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].

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]

Summary of Tehai International Conference Call Company Overview - Tehai International reported total revenue of $778.3 million for 2024, a year-on-year increase of 13.4%, with restaurant revenue accounting for 96% of total revenue [2][8] - The company aims to optimize its supply chain, resulting in a gross margin increase to 10.1% [2][8] Financial Performance - In Q4 2025, Tehai International achieved total revenue of $209 million, a 10.4% year-on-year growth, with restaurant revenue at $199 million, representing 95.7% of total revenue [2][8] - The gross margin for Q4 2025 was 67.6%, despite a tax loss of $11.6 million due to foreign exchange fluctuations [2][10][9] - The average daily table turnover rate for Haidilao restaurants reached 3.9 times, with same-store sales growth of 4.2% [3][8] Operational Improvements - The company has launched over 1,000 new products globally, including beef pies and fresh sliced beef, enhancing product offerings and supply chain management [2][6] - Tehai International is focusing on improving operational efficiency, employee welfare, and customer interaction [2][4] - The company plans to increase table turnover rates through regional management optimization and special events [4][14] Market Expansion and Strategy - Tehai International is actively expanding services, including night-time offerings in Malaysia and Canada, and celebrity collaborations in Korea [2][7] - The company emphasizes local employee integration, with 20%-30% of employees and management being local hires, enhancing customer attraction [2][15] - Plans for new store openings include 10 new locations by the end of 2025, with a focus on replicating successful North American market strategies [4][16] Cost Management and Profitability - Raw material costs accounted for 33.1% of total revenue, with employee costs at 33%, reflecting a slight increase due to wage hikes [8][9] - The company recorded a significant foreign exchange loss of $19.7 million, impacting net profit but excluding non-operating factors, actual profit met targets [2][10] Regional Performance - East Asia showed strong performance with a table turnover rate of 4 times, while North America experienced a slight decline in dining frequency [12] - Southeast Asia's restaurant revenue grew by 7.7%, despite challenges in Cambodia and the Philippines [12] Pricing Strategy and Customer Engagement - Tehai International is implementing differentiated pricing strategies to maintain customer spending levels amid inflation [13] - The company is enhancing customer engagement through various dining events and dedicated customer managers [5][7] Future Outlook - The focus for 2025 will be on balancing same-store sales growth with new market expansion, with a cautious optimism towards North American market potential [18][20] - The company is exploring new brand development opportunities, particularly in barbecue and other Asian cuisines [16][27] Conclusion - Tehai International is positioned for growth through operational improvements, market expansion, and strategic pricing, despite facing challenges in foreign exchange and regional performance variances. The company remains committed to enhancing customer experience and optimizing supply chain management for future profitability.

Core Viewpoint - Super Hi International Holding Ltd. Unsponsored ADR (HDL) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in a company's earnings picture, tracking EPS estimates from sell-side analysts through a consensus measure known as the Zacks Consensus Estimate [2]. - The recent upgrade reflects a positive outlook on the company's earnings, which could lead to increased buying pressure and a rise in stock price [4][6]. Impact of Earnings Revisions - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, and their investment actions based on these estimates can significantly influence stock prices [5]. Company Performance Insights - Super Hi International Holding Ltd. is expected to earn $0.34 per share for the fiscal year ending December 2024, representing a year-over-year decline of 32% [9]. - Over the past three months, the Zacks Consensus Estimate for the company has increased by 3.4%, indicating a positive trend in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade to Zacks Rank 2 positions Super Hi International Holding Ltd. in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Summary of the Conference Call Company Overview - The conference call discusses the performance of Tehai International for Q3 2024, highlighting key metrics and operational strategies. Key Points Financial Performance - Total revenue for Q3 2024 reached $199 million, a year-over-year increase of 14.6% [5] - Restaurant operating income was $191 million, accounting for 96% of total revenue, also up 14.5% year-over-year [5] - Average customer spending increased to $25.8, up $2.1 from the previous year [7] - The company reported a net profit of $37.66 million for Q3, with a significant foreign exchange gain of $25.9 million [7] - Operating cash flow improved to $40 million, an increase of $20 million year-over-year [7] Operational Metrics - Average table turnover rate was 3.8 times, an increase of 0.1 times year-over-year [7] - Customer traffic reached 7.4 million, a 4.2% increase from the previous year [7] - The company optimized over 300 new products across various categories, enhancing customer engagement [3] Strategic Initiatives - The company is focusing on enhancing store management through better KPI understanding and management tools for store managers [1] - New marketing strategies were implemented, including collaborations with popular games to attract younger customers [3] - The company is exploring new restaurant formats and concepts, including hot pot, barbecue, and fast food, supported by market research and product development [4][23] Store Expansion Plans - The company plans to open a double-digit number of new stores in 2024, with ongoing projects in North America, Southeast Asia, East Asia, the Middle East, and Europe [11][12] - The management is cautious about setting specific store opening targets to avoid misalignment in strategy [12] Cost Management - Labor costs increased due to higher minimum wage requirements, but rent and utility costs decreased as a percentage of revenue [6] - The company is working on optimizing supply chain processes to reduce costs and improve efficiency [25] Market Dynamics - The competitive landscape remains intense, with ongoing price adjustments and promotional strategies to maintain customer interest [14][26] - The company is committed to maintaining reasonable pricing while adapting to market conditions and customer preferences [14] Future Outlook - The management anticipates stable profit margins in the mid-single digits for the upcoming quarters, with a long-term target of 10% to 15% profit margin per restaurant [16][28] - The company is focused on improving operational efficiency and customer satisfaction through enhanced management practices and localized strategies [18][35] Additional Insights - The company is actively working on localizing its offerings in various markets, achieving up to 90% localization in some Asian countries [35] - There is a strong emphasis on data-driven decision-making to enhance marketing effectiveness and operational performance [18] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of Tehai International's current performance and future plans.

