On Wednesday, Super Hi International (NASDAQ: HDL) discussed first-quarter financial results during its earnings call. The full transcript is provided below.

在周三，Super Hi International（纳斯达克：HDL）在其财报电话会议中讨论了 2026 年第一季度的财务结果。完整的文字记录如下。

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Summary

摘要

Super Hi International reported a 14.2% year-over-year increase in total revenue for Q1 2026, reaching $226 million, with Haidilao restaurant operations contributing 90.4% of the revenue.

Super Hi International 报告称，2026 年第一季度总收入同比增长 14.2%，达到 2.26 亿美元，其中海底捞餐厅业务贡献了 90.4% 的收入。

The company saw a significant improvement in profitability, with operating profit increasing by 17.7% year-over-year to $13.993 million and operating margin rising to 6.2%.

公司盈利能力显著改善，营业利润同比增长 17.7%，达到 1399.3 万美元，营业利润率上升至 6.2%。

Strategic initiatives included strengthening employee and customer focus, menu innovation, and expanding the Red Pomegranate project with multiple new brands and stores.

战略举措包括加强员工和客户的关注、菜单创新，以及扩展红石榴项目，推出多个新品牌和门店。

The company's operational highlights included a net increase of four restaurants year-over-year, with a focus on flexibility in operations and store manager discretion to enhance customer satisfaction.

公司的运营亮点包括同比净增加四家餐厅，专注于运营灵活性和店经理的自主权，以提升客户满意度。

Management emphasized a long-term strategy prioritizing customer experience and employee engagement, and noted that despite external challenges, the company's market resilience and adaptability are expected to drive future growth.

管理层强调了一项长期战略，优先考虑客户体验和员工参与，并指出尽管面临外部挑战，公司在市场上的韧性和适应能力预计将推动未来增长。

Full Transcript

完整文字记录

Sa (Operator)

