Super Hi International Holding (HDL) FY 2026 earnings call transcript

公司在本次业绩发布会的内容以及对您提出问题的评论和回应,请代表管理层截止近日的观点。 请参与业绩新闻稿中的最新安全港声明,该声明适用于本次电话会议。 本次会议以中文进行并安排外部机构同步进行英文翻译,如有差别,请以中文内容为准。 请各位自行阅览。 下面我们请特海国际执行董事、首席执行官李先生回顾2026年第二季度的公司业绩。 Thank you, host. Can you hear me?

Thank you. Hello, investors and analysts. I am Li Yu, CEO and CEO of Tehai International. I would like to introduce the main situation of Tehai International in the second quarter of the year. 本季度公司前期围绕员工和顾客的投入进一步转化为经营成效 客流及翻台率较去年同期均有所改善 同时员工成本率及多项运营费用均下降 推动经营利润同比显著的有些增长 二季度海底捞餐厅接待顾客8.1百万人次 对比去年同期提升5.2% In the course of the current year, the overall turnover rate of this quarter's restaurant is 3.9 rounds a day, the total turnover rate of the same store is 4.0 rounds a day, and the same period last year was increased by 0.1 rounds a day. In addition to the Tang's restaurant in Haidilao, we have also actively expanded the income source, take-out and other business income, and the total has increased by three times in this quarter. 那么在上述业务的共同推动下,二季度公司整体实现收入2.19亿美金,较去年同期增长10%。 本季度,公司经营利润较去年同期提升118.9%,公司经营利润率较去年同期提升1.8个百分点。 利润增速明显快于收入增长,反映出公司前期的投入在持续转化,经营杠杆开始释放。 Next, I will review the main measures of this season from the business aspect.

First, continue to improve the management and management of HIT restaurant. This season, we continue to maintain the flexibility of management. According to the local business situation, market situation and consumption trend in each area, we will freely adjust the business strategy. At the same time, we will further strengthen the professionalization and support of the general platform. by introducing digital tools and new technologies to improve the insight and ability of the industry, market and consumers, from food, marketing, human resources, etc. to the food and medical line restaurants, to improve the targeted and execution efficiency of business decisions. The second quarter is usually a traditional quarter. From the performance of the turnover rate, we believe that these measures have achieved the correct effect.

Second, in terms of products and menu, the company has fully integrated the local consumer eating habits, consumption trends, and dining scenarios in the last hundred years to promote menu optimization and new product development. In terms of product innovation, this season we pay more attention to the innovation on the existing consumer awareness base of customers. For example, the local flavor of 通过新品的销售表现,顾客反馈及区域市场特点进行动态优化,为顾客提供更具价值感和差异化的消费体验。 第三个点,在会员及营销方面,截至6月底,海外会员数量达到946万。 本季度,我们持续围绕持续的营销,精准的引流,会员的运营,完善顾客,经营的闭环。 On the other hand, local consumer habits, holiday destinations and young customer groups through IP cooperation, new products listed and local large-scale activities, etc. continue to improve brand exposure and new customers' access. On the other hand, we pay more attention to the customer base after sales. Through further strengthening the member-based operation, the exclusive activity of user-friendly membership, the differentiation of rights, the customer community and the e-commerce experience, 那么优化的这些方式,提升会员活跃度和到天的频次。 我们也在持续地探索更多跨场景及多品牌会员权益, 希望将一次性的营销流量逐步沉淀为长期会员关系, 进一步提升顾客复购和门店经营的韧性。 在门店网络扩张的方面, 本季度我们于韩国及越南分别新开业一家海底捞门店, 今年上半年合计新开业三家海底捞门店 截至二季度末 我们在海外共计运营129家海底捞餐厅 截止目前 我们已签约还未开放的海底捞门店 保持在双位数 同时7月和8月份 将按照目前的工程近期 预计下半年仍有数家新店陆续开业 全年新店开业的预期为双位数 截至本季度末 The Red Cross has already accumulated 12 overseas brands, 22 second-brand restaurants.

