2025 Interim report

SUPER HI INTERNATIONAL HOLDING LTD.

特海国际控股有 限公司

2025

INTERIM REPORT

中 期 報 告

(Incorporated in the Cayman Islands with limited liability)

（於開曼群島註冊成立 的有限公司） Stock Code 股份代號: 9658

CONTENTS

目錄

Definitions 釋義 2

Corporate Information 公司資料 6

Key Financial Highlights 主要財務摘要 9

2025 Interim Performance Review 2025年中期業績回顧 10

Management Discussion and Analysis 管理層討論與分析 14

Corporate Governance and Other Information 企業管治及其他資料 36

Independent Auditor's Review Report on the Unaudited Interim Condensed Consolidated Financial Statements

獨立核數師對未經審核中期 50

簡明綜合財務報表的審閱報 告

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

簡明綜合損益及其他全面收 益表 52

Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 53

Condensed Consolidated Statement of Changes In Equity 簡明綜合權益變動表 55

Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 57

Notes to the Condensed Consolidated Financial Statements

簡明綜合財務報表附註 59

1

中期報告

2025 Interim Report

Definitions

釋義

"ADS(s)"

American depositary share(s), each ADS represents 「美國存託 指 美國存託 股份，每股

10 ordinary Shares 股份」 美國存託股 份代表10

股普通股

"Apple Trust" a discretionary trust set up by Mr. ZHANG Yong with UBS Trustees (B.V.I.) Limited acting as trustee

「Apple

Trust」

指 由張勇先生與UBS Trustees (B.V.I.) Limited

（作為受託人）設立的全權信託

"associate(s)" has the meaning ascribed thereto under the Hong Kong Listing Rules

「聯繫人」 指 具有香港上 市規則所

賦予的涵義

"Audit Committee" the audit committee of the Board

「審計 委

員會」

指 董事會轄下的 審計委員會

"Board" the board of Directors of the Company 「董事會」 指 本公司董事 會

"BVI" the British Virgin Islands

"Cheerful Trust" a discretionary trust set up by Mr. Sean SHI and Ms. Hailey LEE with UBS Trustees (B.V.I.) Limited acting as trustee

「英屬 處女群島」

「Cheerful

Trust」

指 英屬處女群島

指 由施永宏先生 及李海燕女士與UBS Trustees (B.V.I.) Limited（作為受託人）設立的全權信託

"China", "mainland China" or "PRC"

the People's Republic of China and, except where the context requires, references in this interim report

「中國」或

「中國

指 中華人民共和 國，除文義另有所指外，本

Definitions

釋義

"Corporate Governance Code"

Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules

「《企業 管治守則》」

指 香港上市規則 附錄C1所載《企業管治守則》

"Director(s)" director(s) of the Company 「董事」 指 本公司董事

"ESOP Platform I" Super Hi Ltd., a company incorporated in the BVI with limited liability and wholly owned and managed by Futu Trustee Limited as the trustee of the ESOP Trust I, for the purpose of holding the Shares underlying awards granted to the grantees other than Directors or any other connected persons of the Company pursuant to the Share Award Scheme

"ESOP Platform II" Super Hi International Ltd., a company incorporated in the BVI with limited liability and wholly owned and managed by Futu Trustee Limited as the trustee of the ESOP Trust II, for the purpose of holding the Shares underlying awards granted to the Directors or any other connected persons of the Company pursuant to the Share Award Scheme

「ESOP

平台I」

「ESOP

平台II」

指 Super Hi Ltd.，一 家於英屬處女群島註冊成立的有限公司，由富途信託有限公司作為ESOP信託I的受託人全資擁有及管理，以持有根據股份獎勵計劃授予除董事或本公司任何其他關連人士以外的承授人的相關股份獎勵

指 Super Hi International Ltd.，一家於英 屬處女群島註冊成立的有限公司，由富途信託有限公司作為ESOP 信託II 的受託人全資擁有及管理，以持有根據股份獎勵計劃授予董事或本公司任何其他關連人士的相關股份獎勵

Definitions

釋義

"Rose Trust" a discretionary trust set up by Ms. SHU Ping with UBS Trustees (B.V.I.) Limited acting as trustee