Sa（运营商）

Hello respected investors and analysts, thank you for joining today's Super Hi earnings call. Participating in Today's meeting are Mr. Li Yu, Executive Director and CEO, and Ms. Chu Zong, Financial Controller and Board Secretary. Today's meeting may contain forward looking statements including but not limited to, the Company's statements on strategies and business plans as well as outlook on performance. The content public published by the Company during the earnings presentation as well as comments in response to all your questions represent only management views as of today. Please refer to the latest Safe harbor statement in the earnings press release which applies to the conference call. The meeting is conducted in Chinese with simultaneous English interpretation provided by external agency. In case of any discrepancies, the Chinese version shall prevail. The presentation materials have been uploaded to the Company's investor relations page for your review. Hello investors and analysts, I'm Li Yu, Executive Director and CEO of Superhigh International. Welcome to Superhigh International Q1 2026 earnings call and I'm going to be talking to you about. On behalf of the Company, I thank you for your interest and support. It is my honor to share with you the Super Hi international operating performance for this quarter. In the first quarter of 2026, the company's operations maintained a positive improvement trend with all core operating metrics achieving Simultaneous as of 31st 2026, the company operated a total 127 Haidilao restaurants in Overseas Market. Added one new store in Southeast Asia during the period recorded a net increase of four stores compared to the same period last year. At the same time, the operating quality of the existing store is continuously being strengthened. In the first quarter, Haidilao restaurant revenue was 204 million, an increase of 8.4% year over year. Same store sales increased by 4% year over year. Total custom traffic exceeded 8.1 million visits and the overall table turnover rate was 4 turns per day, an increase of 0.1 turn per day compared to the same period last year. Meanwhile, the delivery business, the Red Pomegranate project and other businesses continue to contribute to incremental growth with a combined year over year increase of 130.9%. The multiple initiatives drove the company's total revenue to 226 million a year over year, increase of 14.2%. On this basis, thanks to increase the customer traffic and refined operations, we have seen a significant release of operating leverage. In the first quarter, the company's operating profit reached 13.993 million a year over year, increase of 17.7%. The operating profit margin rose from 4.1% last year to 6.2%, representing a substantial improvement in profitability. In terms of specific business initiatives, we continue to focus on strengthening the three fundamentals focus on employees, focus on customers and focus products during the daily store visits. We realized that past reliance on standards had to some extent limited the warmth of service provided by frontline employees. Therefore, the quarter we continuously emphasized flexible operations, helping employees understand the logic behind services actions by strengthening post event reviews and store manager mentoring and granting them more on site discretion while maintaining high standard operations. We provide more personalized and flexible service, thereby continuous improving customer satisfaction at individual stores. We're gradually seeing that these actions focused on enhancing employee awareness and capabilities are translating into better customer experiences. In terms of the product and menu innovation this quarter, headquarters focused on scenario segmentation, differentiation and product empowerment, providing targeted support to various regional markets globally. First, we deeply explored dining scenarios. We offered various kids meal sets for families with young children for late night hours. We focused on launching spicy braised dishes paired with refreshing drinks to precisely drive the consumption during that period. Second, following the summer season, we collaboratively launched a combination product such as vegetable and mushroom platter and beef and lamb combo in multiple regions. For core categories, we focused on upgrading the beef series offering premium Australian Wagyu and freshly cut beef to meet the quality experience needs of different customer segments. Looking at the the results, the menu innovation in the first quarter were more customer centric and each market produced excellent localized products. This not only effectively drove a single store sale, but also validated the effectiveness of our strategy of localized products selection and refining manual planning in terms of the business expansion, we added one new restaurant in Southeast Asia during this period. Since last year, the company has imposed stricter requirements on new store location, accuracy, profit expectation and execution quality. Currently, our pipeline of reserved stores remains in the double digits and the overall expansion pace going forward will continue to adhere to the principle of balancing stability and quality. Regarding the Red Pomegranate project, we are actively building a multiple brand matrix, continuously incubating prototype stores and second brand projects in different countries. To date we have operated a total of 10 brands with a total of 18 stores including formats such as Canadian Malatang, Indonesian Halal, Japanese Isa Kawa, Korean Schools and Spark Cora bbq. This quarter, other business revenues achieved a strong growth of 166.7%, marking substantial growth in the diversifying of our revenue structure and expanding our customer base. Looking ahead, the company remains committed to its long term development goal of becoming a leading global integrated catering group, continuously improving in Five areas, customer experience, restaurants, network operational and enhancement, new businesses and headquarter capabilities. That concludes my introduction of the business situation. Next, Let me invite Mr. Chu Zong to present the financials. Thank you, President Li Yu. Next, I will report on the financial situation. In the first quarter of 2026, the company achieved a total revenue of 226 million, an increase of 14.2% year over year. Haidilao Restaurant operating revenue accounted for 90.4% of total revenue, reaching 204 million. This an increase of 8.4% year over year. This was mainly attributable to first, the continued improvement in operating performance of existing Haidilaoo stores, with increases in both table turnover rate and customer traffic. Second, a net increase of four stores in the company's restaurant network compared to the same period last year, with adjustment in the store network layout contributing incremental revenue delivery businesses revenue accounted for 3.2% of total revenue, reaching 7.3 million this quarter and increase of 82.5% year over year. Primarily because we continue to optimize