In this period, we continue to optimize the Hi-Bo Marathon project in Canada, which is currently gradually polishing into a high-efficiency fast-food model, and in June, we will replicate the second Hi-Bo store in Japan. At the same time, the Japanese hotel project is also continuing to improve and stabilize. and look forward to seeing further reproduction. Currently, the market is exploring the opportunity to self-refer or reproduce the second brand of the industry. This is my introduction to the business situation of this quarter.

Next, please introduce the financial situation of Mr. Qu.

Thank you for your introduction, Mr. Li. Next, I will report the financial performance of the company. In the second quarter of 2026, the company achieved a total income of $2.19 billion, The same year, the same period, the growth was 10%. Among them, the revenue from the Hidirao restaurant industry was $1.98 billion, which increased by 4.6%. The number of Hidirao restaurants this period has increased by 3%. At the same time, the company's customer reception of 8.1 million people this quarter increased by 5.2% compared to the same period last year, and continues to provide network support for restaurant revenue. In addition to the restaurant business, the company continues to expand its income source. 本公司外卖业务收入达到756万美元,比去年同期增长105%。 其内各区域持续强化外卖运营的投入,深化与各国主流外卖平台的合作,争取更多的推广资源和线上流量。 同时,门店同步丰富外卖的产品增强外卖场景的吸引力。 The other business income reached $13,443.9 million, which increased by 119.7% from the same period last year, mainly from the food and seasoning products of the Hidilaw brand and the company's free-range kitchen, and the red-stone plan under which some new brand restaurant businesses are actively expanding.

Overall, the total revenue of this quarter's takeaway and other business income is about $21 million, The company's revenue has increased by 114.3%, which is 5% of the company's revenue in the same period last year, and has risen to nearly 9.6%. The company's revenue structure has been further diversified. In terms of cost and cost, the overall operating efficiency of this quarter has improved from that of the same period last year. The cost of raw materials and consumables in the second quarter is $7,473.5 million, and the profit margin is 65.9%, which is 0.1% lower than that of the same period last year. 餐厅经营毛利率保持稳定,主要因为今年以来央厨的B端供应链业务比去年提升,使得整体毛利率水平略有下降。 员工成本为7,495.1万美元,员工成本占收比比去年同期的35.3%下降到34.3%,同比下降约1%。 The number of employees has dropped significantly in the past year. The development of staff and staff management has gradually improved.

The improvement in the performance of staff has begun to show. The rent and related expenses are $564.6 million. The net income is about 2.6%, which fell by 0.4% from the same period last year. The main reason is that the income has been increased and the rent has been reduced. At the same time, the restaurant network has been adjusted. The short rent and property costs have been reduced by some The water power budget is million the net revenue is 3 which is lower than last year same 折旧和摊销为2,103.3万美元, 占收比为9.6%, 比去年同期下降约0.3个百分点。 主要是随着门店数量和资产规模增长, 折旧摊销的金额有所增加, 但收入增长带来的摊销效应比较明显。 The total cost of the transportation and other expenses is $2,578.3 million, with a net profit of about 11.8% and a basic balance of the same period last year.

Overall, the net profit of this quarter's employees, including rent, water, and relief, has dropped significantly, which is an important factor in improving the profit rate of the company. The raw materials and other cost rates still have room for improvement. 第二季度,公司实现经营利润约810万美元,比去年同期的370万美元增长约118.9%,经营利润率由去年同期的1.9%提升至3.7%,同比提升了1.8个百分点。 As income increases, employee cost and multiple fixed cost rates decrease, and the investment of employees, customers, and stores around the early stage gradually turns into an improvement in business efficiency.

Although business profits have improved, this quarter's non-business projects have been affected by the exchange rate fluctuation. Last year, the same company earned an exchange rate of about $1633 million, The stock market has been in a downward spiral since the beginning of the year, with a loss of $434 million in the current quarter, and a negative change of more than $20 million in the same year. This has affected the company's net loss of $193 million in the current quarter, but the net profit of $1639 million in the same period last year. Although the final net profit was affected by non-management factors such as the stock market, the company's core management capabilities have improved significantly since the same period last year.

