=3&type=section&id=Financial%20Performance%20Overview) Income from operation decreased to US$11.8 million (3.0% margin) due to strategic investments in customers and employees. However, the Company achieved a net profit of US$28.3 million, reversing a prior-year loss, primarily driven by favorable foreign exchange gains of US$23.8 million - Income from operation was **US$11.8 million**, with a **3.0% margin**, a decrease from **US$20.9 million** in 2024, due to strategic resource allocation towards customers and employees[16](index=16&type=chunk) - Recorded a net profit of **US$28.3 million**, reversing a net loss of **US$4.6 million** in 2024, mainly due to **US$23.8 million** in non-cash foreign exchange gains[17](index=17&type=chunk) [Future Prospect](index=3&type=section&id=FUTURE%20PROSPECT) [Strategic Focus Areas](index=3&type=section&id=Strategic%20Focus%20Areas) The Company plans to continue its localized development strategy, focusing on enhancing the Haidilao dining experience, expanding and optimizing its restaurant network, strengthening internal management, embracing technological advancements, and implementing the 'Pomegranate Plan' for secondary brands - Refine service capabilities, introduce new products, upgrade dining environments, and create a more distinctive Haidilao experience[18](index=18&type=chunk) - Proactively seek promising locations and strategically enter new markets, while continuously implementing the 'Woodpecker Plan' for underperforming stores[18](index=18&type=chunk) - Improve services and products, rationalize menu prices, and optimize restaurant management and cost structure[18](index=18&type=chunk) - Broaden and deepen the use of artificial intelligence in restaurant operations and functional management[18](index=18&type=chunk) - Actively expand secondary business formats through incubation, exploration, and strategic acquisitions under the 'Pomegranate Plan'[19](index=19&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 7.0% to US$396.7 million, primarily driven by a US$21.0 million increase in Haidilao restaurant operations. Delivery business revenue surged by 48.1%, and other revenue (secondary brands, condiments) grew by 25.0% - Total revenue increased by **7.0%** to **US$396.7 million** for the six months ended June 30, 2025, from **US$370.9 million** in 2024[21](index=21&type=chunk) - The increase was primarily driven by a **US$21.0 million increase** in revenue from Haidilao restaurant operation[21](index=21&type=chunk) [Haidilao Restaurant Operation Revenue](index=4&type=section&id=Haidilao%20Restaurant%20Operation%20Revenue) - Revenue from Haidilao restaurant operation increased by **5.9%** to **US$377.5 million**, driven by business expansion, increased brand influence, guest visits, and table turnover rates[22](index=22&type=chunk) [Restaurant Network & Geographic Breakdown](index=4&type=section&id=Restaurant%20Network%20%26%20Geographic%20Breakdown) - Expanded restaurant network to **126 restaurants** in **14 countries** as of June 30, 2025[23](index=23&type=chunk) Haidilao Restaurant Network and Revenue by Geographic Region | Region | Number of restaurants (2025) | Revenue (US$'000, 2025) | Average revenue per restaurant (US$'000, 2025) | Number of restaurants (2024) | Revenue (US$'000, 2024) | Average revenue per restaurant (US$'000, 2024) | | :------------- | :--------------------------- | :---------------------- | :--------------------------------------------- | :--------------------------- | :---------------------- | :--------------------------------------------- | | Southeast Asia | 74 | 190,921 | 2,580 | 74 | 195,874 | 2,647 | | East Asia | 20 | 61,110 | 3,056 | 18 | 43,237 | 2,402 | | North America | 20 | 77,171 | 3,859 | 20 | 73,888 | 3,694 | | Others | 12 | 48,266 | 4,022 | 10 | 43,489 | 4,349 | | **Total** | **126** | **377,468** | **2,996** | **122** | **356,488** | **2,922** | [Restaurant Performance Indicators](index=5&type=section&id=Restaurant%20Performance%20Indicators) Key Performance Indicators of Haidilao Restaurants | Metric | 2025 | 2024 | YoY Change | | :----------------------------------- | :----- | :----- | :--------- | | Total guest visits (million) | 15.5 | 14.5 | +1.0 | | Average table turnover rate (times/day) | 3.9 | 3.8 | +0.1 | | Average spending per guest (US$) | 24.2 | 24.6 | -0.4 | | Average daily revenue per restaurant (US$'000) | 17.7 | 17.2 | +0.5 | | Restaurant level operating margin (%) | 6.4 | 8.7 | -2.3 pp | [Same Store Sales](index=6&type=section&id=Same%20Store%20Sales) Same Store Sales of Haidilao Restaurants | Metric | 2025 | 2024 | YoY Change | | :----------------------------------- | :----- | :----- | :--------- | | Number of same stores | 101 | N/A | N/A | | Same store sales (US$'000) | 331,340 | 321,677 | +9,663 | | Average same store sales per day (US$'000) | 18.2 | 17.6 | +0.6 | | Average spending per guest (US$) | 24.3 | 24.3 | 0.0 | | Average same store table turnover rate (times/day) | 3.9 | 3.9 | 0.0 | [Delivery Business Revenue](index=7&type=section&id=Delivery%20Business%20Revenue) - Revenue from delivery business increased by **48.1%** to **US$7.7 million**, driven by optimization of products/services and strategic marketing collaborations[27](index=27&type=chunk) [Other Revenue (Secondary Brands & Condiments)](index=7&type=section&id=Other%20Revenue%20(Secondary%20Brands%20%26%20Condiments)) - Revenue from others (hot pot condiment products and secondary brands) increased by **25.0%** to **US$11.5 million**, reflecting increasing popularity and incubation of secondary branded restaurants[29](index=29&type=chunk) [Cost and Expense Analysis](index=7&type=section&id=Cost%20and%20Expense%20Analysis) The Group experienced increases across most cost categories, including raw materials (8.1%), staff costs (11.0%), rentals (27.5%), and other expenses (23.0%), primarily due to business expansion and strategic investments in employees and secondary brand development. Utilities and depreciation remained relatively stable as a percentage of revenue [Raw Materials and Consumables Used](index=7&type=section&id=Raw%20Materials%20and%20Consumables%20Used) - Increased by **8.1%** to **US$134.7 million**, mainly due to