以下文章来源于东四十条资本 ，作者蒲凡 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 但有一家火锅店，从来不在我的开荒计划内。这家店同样香了半条街，但人实在太多了。我和同学曾经测算过，即使准点下班 去排号，晚上9点也够呛能吃上。 如果你身边有一位生活在成都东边、上了点岁数的朋友，他一定记得，那几年双桥子有两大打卡圣地，一个是"全成都生意最 好、因此也是最后一家倒闭的家乐福"，另一个就是排队两小时、人不齐不让进的火锅店。 而这家店，正是今天故事的主角，后来大名鼎鼎的火锅品牌"小龙坎"。近日据工商信息显示，小龙坎完成了新的一笔股权融 资，长沙伍壹柒私募股权基金管理有限公司旗下四川成都新津肆壹伍股权投资基金合伙企业（有限合伙）增资超过10%。 最火的火锅 我在标题里形容小龙坎是成都当年"最火"的火锅品牌，真的一点都不夸张。 小龙坎2014年成立，名字是重庆沙坪坝附近的一个地名。据说是因为当年创始人吴东拉着合伙人在重庆反复试样了几个月， 吃到好几次都想去肛肠科挂号，最终在小龙坎找到了最想要的那种味型，于是 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Haidilao's overseas business, Tehai International, which reported a revenue increase of 13.4% year-on-year for 2024, reaching $778 million [1] - Tehai International's restaurant operating revenue was $747 million, reflecting a 13.0% year-on-year growth [1] - The operating profit margin for Tehai International in 2024 was 6.8%, slightly up from 6.3% in 2023 [1] Group 2 - Tehai International adopted a cautious store expansion strategy, opening 10 new locations in 2024 while closing 3 stores in Southeast Asia [1] - As of December 31, 2024, Tehai International operated 122 Haidilao restaurants across 14 countries, with 73 in Southeast Asia, 19 in East Asia, 20 in North America, and 10 in other regions [1] - The operating profit margin for Haidilao restaurants improved to 10.1% in 2024, up from 9.0% the previous year [1] Group 3 - Tehai International is actively exploring different business formats, launching the "Pomegranate Plan" in 2024 to position itself as a leading global integrated dining group [2] - The company is expanding beyond its existing second brands, such as HAO Noodle and Halal Hotpot, to include various formats like barbecue, flavorful hotpot, and different types of fast food [2]

Financial Performance - Total revenue for the year ended December 31, 2024, was $778.3 million, an increase of 13.4% compared to $686.4 million in 2023[5] - Net profit for the period was $21.4 million, down from $25.3 million in the previous year, impacted by a foreign exchange loss of $14.7 million[15] - The company's net profit for 2024 was $21.4 million, a decrease of 15.4% from $25.3 million in 2023, mainly driven by increased foreign exchange losses and partially offset by revenue growth from business expansion and improved operational efficiency[39] - Total comprehensive income for the year reached $33.427 million, compared to $29.884 million in 2023, marking an increase of approximately 11.5%[64] - Basic and diluted earnings per share decreased to $0.04 from $0.05 in the previous year, a decline of 20%[64] Revenue Growth - The overall revenue from Haidilao restaurants increased by 13.0% to $747.3 million, driven by improved table turnover rates and strategic network expansion[18] - Same-store sales for 2024 reached $653.99 million, an increase of 7.1% from $610.69 million in 2023[22] - Restaurant-level revenue reached $758.6 million, up 13.0% from $671.0 million in the previous year[60] - Revenue from takeaway services in 2024 was $11.3 million, up 15.3% from $9.8 million in 2023[24] - Revenue from other sources, including hot pot condiments and branded food, increased by 27.9% to $19.7 million in 2024 from $15.4 million in 2023[25] Operational Efficiency - The operating profit margin for the company improved to 6.8% in 2024 from 6.3% in 2023[3] - The restaurant-level operating profit margin improved to 10.1% in 2024 from 9.0% in 2023[6] - The average daily revenue per restaurant rose to $17.7 thousand in 2024, compared to $16.3 thousand in 2023[4] - The average table turnover rate increased to 3.8 times per day in 2024, up from 3.5 times in 2023[4] - The average daily sales per store increased to $18.3 thousand in 2024 from $17.1 thousand in 2023, reflecting a growth of 7.0%[22] Expansion Strategy - The number of restaurants increased to 122 in 2024 from 115 in 2023, with a total customer traffic of 29.9 million, up from 26.7 million[4] - The company opened 10 new restaurants in 2024 while closing 3 in Southeast Asia, maintaining a cautious expansion strategy[5] - The company aims to enhance brand recognition globally and plans to continue expanding its restaurant network in existing and new markets[16] - The company is focused on expanding its restaurant operations and delivery services in overseas markets, particularly outside of mainland China, Hong Kong, Macau, and Taiwan[67] Cost Management - Material and consumable costs rose to $257.7 million in 2024, a 9.8% increase from $234.7 million in 2023, but the percentage of revenue decreased from 34.2% to 33.1%[28] - Employee costs increased by 14.7% to $259.3 million in 2024 from $226.0 million in 2023, with the percentage of revenue rising slightly from 32.9% to 33.3%[29] - Rent and related expenses increased by 16.9% to $20.1 million in 2024 from $17.2 million in 2023[30] - Other expenses increased by 12.8% to $70.7 million in 2024 from $62.7 million in 2023, primarily due to restaurant network expansion[34] Financial Position - As of December 31, 2024, the company's cash and cash equivalents increased to $254.7 million, up 66.6% from $152.9 million in 2023, attributed to business growth and unutilized proceeds from the NASDAQ IPO[46] - The current ratio improved to 2.5 in 2024 from 1.7 in 2023, indicating better short-term financial health[50] - Trade payables decreased to $30.7 million as of December 31, 2024, down 10.8% from $34.4 million in 2023, due to strategic optimization of supply chain management[42] - Total liabilities remained stable at $128.568 million, compared to $128.571 million in 2023[66] Strategic Initiatives - The "Pomegranate Plan" is being implemented to foster innovation and explore new business formats, including strategic acquisitions[16] - The company plans to continue seeking strategic investment opportunities that can bring synergistic effects, although no specific commitments for significant investments have been disclosed[49] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[122] Compliance and Governance - The audit committee reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[125] - The company has complied with the Corporate Governance Code and the Standard Code for securities trading by directors throughout the reporting period[121] - There were no significant events to disclose after December 31, 2024, up to the date of this announcement[127]

Revenue Performance - Revenue for Q4 2024 was $208.8 million, an increase of 10.4% compared to $189.2 million in Q4 2023[9] - Total revenue for the fiscal year 2024 was $778.3 million, a 13.4% increase from $686.4 million in 2023[9] - Revenue from Haidilao restaurants reached $747.3 million, up 13.0% from $661.2 million in 2023, driven by improved table turnover and strategic network expansion[18] - Takeout business revenue was $11.3 million, a 15.3% increase from $9.8 million in 2023, attributed to brand influence and partnerships with local delivery platforms[18] - Other business revenue grew by 27.9% to $19.7 million from $15.4 million in 2023, due to the popularity of hot pot condiments and strategic exploration of secondary brand restaurants[18] - Total restaurant-level revenue was $758.6 million in 2024, compared to $670.9 million in 2023, after accounting for other income[23] - Annual revenue for 2024 was $778.31 million, up 13.4% from $686.36 million in 2023[32] Customer Traffic and Sales - Total customer traffic exceeded 8.0 million, a 9.6% increase from 7.3 million in the same period last year[9] - Same-store sales growth rate was 4.2% for Q4 2024[9] - Total customer