现金流方面,本季度公司经营现金流为2824万美元的净流入,相比去年同期的2660万美元的净流入增加了6.2%。 截至26年6月30日,公司的资金储备约为2.66亿美元,整体流动性充裕,将用于门店的持续拓展和第二品牌业务的投入。 The key business indicators of the restaurant are the 8.1 million customers this quarter, which is 5.2% higher than last year. The overall average turnover rate of the restaurant is 3.9 rounds a day, which is 0.1 rounds a day higher than last year. This reflects the further improvement in the customer flow and operating efficiency of the store. The total consumption of the restaurant this quarter is $24.3, which is basically the same as last year. The daily income of the restaurant is $1.74 million, which is a small drop of $1.76 million compared to last year. From the overall restaurant operation, the current quarter's customer flow and turnover have improved. Part of the area's single-store business quality still has a certain room for improvement.

From the area, the market performance has diversified. Among them, the turnover rate in Southeast Asia and East Asia continues to improve. The turnover rate in North America and other regions has been suppressed. Southeast Asia's overall restaurant revenue this quarter is $9,866 million, which is a 3.9% increase. 单餐厅日均收入为1.49万,由去年同期的1.49万美元提升到1.51万美元,主要是因为客流提升带来翻台率上涨。 翻台率从去年同期的3.6轮提高到今年的3.8轮,提升了0.2轮每天,人均消费18.6美元,比去年同期持平。 整体来看,东南亚门店保持了稳健向上的经营态势。 In the East Asian region, the restaurant income is about $33.7 million, which is 9.9% of the total profit. The average turnover rate has increased from 4.6 rounds a day last year to 4.9 rounds a day, and has continued to maintain a higher level. The Japanese-made income of the single restaurant is $1.91 million, mainly because the average consumption dropped from $2 to $27.4 from the same period last year.

The single price was mainly affected by the obvious exchange rate. 如果还原汇率口径,东亚的人均消费实际比去年有所提升。 因此,东亚地区仍然保持了强劲的经营态势。 北美地区本季度餐厅收入为4037万美元,同比增长6.6%,门店数量由20家增加到22家,平均翻台率由去年同期的4.0轮下降到3.6轮每天。 The average consumption increased from $39.1 to $41 last year. The increase in the price of food did not completely eliminate the impact of the decline in the turnover rate. The daily income of Japanese restaurants decreased from $219,000 to $220,000. North America needs to focus on improving the efficiency of food and storage stores.

The total income of other areas of restaurants is $25.1 million, with a decline of about 1.8%. The average turnover rate of this quarter is 3.7% a day, 比去年同期下降0.2轮每天, 主要由于中东地区的地缘波动造成的影响, 目前评估影响已经在逐步减弱, 其他地区人均消费由05年同期的39.7美元提升到41美元, 主要受到汇率的影响。 整体而言,第二季度的区域表现呈现了一定的分化, 东南亚改善比较明显, 东亚继续保持较好的态势, 北美和其他地区需要进一步提升, 客流和单电的效率产出。 同电方面,本期一共有111家同电, 同电的销售额为1.79亿美元, 比去年同期下降约0.8%, 其中东南亚和东亚的同电销售是分别增长2.5%和0.9%, 其他地区和北美地区同电销售同比下降2.7%和8.5%, 主要原因跟上述地区的整体趋势保持一致。 以上为截至二六年二季度的季度回顾。 下面是问答环节。 谢谢。 那么现在开始问答环节。 如果您想发问,请按新一一键。 如果您想取消发问,请重按新一一键。 The first question is from the Lai Shen Wei of Zhongjing.

Thank you for your question, Mr. Lai. I have three questions in total. I will answer them one by one. First, in the direction of the construction of central energy, the overseas and domestic are similar. But the characteristics of overseas are the consumption habits of each country, the working rules, the conditions of the industry, the tax and marketing environment are not the same. So there is no set of business methods that can be directly copied to all markets.