business scale enlargement and revenue increase. As a percentage of revenue, it increased from **33.6% to 34.0%**[33](index=33&type=chunk) [Staff Costs](index=8&type=section&id=Staff%20Costs) - Increased by **11.0%** to **US$140.2 million**, driven by increased employee numbers, guest visits, and investment in employee benefits. As a percentage of revenue, it increased from **34.1% to 35.3%**[35](index=35&type=chunk) [Rentals and Related Expenses](index=8&type=section&id=Rentals%20and%20Related%20Expenses) - Increased by **27.5%** to **US$11.6 million**, due to increased short-term lease payments for warehouse expansion and higher property management fees from new restaurants[37](index=37&type=chunk) [Utilities Expenses](index=8&type=section&id=Utilities%20Expenses) - Remained relatively stable at **US$14.1 million** (**3.6% of revenue**) compared to **US$13.7 million** (**3.7% of revenue**) in 2024[38](index=38&type=chunk) [Depreciation and Amortization](index=8&type=section&id=Depreciation%20and%20Amortization) - Slightly increased by **1.8%** to **US$39.7 million**. As a percentage of revenue, it remained stable at **10.0%** (2025) vs **10.5%** (2024)[40](index=40&type=chunk) [Traveling and Communication Expenses](index=9&type=section&id=Traveling%20and%20Communication%20Expenses) - Increased by **15.6%** to **US$3.7 million**, mainly due to increased business travels for expansion. Remained stable at **0.9% of revenue**[42](index=42&type=chunk) [Other Expenses](index=9&type=section&id=Other%20Expenses) - Increased by **23.0%** to **US$40.7 million**, primarily due to higher outsourcing service fees, consulting fees for secondary brand development, and intensified marketing efforts[44](index=44&type=chunk) [Other Financial Items](index=7&type=section&id=Other%20Financial%20Items) Other income increased significantly due to higher interest income. A substantial shift from net other losses to net other gains was driven by favorable foreign exchange fluctuations. Finance costs rose with restaurant network expansion, and income tax expenses increased in line with higher profits [Other Income](index=7&type=section&id=Other%20Income) - Increased by **45.5%** to **US$4.8 million**, mainly due to higher interest income from bank deposits, partially offset by decreased government grants[30](index=30&type=chunk) [Other Gains (Losses) – Net](index=9&type=section&id=Other%20Gains%20(Losses)%20%E2%80%93%20Net) - Recorded net other gains of **US$23.4 million**, a significant turnaround from net other losses of **US$18.1 million** in 2024, primarily due to **US$23.8 million** in net foreign exchange gains[46](index=46&type=chunk) [Finance Costs](index=10&type=section&id=Finance%20Costs) - Increased by **41.0%** to **US$5.5 million**, directly attributable to the expansion of the restaurant network, leading to growth in lease liabilities and restaurant restoration provisions[48](index=48&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) - Increased to **US$6.4 million** from **US$5.3 million** in 2024, calculated at rates ranging from **9% to 33%** on estimated assessable profits[49](index=49&type=chunk) [Profit (Loss) for the Period](index=10&type=section&id=Profit%20(Loss)%20for%20the%20Period) - The Group recorded a net profit of **US$28.3 million**, reversing a net loss of **US$4.6 million** in 2024, primarily due to **US$23.8 million** in net foreign exchange gains[50](index=50&type=chunk) [Financial Position and Liquidity](index=10&type=section&id=Financial%20Position%20and%20Liquidity) Inventories increased to support new outlets and seasonal demand, while trade and other receivables decreased due to strengthened controls. Trade payables rose in line with procurement for enhanced operations. The Group maintained stable liquidity, with cash and cash equivalents increasing slightly. Capital expenditures were primarily for new restaurants, financed by operations and IPO proceeds. Financial ratios remained stable [Inventories](index=10&type=section&id=Inventories) - Increased by **11.4%** to **US$35.1 million** as of June 30, 2025, to support newly opened outlets and anticipated seasonal demand[52](index=52&type=chunk) - Inventory turnover days increased from **42.8 days** (Dec 31, 2024) to **44.5 days** (June 30, 2025)[53](index=53&type=chunk) [Trade and Other Receivables and Prepayments](index=11&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) - Current portion decreased by **13.6%** to **US$26.6 million**, reflecting strengthened controls over prepayments[55](index=55&type=chunk) - Trade receivables turnover days decreased from **7.7 days** (Dec 31, 2024) to **6.4 days** (June 30, 2025)[57](index=57&type=chunk) [Trade Payables](index=11&type=section&id=Trade%20Payables) - Increased by **5.2%** to **US$32.3 million**, in line with procurement for enhanced restaurant operations and inventory growth[58](index=58&type=chunk) - Trade payable turnover days decreased from **45.5 days** (Dec 31, 2024) to **42.1 days** (June 30, 2025) due to enhanced payment cycle management[59](index=59&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) - Primary uses of cash are for operations, expansion, and capital expenditures, funded through cash generated from operations[60](index=60&type=chunk) [Capital Structure](index=12&type=section&id=Capital%20Structure) - The Group's capital management aims to maintain stability, growth, and maximize shareholder value through debt and equity optimization[61](index=61&type=chunk) [Cash and Cash Equivalents](index=12&type=section&id=Cash%20and%20Cash%20Equivalents) - Increased by **1.5%** to **US$258.5 million** as of June 30, 2025[62](index=62&type=chunk) [Capital Expenditure](index=12&type=section&id=Capital%20Expenditure) - Amounted to **US$22.1 million**, mainly for new restaurants and ongoing renovations[63](index=63&type=chunk) - Future capital expenditures will be financed through cash from operations, unutilized IPO proceeds, and cash equivalents[64](index=64&type=chunk) [Charge on Assets](index=12&type=section&id=Charge%20on%20Assets) - **US$3.0 million** in bank deposits were charged to banks to secure rental payments as of June 30, 2025[65](index=65&type=chunk) [Future Plans