"Star Daily" reported on November 26 (Reporter: Xu Cihao) Former haidilao CEO Yang Lijuan, known as the "Firefighter Captain," turned Super Hi into a profitable business after taking over.

Super Hi, the overseas business of haidilao, disclosed the financial performance report for the third quarter of 2024 on the evening of the 25th. The report shows that the revenue for the third quarter of 2024 was 0.199 billion US dollars, a 14.6% increase from the same period in 2023 with 0.173 billion US dollars.

In terms of net income, Super Hi reported 37.7 million US dollars in the third quarter of this year, compared to a loss of 1.4 million US dollars in the same period in 2023. Super Hi explained in the financial report that this is mainly due to continuous business expansion driving revenue growth, efforts to increase customer traffic and table turnover; improvement in company's operational efficiency; and a net increase of 34.6 million US dollars in exchange gains compared to the same period in 2023.

Established in Jianyang, Sichuan in 1994, haidilao ventured abroad for the first time in 2012 by opening its first overseas store in Singapore, followed by expansions in the United States, South Korea, and other places in the next two years.

By the end of 2022, haidilao decided to spin off its overseas business, Super Hi, for a separate listing. On December 30, 2022, Super Hi was listed on the Hong Kong Stock Exchange through introduction, and in May of this year, it was listed in the United States.

However, Super Hi had been in a loss-making state before, despite successfully turning a profit last year, it incurred losses again in the first half of this year.

According to previously disclosed financial data, from 2019 to 2022, Super Hi achieved operating incomes of 0.233 billion US dollars, 0.221 billion US dollars, 0.312 billion US dollars, and 0.558 billion US dollars, with annual net losses of 33.019 million US dollars, 53.76 million US dollars, 0.151 billion US dollars, and 41.248 million US dollars respectively. In 2023, Super Hi's revenue was 0.668 billion US dollars (approximately 4.827 billion RMB), with a net income of 25.653 million US dollars (approximately 0.185 billion RMB). By the end of December 2023, Super Hi had 115 stores, with 70 restaurants located in Southeast Asia.

Captain Yang Lijuan of the fire brigade fights abroad again.

It is worth mentioning that on July 1, Haidilao's former CEO and executive director Yang Lijuan resigned, and was later appointed as the CEO of Super Hi, to fight again in overseas markets.

According to the previous announcement of Super Hi, Yang Lijuan once led the overseas expansion of the Haidilao brand, successfully establishing presence in Singapore and the USA in 2012 and 2013 respectively, laying the foundation for Super Hi's current operations in the international market.

The latest financial report data shows that as of September 30, 2024, the total number of Super Hi's restaurants worldwide is 121, an increase of 6 from the end of 2023. Among them, there are 73 in Southeast Asia, 18 in East Asia, and 20 in North America.

The overall average table turnover rate is 3.8 times per day, compared to 3.7 times per day in the same period in 2023. The total customer flow exceeded 7.4 million, a year-on-year increase of 4.2% from 7.1 million in the same period in 2023. The same-store sales growth rate is 5.6%. The operating profit margin is 7.5%, compared to 5.7% in the same period in 2023.

It is worth mentioning that the table turnover rate in East Asia increased by 10.26% from 3.9 times per day in the same period last year to 4.3 times per day, while the average daily revenue per store in East Asia increased from 0.013 million USD in the same period last year to 0.0177 million USD.

Regarding the growth in revenue in East Asia, senior management at Super Hi mentioned in the earnings conference that the main factors were adjustments to menu pricing to bring items back to the price range, thereby achieving growth in table turnover and revenue.

As for investors' concerns about future overseas expansion and strategies, senior management at Super Hi mentioned at the earnings conference that future penetration and pace of store openings will be based on market demand in each region, without setting a maximum limit on store openings.

As of the publication, Super Hi's Hong Kong stock closed at 13.2 Hong Kong dollars, up 3.12%, with a market cap of 8.584 billion Hong Kong dollars, while Super Hi's USA stock closed at 16.54 US dollars, up 1.53%, with a market cap of 1.076 billion US dollars.