traffic reached 29.9 million in 2024, up from 26.7 million in 2023, representing an increase of 12.0%[26] - Same-store sales for the year totaled $653,991,000, a 7.1% increase from $610,692,000 in 2023[28] - Average daily revenue per restaurant was $18,700 in 2024, compared to $17,700 in 2023, reflecting a growth of 5.6%[27] - Customer average spending was $25.00 in 2024, slightly up from $24.80 in 2023[26] Profitability and Margins - Operating profit margin improved to 8.4%, up from 6.4% in Q4 2023[9] - Operating profit for Q4 2024 was $17.5 million, a 44.6% increase from $12.1 million in Q4 2023[14] - Operating profit for 2024 was $53.3 million, a 23.7% increase from $43.1 million in 2023, with an operating profit margin of 6.8% compared to 6.3% in the previous year[20] - Restaurant-level operating profit margin improved to 10.1% in 2024 from 9.0% in 2023, reflecting operational efficiency and revenue growth[23] - The company reported a net loss of $11.61 million for Q4 2024, compared to a profit of $23.27 million in Q4 2023[32] - Net profit for the year was $21.4 million, a decrease of 15.4% from $25.3 million in 2023, primarily due to increased foreign exchange losses[20] Costs and Expenses - Employee costs rose to $67.2 million, a 9.6% increase from $61.3 million in the same period last year[14] - Cost of raw materials and consumables increased to $257.7 million, up 9.8% from $234.7 million in 2023, but the percentage of revenue decreased from 34.2% to 33.1%[19] - Employee costs rose to $259.3 million, a 14.7% increase from $226.0 million in 2023, with the percentage of revenue increasing from 32.9% to 33.3%[19] Business Expansion and Initiatives - The company opened 2 new restaurants in Q4 2024, bringing the total to 122, a net increase of 7 from the end of 2023[9] - The company initiated the "Pomegranate Plan" in 2024 to diversify its business and expand its customer base[10] - Total restaurant count increased to 122 in 2024 from 115 in 2023, with notable growth in Southeast Asia (73 restaurants) and North America (20 restaurants)[26] - The company plans to focus on expanding its market presence and enhancing product development in the upcoming year[32] Financial Position - Total assets increased to $361.20 million in 2024 from $357.92 million in 2023[33] - Cash and cash equivalents at year-end were $254.72 million, up from $152.91 million in 2023, marking a 66.5% increase[35] - Non-current liabilities rose to $194.20 million in 2024, compared to $176.19 million in 2023[34] - The company’s equity attributable to owners increased to $360.03 million in 2024 from $270.09 million in 2023[34] Recognition and Market Position - The company has been recognized as the "World's Strongest Restaurant Brand" in 2024 by Brand Finance, highlighting its market position[29] - The company operates in 14 countries across four continents, making it the largest Chinese dining brand in international markets[29] Foreign Exchange Impact - The company experienced a foreign exchange gain of $12.36 million in Q4 2024, compared to a loss of $9.96 million in Q4 2023[32] - The net loss for the period was $11.6 million, compared to a profit of $23.3 million in the same period last year, primarily due to increased foreign exchange losses[14]

证券研究报告|行业研究周报 [Table_Date] 2025 年 03 月 16 日 [Table_Title] 呼和浩特发布育儿补贴细则，金价再创新高 [Table_Title2] 社服零售行业周报 [Table_Summary] ► 呼和浩特发布育儿补贴细则，利好母婴消费品 3 月 13 日，内蒙古呼和浩特卫健委发布落实《关于促进人口 集聚推动人口高质量发展的实施意见》育儿补贴项目实施细 则及服务流程。发放育儿补贴实施细则如下：生育一孩一次 性发放育儿补贴 10000 元；生育二孩发放育儿补贴 50000 元， 按照每年 10000 元发放，直至孩子 5 周岁；生育三孩及以上发 放育儿补贴 100000 元，按照每年 10000 元发放，直至孩子 10 周岁。 据中国政府网、财联社，2025 年政府工作报告中明确提出， 制定促进生育政策，发放育儿补贴；3 月 7 日，国家卫健委主 任雷海潮指出，今年将发放育儿补贴，国家卫健委正在会同 有关部门，起草相关的育儿补贴的操作方案。育儿补贴政策 的出台是提振生育率的重要举措，我们认为未来地方育儿补 贴政策有望持续出台，利好母婴消费品，相关受益标的包括 孩子王、爱 ...

Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HK$19.45, representing a potential upside of 15% from the current price of HK$16.96 [1][5][6]. Core Views - The report anticipates low single-digit growth in both revenue and profit for 2024, with a projected revenue increase of 4.0% to RMB 431.1 billion and a net profit growth of 2.1% to RMB 45.9 billion [3][5]. - The company is expected to face significant operational pressure in Q1 2025, influenced by high base effects from the previous year and recent public relations issues at specific locations [4][5]. - Despite challenges, the long-term growth logic of "steady revenue growth and outstanding profitability" remains intact, with a projected market capitalization range of HK$570 billion to HK$1,141 billion based on various assumptions [5][6]. Revenue and Profit Forecasts - For 2024, revenue is expected to reach RMB 431.1 billion, with a net profit of RMB 45.9 billion, reflecting a year-on-year growth of 4.0% and 2.1% respectively [3][6]. - The report projects a slight increase in gross margin to 61.5% due to lower beef and lamb prices, despite a slight decline in net profit margin to 10.7% [3][6]. Adjustments to Estimates - The target price has been raised by 25% from HK$15.55 to HK$19.45, reflecting a 19x P/E ratio for 2026 [1][5]. - Revenue estimates for 2024-2026 have been adjusted downwards by 6.5%, 9.2%, and 10.5% respectively, while net profit estimates have been slightly adjusted upwards for 2024 and 2025, but down for 2026 [7][6]. Financial Summary - The financial data indicates a steady increase in revenue from RMB 31,039 million in 2022 to an expected RMB 46,859 million in 2026, with net profit projected to grow from RMB 1,374 million in 2022 to RMB 5,362 million in 2026 [6][13]. - The report highlights a consistent improvement in earnings per share (EPS), projected to rise from RMB 0.25 in 2022 to RMB 0.96 in 2026 [6][13].

Investment Rating - The report maintains a "Buy" rating for Haidilao with a target price of HK$19.45, representing a potential upside of 15% from the current price of HK$16.96 [1][5]. Core Insights - The report anticipates low single-digit growth in both revenue and profit for 2024, with a projected revenue increase of 4.0% to RMB 431.1 billion and a net profit growth of 2.1% to RMB 45.9 billion [3][5]. - The first quarter of 2025 is expected to face significant operational pressure, with potential revenue and profit declines due to high base effects from the previous year [4][5]. - The valuation is based on a 19x P/E ratio for 2026, with adjusted earnings per share (EPS) estimates for 2024, 2025, and 2026 being RMB 0.82, RMB 0.91, and RMB 0.96 respectively [5][6]. Summary by Sections Financial Performance - Revenue for 2024 is estimated at RMB 431.1 billion, with a 4.0% year-on-year growth. The net profit is projected to be RMB 45.9 billion, reflecting a 2.1% increase [3][6]. - The report outlines a slight increase in gross margin to 61.5% for 2024, driven by lower beef and lamb prices [3][7]. Earnings Forecast - The report adjusts the revenue forecasts downwards for 2024-2026 by 6.5%, 9.2%, and 10.5% respectively, while net profit estimates are adjusted upwards by 2.1% for 2024 and 1.6% for 2025, but down by 0.4% for 2026 [7][6]. Market Position - Haidilao's market capitalization is approximately US$12.16 billion, with a current share count of 5,574 million [1][5]. - The report highlights that the company is expected to maintain a stable growth trajectory despite facing challenges in the upcoming quarters [5][6].