delivery products and services based on market demand and strengthened cooperation and joint marketing with local delivery platforms. Other businesses revenue accounted for 6.4% of total revenue, reaching 14.4 million this quarter, an increase of 166.7% year over year. The revenue growth came primarily from the sales of food products and seasoning under the Haidian brand and from the company's own central kitchen, as well as from the active development of some new brand restaurant business under the Red Pomegranate project. In other business this quarter, external sales from the central kitchen contributed significantly. We have commercially converted some of the central kitchen's excess capacity for external use. Although the growth margin of this type of B end supply chain business is lower than that of the C end restaurant business and there is also order volatility, it dilutes our supply chain fixed cost. Of course, from the perspective of our core model, the Haidilao restaurant main business remains our most core business. Next, regarding cost and expenses benefiting from the company's proactive investment in employee management and customer experiences throughout 2025, the operating leverage brought by revenue growth in this quarter has led to further improvement in the cost structure. Raw material cost for this quarter was 76 million with a Gross MAR of 66.1%, an increase of 0.1 percentage points compared to the same period last year. Employee cost were 76.686 million, with employees cost as a percentage of revenue at 34%, a decrease of 1.3 percentage point compared to the same period last year. This improvement was mainly because after the company proactively shared profits with the employees and strengthened the team last year, we began to see in the first quarter of this year the release of personal efficiency brought by higher customer traffic. Rental expenses were 6 million, representing 2.8% of revenue remaining relatively stable. Utilities expenses were 7 million representing 3.2% revenue, a decrease of 0.4 percentage points compared to the same period last year. Depreciation and amortization were 20.658 million representing 9.2% of revenue, a decrease of 0.9 percentage points compared to the same period last year, demonstrating the diluting effect of revenue growth on the fixed cost. Meanwhile, the end of the amortization period of certain individual stores brought to some short term optimization. Travel and other operating expenses were 23.891 million representing 10.6% revenue, a decrease of 0.1 percentage point compared to the same period last year. On the profit side, driven by both revenue growth and cost structure optimization, the company's core profitability improved significantly significantly this quarter. Operating profit reached 13.99 million, substantial a substantial year over year increase 70.7% with an operating margin of 6.2%. A year over year increase of 2.6 percentage point, representing a clear improvement in operating quality. A special note is warranted regarding the fluctuation in net profit for the period this we had a net foreign exchange loss of approximately 4.292 million compared to a foreign exchange compared to a foreign exchange gain of 7.435 million in the same period last year. The difference in non operating exchange rate fluctuations amounts to 11.73 million affected by this book change Translation Impact the reported net profit for this quarter was 4 million, a decline compared to the same period last year. Excluding the non operating factor of the exchange rate fluctuations, the company's actual business profitability showed a growth trend. The company's operating cash flow for this quarter was $24.24 million, an increase of 23.1% compared to $19.69 million in the same period last year. As of the same period end, our cash reserves were $240 million, a decrease of $30 million compared to $270 million at the end of 2025, primarily due to investment, expansion of the stores and the development of a second brand business. Regarding key restaurant performance metrics this quarter, Haidilao restaurants served approximately 8.1 million customers, an increase of 3.8 year over year driven by customer traffic. The Overall average table turnover rate for Haidiilao restaurants was 4 turns per day, an increase of 0.1 turn from 3.9 turns per day in the same period last year. The average check per customer at Haidilao restaurant this quarter was 25.3, an increase of 1.1 from the same period of last year, over which approximately 0.$8 of the increase came from exchange rate fluctuations driven by both the customer traffic and an average check. The average daily revenue per Haidilao restaurant was 18.4 thousand, an increase of 3.4% year over year, effectively improving single store operating efficiency. Looking at the region breakdown, there was some divergence in regional performance, but the overall foundation of restaurant operations remained stable. This quarter. The Southeast asia region served 5.2 million customers, an increase of 2% year over year, benefiting from customer traffic. The table turnover rate increased by 0% year over year to 3.8 turns. The average tax in Southeast Asia this quarter was 19.6%, an increase of $0.90 from $18.70 in the same period last year, mainly affected by the exchange rate fluctuations of the US Dollar against other currencies. As of the end of this quarter, the company operated A total of 72 Haidilao restaurants in Southeast Asia, net increase of one's restaurant compared to the end of previous quarter and a decrease of one restaurant compared to the same period last year. Overall, Southeast Asia remained the company's most profitable and stable foundation with relatively steady customer traffic and average check this quarter. The East Asia region continued its strong growth momentum this quarter. Haidilao restaurants in this region served 1.3 million customers, an increase of 18.2% year over year. The table turnover rate for Hali L restroom restaurants this quarter was 5.1% turns, a further increase of 0.1 turn from 5 turns in the same period last year. The average check in East Asia was 28.$2 flat compared to the same period last year. As of the end of this quarter, the company operated A total of 21 Haidilao restaurants in East Asia, unchanged from the end of previous quarter, a net increase over two restaurants compared to the same period last year. The North America region served 1 million customers this quarter, roughly flat year over year due to the frequent extreme cold weather in North America in January and February as well as the new stores opened at the end of last year in both the US And Canada that are still in the ramping up phase. The overall table turnover for North American restaurants fell from 4.0 turns to 3.6 turns this quarter. The average check was 41.4, an increase of $1.8 from the same period last year, over which 0.