SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 Stock Code 股份代號 : 9658 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） A n n u a l R e p o r t 2024 年度報告 SUPER HI INTERNATIONAL HOLDING LTD. CONTENTS 目錄 | Definition | 釋義 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 10 | | Five-Year Performance Review | 五年業績回顧 | 13 | | Chairlady's Statement | 主席報告 | 14 | | Management Discussion and Analysis | 管理層討論與分析 | 19 | | Directors and Senior Management | 董事及高級管理層 | 39 | | Corpora ...

2024 投资要点 公司发布 2024 全年业绩，收入同比增长约 13% 2024 全年公司实现收入 7.78 亿美元（yoy+13%），收入增长主要源于经营效率提升带动 翻台率向上；2024 全年实现归母净利润 2180 万美元，公司按美元折算报表，汇兑仅影响 报表数据、不反映实际经营，若扣除汇兑损益，2024 全年公司实现净利润约 4110 万美 元，对应净利率约 5.3%，自 2022H2 以来扣除汇兑后净利润已连续 5个半年度为正，表现 亮眼。扣除汇兑净利润持续亮眼主要源于毛利率改善、翻台率向上带来实际租金成本占 比的改善及折旧摊销费用占比的优化。 盈利能力逐季改善，2024 年餐厅层面利润率 10.1% 毛利率方面，2024 公司实现毛利率 66.9%，同比改善 1.1pct，我们预计毛利率提升主要源 于供应链效率的提升及门店管理的强化。费用率方面，2024 年实际租金成本/其他折旧摊 销占比分别同比改善 0.5/0.6pcts，我们预计主要源于收入抬升带来的刚性成本占比的自然 下降；2024 年员工成本占比同比提升 0.4pcts，我们预计主要源于部分国家劳动力价格通 胀。利润率方面，餐厅层面利润 ...

社会服务/酒店餐饮 特海国际（09658.HK） 经营效率提升亮眼，关注多元品牌孵化和北美拓展 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 17.800 | | 一年最高最低(港元) | 24.100/10.940 | | 总市值(亿港元) | 115.75 | | 流通市值(亿港元) | 115.75 | | 总股本(亿股) | 6.50 | | 流通港股(亿股) | 6.50 | | 近 3 个月换手率(%) | 10.73 | 股价走势图 -40% -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 特海国际 恒生指数 数据来源：聚源 相关研究报告 《翻台显著增长，换帅后期待开店和 多品牌拓展加速—公司信息更新报 告》-2024.9.1 《经营业绩亮眼，提质增效多区域本 土化成果显著—公司信息更新报告》 -2024.3.29 东亚、北美增长亮眼，东南亚基本盘稳固 分地区看，截至 2024 年底东南亚、东亚、北美、其他餐厅数量分别为 73/19/20/10， ...

社会服务/酒店餐饮 数据来源：聚源 相关研究报告 《翻台显著增长，换帅后期待开店和 多品牌拓展加速—公司信息更新报 告》-2024.9.1 《经营业绩亮眼，提质增效多区域本 土化成果显著—公司信息更新报告》 -2024.3.29 初敏（分析师） 李睿娴（分析师） liruixian@kysec.cn 特海国际（09658.HK） 经营效率提升亮眼，关注多元品牌孵化和北美拓展 2025 年 03 月 29 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(港元) | 17.800 | | 一年最高最低(港元) | 24.100/10.940 | | 总市值(亿港元) | 115.75 | | 流通市值(亿港元) | 115.75 | | 总股本(亿股) | 6.50 | | 流通港股(亿股) | 6.50 | | 近 3 个月换手率(%) | 10.73 | 股价走势图 -40% -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 特海国际 恒生指数 "红石榴"和北美拉动门店新开加速，供应链&门店管理优化餐厅利 ...