"SFO" the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, as amended, supplemented or otherwise modified from time to time

「Rose

Trust」

「證券 及期貨條例」

指 由舒萍女士與UBS Trustees (B.V.I.) Limited

（作為受託人）設立的全權信託

指 香港法例第571 章 證券及期貨條例（ 經不時修訂、補充或以其他方式修改）

"Share Award Scheme"

the share award scheme adopted by the Company on June 24, 2022, as amended from time to time

「股份 獎勵計劃」

指 本公司於2022 年6 月 24日採納的股份獎勵計劃（經不時修訂）

"Share(s)" ordinary share(s) in the share capital of the Company with nominal value of US$0.000005 each

"Shareholder(s)" shareholder(s) of the Company

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"subsidiary(ies)" has the meaning ascribed thereto under the Hong Kong Listing Rules

「股份」 指 本公司股本中 每股面

值0.000005美元的 普通股

「股東」 指 本公司股東

「聯交所」 指 香港聯合交 易所有限

公司

「附屬公司」 指 具有香港上 市規則所

賦予的涵義

"Super Hi Customized Products"

the hot pot soup flavoring and Chinese-style compound condiment products, which are primarily the signature soup bases, supplied by Yihai International Holding Ltd. and/or its subsidiaries and manufactured using formulae owned by the Group for use at the hot pot restaurants

「特海 專用產品」

指 頤海國際控股 有限公司及╱ 或其附屬公司供應的火鍋底料及中式複合調味品（ 主要為招牌底料）， 採用本集團擁有的配方生產，在火鍋店使用

"US$" or "USD" United States dollars, the lawful currency of the United States

"%" percentage

「美元」 指 美國法定貨幣 美元

「%」 指 百分比

Corporate Information

公司資料

AUTHORIZED REPRESENTATIVES

Ms. SHU Ping Ms. QU Cong

AUDITOR

Deloitte & Touche LLP

Public Accountants and Chartered Accountants 6 Shenton Way, OUE Downtown 2 #33-00

Singapore 068809

LEGAL ADVISOR

Kirkland & Ellis

26/F, Gloucester Tower The Landmark

15 Queen's Road Central

Hong Kong

REGISTERED OFFICE

Cricket Square Hutchins Drive PO Box 2681

Grand Cayman, KY1-1111 Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN SINGAPORE

1 Paya Lebar Link #09-04

PLQ 1 Paya Lebar Quarter Singapore 408533

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

40th Floor

Dah Sing Financial Centre No. 248 Queen's Road East Wanchai

Hong Kong

授權代表

舒萍女 士瞿驄女士

核數師

Deloitte & Touche LLP

執業會計師及特許會計師

6 Shenton Way, OUE Downtown 2 #33-00

Singapore 068809

法律顧問

凱易律師事 務所香港

皇后大道中15號置地廣場

告羅士打大廈26樓

註冊辦事處

Cricket Square Hutchins Drive PO Box 2681

Grand Cayman, KY1-1111 Cayman Islands

總部及新加坡主要營業地點

1 Paya Lebar Link #09-04

PLQ 1 Paya Lebar Quarter Singapore 408533

香港主要營業地點

香港灣仔

皇后大道東248號大新金融中心

40樓

Corporate Information

公司資料

HONG KONG SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited Shops 1712-1716

17th Floor, Hopewell Centre 183 Queen's Road East Wanchai

Hong Kong

INVESTOR RELATIONS

Email: superhi_ir@superhi-inc.com

WEBSITE

https://www.superhiinternational.com

HKEX STOCK CODE

9658

NASDAQ SYMBOL

HDL

香港證券登記處

香港中央證券登記 有限公司香港

灣仔

皇后大道東183號合和中心17樓 1712-1716號舖

投資者關係

電郵：superhi_ir@superhi-inc.com

網站

https://www.superhiinternational.com

香港交易所股份代號

9658

納斯達克股票代碼

HDL

Key Financial Highlights

主要財務摘要

主要財務摘要

For the six months ended June 30,

KEY FINANCIAL HIGHLIGHTS

截至6月30日止六個月

BUSINESS HIGHLIGHTS OF HAIDILAO RESTAURANTS

海底撈餐廳的業務摘要

As of/For the six months ended June 30,

截至6月30日╱截至該日止六個月

2025 Interim Performance Review 2025年中期業績回顧

In the first half of 2025, as global economic growth slows and countries continue to restructure their industrial and trade relationships, delivering superior value-for-money experiences to customers become increasingly critical. We remained committed to our "Dual Focus on Employees and Customers (一手抓員工、一手抓顧客)" management philosophy, with heightened emphasis on sharing benefits with our employees and customers. Our aim was to solidify the management foundation while broadening the customer base.