for Material Investments](index=12&type=section&id=Future%20Plans%20for%20Material%20Investments) - The Group will continue to identify potential strategic investment opportunities and acquisitions but has no concrete committed plans for material investments as of the announcement date[66](index=66&type=chunk) [Financial Ratios](index=13&type=section&id=Financial%20Ratios) Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 | | :------------ | :------------ | :---------------- | | Current ratio | 2.5 | 2.5 | | Gearing ratio | 0.3 | 0.3 | [Foreign Exchange Risk and Hedging](index=13&type=section&id=Foreign%20Exchange%20Risk%20and%20Hedging) - The Group is exposed to foreign currency risks but does not use derivative contracts for hedging. Management monitors rates and will consider hedging if needed[68](index=68&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, litigations, or claims[69](index=69&type=chunk) [Material Acquisitions and Disposals](index=13&type=section&id=Material%20Acquisitions%20and%20Disposals) - No material acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[70](index=70&type=chunk) [No Material Changes](index=13&type=section&id=No%20Material%20Changes) - No material changes affecting the Group's performance were disclosed, other than those already mentioned in the announcement[71](index=71&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=Employees%20and%20Remuneration%20Policy) [Employee Information and Compensation](index=14&type=section&id=Employee%20Information%20and%20Compensation) As of June 30, 2025, the Group employed 13,651 full-time and part-time staff, incurring US$140.2 million in staff costs. Remuneration is based on regional salary levels, employee rank, performance, and market conditions, supplemented by benefits like medical schemes, pensions, and share award schemes. Regular and specialized training programs are provided to maintain workforce quality - Total of **13,651 full-time and part-time employees** as of June 30, 2025[73](index=73&type=chunk) - Incurred staff costs of **US$140.2 million** during the reporting period[73](index=73&type=chunk) - Remuneration policy is determined by salary levels in different regions, employee rank, performance, and market conditions, with additional benefits and regular training[74](index=74&type=chunk) [Non-IFRS Financial Measure](index=14&type=section&id=Non-IFRS%20Financial%20Measure) [Restaurant Level Operating Profit Margin Definition](index=14&type=section&id=Restaurant%20Level%20Operating%20Profit%20Margin%20Definition) The Group uses 'restaurant level operating profit margin' as a non-IFRS measure to evaluate restaurant performance and profitability. It is calculated by dividing restaurant level operating profit by restaurant level revenue, which includes Haidilao restaurant operations and delivery business - Restaurant level operating profit margin is a non-IFRS measure used to evaluate the performance and profitability of the Group's restaurants[79](index=79&type=chunk) - Restaurant level revenue includes total revenue from Haidilao restaurant operations and delivery business[77](index=77&type=chunk) - Restaurant level operating profit is calculated by deducting specific restaurant level costs and expenses from restaurant level revenue[78](index=78&type=chunk) [Reconciliation of Total Revenue to Restaurant Level Revenue](index=15&type=section&id=Reconciliation%20of%20Total%20Revenue%20to%20Restaurant%20Level%20Revenue) The reconciliation shows that 'Restaurant level revenue' for the six months ended June 30, 2025, was US$385.2 million, after deducting US$11.5 million in 'Revenue (Others)' from the total revenue Reconciliation of Total Revenue to Restaurant Level Revenue | Metric | 2025 (US$ in thousands) | 2024 (US$ in thousands) | | :---------------------- | :---------------------- | :---------------------- | | Total revenue | 396,733 | 370,930 | | Less: Revenue (Others) | (11,527) | (9,248) | | **Restaurant level revenue** | **385,206** | **361,682** | [Reconciliation of Income from Operation to Restaurant Level Operating Profit](index=15&type=section&id=Reconciliation%20of%20Income%20from%20Operation%20to%20Restaurant%20Level%20Operating%20Profit) Restaurant level operating profit decreased to US$24.8 million in 2025 from US$31.4 million in 2024, resulting in a restaurant level operating margin of 6.4% (down from 8.7%). This decline is attributed to increased restaurant-level costs and expenses Restaurant Level Operating Profit and Margin | Metric | 2025 (US$ in thousands) | 2024 (US$ in thousands) | | :-------------------------------- | :---------------------- | :---------------------- | | Restaurant level revenue | 385,206 | 361,682 | | Less: Restaurant level costs and expenses | (360,390) | (330,319) | | **Restaurant level operating profit** | **24,816** | **31,363** | | **Restaurant level operating margin** | **6.4%** | **8.7%** | - The reconciliation details adjustments for non-restaurant level revenue and costs, showing a decrease in restaurant level operating profit from **US$31.4 million** in 2024 to **US$24.8 million** in 2025[84](index=84&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group reported a profit of US$28.3 million for the six months ended June 30, 2025, a significant improvement from a loss of US$4.6 million in the prior year. This was driven by increased revenue and a positive shift in other gains (losses) – net, despite higher operating costs Key Figures from Profit or Loss Statement | Metric | 2025 (USD'000) | 2024 (USD'000) | | :----------------------------------- | :------------- | :------------- | | Revenue | 396,733 | 370,930 | | Other income | 4,783 | 3,275 | | Raw materials and consumables used | (134,744) | (124,579) | | Staff costs | (140,160) | (126,289) | | Other gains (losses) – net | 23,402 | (18,119) | | Profit (Loss) for the period | 28,271 | (4,649) | | Basic and diluted EPS (USD) | 0.05 | (0.01) | [Condensed Consolidated Statement of Financial Position](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased, with non-current assets growing due to property, plant, and equipment additions. Current assets saw an increase in inventories and cash, while current liabilities