Super Hi International Holding (9658) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 7.8% year-over-year to $214.0 million, driven by business expansion and increased guest visits, with total guest visits rising to 8.1 million.

• Operating profit was $12.64 million, down 15.4% year-over-year but up 240.5% sequentially from Q2, with an operating margin of 5.9%.

• Net profit after tax was $3.59 million, sharply down from $37.6 million last year due to significant foreign exchange losses.

• Restaurant count reached 126 as of September 30, 2025, with two new openings, one closure, and one conversion to a secondary brand.

• Table turnover rates improved to 3.9x overall and 4.0x for same-store, both up 0.1x year-over-year.

Financial highlights

• Haidilao restaurant revenue was $200.7 million, up 5.1% year-over-year, with a net addition of five restaurants.

• Delivery revenue surged 69.2% to $4.4 million; other business revenue climbed 74.5% to $8.9 million.

• Gross profit margin was 66.7%, down 0.3 percentage points year-over-year.

• Staff costs were 33.2% of revenue, up slightly from 33.1% year-over-year; raw materials and consumables used were 33.3% of revenue.

• Operating expenses rose 11.1% to $23.7 million, mainly due to higher outsourcing, consulting, and marketing costs.

Outlook and guidance

• Q4 is expected to be a peak season with higher demand and margins, but official figures will be disclosed later.

• Over 10 new stores are expected to open in 2025, with nearly 20 projects in the pipeline.

• Management aims to enhance digital and intelligent platforms, empower store management, and expand globally through the "Pomegranate Plan."