In the first half of 2025, our Group's total revenue reached US$396.7 million, representing a 7.0% increase year-on-year (YoY). The average table turnover rate for Haidilao restaurants stood at 3.9 times per day, up by 0.1 times per day YoY. The average same store table turnover rate remained at 3.9 times per day, consistent with the same period in 2024, while same-store revenue posted a 3.0% increase YoY. The restaurant level operating margin stood at 6.4%, down 2.3 percentage points YoY. While this change was anticipated due to our competitive pricing policy, it also indicates room for improvement in the precision management during the operational adjustment phase.

During the Reporting Period, we continued to optimize our global restaurant network through a "bottom-up" approach. As part of our ongoing "Woodpecker Plan," we opened 8 new Haidilao restaurants and closed 4 underperforming stores in Southeast Asia and East Asia in the first half of 2025. As of June 30, 2025, we operated a total of 126 Haidilao restaurants in international markets, comprising 74 in Southeast Asia, 20 in East Asia, 20 in North America, and 12 in other regions.

Under the "Pomegranate Plan," the incubation of our secondary brands progressed steadily. In the first half of 2025, revenue from others reached US$11.5 million, representing a 25.0% increase compared to US$9.2 million recorded during the same period in 2024. As of June 30, 2025, we had launched prototype restaurants covering various categories, including hot pot, barbecue, and fast food. We are also preparing to enter new categories - including Chinese, other Asian, and Western fast-food cuisines - as we seek to bring our dining experiences to more customers worldwide.

2025年上半年，全球經濟增 速下行，各國間的產業與貿易等持續重構秩序，在此背景下，為顧客帶來更具質價比的良好體驗變得尤為重要。我們堅持落實「一手抓員工、一手抓顧客」的管理理念，同時更加強調讓利於員工，讓利於顧客，以期我們的管理更加堅實，顧客基礎更加豐富。

2025年上半年，本集團整體 收入為396.7百萬美元，同比增長7.0%；海底撈餐廳平均翻檯率為3.9次╱ 天，同比提升0.1次╱天；同店平均翻檯率與2024年同期持平，均為3.9次╱天；同店收入同比增長3.0%。餐廳層面經營溢利率為6.4%，同比下降2.3個百分點，此變化符合我們執行讓利政策的預期，但也反映出在動態運營過程中，我們在管理精細化方面仍有不足。

報告期內，我們繼續通過「 自下而上」的模式優化全球餐廳網絡。我們在2025年上半年新開8家海底撈餐廳，同時在東南亞和東亞繼續動態採納「啄木鳥計劃」，關閉4家運營表現欠佳的門店。截至2025年6 月30 日，本公司在國際市場共經營 126 家海底撈餐廳，其中東南亞74 家，東亞20家，北美20家，其餘地區12家。

「紅石榴計劃」下，本公 司第二品牌的孵化穩步推進。2025年上半年，其他銷售收入為11.5百萬美元，較2024年同期的 9.2百萬美元增長25.0%。截至2025年6月30日，我們已在包括火鍋、燒烤及快餐等多種品類中開設原型店，並同時籌備中餐、其他亞洲餐飲及西式快餐等不同品類，力求為全球更多的消

