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

在週三，Super Hi International（納斯達克：HDL）在其財報電話會議中討論了 2026 年第一季度的財務結果。完整的文字記錄如下。

This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation.

本次文字記錄由 Benzinga APIs 提供。如需實時訪問我們的完整目錄，請訪問 https://www.benzinga.com/apis/ 進行諮詢。

View the webcast at https://edge.media-server.com/mmc/p/owz49p9j/

查看網絡直播請訪問 https://edge.media-server.com/mmc/p/owz49p9j/

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 報告稱，2026 年第一季度總收入同比增長 14.2%，達到 2.26 億美元，其中海底撈餐廳業務貢獻了 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%.

公司盈利能力顯著改善，營業利潤同比增長 17.7%，達到 1399.3 萬美元，營業利潤率上升至 6.2%。

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

戰略舉措包括加強員工和客户的關注、菜單創新，以及擴展紅石榴項目，推出多個新品牌和門店。

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.

公司的運營亮點包括同比淨增加四家餐廳，專注於運營靈活性和店經理的自主權，以提升客户滿意度。

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.

管理層強調了一項長期戰略，優先考慮客户體驗和員工參與，並指出儘管面臨外部挑戰，公司在市場上的韌性和適應能力預計將推動未來增長。

Full Transcript

完整文字記錄

Sa (Operator)

Sa（運營商）

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.

