Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - In Q3 2025, the company achieved revenue of $214 million, a year-on-year increase of 7.8%, while net profit was $3.593 million, down 90.5% year-on-year, primarily due to exchange rate fluctuations [2][6]. - The company is positioned as a leader in the international Chinese dining market, benefiting from its unique service model, strong brand power, and rapid localization capabilities [2][6]. - The company is expected to achieve net profits of $46.81 million, $59.08 million, and $71.92 million for the years 2025, 2026, and 2027, respectively [2][8]. Revenue Breakdown - The takeaway and other business segments showed significant revenue growth, with takeaway business increasing by 69.2% year-on-year, driven by product optimization and strategic marketing partnerships [9]. - The core restaurant business saw a 5.1% year-on-year increase, attributed to business expansion and enhanced brand influence, with restaurant operations still accounting for over 93% of total revenue [9]. Operational Performance - The average table turnover rate improved, with same-store sales increasing by 2.27% year-on-year, and the East Asia market showing a substantial growth of 18.08% [9]. - The average customer spending decreased by 4.65% to $24.6, with North America experiencing the largest decline of 10.11% [9]. Store Expansion - The total number of restaurants remained stable compared to the previous quarter, with two new openings and one closure due to lease expiration [9]. - As of the end of Q3 2025, the total number of restaurants reached 126, an increase of five year-on-year [9].
特海国际（09658）：2025 年三季度业绩点评：同店销售额同比增长，门店环比持平