Group 1 - OverActive Media held its Third Quarter 2025 Earnings Conference Call, with key executives present including the CEO and CFO [2][3] - The earnings press release is available on the company's Investor Relations website [2] - All financial amounts discussed during the call are in Canadian dollars [3] Group 2 - The call included a review of the highlights and financial results for the third quarter of 2025, along with recent developments [3]

Revenue and Sales Performance - Revenue for Q3 2025 was $214.0 million, an increase of 7.8% from $198.6 million in Q3 2024[6] - Total guest visits exceeded 8.1 million, representing a 9.5% increase from 7.4 million in the same period of 2024[6] - Same-store sales reached $182.2 million, up 2.3% from $178.1 million in Q3 2024[6] - Revenue from delivery business surged 69.2% to $4.4 million from $2.6 million in Q3 2024[11] - Revenue from other business increased by 74.5% to $8.9 million from $5.1 million in Q3 2024[11] - Revenue for Q3 2025 increased to $214,048,000, up 7.2% from $198,616,000 in Q3 2024[25] Profit and Income - Profit for the period was $3.6 million, a significant decrease from $37.7 million in Q3 2024, primarily due to a net foreign exchange loss of $31.7 million[13] - Profit for the period decreased significantly to $3,593,000, down 90.5% from $37,656,000 in the same period last year[25] - Total comprehensive income for the period was $7,132,000, compared to $24,070,000 in Q3 2024, reflecting a decline of 70.3%[25] - The company reported a net loss of $6,163,000 in other gains/losses, contrasting with a gain of $25,851,000 in Q3 2024[25] Operational Metrics - Income from operation was $12.6 million, a decrease of 15.4% from $14.9 million in Q3 2024, but increased by $8.9 million sequentially, representing a 240.5% growth[6][12] - Overall average table turnover rate improved to 3.9 times per day, compared to 3.8 times per day in Q3 2024[6] Costs and Expenses - Raw materials and consumables used were $71.2 million, an increase of 8.7% from $65.5 million in Q3 2024, with a percentage of revenue rising to 33.3%[9] - Staff costs rose to $71.0 million, up 7.9% from $65.8 million in Q3 2024, accounting for 33.2% of revenue[10] Cash Flow and Assets - Net cash from operating activities was $34,142,000, down from $40,699,000 in Q3 2024, indicating a decrease of 16.4%[28] - Cash and cash equivalents at the end of the period were $217,771,000, slightly up from $215,162,000 year-over-year[28] - Non-current assets increased to $378,885,000 as of September 30, 2025, compared to $361,198,000 at the end of 2024[26] - Current liabilities rose to $134,636,000, up from $128,568,000 at the end of 2024, reflecting an increase of 4.2%[27] - Net current assets improved to $206,079,000, compared to $194,659,000 at the end of 2024, showing a growth of 5.8%[27] Earnings Per Share - Earnings per share decreased to $0.01 from $0.06 in Q3 2024, a decline of 83.3%[25]

[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)

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 - 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]

[Corporate Information](index=10&type=section&id=Corporate%20Information) This section details the company's governance structure, including its Board, committees, key personnel, and principal business locations [Corporate Information Details](index=10&type=section&id=Corporate_Information_Details) This section outlines the key corporate governance structure, including the Board of Directors, various committees, and principal business locations. It also identifies the company's secretaries, authorized representatives, auditor, and legal advisors - The **Board of Directors** is chaired by **Ms. SHU Ping** (**Non-executive Director**) and includes executive and independent non-executive directors[16](index=16&type=chunk) - The company has established an **Audit Committee**, **Remuneration Committee**, and **Nomination Committee**, with specific members assigned to each[16](index=16&type=chunk)[17](index=17&type=chunk) - Key external partners include **Deloitte & Touche LLP** as the auditor and **Kirkland & Ellis** as the legal advisor[18](index=18&type=chunk) - The company's **principal places of business** are located in Singapore and Hong Kong, with its **registered office** in the Cayman Islands[18](index=18&type=chunk)[21](index=21&type=chunk) [Five-Year Performance Review](index=13&type=section&id=Five-Year%20Performance%20Review) This section highlights the company's five-year financial performance, including revenue growth, return to profitability, and equity recovery [Financial Highlights (2020-2024)](index=13&type=section&id=Financial_Highlights) The company has demonstrated significant revenue growth over the past five years, increasing from **US$221.4 million** in **2020** to **US$778.3 million** in **2024**. After experiencing losses from **2020** to **2022**, the company achieved profitability in **2023** and maintained it in **2024**. Total equity has recovered substantially from a deficit in **2020** and **2021** to a positive **US$361.7 million** in **2024** Five-Year Condensed Consolidated Statement of Profit or Loss (US$ '000) | Indicator | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 778,308 | 686,362 | 558,225 | 312,373 | 221,411 | | **Profit (Loss) before tax** | 33,243 | 33,107 | (32,230) | (149,592) | (51,746) | | **Profit (Loss) for the year** | 21,399 | 25,257 | (41,263) | (150,752) | (53,760) | | **EPS (Basic and diluted) (US$)** | 0.04 | 0.05 | (0.07) | (0.27) | (0.10) | Five-Year Condensed Consolidated Statement