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Rhea-AI Summary
Super Hi (NASDAQ: HDL) reported unaudited results for Q3 ended Sept 30, 2025. Revenue was US$214.0M, up 7.8% year‑over‑year; Haidilao restaurant revenue was US$200.7M (+5.1%). Total guest visits were 8.1M (+9.5%).
Income from operation was US$12.6M (margin 5.9%), down 15.4% YoY but up 240.5% sequentially. Profit for the period was US$3.6M versus US$37.7M a year ago; basic/diluted EPS were US$0.01 vs US$0.06. Delivery revenue rose 69.2% and other business revenue rose 74.5%.
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Positive
- Delivery revenue +69.2% to US$4.4M
- Other business revenue +74.5% to US$8.9M
- Income from operation +240.5% sequential growth
Negative
- Income from operation -15.4% YoY to US$12.6M
- Profit for the period declined from US$37.7M to US$3.6M
- Basic and diluted EPS down to US$0.01 from US$0.06
- Net foreign exchange loss increased by US$31.7M
Insights
Mixed quarter: healthy top‑line growth but sharply lower net profit driven by large FX losses and margin pressure.
Super Hi grew revenue to US$214.0 million (+7.8% YoY) while Haidilao restaurant revenue rose to US$200.7 million (+5.1% YoY). Same‑store sales increased modestly to US$182.2 million (+2.3% YoY) and guest visits rose to 8.1 million (+9.5% YoY). Operational indicators show slightly higher table turnover (overall 3.9% vs 3.8%), stable store count (126) and targeted expansion including 10 openings year‑to‑date.
The profit picture weakened: income from operations fell to US$12.6 million (margin 5.9%, down 1.6 points YoY) and profit for the period dropped to US$3.6 million from US$37.7 million a year earlier, largely due to an increased net foreign exchange loss (~US$31.7 million). Cost pressures include higher raw material usage (raw materials at 33.3% of revenue) and staff costs (~33.2% of revenue), plus investments in benefits, outsourcing and expansion that compressed margins.
Watch near term: monitor quarterly operating margin and whether management can translate higher table turnover into margin recovery within the next 2–4 quarters, and track reported foreign exchange losses and their drivers next quarter. Also watch same‑store sales trends in East Asia (notable improvement) vs Southeast Asia (slight spending decline) and progress on secondary‑brand rollout under the “Pomegranate Plan” as a driver of diversification.
SINGAPORE – November 26, 2025 – Super Hi International Holding Ltd. (NASDAQ: HDL), operator of the Haidilao hot pot restaurant chain outside of mainland China, Hong Kong, Macau, and Taiwan, today announced its unaudited financial results for the third quarter of 2025. The results illustrate some growth in key areas offset by significant foreign exchange losses, painting a mixed picture for the global expansion strategy of the popular Chinese dining brand.
Q3 2025: By the Numbers
- Revenue reached $214.0 million, a 7.8% increase compared to $198.6 million in Q3 2024.
- The company strategically adjusted its restaurant portfolio, opening two new Haidilao locations, closing one due to lease expiration, and converting another to a secondary brand. As of Q3 2025, Super Hi operates 126 Haidilao restaurants.
- The overall average table turnover rate experienced a slight uptick, moving from 3.8 times per day in Q3 2024 to 3.9 times per day in Q3 2025; the average same-store table turnover rate also edged up from 3.9 to 4.0 times per day.
- Total guest visits saw a substantial increase, reaching 8.1 million, a 9.5% rise from the 7.4 million recorded in the same period last year.
- Same-store sales amounted to $182.2 million, reflecting a 2.3% increase over the $178.1 million reported in Q3 2024.
- Income from operations decreased by 15.4% year-over-year, totaling $12.6 million compared to $14.9 million in Q3 2024. However, a significant sequential growth of 240.5% was observed compared to the previous quarter, with income from operations increasing by $8.9 million.
- Income from operation margin stood at 5.9%, down from 7.5% in Q3 2024, representing a decline of 1.6 percentage points. Nonetheless, the margin improved by 4.0 percentage points from the previous quarter.
Yang Lijuan, CEO & Executive Director of Super Hi, highlighted the positive trajectory in key operational metrics. “Haidilao restaurants achieved improvements in both overall and same-store table turnover rates compared to last year. Overall company revenue increased year-over-year, and refined management practices coupled with efforts to balance customer and employee satisfaction with operational efficiency resulted in a notable improvement in income from operation margin compared to the previous quarter.” She further emphasized, “We will continue to enhance our management capabilities, strengthening our digital and intelligent middle platform and advancing the ‘Pomegranate Plan,’ while actively expanding our business and exploring new opportunities globally.” The Pomegranate Plan, which involves the launch of secondary brands, is aimed at diversifying Super Hi’s offerings and catering to a broader consumer base. However, detailed performance metrics of these new ventures remain to be seen.
Revenue Breakdown and Cost Analysis
Revenue reached $214.0 million, a 7.8% increase from $198.6 million in the same period of 2024.
- Haidilao restaurant operations contributed $200.7 million, a 5.1% increase driven by business expansion, enhanced brand recognition, and continuous efforts to increase guest visits and table turnover rates. Analysts note that managing table turnover is crucial, particularly during peak hours, and efficient queue management systems and pre-ordering technologies could further enhance this metric.