$7 of the increase Exchange Rate Fluctuations as of the end of this quarter, the company operated a total of 22 Haidilao restaurants in North America, unchanged from the end of previous quarter and a net increase of two restaurants compared to the same period last year. The other regions had a table turnover rate of 3.6 turns this quarter, a decrease of 0.4 turns year over year, mainly because the geopolitical volatility in the Middle east had a significant impact on restaurant operations. The average check was 41 point, an increase of $3.10 from the same period last year, primarily due to the exchange rate fluctuations. As of the end of this quarter, the company operated A total of 12 Haidilaoo restaurants in other regions, unchanged from the end of previous quarter and an increase of one restaurant compared to the same period last year. Facing the uncontrollable external macro environment, we have implemented more prudent cost control measures locally to enhance our risk resistance capabilities this quarter. Same store revenue for Haidilao restaurants was 184 million, representing same store revenue growth of approximately 4%. Among them, East Asia performed most prominently with the same store sales growth of approximately 10.6% year over year. Southeast Asia and other regions saw same store sales growth of approximately 6.3% and 1.8% year over year respectively. Same store sales in North America declined by 5.1% this quarter, still affected by the extreme weather impacting customer in store dining behavior. Table turnover rate and average check performance were generally consistent with the overall trends and will not be reiterated here. The above is the performance review of the first quarter of 2026 and we now go into the QA session. We welcome questions and comments. Well, Mr. Yang's departure affected the company's established strategy of prioritizing customer and employees employee benefits to drive long term growth. Will the approach to balance short term profits and long term development change? What specific consideration does the new management have to ensure strategic continuity and team stability? Mr. Yang's departure will not affect the deeply embedded strategy of prioritizing customer and employee benefits. Customer experience satisfaction and employee engagement remain our core focus and will not change in the short term. Employee benefits, service enhancement and food quality control are key areas we continue to advance. This quality. Profit improvement mainly comes from a more proficient daily store operations, identifying more areas for improvement in strategy execution and boosting employee motivation. With revenue growth, we are managing cost to hand expenses more efficiently but our long term strategic direction remains unchanged. Since the second half of 2025, this strategy has become ingrained in store operations. The proactive investments made earlier are part of our strategic design. As we balance short term returns and long term growth, we will continue to follow the logic of quality first growth second. Even after Mr. Young's departure from Super Hi, the system where overseas regional managers and store managers are responsible for store openings and operation remains unchanged. We will further deepen employee training, incentives and mentoring to steadily improve store operation quality. How is the category layout and decision making authority of the Red Pomegranate plant allocated across the region? How is the collaboration achieved from regions of headquarters? Will Ms. Young have any linkage and collaboration on the Red Pomegranate Plan after restructuring to Haidilao in China? The Red Pomegranate Plan is a key part of our development strategy. It now combines regional decision making with headquarters empowerment. Successful projects such as Haibo Manatan in Canada and Yoyi Model Izakaya in Japan were incubated by regional managers after in depth local market research and customers analysis including selections of business types and products. During incubation and operation, we continuously adjusted management approaches. A cross functional team covering product brand marketing, business analysis, technology and Lego has been formed at the headquarter level to deeply engage in key projects, better mobilize material resources and make brand new incubation more efficient. Whilst decision making authorities remain with regional managers. Some brands are driven top down and involve collaboration with China. For example, Spark CORA BBQ Overseas was inspired by BBQ in China with brand design and menu selection unified from the top. After opening the first prototype store in Malaysia, Spark Quora has been replicated to Indonesia and Vietnam with daily operations managed by local country managers. We maintain regular but informal communication with Haidilao's red pomegranate plan in China. After Ms. Young returns to Haidilao, China, she will share her experience with overseas Red Pomegranate projects and new business formats. We continue to give regions sufficient autonomy to ensure local adaptation and innovation. What changes in consumer demand have been observed since the beginning of this year? Are there any noticeable new trends or characteristics based on recent consumption trends? How do you assess our media medium to long term growth potential? The most noticeable trend this year is that overseas consumer markets are not deteriorating. Rather, consumers have become more rational and value conscious. Value is not just about price but also about memorable products, dining experience, service quality and suitable ambiance and tangible value for their money. This trend varies by market. North America customers focus more on cost performance and are more cautious in ordering. Southeast Asia remains vibrant but prioritizes convenience, delivery and use oriented dining scenarios. Mature markets like Japan and Korea are more sensitive to efficiency, limited time offerings, light burden and social sharing. Australia, the uk, the Middle east and others have their own habits and pressure points. The common thread is that customers increasingly want restaurants to give them a clear reasoning to choose them. For Haidilaoo, this trend clarifies our direction. What we have always done is essentially to provide clearer value choices for customers. We continue to advance the quality to price ratio initiatives, adjusting menu structure, product combinations, portion sizes and price reasonableness combined with effective promotions to make it easier for customers to choose and feel value. We are building the experiences we are building a different Haidilaoo not just through decoration and gimmicks, but by designing our products and experiences tailored to different scenarios such as family meals, late night snacks, friends d gatherings and people's interactions. Fresh cuts, set meals, combo launches and expanded delivery scenarios all follow the same logic giving customer a reason to choose Haidilaoo in different countries context. In the meantime, in the medium to long term we do not see the market spaces shrinking but rather industry barriers rising. Our earlier management adjustment and strategy execution are making