of Financial Position (US$ '000) | Indicator | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 684,425 | 576,883 | 576,112 | 626,723 | 601,585 | | **Total Liabilities** | 322,764 | 304,762 | 334,075 | 813,905 | 668,555 | | **Total Equity (Deficits)** | 361,661 | 272,121 | 242,037 | (187,182) | (66,970) | [Chairlady's Statement](index=14&type=section&id=Chairlady%27s%20Statement) This statement reviews **2024** performance, strategic expansion, operational improvements, and future plans, including the "**Pomegranate plan**" [Performance and Operations Overview](index=15&type=section&id=Performance_and_Operations_Overview) In **2024**, the company achieved stable growth with revenue reaching **US$778.3 million**, a **13.4% increase** from **2023**. The income from operation margin slightly improved to **6.8%**. The company maintained a cautious expansion strategy, opening **10 new restaurant openings and 3 closures**, bringing the total to **122 restaurants** across **14 countries**. Operational efficiency improved, with the average table turnover rate increasing to **3.8 times/day**. The company also launched the "**Pomegranate plan**" to explore new business forms beyond its core Haidilao brand 2024 Key Financial and Operational Metrics | Metric | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | US$778.3M | US$686.4M | +13.4% | | Income from Operation Margin | 6.8% | 6.3% | +0.5 p.p. | | Net Profit | US$21.4M | US$25.3M | -15.4% | | Restaurant Level Operating Margin | 10.1% | 9.0% | +1.1 p.p. | | Average Table Turnover Rate | 3.8 times/day | 3.5 times/day | +0.3 times/day | - The decrease in **net profit** was primarily attributed to **foreign exchange fluctuations**[27](index=27&type=chunk)[51](index=51&type=chunk) - Expansion strategy remained cautious with a "**bottom-up approach**", resulting in **10 new restaurant openings and 3 closures** in **2024**. As of year-end, the company operated **122 restaurants** in **14 countries**[28](index=28&type=chunk) - The company launched the "**Pomegranate plan**" to diversify its business into new forms such as barbecue, specialty hot pot, and fast food, aiming to become a **global comprehensive catering group**[30](index=30&type=chunk)[45](index=45&type=chunk) - **Digital operations were enhanced** to improve **member loyalty**, resulting in the number of overseas members exceeding **6 million**, a **growth of over 40%** from **2023**[39](index=39&type=chunk) [Future Prospect](index=19&type=section&id=Future_Prospect) Looking ahead, the company plans to continue its localized development strategy to become a multi-brand chain catering enterprise. Key priorities include enhancing the dining experience, expanding the restaurant network cautiously, improving internal management and cost control, and actively developing secondary business forms through the "Pomegranate plan" - The company successfully listed on **NASDAQ** in May **2024** to enhance **global recognition and brand image**[52](index=52&type=chunk) - Future strategic priorities include: - Enhancing **customer dining experience** through service, products, and environment - Continuing to expand the **restaurant network** with a "**bottom-up approach**" - Improving **internal management** to control **cost control** and enhance **customer satisfaction** - Actively developing **secondary business formats** via the "**Pomegranate plan**" through **incubation, exploration, and strategic acquisitions**[54](index=54&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's business performance, financial results, and liquidity, detailing revenue drivers, cost structure, and capital resources [Business Performance Analysis](index=20&type=section&id=Business_Performance_Analysis) The Group's revenue grew by **13.4%** to **US$778.3 million** in **2024**, driven primarily by a **13.0% increase** in Haidilao restaurant operations. This growth was supported by an increased average table turnover rate of **3.8 times/day** and strategic network expansion to **122 restaurants**. All geographic regions saw revenue growth, with North America showing the highest average revenue per restaurant. Same-store sales increased by **7.1%** overall. Delivery and other business segments also saw strong growth of **15.3%** and **27.9%** respectively Revenue Breakdown by Source (US$ '000) | Revenue Source | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Haidilao Restaurant Operation | 747,296 | 661,162 | +13.0% | | Delivery Business | 11,300 | 9,800 | +15.3% | | Others | 19,719 | 15,393 | +27.9% | | **Total Revenue** | **778,308** | **686,362** | **+13.4%** | Haidilao Restaurant Network and Revenue by Region (2024) | Region | Number of Restaurants | Revenue (US$ '000) | Average Revenue per Restaurant (US$ '000) | | :--- | :--- | :--- | :--- | | Southeast Asia | 73 | 405,429 | 5,554 | | East Asia | 19 | 93,900 | 4,942 | | North America | 20 | 158,131 | 7,907 | | Others | 10 | 89,836 | 8,884 | | **Total** | **122** | **747,296** | **6,125** | Key Performance Indicators by Region (2024 vs 2023) | Metric (Overall) | 2024 | 2023 | | :--- | :--- | :--- | | Total Guest Visits (million) | 29.9 | 26.7 | | Average Table Turnover Rate (times/day) | 3.8 | 3.5 | | Average Spending per Guest (US$) | 25.0 | 24.8 | | Restaurant Level Operating Margin (%) | 10.1% | 9.0% | - **Overall same-store sales** grew from **US$610.7 million** in **2023** to **US$654.0 million** in **2024**, a **7.1% increase**. The **average same-store table turnover rate** increased from **3.6** to **3.9 times/day**[74](index=74&type=chunk) [Financial