So the principle of overseas central Taiwan construction is that the headquarters does the job of the community and the area and the store does the local business. In the division, the headquarters focuses on building shared capabilities, such as digital systems, large public supply chain, personnel management, financial management, member system standards and basic facilities. The regional team combines these capabilities with the local market to transform and land. Specific business judgment is given to the local market and customer's first-line team. From the perspective of the organization, the role of the future headquarters will be more and more like a support platform. The front line of independent management will continue to retain space, but the requirements of the results of the management and the safety of food and service quality, these basic standards will not be relaxed.

Then the second one is about the red 16. There are two projects that are relatively smooth at the moment. One is the highball marathon. It is a relatively light fast-food model. Single-store investment is relatively low, and service link is relatively simple and efficient. 顾客尝试门槛也比较低 目前加拿大和日本各有一间经营门店 从周转效率和经营表现来看 是符合我们的预期 美国加拿大以及其他的市场也有项目在筹备 我们会继续验证它在不同市场的复制能力 另一个是日本居酒屋 产品以刺身、烧鸟、日式小菜和酒水为主 更贴近当地消费习惯 也能够充分利用本地的供应链优势 目前东京店的顾客接受度和经营稳定性都在持续的提升 并已经在大阪筹备第二间店了 关于长期投入和短期业绩的平衡问题 我们的原则是用小成本验证确定性 每一个新项目从一两家店起步 the cost of the trial is controllable and it will not have a real impact on the short performance In the process whether it is the performance of the business or the customer experience it will not meet the expectations and it will make timely adjustments and adjustments and it will not blindly pursue the scale. The real stage of spending money is the scale of copy, and we only invest in copy resources with the model that has been verified to run through.

Therefore, investment follows the certainty. After the model runs through, the company has designed the entire return of the whole return stage 回报的这个路径和预期 第三个呢 就说在成本费用管控上面 那么费用和成本的管控的重点 不是整体下压成本 而是缩小门店之间的差距 目前门店之间的经营水平仍不平衡 把表现不及预期的门店提升到平均水平 把整体的利润率的贡献 比在已经健康的门店上 持续的集成本更大 也可更持续 嗯那么一味的压缩门店端投入最终会伤害顾客的体验这不是我们要的效率 我们识别出两个自然的改善来源一个是经营的杠杆 下半年进入旺季如果客流和翻台保持较好的表现 收入增长本身就会对人工租金折旧这些相对固定的成本形成贪薄 二是日常精细化人员配置和排班效率供应 and inventory consumption. These are the things we will continue to optimize. This is also a permanent job, not dependent on forgetfulness. At the group level, the profit rate of business and restaurant currently have a certain gap. Some of them come from the integration of the new brand of Red16 and the investment of the headquarters and central bank.

These two are the future investments. They will not be raised because of short-term profit pressure, but we will control the rhythm and strictly budget.

Thank you for your question, Ms. Zheng. I will answer the first two questions. Mr. Qu will answer the third question. First, we look at the overseas market. In addition to Chinese food and hot pot, we also look at the local food and drink market. Currently, overseas consumers are continuing to increase the acceptance of Asian restaurants and Chinese restaurants, and the overall space for development is larger. Our main brand is in the hot pot track of Chinese food and hot pot, and is now still in the stage of continuing to cultivate the market and improve the consumer's awareness. There is still no competition for the stock. So more Chinese brands are going out to us. First of all, it is a positive signal.

It has verified the real need for existence and will accelerate the process of overseas customers' understanding and acceptance of Chinese food, and the whole range of products will be enlarged. Of course, we are always impressed by the competition, but we will also focus on doing our own thing and continue to improve the attractiveness of the brand through product service and customer experience, especially to make the customer structure more diverse and continuously improve the ratio of local mainstream customers. Our Red Cross project is more diverse, including the restaurant that manufactures local restaurants. Our approach is not to start with the brand, but to start with the model and the ability. For this type of product project, it is not the most important thing to enter before the opponent, but to run through the single-store model.

