Core Viewpoint - The independent listing platform of Haidilao Group, Tehai International, forecasts a significant increase in net profit for 2025 primarily driven by foreign exchange gains, while restaurant operations are expected to decline due to a proactive discount strategy [1] Financial Performance - Tehai International anticipates revenue of no less than $840 million for 2025, with net profit attributable to shareholders expected to be at least $34 million, compared to $780 million in revenue and $21.8 million in net profit for the same period in 2024 [1] - The forecasted net profit growth is largely attributed to foreign exchange gains, with expected net foreign exchange gains rising from a loss of $19.7 million in 2024 to a gain of $14 million in 2025 due to currency fluctuations [1] Restaurant Operations - The operating profit margin in the restaurant segment is expected to decline as the company implements a proactive discount strategy to maintain table turnover and customer traffic amid intense competition [1] - Despite the discount strategy, restaurant traffic and turnover rates have shown growth, with total customer traffic reaching 8.1 million in Q3 2025, a year-on-year increase of 9.5%, and the average turnover rate improving from 3.8 times per day in Q3 2024 to 3.9 times in Q3 2025 [2] Cost Pressures - Tehai International is facing ongoing cost pressures, particularly in labor, with employee costs increasing by 9.7%, 12.1%, and 7.9% year-on-year in the first three quarters of 2025 [2] Competitive Landscape - The international Chinese restaurant market is becoming increasingly fragmented, with notable competitors accelerating their overseas expansion, marking a shift from a "hotpot monopoly" to a "multi-category competition" phase [2]