the company more resilient. From employees to products, from organization to operations, we believe a resilient company can quickly adapt to any market change and capture medium to long term growth opportunities. Next question what is the current status of member consumption? Member spending Share repurchase rate? What are the future strategies and expected outcome for member management? As of the end of this quarter, Haidilao's overseas membership reached 9.05 million. We continue to promote membership work overseas. This quarter over 92% of the table turns came from member customers. Member login rate 92.5%, a slight increase from last year. In terms of consumption composition, over 20% of spending came from newly registered members this year and about 1/3 came from repeat customers within three months. The overall members contribution structure remains stable. Regarding membership work, we will continue to strengthen front end and back end cooperation. At the headquarter level, we will enhance digitalization of the members membership system and focus on optimizing member experience including improving each reach rate and refining the points system and benefit designs. On the operation side, we are committed to having a store managers and frontline staff place a greater emphasis on customers. By designing different tiered benefits, we enable members to experience exclusive services and thereby increasing customer loyalty. Next question Based on current oil prices and raw material cost, what is the impact on the company's gross margin this year? Based on Current observations the impact of rising oil prices and cost on our gross margin is relatively controllable. On one hand, product mix adjustment and supply chain optimization can buffer some pressure. Regional manager can choose more cost advanced suppliers while ensuring quality. The local supplier model, we can see that the overall margin is controllable. And the first reason is that for hot pot and basically there is control and there is a flexibility. So we can see, for instance, including different seafood and restaurants, et cetera. And all of these are actually quite flexible. And this means that whilst we are ensuring the experience of the customers, we are able to provide them with better choices. And the second is that with respect to our overseas business, we continue to have a localization, we have a localized supply chain and some of those we have worked to strengthen our collaboration with the local customers. And some of those we will be working with, for instance, collaborations. And this has helped us to offset the commodities cost. And in the meantime, in terms of our cost on the storefront site and we have also been able to to control the storefront and with respect to other fees, for instance the labor cost, etc. On this front, in terms of our optimization, it's not sacrificing the benefits of the customers and the growth really comes from the business growth in terms of the human labor. And at the moment it's about 3.3 to 3.4% and that is in the reasonable range. And going forward in the future, it's about flexible arrangement of the labor allocation to further improve our human efficiency, for instance, in terms of rent. And we can see that it is quite stable going forward. We'll also be adopting more strict selection of locations and to further improve our space in the stores and to further improve our negotiation prices. So apart from this, we can also see that in terms of different cost consumptions as well as the storefront management for the cost, in terms of the cost outside, we do think that is quite under control. Thank you, Mr. Chee. It's very clear. Thank you. Mr. Lam, How do you see the room for optimization in labor cost ratio, rent cost and other expenses this year? We have always maintained that ensuring customer experience and service quality is the most important. So store staffing has a certain rigidity. This quarter, overall labor cost accounted for 34%, a reasonable level that ensures. Thank you very much for your question. And with respect to the turnover since April and our performance overall speaking is relatively stable. And generally speaking, we have been able to continue with the trend of the first quarter and in terms of the turnover rate and we can see that in different regions there are some variations and the reasons would be roughly the same. In terms of the price wise, we have been working through optimization of dish combinations in the localized marketing and in the meantime we continue to maintain a stable unit price per customers. And right now we have entered into the off season of hot pot and we are relying on the following areas to further improve. So first of all we know that this is the low season and that's something that we cannot change. But during this period we continue to improve our internal capabilities and for instance for the summer and as well as for the customers, we will be providing them with summer food. And in the meantime we're also launching new products as well as in the summer and we have for instance barbecued fish and various different drinks that are suitable for the summer drinks. We are also adjusting for staff allocation in a more flexible fashion. In the meantime, in terms of our scenarios, we continue to further expand our scenarios. For instance, interactive marketing with various IPs using local performance and social events overseas with set meals and gifts to attract customers. Number four, whether it is our existing customers or it is our new customers and we will be able to find new ways to tap into these karmas and we are trying our best so that we are able to maintain healthy turnover and a good customer experience even during the half year season. So my next question is about store opening expectations and store opening plans for this year and the next three years as well as the approximate numbers by regions. Can you please tell us more about these aspects? Okay, no problem. Thank you for your question. Our store opening strategy, we have always adhered to bottom up and Mr. Lee has also said that we have put forward stricter requirements and at the moment have a double digit stores that we have already signed or we're already entering into the substantial contract signing stage. Apart from highly long and in various places we will also have red pomegranate plants and one type is bottom up. So this is based on the local regional managers and those are the ones that they rely on the local platforms and another one is from top to bottom and those ones being pushed by the company from the headquarter and which will also help us to further expand and grow within the company ourselves. We are not going to be providing any specific numbers or figures and it's really because relying on the local people and relying on their local situations to specifically come up with a plan that is suitable for them for their future development and opening. Thank you, thank you management and thank you host. Thank you everyone for joining the call.