It is the most important thing to let it be. Then the second one is about the brand's volume. We are not relying on the increase in sales to buy volume, but rather around product service and door experience, so that the volume will naturally grow. We have been controlling the sales cost at a reasonable level, pursuing discussion and transformation, not exposure rate. There are three specific ways to play. The first level is to put the creative and execution of marketing into the local and local teams with greater flexibility to combine local IP, artists, animation, and games to cooperate. Around local holidays and large-scale activities to plan the mainstream online platform and customer interaction in the local activities grow in the local culture, local customers will see a sense of closeness.

The second is to make the product itself a spread of the body. For example, in June this year, we launched a sausage themed product in some areas. Sausage is a very strong topic in social media itself. People who like it and people who don't like it are willing to discuss it. We extend the theme from the bottom of the pot to the vegetables and snacks, and make a complete product combination. After the market, it brings a good natural discussion and a turning point. This kind of product will be planned every season. The logic is the same. and select topics that are of local customers' real interest. The supply chain and research are supported by the company's unified support.

The third layer is to connect the volume of the topic. If the flow of the topic is only once, it will be very limited to our value. So we continue to connect the sales activities, membership operations, and customer communities. Online attention is guided to offline stores. After the store is closed, the membership rights and detailed operations are converted into resupply and recommendation. The volume is the entrance, and the membership and resupply are the stores.

Finally, we still have to go back to the basics. No matter how the previous sales change, we value the customer satisfaction of the customer. The customer is willing to come, willing to come again, willing to recommend the brand influence to the people around them, which is the real process. Sales can enlarge this process, but can't replace it. The above is the answer to these two questions. The third question is about the turnover rate. How can we improve the measures?

Let's welcome Mr. Qu to speak. Thank you, Mr. Zeng. I will answer your third question. Our overall turnover in the second quarter has increased by 0.1%. The trend is healthy, but there is a division between the regions. East Asia and Southeast Asia performed well. North America and other regions have room for improvement. For North America, some of the problems with the stores are the relatively concentrated customer base. local mainstream customer groups are not enough. This kind of store business is easily affected by single customer groups. For example, once local immigration and visa policies are adjusted, they will bring about a gradual wave of customer traffic. In the short term, we will use the combination of adjusted dishes and drinks, and the way of serving and operating to drive the customer traffic.

But the real essence is to make the customer structure more diverse, to develop the customer groups around the area, to make the operation of members and the local marketing solid, to reduce the dependence on single customers. This is also the long-term direction of all overseas markets. Other regions with individual stores are mainly affected by the external factors of land ownership.

These factors are not within our control range. What we can do is to adjust the strategy in time and control the cost according to the local situation to maintain the business integrity of the stores. At present, the relevant negative effects are gradually decreasing. The role of the headquarters is to help stores find the problem. Thank you.

Thank you two leaders Okay thank you for the question Mr Wei Regarding your first question first question about the price of the third and fourth quarter we do not have a unified price adjustment plan We will not simply transfer all the costs to customers. The local customers will still be able to adjust their prices based on the environment and product structure of the competition. to make reasonable adjustments. We will pay more attention to the value that the customer feels, rather than simply pursuing price improvement. For example, we will add new products of different price ranges, adjust the set of products and the combination of products, so that the customer has more choices and feels a better price-to-price ratio.

This is the answer about the price. Regarding the key areas of future opening, we expect that there will be more new stores in the next half of the year, including about double-digit stores, will be open in North America, East Asia, and Southeast Asia.

In addition, we have about ten stores that have already made substantial progress. Among them, North America and the UK stores are already in the engineering stage and will be open in the next one to two years. The layout and business expansion of the new country is still done in a self-initiated way and is handed over to various countries. The promotion and management of various projects is currently in line with our expectations. For the entry of new markets, we will carefully evaluate the market situation, consumption, and specific selection points. Currently, there are some new countries in the process of discussion and promotion, but it is not the time to be particularly sure. The third question is about the new electricity.