Review](index=26&type=section&id=Financial_Review) In **2024**, the cost of raw materials and consumables decreased as a percentage of revenue to **33.1%** due to economies of scale and procurement optimization. Staff costs slightly increased to **33.3%** of revenue, driven by network expansion and wage increases. Depreciation and amortization decreased to **10.4%** of revenue. The company recorded a net other loss of **US$17.9 million**, primarily due to a **US$14.7 million** increase in net foreign exchange losses. Consequently, net profit for the year decreased by **15.4%** to **US$21.4 million** - **Raw materials and consumables used** increased by **9.8%** to **US$257.7 million**, but decreased as a percentage of revenue from **34.2%** in **2023** to **33.1%** in **2024**, attributed to **business scale enlargement** and **procurement cost optimization**[86](index=86&type=chunk) - **Staff costs** rose **14.7%** to **US$259.3 million**, representing **33.3%** of revenue (up from **32.9%** in **2023**), due to an **increased number of employees and higher minimum wages** in certain countries[88](index=88&type=chunk) - **Depreciation and amortization** decreased as a percentage of revenue from **11.5%** in **2023** to **10.4%** in **2024**, mainly due to **revenue growth**[96](index=96&type=chunk) - The company recorded **net other losses** of **US$17.9 million**, a significant shift from **net other gains** of **US$1.2 million** in **2023**. This was mainly driven by a **US$14.7 million** increase in **net foreign exchange losses** and a **US$6.0 million net increase in impairment loss** on property, plant and equipment[108](index=108&type=chunk) - **Net profit** for the year was **US$21.4 million**, a **15.4% decrease** from **US$25.3 million** in **2023**, primarily due to the increase in **net foreign exchange loss**[114](index=114&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity_and_Capital_Resources) The Group's financial position strengthened in **2024**, with cash and cash equivalents increasing by **66.6%** to **US$254.7 million**, boosted by business growth and proceeds from its NASDAQ IPO in May **2024**. The company had no bank borrowings as of year-end. Capital expenditure was **US$37.4 million**, mainly for new restaurants. The current ratio improved significantly from **1.7** in **2023** to **2.5** in **2024**, indicating enhanced liquidity - **Inventory turnover days** remained stable at **42.8 days**, while **trade payable turnover days** decreased from **51.1 days** in **2023** to **45.5 days** in **2024** due to **enhanced payment cycle management**[117](index=117&type=chunk)[126](index=126&type=chunk) - In May **2024**, the company completed an **IPO** on **NASDAQ**, issuing **3,096,600 ADSs** and receiving **gross proceeds** of **US$60.57 million** to fund **operations, expansion, and capital expenditures**[131](index=131&type=chunk) - **Cash and cash equivalents** increased by **66.6%** to **US$254.7 million** as of December **31**, **2024**, from **US$152.9 million** in **2023**[138](index=138&type=chunk) - **Capital expenditure** for **2024** amounted to **US$37.4 million**, primarily for **new restaurant openings and renovations**[139](index=139&type=chunk) Key Financial Ratios | Ratio | As of Dec 31, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 2.5 | 1.7 | | Gearing Ratio | 0.3 | 0.4 | - The non-IFRS measure, **restaurant level operating margin**, improved to **10.1%** in **2024** from **9.0%** in **2023**[175](index=175&type=chunk) [Directors and Senior Management](index=39&type=section&id=Directors%20and%20Senior%20Management) This section provides biographical details of the company's Board and senior management, outlining their roles and responsibilities [Board and Management Team](index=40&type=section&id=Board_and_Management_Team) This section provides biographical details of the company's directors and senior management. Key leadership includes Ms. SHU Ping as Chairlady and Non-executive Director. A significant change occurred on July 1, 2024, with Ms. June YANG Lijuan appointed as Executive Director and CEO. The board is supported by three independent non-executive directors with extensive experience in public and private sectors. The senior management team includes the CEO, CFO, and a Vice President - **Ms. SHU Ping** serves as the **Chairlady of the Board** and **Non-executive Director**, responsible for **strategic planning for internationalization**[182](index=182&type=chunk) - **Ms. June YANG Lijuan** was appointed as **Executive Director** and **Chief Executive Officer** on July **1**, **2024**, responsible for **overall management and strategic development**[187](index=187&type=chunk) - **Mr. LI Yu**, an **Executive Director**, served as CEO until June **30**, **2024**, and became the **Chief Operating Officer** from March **17**, **2025**[190](index=190&type=chunk) - The **senior management team** also includes **Ms. QU Cong** as **Chief Financial Officer** and **Mr. ZHOU Shaohua** as **Vice President and Senior Regional Manager**[226](index=226&type=chunk)[228](index=228&type=chunk) [Corporate Governance Report](index=49&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance, board structure, committee functions, risk management, and shareholder communication [Governance Practices and Board Structure](index=50&type=section&id=Governance_Practices_and_Board_Structure) The company is committed to high standards of corporate governance, adhering to the principles of the Corporate Governance Code. The Board, comprising seven directors (three executive, one