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 9.5% 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 dropped sharply to $3.59 million from $37.6 million last year, mainly due to significant foreign exchange losses.

• Restaurant count reached 126 as of September 30, 2025, after opening two new locations, closing one, and converting one to a secondary brand.

• Same-store sales increased 2.3% year-over-year to $182.2 million.

Financial highlights

• Haidilao restaurant revenue rose 5.1% year-over-year to $200.7 million.

• 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.

• Operating cash flow was $34.1 million, down from $40.7 million year-over-year.

Outlook and guidance

• Q4 is expected to be the peak season, with higher demand for gatherings and improved margins over Q3.

• 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."

• No large-scale supply chain investments planned; focus remains on localized procurement and small R&D labs.

• Continued focus on localized operations and innovative store concepts to drive growth.