We are still evaluating the project according to the standard recovery period of 3 to 4 years. Southeast Asia will be relatively faster, and Europe and the United States will be relatively slower. Compared to the past, each country is more cautious about elections, so the return period of the door stores is more controllable, and the stability of the door stores is improved. Thank you.

Thank you, President Li. Regarding the first supply chain, the problem of the supply chain in Yangzhou, we have been operating in Singapore and Malaya for many years. The local procurement and supply chain system is already more mature. We can purchase products that are stable in the local market and are of the quality required. We will try to localize the local products. For some core seasonings or products that are not stable enough for local supply, we will continue to provide them by local kitchen or mature suppliers. Our central kitchen does not necessarily follow the number of stores and the expansion of the line. It mainly depends on the density of the store, the delivery radius and the efficiency of the production capacity.

If the existing central kitchen provides production capacity, and also do some foreign sales to increase the efficiency and increase income of the production.

Regarding the fluctuation of the exchange rate, the influence of the second-tier exchange rate on the net profit is indeed relatively obvious, but mainly because of technical reasons. Last year, the same period was a larger exchange rate gain, and this year it is the exchange rate loss. The fluctuation of the same ratio is relatively large. but what needs to be emphasized is that these exchange rate calculations bring about non-management and non-currency impacts, and do not reflect the changes in the business itself. Excluding this exchange rate, the profit and net profit ratio of our second quarter are significantly improved compared to last year. So we will pay more attention to the approach of net profit. In terms of exchange rate management, our ideas are divided into two levels.

The first level is natural balance, which is our income and cost. Most of the costs are made in the same market. We use local currency to collect funds, and then use local currency to purchase, pay for labor and rent. The more localized the business, the less the exchange rate of cross-border is. The second layer is the cross-border settlement of funds. The business is indeed cross-border.

The company will continue to monitor, and according to the size of the cross-border, the cost and the requirements of the country, Thank you.

以上就是我的两个问题。 Thank you, President Zhong. The first question is about the power supply itself. It is not an absolute factor that determines the performance of the power supply. The difference between mature power supplies is more from the level of business and operation, rather than the number of years of operation. The real impact of power supply is mainly the first six months after opening. New power supplies generally need to go through a team-based, development and operation of surrounding customer groups, and a stable climb. This is a normal rule. In 2024, we will have about 50% of the stores that opened in 2013 will be able to receive cash flow transfer. From 2024 to now, we will have 27 stores that opened in June this year.

This increase is 78%. That means that after 2024, the speed of the new generation of stores will be faster than before. The reason behind this is that in the past few years, the requirements for the standard of selection, investment calculation, electrical design, and the reserve of the manager are more strict than in the past. The shop opens more accurately, and the preparation before opening is more complete.

Regarding the second question, we have three levels in the assessment. The core of the manager's assessment is the implementation of one-handed catch employees and one-handed catch customers. The focus is on customer satisfaction, employee training, and long-term business quality of the store. The results of the business will be integrated into the discipline, but it is not the only indicator. Because if we only focus on short-term profits, it is very likely that the store will sacrifice the interests of customers and employees.

The second group of regional teams is more focused on the performance of the business, the quality of growth, and the training of talents. The headquarter's team is mainly to see if they can really help the first line to improve efficiency, and not just complete the headquarter's own work and indicators. In terms of talent stability, competition is inevitable, but Liu Ren relies not only on his hard work, but also on the space to grow and manage.

The company has been out of the sea for a relatively long time. The biggest advantage is that we have trained a group of local managers and big-street managers from the first line. They have a deep understanding of the company culture and local market. With the opening of new stores, the entry of new areas, and the exploration of red-and-white business, excellent managers will always have a bigger stage. At the same time, they will share the results of business growth through incentives and mechanisms. This is the most fundamental way to ensure the stability of our team.

Thank you for your question.