者提供餐飲服務。

2025 Interim Performance Review

2025年中期業績回顧

BUSINESS REVIEW

In terms of restaurant operations, the Company focused on customer value and continued to carry out two initiatives: "Enhancing Value-For-Money (質價比提升)" and "Creating a Differentiated Haidilao Experience (打造不一樣的海底撈)." For our value-for-money enhancement efforts, we evaluated the customer demographics and operational metrics of each country and restaurant, making targeted adjustments to menu pricing and portion sizes to benefit customers. Concurrently, we have progressively rolled out "Creating a Differentiated Haidilao," upgrading decoration, lighting, and acoustics for a more immersive and interactive experience, especially during late-night dining. As of the date of this interim report, we have also launched fresh-cut meat offerings in several countries, complemented by "Open Kitchen Fresh-Cut Stations (明檔鮮切工作坊)" where customers could observe our meat-cutting processes firsthand - an impactful demonstration of our ongoing product upgrades. Through investments in value-for-money, product innovation, and restaurant ambiance, we aim to deliver a more distinctive dining experience.

In terms of product development, we completed over 700 product upgrades and new product launches worldwide in the first half of 2025. Each market has gradually established a differentiated product portfolio that combines Haidilao's signature dishes with localized innovations, effectively increasing customer repurchase rates and improving overall satisfaction.

In terms of employee development and team building, the Company assigned each country's regional manager as the primary focal point for implementing strategies aimed at offering benefits to employees. Each region reviewed and optimized compensation, benefits policies, staff training, and team-building standards, with regular check-ins and updates. Concurrently, we enriched our repertoire of team-building activities, such as recreational events and group outings. We believe these measures - offering tangible benefits and opportunities for growth - will unite employees across all levels and foster a more supportive work environment.

業務回顧

在餐廳經營方面，本公司 以顧客價值為核心，持續推動「質價比提升」與「打造不一樣的海底撈」兩項工作。在提升「質價比」工作上，我們評估了各個國家、門店的客群特點和運營指標，對部分市場的菜品定價、份量等進行了調整，向顧客進行讓利。同時，我們已著手分批推進打造「不一樣的海底撈」，在裝修、燈光、音效等方面進行升級，使得夜宵時段有更加沉浸的音效、互動體驗。截至本中期報告日期，我們也已在多個國家推出鮮切肉品，並配套裝修「明檔鮮切工作坊」，使得顧客能夠直接看到新鮮肉品的切制過程，更立體的感受我們對產品的升級。我們希望從質價比、產品、空間、裝修等方面進行讓利、投資，為顧客提供更加獨特的用餐體驗。

在產品工作方面，2025年上 半年，全球範圍內累計完成超過700次產品優化與上新。目前，各國已逐步形成以「海底撈」經典菜品為基礎、結合本地風味創新的差異化產品矩陣，有效提升了顧客復購率和整體滿意度。

在員工培養和團隊建設方 面，本公司以各國家的大區經理為主責人，落地讓利員工的策略。各國家對薪資、福利政策、員工培養及團隊建設標準進行了重新梳理與優化，並定期進行檢視和調整。與此同時，我們還加強了文娛活動、出遊等多樣化的團隊建設活動。我們相信通過這些對員工的讓利和投資，能夠讓我們的各層級員工在工作中更加團結，並獲得更好的工作環境。

2025 Interim Performance Review 2025年中期業績回顧

In the first half of 2025, the Company recorded income from operation of US$11.8 million, translating to an income from operation margin of 3.0%. This represents a notable decrease compared to the US$20.9 million recorded for the same period in 2024, primarily due to our strategic allocation of resources toward benefiting both customers and employees, which exerted short-term pressure on the income from operation margin. Nonetheless, the Company firmly believes that such investments will be pivotal for its global expansion and will foster enduring customer loyalty and employee trust. Our focus remains on enhancing management, with a priority on the "Pomegranate Plan" and the ongoing use of the "Woodpecker Plan" for underperforming stores. We will also tackle current challenges by embracing new technology, adjusting our organizational structure, and increasing efficiency.

As of June 30, 2025, the Company recorded profit before tax of US$34.7 million and net profit of US$28.3 million, reversing the net loss of US$4.6 million for the same period in 2024. The profit increase was mainly due to favorable foreign exchange fluctuations during the Reporting Period. The revaluation of non-US-dollar denominated items yielded approximately US$23.8 million in non-cash foreign exchange gains during the Reporting Period, contrasting with a US$19.5 million foreign exchange loss during the same period in 2024.