non-executive, three independent), is responsible for overall leadership and strategy. The roles of Chairlady (Ms. SHU Ping) and CEO (Ms. June YANG Lijuan) are separate. The Board met six times during the reporting period with full attendance from all serving members - The company's **corporate culture** is based on the **management philosophy of "aligned interests and disciplined management"**[239](index=239&type=chunk) - The company has complied with **all applicable principles and code provisions** of the **Corporate Governance Code** during the year ended December **31**, **2024**[246](index=246&type=chunk) - As of the report date, the **Board consists of seven directors**, including **three independent non-executive directors**, meeting the requirements of the **Hong Kong Listing Rules**[258](index=258&type=chunk)[266](index=266&type=chunk) - The roles of **Chairman and Chief Executive Officer are held separately** by **Ms. SHU Ping** and **Ms. June YANG Lijuan**, respectively, ensuring a **clear division of responsibilities**[297](index=297&type=chunk) [Board Committees](index=60&type=section&id=Board_Committees) The Board has established three committees: Audit, Nomination, and Remuneration. The Audit Committee, chaired by Mr. TEO Ser Luck, consists of three independent non-executive directors and met four times. The Nomination Committee, chaired by Ms. SHU Ping, met three times to review board composition and diversity. The Remuneration Committee, chaired by Mr. LIEN Jown Jing Vincent, met three times to review remuneration policies for directors and senior management - The **Audit Committee** consists of **three independent non-executive directors** and met **four times** in **2024** to review **financial reporting, internal controls, and risk management**[303](index=303&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk) - The **Nomination Committee** reviewed the **Board's structure and composition**, noting an increase in **female representation** from **28.6%** to **42.9%** in **2024**[318](index=318&type=chunk) - The **Remuneration Committee** reviewed and made recommendations on the **remuneration packages** for all directors and senior management[327](index=327&type=chunk) [Risk Management and Shareholder Communication](index=66&type=section&id=Risk_Management_and_Shareholder_Communication) The company has adopted a Board Diversity Policy and ensures director independence. It adheres to the Model Code for securities transactions. The Board is responsible for maintaining a sound risk management and internal control system based on the COSO framework, which is reviewed at least annually. Effective communication with shareholders is maintained through a dedicated policy, general meetings, and the company website. The company's constitutional documents were amended in June 2024 to align with new listing rules on electronic communication - The Board has adopted a **Board Diversity Policy**, and as of December **31**, **2024**, the Board consists of **three female and four male directors**[334](index=334&type=chunk)[335](index=335&type=chunk) - The company has adopted the **Model Code for securities transactions**, and all directors confirmed compliance for the year[342](index=342&type=chunk) - The Board is responsible for the **risk management and internal control systems**, which are based on the **COSO framework** and **reviewed at least annually**[356](index=356&type=chunk)[363](index=363&type=chunk) - The company maintains a **Shareholders' Communication Policy** to ensure **effective communication** through various channels, including **general meetings** and its **company website**[372](index=372&type=chunk) [Directors' Report](index=74&type=section&id=Directors%27%20Report) This report summarizes the Group's principal activities, dividend policy, public float, key risks, and statutory disclosures including directors' interests [Business and Financial Summary](index=75&type=section&id=Business_and_Financial_Summary) This section confirms the Group's principal activities in restaurant operation and delivery services, with no significant changes during the year. The Board does not recommend a final dividend for 2024. The company has maintained a sufficient public float as required by Hong Kong Listing Rules - The **principal activities** of the Group are **restaurant operation and related delivery businesses** in the international market[396](index=396&type=chunk) - The Board does not recommend the payment of a **final dividend** for the year ended December **31**, **2024**[398](index=398&type=chunk) - The company maintained a **sufficient public float** throughout the reporting period[416](index=416&type=chunk) [Principal Risks and Uncertainties](index=79&type=section&id=Principal_Risks_and_Uncertainties) The Group faces several principal risks, including those associated with multi-jurisdiction operations such as regulatory compliance, geopolitical issues, and management challenges. Other key risks include food safety incidents, maintaining service quality and brand reputation, fluctuations in foreign exchange rates, and potential challenges from new business initiatives under the "Pomegranate plan" - Risks of **multi-jurisdiction operations** include **adapting to different consumer preferences**, **supply chain difficulties**, **geopolitical risks**, and **compliance with complex local laws**[447](index=447&type=chunk)[449](index=449&type=chunk) - **Food safety incidents** and **food-borne illnesses** are critical risks, dependent on the **effectiveness of quality control systems** across