Investment Rating - The report maintains a rating of "Buy" for the company [1][6] Core Insights - The company has shown an increase in operational efficiency and is actively exploring diversified business models to create a second growth engine [4][5] - The company reported a revenue of $20.9 million in Q4 2024, representing a year-on-year increase of 10.4%, with an operating profit margin of 8.4% [2] - For the full year 2024, the company achieved a revenue of $77.8 million, a 13.4% increase, but reported a net loss attributable to shareholders of $1.1 million, primarily due to foreign exchange losses [2] Summary by Sections Q4 Performance - In Q4 2024, the company's restaurant segment generated $20 million in revenue, a 10% increase, with same-store sales up by 4.2% and a net addition of 1 store [3] - The average table turnover rate remained stable at 3.9 times, while the average customer spend was $25.0, up by $0.3 [3] Strategic Diversification - The company is strategically exploring various business models, with a 12.9% increase in revenue from its delivery business and a 22.7% increase from other business segments [4] - The company is expanding its offerings beyond traditional dining, including HAO Noodle and other fast-casual concepts [4] Operational Efficiency - The operating profit margin for Q4 2024 was 8.4%, an increase of 2.0 percentage points, with a gross margin of 67.6% [5] - Employee costs as a percentage of revenue decreased to 32.2%, while rent and related expenses also saw a slight decline [5] Financial Projections - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of $88.8 million, $100.6 million, and $111.4 million respectively, with net profits projected at $5.5 million, $6.4 million, and $7.2 million [6][10] - The latest stock price corresponds to a price-to-earnings ratio of 27, 23, and 21 for the years 2025, 2026, and 2027 respectively [6]

证券研究报告 特海国际 (9658 HK) 港股通 运营质量持续进步，25 年拓店有望加速 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 26 日│中国香港 | 餐饮 | 特海国际 4Q24 营收 2.09 亿美元/yoy+10.4%；经营利润 17.5 百万美元/yoy +44.6%，经营利润率 8.4%/yoy+2.0pct；归母净利润-0.12 亿美元/同比转负。 2024 全年营收 7.78 亿美元/yoy+13.4%，经营利润 53.3 百万美元 /yoy+23.7%，经营利润率 6.8%/yoy+0.5pct，归母净利润 0.22 亿美元 /yoy-15%；剔除汇兑损益后 24 年净利润 0.42 亿美元/yoy+35.5%，对应净 利率 5.4%/yoy+0.9pct，基本符合我们预期（0.4 亿美元）。24 年公司强化 运营质量，做优顾客体验，各区同店翻台同比均有提升，驱动整体同店销售 额延续正增长。公司扩张兼顾质与量，24 年 GPM 和 OPM 稳中有进，25 年开店有望提速；积极落地多品牌计划，中长期成长潜力可观。维持"买入"。 ...

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 特海国际（9658）公司年报点评 2025 年 03 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 27 日收盘价（港币）] | 18.00 | | --- | --- | | 52 周股价波动（港币） | 10.94-24.10 | | 总股本/流通 A 股（亿股） | 6.50/6.50 | | 总市值/流通市值（亿，港币） | 117/117 | | 相关研究 | | [Table_ReportInfo] 《餐厅利润率同比改善，关注 2H 旺季表现》 2024.08.31 《2H23 收入增 16%实现扭亏，餐厅经营效率 持续提升》2024.03.29 《公司 2023 半年报点评：餐厅利润率持续改 善，本地化与创新驱动增长》2023.09.14 [Table_QuoteInfo] s 恒生指数对比 1M 2M 3M 绝对涨幅（%） -9.55 -6.83 -19.28 相对涨幅（%） -8.96 -23.57 -36.65 资料来源：海 ...

于2024年，收入为约7.78亿美元，同比增长13.4%。经营溢利为5330万美元，同比增长23.7%。年内 溢利为2140万美元，同比减少15.4%。公司拥有人应占溢利2180.1万美元，同比减少约15%。 公告称，2024年盈利减少主要是由于汇兑亏损净额增加1470万美元，主要受外汇波动(尤其是当地 货币兑美元贬值)所推动。该影响部分被以下因素抵消：(i)得益于持续业务扩张以及在提升客流量和翻 台率方面的不断努力，收入增加;(ii)运营效率提升。 特海国际首席执行官兼执行董事杨利娟女士表示："本季度，我们持续通过多种管理工具，继续践 行'一手抓员工，一手抓顾客'的策略，调动员工积极性，为顾客提供良好的就餐体验。本季度收入同比 提升10.4%，同时经营溢利率较去年同期提升2个百分点，主要得益于我们对效率提升的关注，包括供 应链优化、门店管理效率提升、加强总部职能对门店的支持与协同。" 特海国际公布2024年业绩 公司拥有人应占溢利 2180.1万美元 同比减少约15% "2024年，特海国际继续探索海外市场发展，更好的服务多元化客户群体。2024年全年，海底捞餐 厅整体翻台率为3.8次╱天，较去年提升0.3 ...

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

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