remained stable. Total equity increased, reflecting the period's profitability Key Figures from Financial Position Statement | Metric | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :----------------------------------- | :---------------------- | :-------------------------- | | Non-current assets | 374,928 | 361,198 | | Current assets | 327,511 | 323,227 | | Current liabilities | 129,495 | 128,568 | | Non-current liabilities | 198,037 | 194,196 | | Total equity | 374,907 | 361,661 | [Notes to the Condensed Consolidated Financial Statements](index=20&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [General Information](index=20&type=section&id=General%20Information) SUPER HI INTERNATIONAL HOLDING LTD. is a Cayman Islands-incorporated investment holding company, with shares listed on HKEX and NASDAQ. Its subsidiaries operate restaurants, delivery services, and sell condiment products in overseas markets outside Mainland China, Hong Kong, Macau, and Taiwan. The functional and presentation currency is USD - Company incorporated in Cayman Islands, listed on HKEX (Dec 2022) and NASDAQ (May 2024)[88](index=88&type=chunk)[89](index=89&type=chunk) - Principally engaged in restaurant operation, delivery business, and sales of condiment products in overseas markets[89](index=89&type=chunk) - Functional and presentation currency is United States Dollar (USD)[90](index=90&type=chunk) [Basis of Preparation and Material Accounting Policy Information](index=20&type=section&id=Basis%20of%20Preparation%20and%20Material%20Accounting%20Policy%20Information) The interim financial statements are prepared in accordance with IAS 34 and Listing Rules, using historical cost basis (except for certain financial instruments). Accounting policies are consistent with the 2024 annual statements. The Group's business is subject to seasonal fluctuations - Prepared in accordance with IAS 34 Interim Financial Reporting and applicable disclosure requirements of HKEX Listing Rules[91](index=91&type=chunk) - Accounting policies and methods are consistent with the annual consolidated financial statements for the year ended December 31, 2024[92](index=92&type=chunk) - Business and financial performance are subject to seasonal fluctuations[93](index=93&type=chunk) [Adoption of New and Revised Standards](index=20&type=section&id=Adoption%20of%20New%20and%20Revised%20Standards) The Group consistently applied IFRS Accounting Standards effective from January 1, 2025, with no material effect on policies or reported amounts. Several new and revised IFRSs have been issued but are not yet effective for the Group - Adoption of new and revised IFRS Accounting Standards effective January 1, 2025, had no material effect on disclosures or amounts[94](index=94&type=chunk) - Several new and revised IFRSs have been issued but are not yet effective for the Group, including Amendments to IFRS 10 and IAS 28, IFRS 18, etc[95](index=95&type=chunk) [Key Sources of Estimation Uncertainty](index=21&type=section&id=Key%20Sources%20of%20Estimation%20Uncertainty) The critical judgments and key sources of estimation uncertainty made by management remain unchanged from the Group's annual financial statements for the year ended December 31, 2024 - Critical judgments and key sources of estimation uncertainty remain unchanged from the 2024 annual financial statements[96](index=96&type=chunk) [Revenue (Notes)](index=21&type=section&id=Revenue%20(Notes)) Revenue for the period was US$396.7 million, primarily from Haidilao restaurant operations (US$377.5 million), delivery business (US$7.7 million), and other sales (US$11.5 million). All revenue is recognized at a point in time Revenue Breakdown by Type of Services or Goods | Types of services or goods | 2025 (USD'000) | 2024 (USD'000) | | :------------------------- | :------------- | :------------- | | Haidilao restaurant operations | 377,468 | 356,488 | | Delivery business | 7,738 | 5,194 | | Others | 11,527 | 9,248 | | **Total** | **396,733** | **370,930** | - All revenue is recognized at a point in time[98](index=98&type=chunk) [Other Income (Notes)](index=22&type=section&id=Other%20Income%20(Notes)) Other income increased to US$4.8 million, mainly driven by a significant rise in interest income from bank deposits to US$3.4 million, partially offset by a decrease in government grants Other Income Breakdown | Source | 2025 (USD'000) | 2024 (USD'000) | | :--------------- | :------------- | :------------- | | Interest income on bank deposits | 3,395 | 1,108 | | Interest income on rental deposits | 304 | 314 | | Government grants | 732 | 1,259 | | Others | 352 | 594 | | **Total** | **4,783** | **3,275** | [Other Expenses (Notes)](index=22&type=section&id=Other%20Expenses%20(Notes)) Total other expenses increased to US$40.7 million, with outsourcing service fees and consulting services expenses being the largest contributors to the increase, reflecting business expansion and secondary brand development efforts Other Expenses Breakdown | Expense Type | 2025 (USD'000) | 2024 (USD'000) | | :------------------------- | :------------- | :------------- | | Administrative expenses | 9,132 | 8,372 | | Consulting services expenses | 4,641 | 3,096 | | Bank charges | 6,560 | 5,991 | | Daily maintenance expenses | 3,924 | 3,522 | | Outsourcing service fee | 12,243 | 9,113 | | Business development expenses | 2,938 | 1,654 | | Storage expenses | 1,291 | 1,381 | | **Total** | **40,729** | **33,129** | [Other Gains (Losses) – Net (Notes)](index=23&type=section&id=Other%20Gains%20(Losses)%20%E2%80%93%20Net%20(Notes)) The Group recorded significant net other gains of US$23.4 million, a reversal from net losses of US$18.1 million in 2024, primarily driven by US$23.8 million in net foreign exchange gains Other Gains (Losses) – Net Breakdown | Item | 2025 (USD'000) | 2024 (USD'000) | | :-------------------------------------------------- | :------------- | :------------- | | Net impairment reversal (loss) | (382) | 584 | | (Loss) on disposal of property, plant and equipment | (59) | (586) | | Net gain arising on financial assets at FVTPL | 927 | 1,788 | | Net foreign exchange gain (loss) | 23,761 | (19,525) | | Others | (845) | (380) | | **Total** | **23,402** | **(18,119)** | [Finance Costs (Notes)](index=23&type=section&id=Finance%20Costs%20(Notes)) Finance costs increased to US$5.5 million, mainly due to higher interests on lease liabilities, reflecting the expansion of the restaurant network Finance Costs Breakdown | Item | 2025 (USD'000) | 2024 (USD'000) | | :-------------------------------- | :------------- | :------------- | | Interests on lease liabilities | 5,179 | 3,754 | | Interests charge on unwinding of provisions | 346 | 172 | | **Total** | **5,525** | **3,926** | [Income Tax Expense (Notes)](index=23&type=section&id=Income%20Tax%20Expense%20(Notes)) Income tax expense increased to US$6.4 million, with current tax being the largest component. The Group's taxation rates range from 9% to 33% across relevant jurisdictions Income Tax Expense Breakdown | Item | 2025 (USD'000) | 2024 (USD'000) | | :-------------------------- | :------------- | :------------- | | Current tax – current period | 5,815 | 4,966 | | Current tax – under provision for tax in prior years | 267 | 34 | | Deferred tax | 320 | 277 | | **Total** | **6,402** | **5,277** | [Profit (Loss) for the Period (Notes)](index=24&type=section&id=Profit%20(Loss)%20for%20the%20Period%20(Notes)) The Group's profit for the period was US$28.3 million, after accounting for various charges including depreciation and amortization (US$39.7 million), total rentals and related expenses (US$11.6 million), and total staff costs (US$140.2 million) Key Charges Affecting Profit (Loss) | Item | 2025 (USD'000) | 2024 (USD'000) | | :----------------------------------- | :------------- | :------------- | | Total depreciation and amortization | 39,688 | 39,022 | | Total rentals and related expenses | 11,583 | 9,109 | | Total staff costs | 140,160 | 126,289 | [Earnings (Loss) Per Share (Notes)](index=25&type=section&id=Earnings%20(Loss)%20Per%20Share%20(Notes)) Basic and diluted earnings per share for the period was US$0.05, a positive shift from a loss of US$0.01 in the prior year, based on a weighted average of 588.4 million ordinary shares - Profit attributable to owners of the Company for EPS calculation was **US$28,352,000** (2024: loss of **US$4,583,000**)[109](index=109&type=chunk) - Weighted average number of ordinary shares for EPS calculation was **588,366,000** (2024: **564,960,000**)[109](index=109&type=chunk) - No diluted earnings (loss) per share was presented as there were no potential ordinary shares in issue[109](index=109&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets (Notes)](index=25&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets%20(Notes)) The Group made new additions of US$21.6 million to property, plant, and equipment and recognized US$10.7 million in right-of-use assets from new lease agreements. Impairment assessments resulted in a net impairment reversal for property, plant, and equipment and a net impairment for right-of-use assets - New additions to property, plant and equipment amounted to **US$21.6 million**[110](index=110&type=chunk) - Recognized right-of-use assets of **US$10.7 million** from new lease agreements[111](index=111&type=chunk) - Net impairment reversal of **US$82,000** for property, plant and equipment and net impairment of **US$464,000** for right-of-use assets were recognized[115](index=115&type=chunk) [Deferred Tax Assets (Liabilities) (Notes)](index=26&type=section&id=Deferred%20Tax%20Assets%20(Liabilities)%20(Notes)) The Group reported a net deferred tax liability of US$4.0 million. Deferred tax assets were not recognized for US$123.0 million in tax losses and US$76.2 million in other deductible temporary differences due to unpredictability of future profit streams Deferred Tax Balances | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :---------------------- | :---------------------- | :-------------------------- | | Deferred tax assets | 53,404 | 51,916 | | Deferred tax liabilities | (57,411) | (55,621) | | **Net Deferred Tax (Liabilities)** | **(4,007)** | **(3,705)** | - Unrecognized tax losses amounted to **US$122.9 million**, with **US$53.4 million** expiring between 2026-2034 and **US$69.5 million** carried forward indefinitely[117](index=117&type=chunk) - Unrecognized other deductible temporary differences amounted to **US$76.2 million**[117](index=117&type=chunk) [Trade and Other Receivables and Prepayments (Notes)](index=28&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments%20(Notes)) Total trade and other receivables and prepayments decreased to US$28.8 million. Current portion decreased by 13.6% due to strengthened controls over prepayments. Trade receivables are mainly from payment platforms and are settled within 30 days Trade and Other Receivables and Prepayments | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :----------------------------------- | :---------------------- | :-------------------------- | | Trade receivables | 13,220 | 14,952 | | Prepayment to suppliers | 10,729 | 14,584 | | Others | 4,816 | 3,552 | | **Total** | **28,765** | **33,088** | | Current | 26,629 | 30,754 | | Non-current | 2,136 | 2,334 | - Trade receivables are normally settled within **30 days**, with no past due receivables at period end[120](index=120&type=chunk) [Financial Assets at Fair Value Through Profit or Loss (Notes)](index=28&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss%20(Notes)) Financial assets at fair value through profit or loss represent investments in short-term money market funds, measured at fair value using quoted prices from liquid markets (Level 1 input) - Financial assets at FVTPL represent investments in short-term money market funds[119](index=119&type=chunk) - Measured at fair value using quoted prices from liquid markets (Level 1 input)[119](index=119&type=chunk) [Trade Payables (Notes)](index=28&type=section&id=Trade%20Payables%20(Notes)) Trade payables increased to US$32.3 million, primarily due to increased procurement of raw materials. The majority of trade payables have a credit term of 30 to 60 days Trade Payables Aged Analysis | Ageing | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :----------- | :---------------------- | :-------------------------- | | Within 60 days | 32,269 | 30,711 | - Majority of trade payables had a credit term of **30 to 60 days**[120](index=120&type=chunk) [Other Payables (Notes)](index=29&type=section&id=Other%20Payables%20(Notes)) Other payables increased to US$39.3 million, with staff cost payable being the largest component, followed by other taxes payables and renovation fee payables Other Payables Breakdown | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :------------------ | :---------------------- | :-------------------------- | | Staff cost payable | 22,206 | 24,249 | | Other taxes payables | 9,752 | 8,399 | | Renovation fee payables | 4,987 | 4,144 | | Others | 2,316 | 1,308 | | **Total** | **39,261** | **38,100** | [Contract Liabilities (Notes)](index=29&type=section&id=Contract%20Liabilities%20(Notes)) Contract liabilities, primarily from customer loyalty schemes and prepaid cards/vouchers, increased to US$13.2 million. The majority is current, reflecting expected redemption/utilization within one year Contract Liabilities Breakdown | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :-------------------------- | :---------------------- | :-------------------------- | | Customer loyalty scheme | 12,266 | 11,642 | | Prepaid cards and issued vouchers | 953 | 1,007 | | **Total** | **13,219** | **12,649** | | Current | 10,798 | 9,669 | | Non-current | 2,421 | 2,980 | - Customer loyalty points have a valid period of **2 to 5 years**, and prepaid cards/vouchers have no expiration[122](index=122&type=chunk) [Provisions (Notes)](index=30&type=section&id=Provisions%20(Notes)) Total provision for restoration increased to US$15.6 million, with US$2.6 million expected to be paid within one year. This provision relates to costs for restoring leasehold properties Provision for Restoration | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :----------------------------------- | :---------------------- | :-------------------------- | | Provision for restoration | 15,555 | 14,434 | | Less: Amounts expected to be paid within one year | 2,599 | 1,941 | | **Amounts shown under non-current liabilities** | **12,956** | **12,493** | - The provision is related to costs expected to be incurred to restore leasehold properties according to lease agreements[123](index=123&type=chunk) [Share Capital & Share Premium (Notes)](index=30&type=section&id=Share%20Capital%20%26%20Share%20Premium%20(Notes)) The Company's issued and fully paid share capital remained at US$3, representing 650.3 million ordinary shares. Share premium remained at US$550.6 million, with no new premium arising during the period Share Capital and Share Premium | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :----------------------------------- | :---------------------- | :-------------------------- | | Issued and fully paid ordinary shares | 3 | 3 | | Share premium | 550,593 | 550,593 | - In May 2024, the Company issued **3,096,600 ADSs** (**30,966,000 ordinary shares**) at **US$1.956 per share**, with amounts above par value recorded as share premium[125](index=125&type=chunk) [Capital Commitments (Notes)](index=31&type=section&id=Capital%20Commitments%20(Notes)) Capital expenditure commitments for property, plant, and equipment contracted for but not yet provided in the financial statements increased to US$15.7 million Capital Commitments | Item | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :------------------------------------------------------------------------------------------------- | :---------------------- | :-------------------------- | | Capital expenditure in respect of acquisition of property, plant and equipment contracted for but not provided | 15,655 | 13,140 | [Related Party Disclosures (Notes)](index=31&type=section&id=Related%20Party%20Disclosures%20(Notes)) The Group purchased US$9.2 million in condiment and instant hot pot products from related companies controlled by the Controlling Shareholders. Key management personnel remuneration totaled US$1.5 million - Purchased **US$9.2 million** in condiment and instant hot pot products from related companies controlled by the Controlling Shareholders[127](index=127&type=chunk) - Remuneration of key management personnel amounted to **US$1.5 million**[129](index=129&type=chunk) - The Group is licensed to use the Haidilao trademark royalty-free and owns proprietary rights to Super Hi Customized Products formulae in certain regions[127](index=127&type=chunk)[128](index=128&type=chunk) [Segment Information (Notes)](index=32&type=section&id=Segment%20Information%20(Notes)) The Group operates as a single operating segment, with revenue primarily from Southeast Asia, North America, and other regions. Singapore, United States, Malaysia, and Vietnam are key revenue-generating countries. Non-current assets are also geographically diversified - No operating segment information is presented as resources are integrated and performance is assessed as a whole[130](index=130&type=chunk) Revenue from External Customers by Geographic Area | Country | 2025 (USD'000) | 2024 (USD'000) | | :-------------------- | :------------- | :------------- | | Singapore | 71,459 | 80,773 | | United States of America | 52,712 | 52,370 | | Malaysia | 50,125 | 44,751 | | Vietnam | 43,570 | 42,903 | | Others | 178,867 | 150,133 | | **Total** | **396,733** | **370,930** | Non-Current Assets by Geographic Area | Country | June 30, 2025 (USD'000) | December 31, 2024 (USD'000) | | :-------------------- | :---------------------- | :-------------------------- | | Singapore | 36,068 | 41,741 | | United States of America | 87,949 | 84,740 | | Australia | 43,742 | 41,896 | | Others | 181,350 | 169,316 | | **Total** | **349,109** | **337,693** | [Corporate Governance and Other Information](index=33&type=section&id=CORPORATE%20GOVERNANCE%20AND%20OTHER%20INFORMATION) [Compliance with the Corporate Governance Code](index=33&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company has adopted and complied with the Corporate Governance Code throughout the reporting period. Changes to the nomination committee's terms of reference were approved in response to amendments effective July 1, 2025 - The Company has adopted and complied with all applicable principles and code provisions