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses the cryptocurrency market, particularly focusing on Bitcoin, and its relationship with traditional assets like gold and the stock market. It also touches on the Hong Kong stock market as a platform for global capital allocation. Core Points and Arguments Bitcoin as an Alternative Asset - Bitcoin has transitioned from being primarily driven by retail speculation to being influenced by institutional investment and U.S. dollar liquidity, showing a negative correlation with U.S. real interest rates [3][4][5] - The price of Bitcoin is highly correlated with mining costs, which increase with greater computational power [3][4] - Bitcoin's long-term annualized return can exceed 80%, but it also exhibits a volatility rate over 60%, posing challenges for institutional investors [5][6] Relationship with Gold - Gold prices are influenced by multiple factors, including central bank purchases, U.S. fiscal deficits, and market dynamics, with a mid-term target price of $3,100 to $3,200 [3][19] - Central bank gold purchases have altered the supply-demand dynamics in the gold market, particularly with China reducing U.S. Treasury holdings while increasing gold reserves [21][22] - The creditworthiness of the U.S. dollar significantly impacts gold prices, with high fiscal deficits undermining dollar credibility and pushing gold prices higher [23][24] Market Dynamics and Risks - Bitcoin faces risks from technological vulnerabilities, potential competition from superior cryptocurrencies, and significant sell-offs by large holders (whales) [8][9] - The correlation between Bitcoin and the Nasdaq index has strengthened since 2020, indicating that both are influenced by macro liquidity conditions [5][15] - The tightening of U.S. dollar liquidity is expected to support gold and Bitcoin prices in the near term [12] Hong Kong Stock Market - The Hong Kong stock market is positioned as a crucial platform for global capital allocation, with mechanisms like ETF cross-listing facilitating cross-border investments [35][36] - The market has seen a significant increase in cross-border investment activities, with a notable rise in the proportion of southbound capital [35][41] - The future of the Hong Kong market is expected to be shaped by its role as an international financial center, with ongoing developments in ETF products and cross-border investment channels [39][40] Other Important but Possibly Overlooked Content - The potential for AI technology to enhance productivity in various sectors, including logistics and transportation, is highlighted as a significant trend that could impact market dynamics [55] - The ongoing geopolitical tensions and their effects on gold demand and pricing are noted, with a focus on how these factors could influence investment strategies [28][29] - The historical context of gold price fluctuations and the factors leading to significant market corrections are discussed, providing insights into potential future trends [32][34] This summary encapsulates the key insights from the conference call, focusing on the cryptocurrency market, particularly Bitcoin, its relationship with gold, and the evolving role of the Hong Kong stock market in global capital allocation.

Financial Performance - Revenue for Q3 2024 was $198.6 million, an increase of 14.6% compared to $173.3 million in Q3 2023[6] - Operating profit for the quarter was $14.9 million, a 52.0% increase from $9.8 million in Q3 2023[13] - The company reported a net profit of $37.7 million for the quarter, compared to a loss of $1.4 million in Q3 2023[13] - The net profit for the three months ended September 30, 2024, was $37.656 million, a significant recovery from a net loss of $1.402 million in the same period of 2023[33] - The company reported a total comprehensive income of $24.070 million for the three months ended September 30, 2024, compared to $1.617 million in the prior year[33] Customer Traffic and Sales - Total customer traffic exceeded 7.4 million, a 4.2% increase from 7.1 million in the same period last year[8] - Same-store sales growth rate was 5.6%[9] - Same-store sales for Southeast Asia reached $96.839 million, up from $93.131 million in the previous year, reflecting a growth of 7.3%[24] - The average daily sales per store in North America increased to $21.8 thousand from $20.9 thousand, indicating a growth of 4.3%[24] - The total number of same-store locations as of September 30, 2024, was 106, with 65 in Southeast Asia, 13 in East Asia, and 18 in North America[24] Operational Metrics - Operating profit margin was 7.5%, up from 5.7% in Q3 2023, reflecting a 1.8 percentage point improvement[10] - The number of restaurants increased to 121, net adding 6 restaurants since the end of 2023[6] - Average table turnover rate was 3.8 times per day, compared to 3.7 times per day in the same period last year[7] - The average table turnover rate remained stable at 3.7 times per day across all regions[24] Cash Flow and Assets - Cash and cash equivalents increased to $215.162 million as of September 30, 2024, up from $152.908 million at the end of 2023[34] - The company’s non-current assets totaled $355.875 million as of September 30, 2024, slightly down from $357.921 million at the end of 2023[34] - Net cash provided by operating activities for the three months ended September 30, 2024, was $40,699 thousand, compared to $41,311 thousand for the same period in 2023[39] - Net cash used in investing