Financial Performance - Revenue for Q3 2024 was US$198.6 million, reflecting a 14.6% increase from US$173.3 million in Q3 2023[6] - Income from operations was US$14.9 million, a 52.0% increase from US$9.8 million in the same period last year, with an operating margin of 7.5% compared to 5.7% in Q3 2023[10] - Profit for the period was US$37.7 million, compared to a loss of US$1.4 million in Q3 2023, driven by increased revenue and operational efficiency[11] - Revenue from Haidilao restaurant operations was US$190.9 million, a 14.5% increase from US$166.7 million in Q3 2023[11] - Profit before tax surged to USD 41,220,000 compared to USD 358,000 in the same period last year, marking a significant improvement[22] - Total comprehensive income for the period was USD 24,070,000, compared to USD 1,617,000 in Q3 2023, reflecting a strong turnaround[22] - Basic and diluted earnings per share improved to USD 0.06 from a loss of USD 0.00 in the previous year[22] Operational Metrics - Total guest visits reached over 7.4 million, up 4.2% from 7.1 million in Q3 2023[6] - Same-store sales growth was 5.6%[6] - The total number of Haidilao restaurants as of September 30, 2024, was 121, with a net increase of 6 since December 31, 2023[6] - Average spending per guest increased to US$25.8, up from US$23.7 in the same period of 2023[14] Cost and Expenses - Raw materials and consumables used were US$65.5 million, a 9.9% increase from US$59.6 million in Q3 2023, but as a percentage of revenue, it decreased to 33.0%[8] - Staff costs were US$65.8 million, a 15.2% increase from US$57.1 million in Q3 2023, accounting for 33.1% of revenue[9] Cash Flow and Liquidity - Net cash from operating activities rose to USD 40,699,000, a 104.0% increase from USD 19,911,000 in Q3 2023[25] - Current assets increased to USD 310,559,000, up from USD 218,962,000 at the end of 2023, indicating improved liquidity[23] - Net current assets rose significantly to USD 183,513,000 from USD 90,391,000, showcasing enhanced financial health[23] - Cash and cash equivalents at the end of the period reached USD 215,162,000, a substantial increase from USD 75,271,000 in Q3 2023[25] Equity and Liabilities - The company reported a total equity of USD 360,907,000, up from USD 272,121,000 at the end of 2023, reflecting strong growth in shareholder value[24] - Non-current liabilities increased to USD 178,481,000, up from USD 176,191,000, primarily due to higher deferred tax liabilities[24]

Exhibit 99.2 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SUPER HI INTERNATIONAL HOLDING LTD. 特海国际控股有限公司 (Incorporated in the Cayman Islands with limited liability) (HKEX Stock Code: 9658; ...