尊敬的投資者和分析師們，感謝您參加今天的特海國際財報電話會議。今天會議的參與者有李宇先生，執行董事兼首席執行官，以及朱宗女士，財務總監兼董事會秘書。今天的會議可能包含前瞻性聲明，包括但不限於公司關於戰略和商業計劃的陳述以及對業績的展望。公司在財報發佈期間公開的內容以及對您所有問題的回應僅代表管理層截至今天的觀點。請參閲財報新聞稿中的最新安全港聲明，該聲明適用於本次電話會議。會議使用中文進行，同時由外部機構提供英語同聲傳譯。如有任何不一致之處，以中文版本為準。演示材料已上傳至公司的投資者關係頁面供您查閲。尊敬的投資者和分析師們，我是特海國際的執行董事兼首席執行官李宇。歡迎參加特海國際 2026 年第一季度財報電話會議，我將與您分享相關信息。代表公司，感謝您對我們的關注和支持。我很榮幸與您分享特海國際本季度的運營表現。在 2026 年第一季度，公司運營保持積極改善趨勢，所有核心運營指標均實現同步。截至2026年3月31日，公司在海外市場運營了 127 家海底撈餐廳。在此期間，東南亞新增一家門店，與去年同期相比，淨增加四家門店。同時，現有門店的運營質量持續提升。在第一季度，海底撈餐廳的收入為 2.04 億，同比增長 8.4%。同店銷售同比增長 4%。總客流量超過 810 萬次，整體翻枱率為每天 4 次，與去年同期相比增加 0.1 次。同時，外賣業務、紅石榴項目及其他業務繼續為增量增長做出貢獻，合計同比增長 130.9%。多項舉措推動公司總收入達到 2.26 億，同比增長 14.2%。在此基礎上，得益於客流量的增加和精細化運營，我們看到了運營槓桿的顯著釋放。在第一季度，公司營業利潤達到 1399.3 萬，同比增長 17.7%。營業利潤率從去年的 4.1% 上升至 6.2%，顯示出盈利能力的顯著改善。在具體業務舉措方面，我們繼續專注於強化三大基礎：關注員工、關注客户和關注產品。在日常門店拜訪中，我們意識到過去對標準的依賴在一定程度上限制了前線員工提供的服務温度。因此，在本季度，我們持續強調靈活運營，幫助員工理解服務行為背後的邏輯，通過加強事後評審和店長指導，賦予他們更多現場裁量權，同時保持高標準的運營。我們提供更個性化和靈活的服務，從而持續提升個別門店的客户滿意度。我們逐漸看到，這些專注於提升員工意識和能力的舉措正在轉化為更好的客户體驗。在產品和菜單創新方面，本季度總部專注於場景細分、差異化和產品賦能，為全球各區域市場提供有針對性的支持。首先，我們深入探索用餐場景，為有小孩的家庭提供各種兒童餐套餐，針對深夜時段推出辛辣燉菜與清爽飲品的搭配，以精準驅動該時段的消費。其次，隨着夏季的到來，我們在多個地區聯合推出了蔬菜和蘑菇拼盤及牛羊肉組合等組合產品。在核心品類方面，我們專注於升級牛肉系列，提供優質的澳大利亞和牛和新鮮切割的牛肉，以滿足不同客户羣體的質量體驗需求。看結果，本季度的菜單創新更加以客户為中心，各市場均推出了優秀的本地化產品。這不僅有效推動了單店銷售，也驗證了我們在本地化產品選擇和精細化菜單規劃方面的戰略有效性。在業務擴展方面，我們在此期間在東南亞新增了一家餐廳。自去年以來，公司對新門店的選址、準確性、利潤預期和執行質量提出了更嚴格的要求。目前，我們的儲備門店管道仍保持在雙位數，未來的整體擴張步伐將繼續遵循穩定與質量相平衡的原則。關於紅石榴項目，我們正在積極構建多品牌矩陣，持續在不同國家孵化原型店和第二品牌項目。至今，我們已運營了 10 個品牌，共計 18 家門店，包括加拿大小火鍋、印尼清真、日式居酒屋、韓國學校和 Spark Cora 燒烤等業態。本季度，其他業務收入實現了 166.7% 的強勁增長，標誌着我們收入結構多樣化和客户基礎擴展的實質性增長。展望未來，公司仍致力於成為全球領先的綜合餐飲集團的長期發展目標，持續在五個領域提升：客户體驗、餐廳、網絡運營和提升、新業務和總部能力。這就是我對業務情況的介紹。接下來，請允許我邀請朱宗先生來介紹財務情況。謝謝，李宇總裁。接下來，我將報告財務情況。在 2026 年第一季度，公司實現總收入 2.26 億，同比增長 14.2%。海底撈餐廳的營業收入佔總收入的 90.4%，達到 2.04 億，同比增長 8.4%。這主要歸因於首先，現有海底撈門店的運營表現持續改善，翻枱率和客流量均有所增加。其次，與去年同期相比，公司餐廳網絡淨增加四家門店，門店網絡佈局的調整為增量收入做出了貢獻。外賣業務收入佔總收入的 3.2%，本季度達到 730 萬，同比增長 82.5%。