a **geographically diverse network**[459](index=459&type=chunk) - Maintaining and enhancing **brand recognition** is crucial and can be affected by **negative publicity** (including that related to Haidilao International), **customer disputes**, and the ability to maintain **service quality**[469](index=469&type=chunk) - The Group is exposed to **foreign exchange rate fluctuations**, which resulted in a **net foreign exchange loss** of **US$19.7 million** during the reporting period[474](index=474&type=chunk) - The new "**Pomegranate plan**" to explore **innovative business forms** faces challenges such as **intense competition**, **potential dispersion of management focus**, and **long return cycles**[482](index=482&type=chunk) [Statutory Disclosures](index=89&type=section&id=Statutory_Disclosures) This section covers statutory disclosures, including directors' interests, connected transactions, and the share award scheme. Ms. SHU Ping is a controlling shareholder with a **51.92%** interest. The company has ongoing connected transactions with YIZHIHUA and Yihai Group, all of which were within their annual caps for **2024**. The company completed an offering of ADSs on NASDAQ in May **2024**, raising net proceeds of **US$51.91 million**, which are being utilized for brand strengthening, network expansion, and other corporate purposes - As of December **31**, **2024**, **Ms. SHU Ping**, Chairlady and a **controlling shareholder**, held an interest in **337,667,125 shares**, representing approximately **51.92%** of the total issued share capital[505](index=505&type=chunk) - **Continuing connected transactions** with **YIZHIHUA** for **decoration services** had a total actual transaction amount of **US$3.1 million**, well within the combined **annual cap** of **US$8.69 million** for **2024**[540](index=540&type=chunk)[543](index=543&type=chunk) - Purchases from **Yihai Group** under a **master purchase agreement** amounted to **US$16.6 million** in **2024**, below the **annual cap** of **US$32.56 million**[550](index=550&type=chunk) - The company has a **Share Award Scheme** adopted in June **2022**, with **61,933,000 awards** outstanding as of December **31**, **2024**, representing **9.52%** of issued shares[570](index=570&type=chunk)[595](index=595&type=chunk) Use of Net Proceeds from NASDAQ Offering (as of Dec 31, 2024) | Description | Allocation of Net Proceeds (US$M) | Utilized Amount (%) | Unutilized Amount (%) | | :--- | :--- | :--- | :--- | | Strengthening brand and expanding network | 36.34 | 33% | 37% | | Investing in supply chain capabilities | 5.19 | 1% | 9% | | R&D for digitalization and technology | 5.19 | 3% | 7% | | Working capital and general purposes | 5.19 | 4% | 6% | | **Total** | **51.91** | **41%** | **59%** | [Environmental, Social and Governance Report](index=110&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report outlines the company's ESG governance, product responsibility, customer experience, employee welfare, and environmental management [ESG Governance and Strategy](index=111&type=section&id=ESG_Governance_and_Strategy) The company has established a robust ESG governance structure, with the Board overseeing ESG strategies and an ESG Working Group responsible for implementation. A materiality assessment identified key issues for stakeholders, with food safety, food quality, anti-corruption, and employee welfare ranked as highly material. The company engages with stakeholders through various channels to understand their expectations and priorities - The Board is responsible for formulating, approving, and reviewing the company's **ESG vision, policies, and goals**, with an **ESG Working Group** handling implementation[648](index=648&type=chunk)[649](index=649&type=chunk) - A **materiality assessment identified 8 highly material ESG issues**, including **Food Safety**, **Food Quality**, **Anti-corruption Training**, **Occupational Health and Safety**, and **Protection of Employees' Rights and Interests**[670](index=670&type=chunk)[674](index=674&type=chunk) [Product Responsibility](index=122&type=section&id=Product_Responsibility) The company prioritizes food safety and quality, implementing a multi-level control system from restaurant to CEO. In **2024**, **1,500** on-site inspections were conducted, and no products were recalled for safety reasons. The company also focuses on menu innovation, launching over **1,000** new items globally in **2024**, and protects its intellectual property through established management measures - A **comprehensive food safety framework** is in place, with designated **food safety officers** in restaurants and a **multi-level control system**. **9 restaurants and 1 central kitchen** have obtained **HACCP certification**[679](index=679&type=chunk)[692](index=692&type=chunk) - In **2024**, the company conducted **1,500 on-site food safety inspections** and had **no product recalls** due to safety or health concerns[695](index=695&type=chunk) - The company launched **over 1,000 new products** in **2024**, focusing on **localization and innovation**, including **new BBQ options** and a "**Tomato Hot Pot Upgrade Project**"[713](index=713&type=chunk)[718](index=718&type=chunk) [Customer and Operations](index=135&type=section&id=Customer_and_Operations) Super Hi is committed to safeguarding customer rights, including data privacy and information security, through standardized systems. The company focuses on creating a comfortable and innovative dining environment, introducing technologies like immersive lighting and smart kitchen systems (IKMS) in