尊敬的投资者和分析师们，感谢您参加今天的特海国际财报电话会议。今天会议的参与者有李宇先生，执行董事兼首席执行官，以及朱宗女士，财务总监兼董事会秘书。今天的会议可能包含前瞻性声明，包括但不限于公司关于战略和商业计划的陈述以及对业绩的展望。公司在财报发布期间公开的内容以及对您所有问题的回应仅代表管理层截至今天的观点。请参阅财报新闻稿中的最新安全港声明，该声明适用于本次电话会议。会议使用中文进行，同时由外部机构提供英语同声传译。如有任何不一致之处，以中文版本为准。演示材料已上传至公司的投资者关系页面供您查阅。尊敬的投资者和分析师们，我是特海国际的执行董事兼首席执行官李宇。欢迎参加特海国际 2026 年第一季度财报电话会议，我将与您分享相关信息。代表公司，感谢您对我们的关注和支持。我很荣幸与您分享特海国际本季度的运营表现。在 2026 年第一季度，公司运营保持积极改善趋势，所有核心运营指标均实现同步。截至2026年3月31日，公司在海外市场运营了 127 家海底捞餐厅。在此期间，东南亚新增一家门店，与去年同期相比，净增加四家门店。同时，现有门店的运营质量持续提升。在第一季度，海底捞餐厅的收入为 2.04 亿，同比增长 8.4%。同店销售同比增长 4%。总客流量超过 810 万次，整体翻台率为每天 4 次，与去年同期相比增加 0.1 次。同时，外卖业务、红石榴项目及其他业务继续为增量增长做出贡献，合计同比增长 130.9%。多项举措推动公司总收入达到 2.26 亿，同比增长 14.2%。在此基础上，得益于客流量的增加和精细化运营，我们看到了运营杠杆的显著释放。在第一季度，公司营业利润达到 1399.3 万，同比增长 17.7%。营业利润率从去年的 4.1% 上升至 6.2%，显示出盈利能力的显著改善。在具体业务举措方面，我们继续专注于强化三大基础：关注员工、关注客户和关注产品。在日常门店拜访中，我们意识到过去对标准的依赖在一定程度上限制了前线员工提供的服务温度。因此，在本季度，我们持续强调灵活运营，帮助员工理解服务行为背后的逻辑，通过加强事后评审和店长指导，赋予他们更多现场裁量权，同时保持高标准的运营。我们提供更个性化和灵活的服务，从而持续提升个别门店的客户满意度。我们逐渐看到，这些专注于提升员工意识和能力的举措正在转化为更好的客户体验。在产品和菜单创新方面，本季度总部专注于场景细分、差异化和产品赋能，为全球各区域市场提供有针对性的支持。首先，我们深入探索用餐场景，为有小孩的家庭提供各种儿童餐套餐，针对深夜时段推出辛辣炖菜与清爽饮品的搭配，以精准驱动该时段的消费。其次，随着夏季的到来，我们在多个地区联合推出了蔬菜和蘑菇拼盘及牛羊肉组合等组合产品。在核心品类方面，我们专注于升级牛肉系列，提供优质的澳大利亚和牛和新鲜切割的牛肉，以满足不同客户群体的质量体验需求。看结果，本季度的菜单创新更加以客户为中心，各市场均推出了优秀的本地化产品。这不仅有效推动了单店销售，也验证了我们在本地化产品选择和精细化菜单规划方面的战略有效性。在业务扩展方面，我们在此期间在东南亚新增了一家餐厅。自去年以来，公司对新门店的选址、准确性、利润预期和执行质量提出了更严格的要求。目前，我们的储备门店管道仍保持在双位数，未来的整体扩张步伐将继续遵循稳定与质量相平衡的原则。关于红石榴项目，我们正在积极构建多品牌矩阵，持续在不同国家孵化原型店和第二品牌项目。至今，我们已运营了 10 个品牌，共计 18 家门店，包括加拿大小火锅、印尼清真、日式居酒屋、韩国学校和 Spark Cora 烧烤等业态。本季度，其他业务收入实现了 166.7% 的强劲增长，标志着我们收入结构多样化和客户基础扩展的实质性增长。展望未来，公司仍致力于成为全球领先的综合餐饮集团的长期发展目标，持续在五个领域提升：客户体验、餐厅、网络运营和提升、新业务和总部能力。这就是我对业务情况的介绍。接下来，请允许我邀请朱宗先生来介绍财务情况。谢谢，李宇总裁。接下来，我将报告财务情况。在 2026 年第一季度，公司实现总收入 2.26 亿，同比增长 14.2%。海底捞餐厅的营业收入占总收入的 90.4%，达到 2.04 亿，同比增长 8.4%。这主要归因于首先，现有海底捞门店的运营表现持续改善，翻台率和客流量均有所增加。其次，与去年同期相比，公司餐厅网络净增加四家门店，门店网络布局的调整为增量收入做出了贡献。外卖业务收入占总收入的 3.2%，本季度达到 730 万，同比增长 82.5%。主要是因为我们继续根据市场需求优化外卖产品和服务，并加强与当地外卖平台的合作和联合营销。其他业务收入占总收入的 6.4%，本季度达到 1440 万，同比增长 166.7%。收入增长主要来自海底捞品牌下的食品产品和调味品的销售，以及公司自有中央厨房的销售，以及在红石榴项目下积极开发的一些新品牌餐厅业务。本季度，其他业务的收入主要来自中央厨房的外部销售。我们已将部分中央厨房的过剩产能商业化转为外部使用。尽管这种 B 端供应链业务的毛利率低于 C 端餐厅业务，并且订单波动性较大，但它稀释了我们的供应链固定成本。当然，从我们核心模式的角度来看，海底捞餐厅的主营业务仍然是我们最核心的业务。接下来，关于成本和费用，得益于公司在 2025 年对员工管理和客户体验的积极投资，本季度收入增长带来的运营杠杆进一步改善了成本结构。本季度的原材料成本为 7600 万，毛利率为 66.1%，比去年同期增加 0.1 个百分点。员工成本为 7668.6 万，员工成本占收入的比例为 34%，比去年同期减少 1.3 个百分点。这一改善主要是因为在公司主动与员工分享利润并加强团队建设后，我们在今年第一季度开始看到客户流量带来的个人效率释放。租金支出为 600 万，占收入的 2.8%，保持相对稳定。水电费为 700 万，占收入的 3.2%，比去年同期减少 0.4 个百分点。