主要是因為我們繼續根據市場需求優化外賣產品和服務，並加強與當地外賣平台的合作和聯合營銷。其他業務收入佔總收入的 6.4%，本季度達到 1440 萬，同比增長 166.7%。收入增長主要來自海底撈品牌下的食品產品和調味品的銷售，以及公司自有中央廚房的銷售，以及在紅石榴項目下積極開發的一些新品牌餐廳業務。本季度，其他業務的收入主要來自中央廚房的外部銷售。我們已將部分中央廚房的過剩產能商業化轉為外部使用。儘管這種 B 端供應鏈業務的毛利率低於 C 端餐廳業務，並且訂單波動性較大，但它稀釋了我們的供應鏈固定成本。當然，從我們核心模式的角度來看，海底撈餐廳的主營業務仍然是我們最核心的業務。接下來，關於成本和費用，得益於公司在 2025 年對員工管理和客户體驗的積極投資，本季度收入增長帶來的運營槓桿進一步改善了成本結構。本季度的原材料成本為 7600 萬，毛利率為 66.1%，比去年同期增加 0.1 個百分點。員工成本為 7668.6 萬，員工成本佔收入的比例為 34%，比去年同期減少 1.3 個百分點。這一改善主要是因為在公司主動與員工分享利潤並加強團隊建設後，我們在今年第一季度開始看到客户流量帶來的個人效率釋放。租金支出為 600 萬，佔收入的 2.8%，保持相對穩定。水電費為 700 萬，佔收入的 3.2%，比去年同期減少 0.4 個百分點。折舊和攤銷為 2065.8 萬，佔收入的 9.2%，比去年同期減少 0.9 個百分點，顯示出收入增長對固定成本的稀釋效應。同時，部分個別門店的攤銷期結束帶來了一些短期優化。差旅及其他運營費用為 2389.1 萬，佔收入的 10.6%，比去年同期減少 0.1 個百分點。在利潤方面，受益於收入增長和成本結構優化，公司核心盈利能力在本季度顯著改善。營業利潤達到 1399.3 萬，同比大幅增長 70.7%，營業利潤率為 6.2%。同比增加 2.6 個百分點，顯示出運營質量的明顯改善。特別需要注意的是本期淨利潤的波動，我們本期有約 429.2 萬的外匯損失，而去年同期則有 743.5 萬的外匯收益。非經營性匯率波動的差額為 1173 萬，受此賬面變化影響，本季度報告的淨利潤為 400 萬，較去年同期下降。剔除匯率波動的非經營性因素，公司實際業務盈利能力呈增長趨勢。本季度公司的經營現金流為 2424 萬，同比增長 23.1%，而去年同期為 1969 萬。截至本期末，我們的現金儲備為 2.4 億，較 2025 年末的 2.7 億減少 3000 萬，主要由於門店投資擴張和第二品牌業務的發展。關於本季度關鍵餐廳績效指標，海底撈餐廳接待了約 810 萬客户，同比增長 3.8%，得益於客流量的增加。海底撈餐廳的整體平均翻枱率為每天 4 次，比去年同期的 3.9 次增加 0.1 次。本季度海底撈餐廳的每位顧客平均消費為 25.3 元，比去年同期增加 1.1 元，其中約 0.8 元的增長來自於匯率波動。由於客流量和平均消費的雙重驅動，海底撈餐廳的平均每日收入為 1.84 萬，同比增長 3.4%，有效提升了單店運營效率。從區域分佈來看，區域表現存在一定差異，但整體餐廳運營基礎保持穩定。本季度，東南亞地區接待了 520 萬客户，同比增長 2%，受益於客流量的增加。翻枱率同比增加 0%，達到 3.8 次。東南亞本季度的平均消費為 19.6 元，比去年同期的 18.7 元增加 0.9 元，主要受美元對其他貨幣匯率波動的影響。截至本季度末，公司在東南亞共運營 72 家海底撈餐廳，較上季度末淨增加一家餐廳，較去年同期減少一家餐廳。總體而言，東南亞仍然是公司最盈利和穩定的基礎，客流量和平均消費相對穩定。本季度，東亞地區繼續保持強勁的增長勢頭。該地區的海底撈餐廳接待了 130 萬客户，同比增長 18.2%。本季度海底撈餐廳的翻枱率為 5.1 次，比去年同期的 5 次進一步增加 0.1 次。東亞的平均消費為 28.2 元，與去年同期持平。截至本季度末，公司在東亞共運營 21 家海底撈餐廳，與上季度末持平，較去年同期淨增加兩家餐廳。北美地區本季度接待了 100 萬客户，同比基本持平，主要由於北美在一月和二月頻繁出現極寒天氣，以及去年底在美國和加拿大新開門店仍處於爬坡階段。北美餐廳的整體翻枱率從 4.0 次下降至 3.6 次。本季度的平均消費為 41.4 元，比去年同期增加 1.8 元，其中 0.7 元的增長來自於匯率波動。