FUTURE PROSPECT

Looking ahead, we will continue embracing a localized development strategy centered on "Customer Satisfaction" and "Employee Dedication," striving to evolve SUPER HI INTERNATIONAL into a multi-brand chain catering enterprise:

• Continuous Enhancement of the Haidilao Dining Experience: We will persist in refining our service capabilities, introducing new products, upgrading dining environments, and creating a more distinctive Haidilao experience so as to offer greater value-added services to our customers.

• Restaurant Network Expansion and Optimization: Guided by our "bottom-up" approach, we will proactively seek promising locations in existing markets and strategically enter new markets, thereby ensuring steady and sustainable growth. For stores that are underperforming, we will be implementing the "Woodpecker Plan" in a continuous and dynamic manner.

2025 年上半年，本公司實現經 營溢利

11.8百萬美元，經營溢利率為3.0%；相較2024年同期經營溢利20.9百萬美元明顯承壓。主要因上述圍繞顧客與員工的讓利投入，在短期內導致經營溢利率承壓。本公司堅定認為，這些投資將換來長期的顧客黏性與員工信任，是全球化擴張過程中所必須的戰略佈局。我們會繼續推進管理的提升，並將尤其重視「紅石榴計劃」的推進，以及繼續針對表現不佳門店，動態採納「啄木鳥計劃」。我們還將積極擁抱新技術變革和應用，合理調整組織結構，提高效率，以應對當前的挑戰。

截至2025 年6 月30日，本公 司實現稅前利潤34.7 百萬美元，淨利潤28.3 百萬美元，相較2024 年同期淨虧損4.6 百萬美元實現扭虧為盈。報告期內利潤改善主要由於受到匯率變動影響。由於美元以外貨幣計值項目的重估，報告期內，公司錄得約23.8 百萬美元的非現金匯兌收益，而2024年同期則錄得19.5百萬美元的匯兌虧損。

未來展望

展望未來，我們將繼續堅 持本地化發展戰略，以「顧客滿意度」和「員工努力度」為核心使命，努力將特海國際發展為多品牌連鎖經營餐飲集團：

• 持續提升海底撈用餐體 驗：我們將不斷精進服務能力、煥新產品、改善用餐環境質量、打造更具特色的海底撈體驗，從而為顧客提供更多增值服務。

• 餐廳網絡擴張與優化 ：秉承「自下而上」的發展模式，我們將在現有市場積極尋找優質門店位置，並戰略性地進入新市場，確保穩健、可持續的增長。我們將同時對表現欠佳的門店持續、動態地應用「啄木鳥計劃」。

  
  
  

  2025 Interim Performance Review

  2025年中期業績回顧

• Strengthening Internal Management: We will improve our services and products, rationalize menu prices, and undertake suitable marketing efforts to heighten customer satisfaction and broaden our customer base. Concurrently, we will continue to optimize restaurant management and refine our cost structure through prudent cost and expense control, increased staffing efficiency, and cooperation with external partners on more favorable business terms to refine our cost structure.

• Embracing Technological Advancements: We will broaden and deepen the use of artificial intelligence in restaurant operations and functional management, strengthening our capacity for data consolidation and analytics and increasing frontline operational efficiency.

• Implementing the "Pomegranate Plan": We will actively expand our secondary business formats through incubation, exploration, and, where appropriate, strategic acquisitions, thereby diversifying our portfolio and widening our customer reach.

• 強化內部管理：我們將 改善服務和產品、合理調整菜品價格、開展適當的營銷活動，以提升顧客滿意度並擴大顧客群體。同時，我們將通過審慎的成本

  用控制、提高用人效率、與外部合作夥伴達成更有利的商務條件等方式，持續優化餐廳管理，完善成本結構。
  
  

• 擁抱技術進步：我們將 在餐廳運營和職能管理中更廣泛、更深入地應用人工智能技術，加強數據整合與分析能力，賦能一線門店的運營效率。

• 貫徹「紅石榴計劃」：我 們將通過孵化、探索以及適時的戰略收購等方式，積極發展第二業態，從而豐富業務組合，拓寬顧客覆蓋面。

Management Discussion and Analysis

管理層討論與分析

REVENUE

The Group generated revenue from (i) Haidilao restaurant operation; (ii) delivery business; and (iii) others, primarily consisting of revenue from the sales of hot pot condiment products and food under secondary brands to local guests and retailers.

