On June 18, GLH announced that in the first quarter of 2024, the company's revenue was $187.6 million, an increase of 16.6% from $160.9 million in the same period of 2023. Operating profit was $12.4 million, an increase of 9.7% from $11.3 million in the same period in 2023. The operating profit margin for this quarter was 6.6%, compared to 7.0% in the same period of 2023.

The loss for the period was $4.5 million, while the income for the same period in 2023 was $5.6 million. The reason was due to a net unrealized foreign exchange loss of $11.2 million caused by the depreciation of other currencies against the US dollar, which further led to an increase in other losses.

In the first quarter of 2024, Haidilao added 4 new restaurants. The total number of Haidilao restaurants increased from 115 as of December 31, 2023 to 119 as of March 31, 2024. The overall average table turnover rate and same-store average table turnover rate were both 3.9 times/day, compared to 3.3 times/day in the same period of 2023. Total customer traffic exceeded 7.3 million, a year-on-year increase of 21.7% compared to 6.0 million in the same period of 2023. The growth rate of same-store sales was 10.0%, compared to 8.8% for the full year of 2023.

Mr. Li Yu, CEO and executive director of THI, said: "In the first quarter of 2024, we achieved significant performance with a year-on-year revenue growth of 16.6% and a significant increase in customer traffic. We are focused on improving the dining experience of customers, optimizing services and expanding the restaurant network, all of which are key factors to our success. In particular, the improvement in same-store sales growth and table turnover rate fully demonstrates our continuous efforts in excellent operations. Looking ahead, we will continue to focus on customer satisfaction and employee contributions, while exploring new business models and strategic acquisitions to further enrich our products and expand our market share."

Ms. Qu Cong, CFO and Company Secretary of THI, added: "We are very pleased to have successfully listed on the NASDAQ stock market, which is an important milestone for the company's development. This achievement not only enhances our global market visibility, but also provides more resources to support our future growth. The financial performance in the first quarter of 2024 proves our ability to effectively execute the company's development strategy. In the future, we will continue to focus on optimizing the supply chain, building brand image, and utilizing digital means to empower our restaurants and promote sustainable growth."