截至本季度末，公司在北美共運營 22 家海底撈餐廳，與上季度末持平，較去年同期淨增加兩家餐廳。其他地區本季度的翻枱率為 3.6 次，同比下降 0.4 次，主要是由於中東地區的地緣政治波動對餐廳運營產生了重大影響。平均消費為 41 元，比去年同期增加 3.1 元，主要由於匯率波動。截至本季度末，公司在其他地區共運營 12 家海底撈餐廳，與上季度末持平，較去年同期增加一家餐廳。面對不可控的外部宏觀環境，我們在本季度實施了更為審慎的成本控制措施，以增強我們的抗風險能力。海底撈餐廳的同店收入為 1.84 億，同比增長約 4%。其中，東亞表現最為突出，同店銷售增長約 10.6%。東南亞和其他地區的同店銷售增長分別約為 6.3% 和 1.8%。北美的同店銷售在本季度下降了 5.1%，仍受到極端天氣影響客户店內用餐行為的影響。翻枱率和平均消費表現總體與整體趨勢一致，此處不再贅述。以上是 2026 年第一季度的業績回顧，現在進入問答環節。歡迎提問和評論。楊先生的離職是否影響了公司既定的以客户和員工利益為優先的戰略，以推動長期增長？在平衡短期利潤和長期發展方面，新管理層有什麼具體考慮以確保戰略的延續和團隊的穩定？楊先生的離職不會影響以客户和員工利益為優先的深層戰略。客户體驗滿意度和員工參與度仍然是我們的核心關注點，短期內不會改變。員工福利、服務提升和食品質量控制是我們持續推進的關鍵領域。這一質量的利潤改善主要來自於更高效的日常門店運營，識別出更多戰略執行中的改進領域，並激勵員工。隨着收入增長，我們正在更有效地管理成本和費用，但我們的長期戰略方向保持不變。自 2025 年下半年以來，這一戰略已深入門店運營。早期的主動投資是我們戰略設計的一部分。在平衡短期回報和長期增長時，我們將繼續遵循質量優先、增長其次的邏輯。即使在楊先生離開特海之後，海外區域經理和店長負責門店開業和運營的制度仍然保持不變。我們將進一步深化員工培訓、激勵和指導，穩步提升門店運營質量。紅石榴項目的品類佈局和決策權如何在各地區分配？總部如何實現與各地區的協作？在重組為海底撈中國後，楊女士是否會與紅石榴計劃有任何聯繫和合作？紅石榴計劃是我們發展戰略的關鍵部分。它現在結合了區域決策與總部賦權。成功的項目如加拿大的海波麻辣燙和日本的優衣居酒屋都是由區域經理在深入的本地市場調研和客户分析後孵化的，包括商業類型和產品的選擇。在孵化和運營過程中，我們不斷調整管理方式。總部層面形成了一個跨職能團隊，涵蓋產品品牌營銷、商業分析、技術和樂高，深入參與關鍵項目，更好地調動物質資源，使品牌新孵化更加高效。儘管決策權仍在區域經理手中，但一些品牌是自上而下驅動的，並涉及與中國的合作。例如，Spark CORA BBQ 海外品牌受到中國燒烤的啓發，品牌設計和菜單選擇由總部統一。在馬來西亞開設第一家原型店後，Spark Quora 已在印度尼西亞和越南複製，日常運營由當地國家經理管理。我們與海底撈中國的紅石榴計劃保持定期但非正式的溝通。在楊女士迴歸海底撈中國後，她將分享她在海外紅石榴項目和新商業模式方面的經驗。我們繼續給予各地區足夠的自主權，以確保本地適應和創新。今年以來觀察到的消費者需求變化是什麼？基於近期消費趨勢，有沒有明顯的新趨勢或特徵？您如何評估我們的中長期增長潛力？今年最明顯的趨勢是海外消費市場並沒有惡化。相反，消費者變得更加理性和注重價值。價值不僅僅體現在價格上，還包括令人難忘的產品、用餐體驗、服務質量和適合的氛圍以及物有所值。這一趨勢因市場而異。北美客户更關注性價比，點餐時更加謹慎。東南亞市場依然活躍，但優先考慮便利性、外賣和以使用為導向的用餐場景。日本和韓國等成熟市場對效率、限時優惠、輕負擔和社交分享更加敏感。澳大利亞、英國、中東等市場也有各自的習慣和壓力點。共同點是，客户越來越希望餐廳給他們一個明確的理由來選擇自己。對於海底撈而言，這一趨勢明確了我們的方向。我們一直以來的做法本質上是為客户提供更清晰的價值選擇。我們繼續推進質量與價格比的舉措，調整菜單結構、產品組合、份量和價格合理性，並結合有效的促銷活動，使客户更容易選擇並感受到價值。我們正在構建不同的海底撈，不僅通過裝飾和噱頭，而是通過設計適合不同場景的產品和體驗，如家庭聚餐、深夜小吃、朋友聚會和人際互動。新鮮切割、套餐推出和擴展外賣場景都遵循相同的邏輯，給客户在不同國家的背景下選擇海底撈的理由。同時，在中長期內，我們並不認為市場空間在縮小，而是行業壁壘在上升。