- The delivery business experienced substantial growth, generating $4.4 million in revenue, a 69.2% jump attributed to optimized products, services tailored to market demand, and strategic collaborations with local food delivery platforms. Super Hi’s success in the delivery segment hinges on replicating the in-restaurant experience at home, which could involve specialized packaging, personalized service, and curated add-ons.
- Revenue from other businesses soared by 74.5% to $8.9 million, fueled by the increasing popularity of hot pot condiments among local customers and retailers, as well as the incubation of secondary branded restaurants under the Pomegranate Plan. Industry experts suggest that leveraging data analytics to identify emerging taste preferences and developing innovative condiment offerings could further bolster revenue in this segment.
Raw materials and consumables used increased by 8.7% to $71.2 million, primarily due to higher food ingredient costs spurred by business expansion and revenue growth. As a percentage of revenue, raw materials and consumables used rose from 33.0% to 33.3%. This uptick suggests that cost optimization strategies within the supply chain are vital to maintaining profitability. The company’s ability to negotiate favorable terms with suppliers and implement efficient inventory management techniques will be pivotal.
Staff costs rose by 7.9% to $71.0 million, driven by an increased number of employees and higher guest visits. As a percentage of revenue, staff costs remained relatively stable at 33.2%. With labor costs already a significant expense, implementing automation and optimizing staffing schedules using AI and predictive analytics could help mitigate further increases.
Income from operations decreased by 15.4% to $12.6 million, and the corresponding margin fell from 7.5% to 5.9%. This margin compression was attributed to continued investments in customer and employee benefit initiatives, increased outsourcing service fees, higher short-term lease payments, and investments in secondary brand development. These factors signal that while Super Hi is focused on long-term growth, it is currently absorbing significant costs associated with its expansion strategy.
Profit for the period was $3.6 million, a stark contrast to the $37.7 million reported in the same period last year. In addition to the decline in income from operations, this change was largely due to a substantial increase in net foreign exchange loss, which amounted to $31.7 million. Foreign exchange volatility represents a significant risk for multinational corporations like Super Hi, and hedging strategies and currency diversification become paramount in mitigating potential losses.
Basic and diluted net profit per share both decreased to $0.01, compared to $0.06 in the same period of 2024.
Operational Overview
| As of/For the Three Months Ended September 30, | ||
| 2025 | 2024 | |
| Number of restaurants |
||
| Southeast Asia East Asia North America Others(1) Total |
74 20 20 12 126 |
73 18 20 10 121 |
| Total guest visits(million) | ||
| Southeast Asia | 5.3 | 5.2 |
| East Asia | 1.2 | 0.8 |
| North America | 1.0 | 0.9 |
| Others(1) | 0.6 | 0.5 |
| Total | 8.1 | 7.4 |
| Average table turnover rate(2)(times per day) | ||
| Southeast Asia | 3.7 | 3.6 |
| East Asia | 4.9 | 4.3 |
| North America | 4.0 | 3.9 |
| Others(1) | 3.7 | 3.8 |
| Overall | 3.9 | 3.8 |
| Average spending per guest(3)(US$) | ||
| Southeast Asia | 19.1 | 20.4 |
| East Asia | 28.9 | 29.2 |
| North America | 39.1 | 43.5 |
| Others(1) | 39.4 | 43.0 |
| Overall | 24.6 | 25.8 |
| Average daily revenue per restaurant(4) (US$ in thousands) | ||
| Southeast Asia | 15.5 | 15.7 |
| East Asia | 20.3 | 17.7 |
| North America | 22.1 | 21.5 |
| Others(1) | 22.9 | 24.3 |
| Overall | 18.0 | 17.7 |
Notes:
(1) Others include Australia, the United Kingdom, and the United Arab Emirates.
(2) Calculated by dividing total number of tables served for the period by the product of total Haidilao restaurant operation days for the period and average table count during the period in the same geographic regions.
(3) Calculated by dividing gross revenue of Haidilao restaurant operation for the period by total guests served for the periods in the same geographic region.
(4) Calculated by dividing the revenue of Haidilao restaurant operation for the period by the total Haidilao restaurant operation days of the periods in the same geographic region.
Same-Store Sales
The following table sets forth details of the Company’s same-store sales for the quarters indicated.
| As of/For the Three Months Ended September 30, | ||
| 2025 | 2024 | |
| Number of same stores(1) | ||
| Southeast Asia | 64 | |
| East Asia | 14 | |
| North America | 19 | |
| Others(5) | 10 | |
| Total | 107 | |
| Same store sales(2) (US$ in thousands) | ||
| Southeast Asia | 94,634 | 96,007 |
| East Asia | 26,661 | 22,578 |
| North America | 38,286 | 37,095 |
| Others(5) | 22,597 | 22,449 |
| Total | 182,178 | 178,129 |
| Average same store sales per day(3) (US$ in thousands) | ||
| Southeast Asia | 16.1 | 16.3 |
| East Asia | 20.7 | 17.6 |
| North America | 21.9 | 21.2 |
| Others(5) | 24.6 | 24.4 |
| Overall | 18.5 | 18.1 |
| Average same store table turnover rate(4) (times/day) | ||
| Southeast Asia | 3.8 | 3.8 |
| East Asia | 5.1 | 4.3 |
| North America | 3.9 | |