select locations to enhance efficiency and customer experience - The company has established comprehensive **data protection systems**, including a **Data Storage System** and **Information Data Classification and Grading Protection Management System**, to protect **customer privacy**[742](index=742&type=chunk) - The company is experimenting with **smart restaurant concepts**, including the implementation of an **Integrated Kitchen Management System (IKMS)**, **automatic pot-mixing machines**, and **pass-food robots** in some Singapore locations[774](index=774&type=chunk)[784](index=784&type=chunk) [Employees and Labor Practices](index=161&type=section&id=Employees_and_Labor_Practices) As of year-end **2024**, the company employed **13,057** people. It upholds equal and compliant employment, with zero tolerance for forced or child labor. The company provides extensive training, with **100%** of employees trained during the year, and focuses on occupational health and safety, conducting numerous safety drills and training sessions. Employee welfare is a priority, with benefits including family subsidies and a humanitarian relief fund - As of December **31**, **2024**, the Group had **13,057 employees**, with **52.45%** male and **47.55%** female[341](index=341&type=chunk) - The company maintains a **zero-tolerance policy** for child labor and forced labor, with no cases identified in **2024**[848](index=848&type=chunk) - In **2024**, **100% of employees received training**, with over **37** courses organized by the head office's **Learning and Development Center**[878](index=878&type=chunk) - The company allocated approximately **US$0.29 million** to its **humanitarian relief fund** for employees in **2024**[862](index=862&type=chunk) - There were **zero work-related fatalities** in the past three years. The **rate of work days lost due to work-related injuries** was **22.32** in **2024**[889](index=889&type=chunk) [Environmental Management](index=183&type=section&id=Environmental_Management) The company is committed to environmentally friendly operations, with goals to reduce waste, energy consumption, and emissions. Due to business expansion, total consumption and emissions increased in **2024**. However, initiatives like waste sorting, reducing food waste, and using energy-saving equipment are in place. The company has also identified and is mitigating climate-change-related risks - The company has set **environmental targets**, including **reducing average single-restaurant kitchen waste by 10% by 2025** (vs. **2018**) and **reducing average single-restaurant electricity consumption by 3% by 2025** (vs. **2018**)[938](index=938&type=chunk)[955](index=955&type=chunk) - Due to expansion (**10** new restaurants), **total water consumption, electricity usage, and waste generation increased** in **2024**[935](index=935&type=chunk) - **Energy-saving projects** like **intelligent energy-control and heat recovery systems** have been applied in **117 restaurants**, saving an estimated **30.08 million kWh** of electricity annually[956](index=956&type=chunk) - The company has identified and developed mitigation measures for **climate-related risks**, including **acute physical risks** (e.g., extreme weather affecting power), **chronic physical risks** (e.g., high temperatures), and **policy/market risks**[966](index=966&type=chunk)[967](index=967&type=chunk) [Independent Auditor's Report](index=207&type=section&id=Independent%20Auditor%27s%20Report) This report presents the independent auditor's unqualified opinion on the consolidated financial statements and highlights the key audit matter of asset impairment [Auditor's Opinion and Key Matters](index=208&type=section&id=Auditor%27s_Opinion_and_Key_Matters) The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion, stating that the consolidated financial statements give a true and fair view of the Group's financial position as of December 31, 2024, and its financial performance for the year then ended. The Key Audit Matter identified was the impairment of property, plant and equipment (PPE) and right-of-use (ROU) assets in restaurants, due to the significant management estimation and judgment involved in determining their recoverable amounts - The auditor, **Deloitte & Touche LLP**, provided an **unqualified (clean) opinion** on the **consolidated financial statements**[1020](index=1020&type=chunk) - The **Key Audit Matter** highlighted was the **impairment of property, plant and equipment** and **right-of-use assets** in restaurants. This was significant due to the **material balances** and the **high degree of management judgment** required for **value-in-use calculations**[1026](index=1026&type=chunk)[1028](index=1028&type=chunk) - **Audit procedures** for the **Key Audit Matter** included reviewing **impairment assessments**, testing **key assumptions** (**revenue growth**, **EBITDA margin**, **discount rates**), checking **calculation accuracy**, and performing **retrospective and prospective reviews of forecasts**[1034](index=1034&type=chunk) [Consolidated Financial Statements](index=214&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's complete financial statements, including profit or loss, financial position, changes in equity, cash flows, and detailed notes [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=214&type=section&id=Consolidated_Statement_of_Profit_or_Loss_and_Other_Comprehensive_Income) For the year ended December **31**, **2024**, the Group reported revenue of **US$778.3 million**, an increase from **US$686.4 million** in **2023**. Profit before tax was **US$33.2 million**, and profit for the year was **US$21.4 million**, resulting in a basic and diluted EPS of **US$0.04** Key Profit or Loss Items (US$ '000) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 778,308 | 686,362 | | Profit before tax | 33,243 | 33,107 | | Income tax expense | (11,844) | (7,850) | | **Profit for the year** | **21,399** | **25,257** | | Total comprehensive income for the year | 33,427 | 29,884 | [Consolidated Statement of Financial Position](index=215&type=section&id=Consolidated_Statement_of_Financial_Position) As of December **31**, **2024**, the Group's total assets were **US$684.4 million**, and total liabilities were **US$322.8 million**, resulting in total equity of **US$361.7 million**. This represents a significant improvement in the equity position from **US$272.1 million** in the prior year Key Financial Position Items (US$ '000) | Item | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Non-Current Assets** | 361,198 | 357,921 | | Property, plant and equipment | 151,901 | 168,724 | | Right-of-use assets | 185,514 | 167,641 | | **Current Assets** | 323,227 | 218,962 | | Bank balances and cash | 254,719 | 152,908 | | **Total Assets** | **684,425** | **576,883** | | **Current Liabilities** | 128,568 | 128,571 | | **Non-Current Liabilities** | 194,196 | 176,191 | | Lease liabilities (Non-Current) | 171,219 | 163,947 | | **Total Liabilities** | **322,764** | **304,762** | | **Total Equity** | **361,661** | **272,121** | [Consolidated Statement of Changes in Equity](index=217&type=section&id=Consolidated_Statement_of_Changes_in_Equity) The Group's total equity increased from **US$272.1 million** at the beginning of the year to **US$361.7 million** at the end of **2024**. The increase was driven by the total comprehensive income of **US$33.4 million** and net proceeds from the issuance of shares amounting to **US$56.1 million** - **Total equity increased** by **US$89.5 million** during **2024**[1068](index=1068&type=chunk) - Key changes in equity include: **Profit for the year** (**US$21.8M attributable to owners**), **Other comprehensive income** (**US$12.0M**), and **proceeds from share issuance** (**US$56.1M**)[1068](index=1068&type=chunk) [Consolidated Statement of Cash Flows](index=219&type=section&id=Consolidated_Statement_of_Cash_Flows) The Group generated net cash from operating activities of **US$119.7 million** in **2024**. Net cash used in investing activities was **US$27.6 million**, primarily for the purchase of property, plant and equipment. Net cash from financing activities was **US$12.6 million**, mainly due to proceeds from the share issuance offsetting lease liability repayments. This resulted in a net increase in cash and cash equivalents of **US$104.7 million** Summary of Cash Flows (US$ '000) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from operating activities | 119,696 | 114,045 | | Net cash used in investing activities | (27,616) | (11,775) | | Net cash from (used in) financing activities | 12,577 | (43,787) | | **Net increase in cash and cash equivalents** | **104,657** | **58,483** | | Cash and cash equivalents at end of the year | 254,719 | 152,908 | [Notes to the Consolidated Financial Statements](index=221&type=section&id=Notes_to_the_Consolidated_Financial_Statements) This section provides detailed explanations of the accounting policies and breakdowns of the figures presented in the primary financial statements. It covers significant areas such as revenue recognition, impairment assessments, lease liabilities, share capital, and related party transactions, offering crucial context for understanding the Group's financial performance and position

Financial Performance - The company recorded net losses of US$41.3 million in 2022, but generated net profits of US$25.3 million and US$21.4 million in 2023 and 2024, respectively[31]. - Revenue increased from US$558.2 million in 2022 to US$686.4 million in 2023, and is projected to reach US$778.3 million in 2024[31]. - The company recorded net foreign exchange losses of $21.9 million, $5.0 million, and $19.7 million in 2022, 2023, and 2024 respectively, indicating exposure to currency fluctuations[63]. - The company generated net cash from operating activities of US$68.3 million, US$114.0 million, and US$119.7 million in 2022, 2023, and 2024 respectively[117]. - The company recorded net impairment losses of US$7.8 million for property, plant, and equipment due to uncertain future prospects in 2022, but in 2023 and 2024, it reversed impairment losses of US$7.6 million and US$47 thousand respectively[114]. - As of December 31, 2024, the company's total indebtedness was US$212.6 million, primarily consisting of lease liabilities[121]. Restaurant Expansion - The number of restaurants expanded from 94 as of January 1, 2022, to 122 as of December 31, 2024[49]. - The company operates 122 restaurants across 14 countries as of December 31, 2024, and continues to invest significantly in international expansion[107]. - The company plans to continue expanding its restaurant network internationally, which may increase risks and uncertainties[49]. - The company faces significant risks in opening new restaurants, which could adversely affect growth and financial results if new locations are less profitable than existing ones[51]. - The breakeven for new restaurants opened in 2022, 2023, and 2024 was generally within six months[201]. Competition and Market Risks - The company faces intense competition in the international catering market, particularly in the hot pot