Super Hi International Holding Ltd.

What they do

Super Hi International operates hot pot restaurants under the Haidilao brand across multiple countries, including the United States, Singapore, Malaysia, Vietnam, Thailand, and others. The company generates revenue primarily from restaurant operations, selling food and beverages, and also offers delivery business services and other products.

Revenue drivers

• Restaurant operations (food and beverage) — Core revenue from in-restaurant food and beverage sales; largest segment, reported separately as RestaurantOperationFoodAndBeverage.
• Delivery business services — Revenue from third-party and own delivery channels; smaller but distinct segment, reported as DeliveryBusinessService.
• Other products and services — Includes ancillary sales and services; reported as ProductAndServiceOthers, a minor contributor.

Recent performance

FY2025 revenue data is not presented in the excerpts; the filing covers FY2025 as a four-month period (P4M). Revenue recognition is at a point in time for goods/services transferred. Prepaid card and voucher liabilities were reported at December 31, 2025 and 2024. Customer loyalty scheme liabilities are also disclosed, with amounts due within one year and later periods.

Strategy

The company lists numerous subsidiaries across key markets, indicating a multi-country expansion strategy. Management focuses on building the Haidilao brand internationally, with entities in the U.S., Canada, U.K., UAE, Australia, Thailand, Philippines, Malaysia, Korea, Japan, Indonesia, Cambodia, and Singapore. Strategy includes maintaining restaurant operations and developing delivery and other revenue streams.

Risks

• Geographic concentration — Operations span many countries, exposing the company to diverse regulatory, currency, and operational risks.
• Brand dependence — Revenue relies heavily on the Haidilao brand; any reputational damage could materially impact sales.
• Supply chain and import risks — As a restaurant chain, ingredient sourcing and cross-border logistics are critical; disruptions could hurt margins.
• Consumer discretionary spending — Dining out is discretionary; economic downturns in key markets could reduce customer traffic and revenue.

Outlook

The filing does not provide explicit forward-looking guidance. Management continues to expand international footprint, as evidenced by new subsidiaries and market entries. The company is likely to focus on store growth, delivery expansion, and operational efficiency.