of the Corporate Governance Code[136](index=136&type=chunk) - Changes to the nomination committee's terms of reference were approved in response to CG Code amendments effective July 1, 2025[135](index=135&type=chunk) [Compliance with the Model Code](index=33&type=section&id=Compliance%20with%20the%20Model%20Code) The Company adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all Directors and employees with inside information throughout the reporting period - The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers[137](index=137&type=chunk) - All Directors and employees likely to possess inside information confirmed compliance with the Model Code[137](index=137&type=chunk)[138](index=138&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=33&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period, and no treasury shares were held as of June 30, 2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[139](index=139&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[139](index=139&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors, reviewed the interim results, accounting principles, internal controls, and financial reporting, confirming compliance with relevant standards and regulations - The Audit Committee consists of **three independent non-executive Directors**[140](index=140&type=chunk) - Reviewed the Group's interim results for the six months ended June 30, 2025, accounting principles, internal control, and financial reporting[141](index=141&type=chunk) - Confirmed that interim financial results comply with relevant accounting standards, rules, and regulations[142](index=142&type=chunk) [Events After the Six Months Ended June 30, 2025](index=34&type=section&id=Events%20After%20the%20Six%20Months%20Ended%20June%2030%2C%202025) The Group had no material events requiring disclosure subsequent to June 30, 2025, up to the date of the announcement - No material events for disclosure occurred subsequent to June 30, 2025, up to the date of the announcement[143](index=143&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[144](index=144&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is published on the websites of the Stock Exchange and the Company, with the full interim report to follow - Interim results announcement published on HKEX and Company websites[145](index=145&type=chunk) - The full interim report will be published on the same websites and dispatched to shareholders upon request[145](index=145&type=chunk) [Appreciation](index=34&type=section&id=Appreciation) The Board expressed gratitude to shareholders, management, employees, business partners, and customers for their support and contributions - The Board expressed sincere gratitude to shareholders, management team, employees, business partners, and customers[146](index=146&type=chunk)

Core Insights - Super Hi International Holding Ltd. reported a total revenue of US$198.9 million for Q2 2025, marking an 8.5% increase from US$183.3 million in Q2 2024 [4][5] - Same-store sales increased by 5.3% year-over-year, reaching US$170.2 million [5][21] - The company experienced a significant decline in income from operations, which fell by 56.5% to US$3.7 million, with an operating margin of 1.9% compared to 4.6% in the previous year [9][10] Financial Performance - Revenue from Haidilao restaurant operations was US$189.1 million, up 7.3% from US$176.2 million in Q2 2024 [6] - The delivery business revenue surged by 60.9% to US$3.7 million, driven by optimized delivery services and marketing collaborations [6] - Other business revenue increased by 27.1% to US$6.1 million, attributed to the popularity of hot pot condiments and the incubation of secondary branded restaurants [6] Operational Highlights - The company opened 4 new Haidilao restaurants and closed 1 underperforming location, bringing the total to 126 restaurants [5] - The average table turnover rate remained stable at 3.8 times per day, with same-store turnover at 3.9 times [5][17] - Total guest visits increased by 6.9% to over 7.7 million compared to 7.2 million in Q2 2024 [5] Cost Structure - Raw materials and consumables used rose by 9.6% to US$67.6 million, representing 34.0% of revenue, up from 33.7% [7] - Staff costs increased by 12.1% to US$70.3 million, accounting for 35.3% of revenue, compared to 34.2% in the same period last year [8] - The decline in operating income was attributed to increased investment in customer and employee benefits, higher outsourcing fees, and reduced government grants [9] Profitability - The company reported a profit of US$16.4 million for the period, a significant turnaround from a loss of US$0.1 million in Q2 2024 [10] - Basic and diluted net profit per share were both US$0.03, compared to a net loss per share in the same period last year [11] Market Position - Super Hi operates Haidilao restaurants in 14 countries, making it the largest Chinese cuisine restaurant brand internationally by the number of countries covered [25] - The brand has been recognized as one of the world's most valuable restaurant brands for six consecutive years, earning the title of "World's Strongest Restaurant Brand" for 2024 [25]

Group 1 - The stock price of Haidilao (HDL) increased by 2.16% on August 20, reaching $20.3 per share, with a total market capitalization of $1.32 billion [1] - As of March 31, 2025, Haidilao reported total revenue of $198 million, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of $11.94 million, showing a significant increase of 367.85% [1] Group 2 - Haidilao is set to disclose its mid-year report for the fiscal year 2025 on August 26, with the actual disclosure date subject to company announcements [2] - The company is recognized as a leading Chinese dining brand in the international market, aiming to promote Chinese culinary culture globally [2] - Haidilao restaurants have created a cultural phenomenon globally due to their unique dining experience and excellent service quality [2]