The Group's revenue amounted to US$396.7 million for the six months ended June 30, 2025, representing an increase of 7.0% from US$370.9 million for the corresponding period in 2024, primarily driven by an increase of US$21.0 million in revenue from Haidilao restaurant operation.

Haidilao Restaurant Operation

The Group's revenue from Haidilao restaurant operation amounted to US$377.5 million for the six months ended June 30, 2025, representing an increase of 5.9% from US$356.5 million for the corresponding period in 2024. This increase was mainly due to (i) our ongoing business expansion and increased brand influence; and (ii) our continuous efforts in increasing guest visits and table turnover rates.

收入

本集團的收入來自(i)海底撈 餐廳經營；(ii)外賣業務；及(iii)其他（主要包括向當地顧客及零售商銷售火鍋調味品及子品牌食品的收入）。

截至2025 年6 月30日止六個 月，本集團的收入為396.7百萬美元，較2024年同期的370.9 百萬美元增加7.0%，主要由於來自海底撈餐廳經營的收入增加21.0 百萬美元。

海底撈餐廳經營

截至2025 年6 月30日止六個 月，本集團來自海底撈餐廳經營的收入為377.5百萬美元，較2024年同期的356.5百萬美元增加5.9%。該增加主要是由於(i)業務持續擴張和品牌影響力提升；及(ii)我們在提升客流、翻檯率方面做出的持續努力。

Management Discussion and Analysis

管理層討論與分析

Haidilao Restaurant Network

As of June 30, 2025, we had expanded our restaurant network to 126 restaurants in 14 countries in Asia, North America, Europe and Oceania. The following table summarizes the number of Haidilao restaurants and the breakdown of revenue from Haidilao restaurant operation by geographic region as of the dates indicated or for the periods indicated:

海底撈餐廳網絡

截至2025 年6 月30日，我們 已將我們的餐廳網絡擴大到位於亞洲、北美洲、歐洲及大洋洲14 個國家的126 家餐廳。下表概述截至所示日期或於所示期間按地理區域劃分的海底撈餐廳數量及海底撈餐廳經營收入明細：

As of/For the six months ended June 30,

截至6月30日╱截至該日止六 個月

2024

2024年

Average revenue per

2025

2025年

Number of restaurants

Revenue

餐廳數 量

收入

Average revenue per restaurant(2)每家餐廳

平均收入(2)

Number of restaurants Revenue

餐廳數量 收入

(US$'000, except number of restaurants and percentages)

（千美元，餐廳數量及百分比除外）

restaurant(2)每家餐 廳平均收入(2)

Notes:

1. Includes Australia, the United Kingdom and the United Arab Emirates.

2. Calculated by dividing revenue generated from Haidilao restaurant operation in the region by the number of Haidilao restaurants as of periods end. As such, average revenue per restaurant has not taken into consideration of the different operating days for each restaurant.

附註：

1. 包括澳大利亞、英國及阿 拉伯聯合酋長國。

2. 按該地區海底撈餐廳經營 所產生的收入除以截至期末的海底撈餐廳數量計算。因此，每家餐廳平均收入並未計及每家餐廳不同的營運日數。

Management Discussion and Analysis

管理層討論與分析

Haidilao Restaurant Performance

The following table sets forth certain key performance indicators of Haidilao restaurants by geographic region for the periods indicated:

海底撈餐廳業績

下表載列於所示期間按地 理區域劃分的海底撈餐廳的若干關鍵績效指標：

For the six months ended June 30,

截至6月30日止六個月

Management Discussion and Analysis

管理層討論與分析

Notes:

1. Include Australia, the United Kingdom and the United Arab Emirates.

2. Calculated by dividing the total number of tables served for the periods by the product of total Haidilao restaurant operation days for the periods and the average table count during the periods.

3. Calculated by dividing gross revenue of Haidilao restaurant operation for the periods by total guests served for the periods.

4. Calculated by dividing the revenue of Haidilao restaurant operation for the periods by the total Haidilao restaurant operation days of the periods in the same geographic region.