segment[30]. - Intense competition in the catering service industry could hinder the company's ability to sustain revenues and profitability, especially in new markets[54]. - The company’s ability to attract and retain customers is critical, with potential impacts from changing consumer preferences and dining trends[41]. - Rising labor costs and minimum wage increases in various jurisdictions may adversely affect the company's profit margins and operating results[113]. - The company faces risks related to food ingredient cost volatility, which could impact profitability if menu prices do not adjust accordingly[110]. Operational Challenges - The company’s management system may face challenges in effectively managing operations across multiple jurisdictions as it continues to grow[37]. - Labor costs are increasing, and the company may struggle to attract and retain qualified employees across various geographical locations, impacting service quality[52]. - Food safety incidents and food-borne illnesses pose significant risks that could adversely affect the company's reputation and financial performance[46]. - The company relies on third-party logistics for food ingredient delivery, which poses risks of delays and contamination that could adversely affect operations[62]. - The company may need to close underperforming restaurants, which could materially impact overall business performance and financial results[60]. Marketing and Customer Engagement - The company invests significantly in marketing to attract guests, but competition may limit the effectiveness of these efforts, impacting financial performance[57]. - The guest loyalty program had approximately 6.31 million members as of December 31, 2024, up from 1.87 million on January 1, 2022[196]. - Haidilao aims to enhance brand awareness and promote Chinese culinary culture through innovative online marketing campaigns[208]. - The company plans to capitalize on off-peak hours by offering special discounts and menu items to improve overall restaurant performance[215]. Product and Service Innovation - The company launched the "Pomegranate plan" in 2024 to diversify its business offerings, including barbecue and specialty hot pot, but faces challenges in market competition and brand positioning[53]. - The company launched new products in 2024, including "Haidilao Beef" in Southeast Asia and "Pork Tripe and Pepper Soup Base" in South Asia, with a click-through rate of over 15% for three consecutive months in Japan[225]. - The menu typically offers 110 to 180 types of food ingredients, including Haidilao signature dishes and localized items, depending on restaurant size and ingredient availability[217]. - The company features localized soup bases, such as tom yum in Southeast Asia and miso in Japan, to cater to local tastes[220]. - The company provides personalized services for first-time local guests, including suggested cooking times for hot pot ingredients[214]. Regulatory and Compliance Issues - Compliance with regulatory requirements is critical; failure to obtain necessary licenses and permits could result in fines and operational disruptions[94]. - The company is subject to anti-corruption and anti-bribery laws, and non-compliance could adversely affect its business and reputation[104]. Corporate Governance and Shareholder Rights - The largest shareholder, Mr. Yong Zhang, controls 45.37% of the outstanding shares, which may influence corporate decisions and affect other shareholders' interests[133]. - The company is incorporated in the Cayman Islands, which may limit shareholders' ability to protect their rights through U.S. courts due to the majority of operations and assets being outside the U.S.[149]. - Corporate governance practices in the Cayman Islands differ significantly from those in the U.S., potentially affording shareholders less protection[151]. - The deposit agreement governing the ADSs includes a waiver of the right to a jury trial, which may lead to less favorable outcomes for plaintiffs in legal actions[153]. Economic and Environmental Factors - Macroeconomic factors, including changes in consumer spending patterns, may materially affect the company's financial conditions and results of operations[96]. - Health epidemics and natural disasters pose significant risks that could disrupt operations and adversely impact business performance[99]. - Rising interest rates could increase borrowing costs, negatively impacting the company's ability to finance restaurant expansions and acquisitions[65].

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 14, 2024 Registration No. 333-278940 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUPER HI INTERNATIONAL HOLDING LTD. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 5812 (Primary Standard Industrial Classification Code Number) Not Applicable (I.R.S. Employer Identif ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 13, 2024 Registration No. 333-278940 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 5812 (Primary Standard Industrial Classification Code Number) Not Applicable (I.R.S. Employer Identification No.) 1 Paya Lebar Link, #09-04 PLQ 1 Paya Lebar Quarter Singapore 408533 +65 6378 1921 (Address, including zip code, and telephone number, includi ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on April 26, 2024 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUPER HI INTERNATIONAL HOLDING LTD. (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 5812 Not Applicable (I.R.S. Employer Identification No.) Cayman Islands (State or other jurisdiction of incorporation or org ...