折旧和摊销为 2065.8 万，占收入的 9.2%，比去年同期减少 0.9 个百分点，显示出收入增长对固定成本的稀释效应。同时，部分个别门店的摊销期结束带来了一些短期优化。差旅及其他运营费用为 2389.1 万，占收入的 10.6%，比去年同期减少 0.1 个百分点。在利润方面，受益于收入增长和成本结构优化，公司核心盈利能力在本季度显著改善。营业利润达到 1399.3 万，同比大幅增长 70.7%，营业利润率为 6.2%。同比增加 2.6 个百分点，显示出运营质量的明显改善。特别需要注意的是本期净利润的波动，我们本期有约 429.2 万的外汇损失，而去年同期则有 743.5 万的外汇收益。非经营性汇率波动的差额为 1173 万，受此账面变化影响，本季度报告的净利润为 400 万，较去年同期下降。剔除汇率波动的非经营性因素，公司实际业务盈利能力呈增长趋势。本季度公司的经营现金流为 2424 万，同比增长 23.1%，而去年同期为 1969 万。截至本期末，我们的现金储备为 2.4 亿，较 2025 年末的 2.7 亿减少 3000 万，主要由于门店投资扩张和第二品牌业务的发展。关于本季度关键餐厅绩效指标，海底捞餐厅接待了约 810 万客户，同比增长 3.8%，得益于客流量的增加。海底捞餐厅的整体平均翻台率为每天 4 次，比去年同期的 3.9 次增加 0.1 次。本季度海底捞餐厅的每位顾客平均消费为 25.3 元，比去年同期增加 1.1 元，其中约 0.8 元的增长来自于汇率波动。由于客流量和平均消费的双重驱动，海底捞餐厅的平均每日收入为 1.84 万，同比增长 3.4%，有效提升了单店运营效率。从区域分布来看，区域表现存在一定差异，但整体餐厅运营基础保持稳定。本季度，东南亚地区接待了 520 万客户，同比增长 2%，受益于客流量的增加。翻台率同比增加 0%，达到 3.8 次。东南亚本季度的平均消费为 19.6 元，比去年同期的 18.7 元增加 0.9 元，主要受美元对其他货币汇率波动的影响。截至本季度末，公司在东南亚共运营 72 家海底捞餐厅，较上季度末净增加一家餐厅，较去年同期减少一家餐厅。总体而言，东南亚仍然是公司最盈利和稳定的基础，客流量和平均消费相对稳定。本季度，东亚地区继续保持强劲的增长势头。该地区的海底捞餐厅接待了 130 万客户，同比增长 18.2%。本季度海底捞餐厅的翻台率为 5.1 次，比去年同期的 5 次进一步增加 0.1 次。东亚的平均消费为 28.2 元，与去年同期持平。截至本季度末，公司在东亚共运营 21 家海底捞餐厅，与上季度末持平，较去年同期净增加两家餐厅。北美地区本季度接待了 100 万客户，同比基本持平，主要由于北美在一月和二月频繁出现极寒天气，以及去年底在美国和加拿大新开门店仍处于爬坡阶段。北美餐厅的整体翻台率从 4.0 次下降至 3.6 次。本季度的平均消费为 41.4 元，比去年同期增加 1.8 元，其中 0.7 元的增长来自于汇率波动。截至本季度末，公司在北美共运营 22 家海底捞餐厅，与上季度末持平，较去年同期净增加两家餐厅。其他地区本季度的翻台率为 3.6 次，同比下降 0.4 次，主要是由于中东地区的地缘政治波动对餐厅运营产生了重大影响。平均消费为 41 元，比去年同期增加 3.1 元，主要由于汇率波动。截至本季度末，公司在其他地区共运营 12 家海底捞餐厅，与上季度末持平，较去年同期增加一家餐厅。面对不可控的外部宏观环境，我们在本季度实施了更为审慎的成本控制措施，以增强我们的抗风险能力。海底捞餐厅的同店收入为 1.84 亿，同比增长约 4%。其中，东亚表现最为突出，同店销售增长约 10.6%。东南亚和其他地区的同店销售增长分别约为 6.3% 和 1.8%。北美的同店销售在本季度下降了 5.1%，仍受到极端天气影响客户店内用餐行为的影响。翻台率和平均消费表现总体与整体趋势一致，此处不再赘述。以上是 2026 年第一季度的业绩回顾，现在进入问答环节。欢迎提问和评论。杨先生的离职是否影响了公司既定的以客户和员工利益为优先的战略，以推动长期增长？在平衡短期利润和长期发展方面，新管理层有什么具体考虑以确保战略的延续和团队的稳定？杨先生的离职不会影响以客户和员工利益为优先的深层战略。客户体验满意度和员工参与度仍然是我们的核心关注点，短期内不会改变。员工福利、服务提升和食品质量控制是我们持续推进的关键领域。这一质量的利润改善主要来自于更高效的日常门店运营，识别出更多战略执行中的改进领域，并激励员工。随着收入增长，我们正在更有效地管理成本和费用，但我们的长期战略方向保持不变。自 2025 年下半年以来，这一战略已深入门店运营。早期的主动投资是我们战略设计的一部分。在平衡短期回报和长期增长时，我们将继续遵循质量优先、增长其次的逻辑。即使在杨先生离开特海之后，海外区域经理和店长负责门店开业和运营的制度仍然保持不变。我们将进一步深化员工培训、激励和指导，稳步提升门店运营质量。红石榴项目的品类布局和决策权如何在各地区分配？总部如何实现与各地区的协作？在重组为海底捞中国后，杨女士是否会与红石榴计划有任何联系和合作？红石榴计划是我们发展战略的关键部分。它现在结合了区域决策与总部赋权。成功的项目如加拿大的海波麻辣烫和日本的优衣居酒屋都是由区域经理在深入的本地市场调研和客户分析后孵化的，包括商业类型和产品的选择。在孵化和运营过程中，我们不断调整管理方式。总部层面形成了一个跨职能团队，涵盖产品品牌营销、商业分析、技术和乐高，深入参与关键项目，更好地调动物质资源，使品牌新孵化更加高效。尽管决策权仍在区域经理手中，但一些品牌是自上而下驱动的，并涉及与中国的合作。例如，Spark CORA BBQ 海外品牌受到中国烧烤的启发，品牌设计和菜单选择由总部统一。