Core Viewpoint - The company reported a revenue of $21.4 million in Q3 2025, a year-on-year increase of 7.8%, but net profit fell by 90.5% to $3.593 million, primarily due to currency fluctuations [1] Business Performance - The restaurant segment saw a 5.1% year-on-year growth, driven by business expansion and brand influence, with customer traffic and table turnover rates increasing [1] - The takeaway business experienced a significant growth of 69.2%, attributed to continuous optimization of takeaway products and strategic marketing collaborations with local platforms [1] - Other business segments grew by 74.5%, mainly due to the increase in hot pot seasoning sales and the growth of second-brand restaurants [1] - The restaurant operations still accounted for over 93% of total revenue [1] Operational Metrics - The average table turnover rate increased by 0.1 times per day to 3.9 times per day, with notable growth in the East Asia market, which rose by 0.6 times per day to 4.9 times per day [1] - Average spending per customer decreased by 4.65% to $24.6, with North America experiencing the largest decline of 10.11% [1] - Same-store sales increased by 2.27% year-on-year, with significant growth of 18.08% in the East Asia market [1] Profitability Analysis - The cost of raw materials and consumables increased by 0.31 percentage points to 33.27%, while employee costs rose by 0.05 percentage points to 33.19% [2] - Rental and related expenses increased by 0.16 percentage points to 2.86% [2] - The operating profit margin decreased by 1.6 percentage points to 5.9% year-on-year, but improved by 4 percentage points compared to the previous quarter [2] Store Expansion - The total number of restaurants remained stable compared to Q2 2025, with 2 new restaurants opened and 1 closed due to lease expiration [2] - One restaurant was converted to a second-brand restaurant as part of strategic adjustments [2] - As of the end of Q3, the total number of restaurants reached 126, an increase of 5 year-on-year [2] Investment Outlook - The company is positioned as a leader in the international market for Chinese cuisine, benefiting from its unique service model and strong brand presence [3] - The company is expected to achieve net profits of $46.81 million, $59.08 million, and $71.92 million from 2025 to 2027 [3] - The investment rating is maintained at "Buy" due to the promising growth potential in the hot pot industry internationally [3]
特海国际(09658.HK)2025年三季度业绩点评：同店销售额同比增长 门店环比持平