我們早期的管理調整和戰略執行正在使公司變得更加韌性。從員工到產品，從組織到運營，我們相信一家有韌性的公司能夠迅速適應任何市場變化，並抓住中長期的增長機會。下一個問題是會員消費的當前狀態？會員消費的回購率？未來會員管理的策略和預期結果是什麼？截至本季度末，海底撈的海外會員達到 905 萬。我們繼續在海外推廣會員工作。本季度超過 92% 的翻枱來自會員客户。會員登錄率為 92.5%，較去年略有上升。在消費構成方面，超過 20% 的消費來自今年新註冊的會員，約三分之一來自三個月內的回頭客。整體會員貢獻結構保持穩定。關於會員工作，我們將繼續加強前端和後端的合作。在總部層面，我們將增強會員系統的數字化，專注於優化會員體驗，包括提高每次到達率和完善積分系統及福利設計。在運營方面，我們致力於讓店長和前線員工更加關注客户。通過設計不同層級的福利，我們使會員能夠體驗到獨特的服務，從而提高客户忠誠度。下一個問題是，基於當前油價和原材料成本，對公司今年的毛利率有什麼影響？根據當前觀察，油價上漲和成本對我們毛利率的影響相對可控。一方面，產品組合調整和供應鏈優化可以緩衝一些壓力。區域經理可以選擇更具成本優勢的供應商，同時確保質量。通過本地供應商模式，我們可以看到整體毛利是可控的。對於火鍋而言，基本上是可控的，並且具有靈活性。因此，我們可以看到，包括不同的海鮮和餐廳等，所有這些都是相當靈活的。這意味着，在確保客户體驗的同時，我們能夠為他們提供更好的選擇。另一方面，關於我們的海外業務，我們繼續進行本地化，建立本地化供應鏈，並與當地客户加強合作。這幫助我們抵消了商品成本。同時，在門店方面，我們也能夠控制門店的成本，尤其是其他費用，如人工成本等。在這一方面，我們的優化並沒有犧牲客户的利益，增長確實來自於業務增長，人工成本目前約為 3.3% 到 3.4%，處於合理範圍內。未來，我們將靈活安排人力配置，以進一步提高人力效率，例如在租金方面，我們可以看到未來相對穩定。我們還將更加嚴格地選擇位置，以進一步改善門店空間和談判價格。除此之外，我們還可以看到，在不同的成本消耗以及門店管理方面，外部成本方面我們認為是相當可控的。謝謝，朱先生，講得很清楚。謝謝。林先生，您如何看待今年在人工成本比例、租金成本和其他費用方面的優化空間？我們始終認為，確保客户體驗和服務質量是最重要的。因此，門店人員配置具有一定的剛性。本季度，整體人工成本佔 34%，是一個合理水平，確保了。非常感謝您的提問。關於自四月以來的人員流動情況，我們的整體表現相對穩定。總體而言，我們能夠繼續保持第一季度的趨勢，翻枱率和不同地區的表現存在一些差異，原因大致相同。在價格方面，我們通過本地化營銷優化菜品組合，同時繼續保持每位顧客的單價穩定。目前我們已進入火鍋的淡季，這一點是我們無法改變的。但在此期間，我們繼續提升內部能力，例如在夏季為客户提供夏季食品。同時，我們還推出新產品，例如燒烤魚和各種適合夏季的飲品。我們還在靈活調整員工配置。同時，在場景方面，我們繼續進一步擴展場景，例如與各種 IP 進行互動營銷，利用當地的表演和社交活動，推出套餐和禮品以吸引客户。無論是我們的現有客户還是新客户，我們都將尋找新的方式來挖掘這些機會，盡力保持健康的翻枱率和良好的客户體驗，即使在淡季。我的下一個問題是關於今年及未來三年的門店開業預期和計劃，以及各地區的大致數字。您能否詳細介紹一下這些方面？好的，沒問題。感謝您的提問。我們的門店開業戰略始終堅持自下而上的原則，李先生也提到我們提出了更嚴格的要求，目前已經簽署或進入實質性合同簽署階段的門店數量保持在雙位數。除了海底撈在各地的門店外，我們還將有紅石榴項目，其中一種是自下而上的。這是基於當地區域經理的依賴於當地平台，另一種是自上而下的，由總部推動，這也將幫助我們進一步擴展和發展。我們不會提供任何具體的數字或數據，因為這確實依賴於當地人員和他們的具體情況來制定適合他們未來發展的計劃。謝謝，感謝管理層，感謝主持人。感謝大家參加此次電話會議。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本文稿僅供參考。儘管我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 備案文件和官方新聞稿。企業參與者和分析師的陳述反映了他們在本次電話會議日期的觀點，可能會在沒有通知的情況下發生變化。

特海國際 2026 年第一季度財報電話會議記錄