activities for the three months ended September 30, 2024, was $(52,921) thousand, a significant increase from $(19,911) thousand in the prior year[39] - Net cash used in financing activities for the three months ended September 30, 2024, was $(11,440) thousand, compared to $(10,022) thousand in the same period last year[39] - The net increase in cash and cash equivalents for the three months ended September 30, 2024, was $70,570 thousand, a turnaround from a decrease of $(43,032) thousand in the prior year[39] - Cash and cash equivalents at the beginning of the period were $140,659 thousand, up from $118,936 thousand a year earlier[39] - Cash and cash equivalents at the end of the period totaled $215,162 thousand, significantly higher than $75,271 thousand at the end of the same period in 2023[39] Future Plans - The company plans to reopen a temporarily closed restaurant in Southeast Asia as a second brand restaurant in the near future[6]

Financial Performance - The Group reported an interim revenue of $50 million for the six months ended June 30, 2024, representing a 20% increase compared to the same period last year[8]. - The company has provided a performance guidance of $100 million in revenue for the full year 2024, indicating a projected growth of 25%[8]. - Revenue for the six months ended June 30, 2024, increased to US$370,930,000, up from US$323,931,000 in the same period of 2023, representing a growth of 14.5%[13]. - Revenue from Haidilao restaurant operations reached US$356,488,000, compared to US$312,718,000 in the prior year, marking an increase of 13.9%[13]. - The Group reported a loss for the period of US$4,649,000, a decline from a profit of US$3,394,000 in the same period of 2023[13]. - Total comprehensive income for the period was $8,603,000, down from $14,960,000 in the same period last year[79]. - The company reported a loss attributable to owners of the Company of $4,583,000, compared to a profit of $3,541,000 in the prior year[79]. User Engagement and Market Expansion - User data showed a growth in active users to 1.2 million, up 15% year-over-year[8]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next year[8]. - Total guest visits to Haidilao restaurants reached 14.5 million, an increase of 17.9% from 12.3 million in the same period of 2023[14]. - The company opened 8 new restaurants in the first half of 2024, including 5 in Southeast Asia, 2 in North America, and 1 in East Asia[19]. Operational Efficiency - Gross profit margin improved to 40%, up from 35% in the previous year[8]. - Average daily revenue per restaurant was US$17,200, up from US$15,600, indicating a growth of 10.3%[14]. - The average table turnover rate improved to 3.8 times per day, an increase of 15.2% compared to 3.3 times per day in 2023[14]. - The restaurant level operating margin increased to 8.7%, compared to 8.3% in the same period last year, showing an improvement of 0.4 percentage points[14]. Research and Development - Research and development expenses increased by 10% to $5 million, focusing on innovative technologies[8]. - In the first half of 2024, the Group launched over 500 new products globally, enhancing customer satisfaction and brand influence[17]. Financial Management - Cash flow from operations was reported at $15 million, reflecting a 50% increase compared to the prior period[8]. - The Group's finance costs remained stable at US$4.3 million for the six months ended June 30, 2023, and US$3.9 million for the same period in 2024[39]. - The Group's inventories decreased by 10.7% to US$26.6 million as of June 30, 2024, from US$29.8 million as of December 31, 2023[40]. - The current ratio as of June 30, 2024, improved to 2.3 from 1.7 as of December 31, 2023, indicating better short-term financial health[43]. Staffing and Costs - Staff costs amounted to US$126.3 million for the six months ended June 30, 2024, representing a 17.3% increase from US$107.7 million for the same period in 2023[35]. - The number of Haidilao restaurants grew to 122, up from 115 in the previous year, reflecting a 6.1% increase[14]. - The average spending per guest decreased to US$24.6, down US$0.9 from US$25.5 in the same period last year, primarily due to exchange rate fluctuations[20]. Strategic Initiatives - The company is exploring potential acquisitions to enhance its product offerings and market reach[8]. - The Group aims to enhance customer dining experiences, expand the restaurant network, improve operational performance, and explore new business forms[21]. - The Group completed a dual-listing on NASDAQ in May 2024, focusing on customer satisfaction and employee effort as core missions[21]. Challenges and Risks - The increase in net foreign exchange loss was US$8.8 million, reaching US$19.5 million, impacting the net profit during the reporting period[21]. - Government grants decreased by US$1.4 million compared to the same period last year due to the cancellation of COVID-19-related restaurant subsidies in some countries[20]. - The Group's financial performance reflects significant fluctuations compared to the previous year, indicating potential challenges in revenue generation[123]. Shareholder Information - As of June 30, 2024, the company had 650,299,000 issued shares[55]. - Ms. Shu Ping holds a 51.69% interest in the company, representing 336,167,124 shares[54]. - The Group issued 3,096,600 ADSs at a price of US$19.56 per ADS in May 2024, raising total gross proceeds of US$60.57 million before expenses[41].