Group 1 - The stock price of Haidilao (HDL) increased by 2.41% on August 16, reaching $19.765 per share, with a total market capitalization of $1.285 billion [1] - As of March 31, 2025, Haidilao reported total revenue of $198 million, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of $11.938 million, which is a significant increase of 367.85% [1] Group 2 - Haidilao is set to disclose its mid-year report for the fiscal year 2025 on August 26, with the actual disclosure date subject to company announcement [2] - The company is recognized as a leading Chinese dining brand in the international market, aiming to promote Chinese culinary culture globally [2] - Haidilao restaurants have created a cultural phenomenon globally due to their unique dining experience and excellent service quality [2]

Company Overview - Super Hi International Holding Ltd. operates Haidilao hot pot restaurants internationally, recognized as a leading Chinese cuisine brand [3] - Haidilao has a rich history since 1994, originating from Sichuan, and has become a cultural phenomenon in the global restaurant industry [3] - As of March 31, 2025, Super Hi has 123 self-operated Haidilao restaurants across 14 countries on four continents, making it the largest Chinese cuisine brand in terms of international presence [3] Financial Reporting - The company will report its unaudited financial results for the second quarter of FY2025 on August 26, 2025, before U.S. market opening [1] - An earnings conference call will be held on the same day at 8:00 AM U.S. Eastern Time to discuss the financial results [2] Brand Recognition - Haidilao has been ranked among the world's most valuable restaurant brands for six consecutive years since 2019 and was awarded the title of "World's Strongest Restaurant Brand" for 2024 by Brand Finance [3]

Core Insights - Haidilao's stock price increased by 3.13% on August 8, reaching $20.419 per share, with a total market capitalization of $1.328 billion [1] - For the fiscal year ending March 31, 2025, Haidilao reported total revenue of $198 million, representing a year-on-year growth of 5.4% [1] - The net profit attributable to shareholders was $11.938 million, showing a significant year-on-year increase of 367.85% [1] Important Dates - Haidilao is scheduled to disclose its mid-year report for the fiscal year 2025 on August 26, with the actual disclosure date subject to the company's announcement [2] Company Overview - Haidilao International Holding Ltd. is a leading Chinese dining brand in the international market, focused on promoting Chinese culinary culture globally [2] - The restaurant chain is known for its unique dining experience and high-quality service, which has contributed to its cultural phenomenon status worldwide [2]

Group 1 - The stock price of Haidilao (HDL) increased by 3.66% on August 6, reaching $19.8 per share, with a total market capitalization of $1.288 billion [1] - As of March 31, 2025, Haidilao reported total revenue of $198 million, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of $11.938 million, showing a significant increase of 367.85% [1] Group 2 - Haidilao is set to disclose its mid-year report for the fiscal year 2025 on August 26, with the actual disclosure date subject to the company's announcement [2] - The company is recognized as a leading Chinese dining brand in the international market, aiming to promote Chinese culinary culture globally [2] - Haidilao restaurants have created a cultural phenomenon globally due to their unique dining experience and excellent service quality [2]

Group 1 - The stock price of Haidilao (HDL) increased by 3.08% on August 4, closing at $19.72 per share, with a total market capitalization of $1.282 billion [1] - As of March 31, 2025, Haidilao reported total revenue of $198 million, representing a year-on-year growth of 5.4% [1] - The net profit attributable to the parent company reached $11.938 million, showing a significant year-on-year increase of 367.85% [1] Group 2 - Haidilao is set to disclose its mid-year report for the fiscal year 2025 on August 26, with the actual disclosure date subject to company announcement [2] - The company is recognized as a leading Chinese dining brand in the international market, aiming to promote Chinese culinary culture globally [2] - Haidilao restaurants have created a cultural phenomenon globally due to their unique dining experience and excellent service quality [2]

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]

Core Insights - Super Hi International Holding Ltd. reported a revenue of US$197.8 million for Q1 2025, marking a 5.4% increase from US$187.6 million in Q1 2024 [4][6] - The company focused on customer-centric initiatives and operational adjustments to enhance long-term customer loyalty and engagement [3][6] - The net profit for the period was US$11.9 million, a significant improvement from a loss of US$4.5 million in the same period of 2024, primarily due to reduced foreign exchange losses [10][11] Financial Performance - Revenue from Haidilao restaurant operations was US$188.4 million, up 4.5% from US$180.3 million in Q1 2024, driven by business expansion and increased guest visits [7] - The income from operation was US$8.2 million, down 33.9% from US$12.4 million in Q1 2024, with an operating margin of 4.1% compared to 6.6% in the previous year [9] - Staff costs increased to US$69.8 million, a 9.7% rise from US$63.6 million in Q1 2024, reflecting the expansion of the workforce and enhanced employee benefits [8] Operational Highlights - The total number of Haidilao restaurants increased from 119 to 123, with 4 new openings and 3 closures of underperforming locations [6] - The same-store table turnover rate was 4.0 times per day, a slight increase from 3.9 times per day in Q1 2024, with total guest visits rising by 6.8% year-over-year to over 7.8 million [6][14] - Average spending per guest decreased to US$24.2 from US$24.9 in the same period of 2024 [17] Strategic Initiatives - The company is implementing a "Pomegranate Plan" to diversify product offerings and enhance customer experience through iterative improvements in restaurant design and operational excellence [3][6] - Continued investment in delivery services resulted in a revenue increase of 37.9% to US$4.0 million, supported by expanded delivery networks [7] - The company aims to strengthen workforce cohesion through team-building initiatives and competitive compensation packages [3]