Core Viewpoint - TryHard Holdings (THH.US) experienced a strong debut on the stock market, closing up 50.50% at $6.02 after an initial public offering (IPO) priced at $4 per share, raising $6 million [1] Company Overview - TryHard Holdings specializes in providing event planning services, event consulting and management, and venue leasing, while also owning and operating restaurants in Japan [1] - The company organizes major events such as music festivals, fireworks and sky lantern festivals, camping festivals, and cultural exhibitions aimed at foreign tourists [1] - TryHard Holdings operates 16 nightclubs across various locations in Japan [1] IPO Details - The company issued 1.5 million shares, with 30% being a secondary offering, and the IPO price was at the lower end of the $4 to $5 pricing range [1] - The listing took place on the NASDAQ, with US Tiger Securities serving as the sole bookrunner for the transaction [1]

Core Insights - Green Tea Group reported a strong performance in the first half of the year, achieving revenue of 2.29 billion yuan, a year-on-year increase of 23.1% [2] - The company's profit reached 234 million yuan, up 34.1% compared to the same period last year, with adjusted net profit growing by 40.4% to 251 million yuan [2] Revenue Breakdown - Revenue sources include restaurant operations, takeaway services, and other businesses, with respective revenues of 1.758 billion yuan, 524 million yuan, and 8 million yuan, all showing growth [2] - Takeaway services experienced a significant increase of 74.2%, leading to an optimized revenue structure where restaurant revenue's share decreased to 76.7% and takeaway services increased to 22.9% [2] Market Expansion - The company has been actively expanding its offline network, establishing a market presence in key economic regions such as East China, Guangdong, and North China [2] - As of the end of June, Green Tea operated 502 restaurants, covering Hong Kong and all first-tier cities, 15 new first-tier cities, 31 second-tier cities, and 91 third-tier cities and below [2]

Investment Rating - The report maintains an "Outperform" rating for Super Hi International Holding [2][6][14] Core Views - In Q1 2025, the company's revenue reached USD 198 million, a year-on-year increase of 5.4%, with restaurant operations contributing USD 188 million, up 4.5% YoY [3][13] - The net profit attributable to owners was USD 11.94 million, a significant turnaround from a net loss of USD 4.46 million in Q1 2024, primarily due to a reduction in net exchange losses [3][13] - The operating profit margin at the restaurant level was 4.1%, a decrease of 2.5 percentage points YoY [3][13] Summary by Sections Financial Performance - Revenue projections for 2025-2027 are USD 880 million, USD 980 million, and USD 1.08 billion, respectively, with YoY growth of 13%, 11%, and 11% [6][14] - Net profit projections for the same period are USD 46 million, USD 53 million, and USD 66 million, representing YoY growth of 111%, 15%, and 24% [6][14] - The diluted EPS is expected to increase from USD 0.03 in 2024 to USD 0.07 in 2025, USD 0.08 in 2026, and USD 0.10 in 2027 [6][14] Operational Insights - The company had a total of 123 restaurants at the end of Q1 2025, with a net increase of 4 locations YoY [4] - The average daily sales for same-store operations in East Asia increased by 16.3% YoY, while the overall average table turnover rate improved to 4.0 times per day [4][6] Cost Structure - Material and consumable costs increased by 7.0% to USD 67 million, accounting for 34% of revenue [5] - Employee costs rose by 9.8% to USD 70 million, making up 35.3% of revenue [5] - Rental and related expenses increased by 26% to USD 6 million, representing 2.8% of revenue [5]