在马来西亚开设第一家原型店后，Spark Quora 已在印度尼西亚和越南复制，日常运营由当地国家经理管理。我们与海底捞中国的红石榴计划保持定期但非正式的沟通。在杨女士回归海底捞中国后，她将分享她在海外红石榴项目和新商业模式方面的经验。我们继续给予各地区足够的自主权，以确保本地适应和创新。今年以来观察到的消费者需求变化是什么？基于近期消费趋势，有没有明显的新趋势或特征？您如何评估我们的中长期增长潜力？今年最明显的趋势是海外消费市场并没有恶化。相反，消费者变得更加理性和注重价值。价值不仅仅体现在价格上，还包括令人难忘的产品、用餐体验、服务质量和适合的氛围以及物有所值。这一趋势因市场而异。北美客户更关注性价比，点餐时更加谨慎。东南亚市场依然活跃，但优先考虑便利性、外卖和以使用为导向的用餐场景。日本和韩国等成熟市场对效率、限时优惠、轻负担和社交分享更加敏感。澳大利亚、英国、中东等市场也有各自的习惯和压力点。共同点是，客户越来越希望餐厅给他们一个明确的理由来选择自己。对于海底捞而言，这一趋势明确了我们的方向。我们一直以来的做法本质上是为客户提供更清晰的价值选择。我们继续推进质量与价格比的举措，调整菜单结构、产品组合、份量和价格合理性，并结合有效的促销活动，使客户更容易选择并感受到价值。我们正在构建不同的海底捞，不仅通过装饰和噱头，而是通过设计适合不同场景的产品和体验，如家庭聚餐、深夜小吃、朋友聚会和人际互动。新鲜切割、套餐推出和扩展外卖场景都遵循相同的逻辑，给客户在不同国家的背景下选择海底捞的理由。同时，在中长期内，我们并不认为市场空间在缩小，而是行业壁垒在上升。我们早期的管理调整和战略执行正在使公司变得更加韧性。从员工到产品，从组织到运营，我们相信一家有韧性的公司能够迅速适应任何市场变化，并抓住中长期的增长机会。下一个问题是会员消费的当前状态？会员消费的回购率？未来会员管理的策略和预期结果是什么？截至本季度末，海底捞的海外会员达到 905 万。我们继续在海外推广会员工作。本季度超过 92% 的翻台来自会员客户。会员登录率为 92.5%，较去年略有上升。在消费构成方面，超过 20% 的消费来自今年新注册的会员，约三分之一来自三个月内的回头客。整体会员贡献结构保持稳定。关于会员工作，我们将继续加强前端和后端的合作。在总部层面，我们将增强会员系统的数字化，专注于优化会员体验，包括提高每次到达率和完善积分系统及福利设计。在运营方面，我们致力于让店长和前线员工更加关注客户。通过设计不同层级的福利，我们使会员能够体验到独特的服务，从而提高客户忠诚度。下一个问题是，基于当前油价和原材料成本，对公司今年的毛利率有什么影响？根据当前观察，油价上涨和成本对我们毛利率的影响相对可控。一方面，产品组合调整和供应链优化可以缓冲一些压力。区域经理可以选择更具成本优势的供应商，同时确保质量。通过本地供应商模式，我们可以看到整体毛利是可控的。对于火锅而言，基本上是可控的，并且具有灵活性。因此，我们可以看到，包括不同的海鲜和餐厅等，所有这些都是相当灵活的。这意味着，在确保客户体验的同时，我们能够为他们提供更好的选择。另一方面，关于我们的海外业务，我们继续进行本地化，建立本地化供应链，并与当地客户加强合作。这帮助我们抵消了商品成本。同时，在门店方面，我们也能够控制门店的成本，尤其是其他费用，如人工成本等。在这一方面，我们的优化并没有牺牲客户的利益，增长确实来自于业务增长，人工成本目前约为 3.3% 到 3.4%，处于合理范围内。未来，我们将灵活安排人力配置，以进一步提高人力效率，例如在租金方面，我们可以看到未来相对稳定。我们还将更加严格地选择位置，以进一步改善门店空间和谈判价格。除此之外，我们还可以看到，在不同的成本消耗以及门店管理方面，外部成本方面我们认为是相当可控的。谢谢，朱先生，讲得很清楚。谢谢。林先生，您如何看待今年在人工成本比例、租金成本和其他费用方面的优化空间？我们始终认为，确保客户体验和服务质量是最重要的。因此，门店人员配置具有一定的刚性。本季度，整体人工成本占 34%，是一个合理水平，确保了。非常感谢您的提问。关于自四月以来的人员流动情况，我们的整体表现相对稳定。总体而言，我们能够继续保持第一季度的趋势，翻台率和不同地区的表现存在一些差异，原因大致相同。在价格方面，我们通过本地化营销优化菜品组合，同时继续保持每位顾客的单价稳定。目前我们已进入火锅的淡季，这一点是我们无法改变的。但在此期间，我们继续提升内部能力，例如在夏季为客户提供夏季食品。同时，我们还推出新产品，例如烧烤鱼和各种适合夏季的饮品。我们还在灵活调整员工配置。同时，在场景方面，我们继续进一步扩展场景，例如与各种 IP 进行互动营销，利用当地的表演和社交活动，推出套餐和礼品以吸引客户。无论是我们的现有客户还是新客户，我们都将寻找新的方式来挖掘这些机会，尽力保持健康的翻台率和良好的客户体验，即使在淡季。我的下一个问题是关于今年及未来三年的门店开业预期和计划，以及各地区的大致数字。您能否详细介绍一下这些方面？好的，没问题。感谢您的提问。我们的门店开业战略始终坚持自下而上的原则，李先生也提到我们提出了更严格的要求，目前已经签署或进入实质性合同签署阶段的门店数量保持在双位数。除了海底捞在各地的门店外，我们还将有红石榴项目，其中一种是自下而上的。这是基于当地区域经理的依赖于当地平台，另一种是自上而下的，由总部推动，这也将帮助我们进一步扩展和发展。我们不会提供任何具体的数字或数据，因为这确实依赖于当地人员和他们的具体情况来制定适合他们未来发展的计划。谢谢，感谢管理层，感谢主持人。感谢大家参加此次电话会议。

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特海国际 2026 年第一季度财报电话会议记录