5. Calculated by dividing restaurant level operating profit by restaurant level revenue. Restaurant level operating profit is calculated by deducting certain restaurant level costs and expenses from restaurant level revenue, including (i) restaurant level expenses, including cost of restaurant level raw materials and consumables used, restaurant level staff costs, restaurant level property rentals and related expenses, restaurant level utilities expenses, restaurant level depreciation and amortization, restaurant level traveling and communication expenses and other restaurant level expenses, including preopening expenses in each region; and (ii) management fees incurred in each region. The cost of restaurant level raw materials and consumables used included the cost of food ingredients and consumables associated with central kitchens that are used within our Haidilao restaurants as well as those procured directly from suppliers.

附註：

1. 包括澳大利亞、英國及阿 拉伯聯合酋長國。

2. 按期內服務總桌數除以期 內海底撈餐廳總營業日數及期內平均餐桌數之乘積計算。

3. 按期內海底撈餐廳經營的 總收入除以期內服務顧客總數計算。

4. 按期內海底撈餐廳經營的 收入除以期內相同地理區域海底撈餐廳總營業日數計算。

5. 按餐廳層面經營溢利除以 餐廳層面收入計算。餐廳層面經營溢利是通過自餐廳層面收入扣除若干餐廳層面成本及開支計算得出，包括(i)餐廳層面開支，如餐廳層面原材料及易耗品成本、餐廳層面員工成本、餐廳層面物業租金及相關開支、餐廳層面水電開支、餐廳層面折舊及攤銷、餐廳層面差旅及通訊開支以及包括各地區的開業前開支在內的餐廳層面其他開支；及(ii) 各地區產生的管理

。餐廳層面原材料及易 耗品成本包括海底撈餐廳內所用的中央廚房相關食材與易耗品成本，以及直接從供應商採購的食材及易耗品成本。

Management Discussion and Analysis

管理層討論與分析

Same Store Sales

The following table sets forth details of the Group's same store sales of Haidilao restaurants by geographic region for the periods indicated:

同店銷售

下表載列本集團於所示期 間按地理區域劃分的海底撈餐廳同店銷售詳情：

For the six months ended June 30,

截至6月30日止六個月

Management Discussion and Analysis

管理層討論與分析

Notes:

1. Includes Australia, the United Kingdom and the United Arab Emirates.

2. Includes restaurants that commenced operations prior to the beginning of the periods under comparison, remained open as of June 30, 2025 and opened for more than 150 days both in six months ended June 30, 2024 and six months ended June 30, 2025.

3. Refers to the gross revenue of Haidilao restaurant operation at the same stores for the periods indicated.

4. Calculated by dividing the gross revenue of Haidilao restaurant operation at the same stores for the periods by the total Haidilao restaurant operation days at the same stores for the periods.

5. Calculated by dividing the total tables served for the periods by the product of total Haidilao restaurant operation days for the periods and average table count at the same stores during the periods.

Delivery Business

The Group's revenue from delivery business amounted to US$7.7 million for the six months ended June 30, 2025, representing an increase of 48.1% from US$5.2 million for the corresponding period in 2024. This increase was primarily due to (i) the continuous optimization of delivery products and services based on market demand; and (ii) strategic marketing collaborations with local food delivery platforms.

Others

Others mainly include sales of hot pot condiment products and food under secondary brands to local guests and retailers.

The Group's revenue from others amounted to US$11.5 million for the six months ended June 30, 2025, representing an increase of 25.0% from US$9.2 million for the corresponding period in 2024. This increase reflected (i) the increasing popularity of hot pot condiment products among local customers and retailers; and (ii) the incubation of secondary branded restaurants under the "Pomegranate Plan" through strategic exploration of diverse business forms.

附註：

1. 包括澳大利亞、英國及阿 拉伯聯合酋長國。

2. 包括比較期間開始前已 開始運營且於截至2025 年6 月30 日仍開業及於截至 2024 年6 月30 日止六個月及截至2025年6 月30 日止六個月均開放超過150 天的餐廳。

3. 指於所示期間同店海底撈 餐廳經營的總收入。

4. 按期內同店海底撈餐廳經 營的總收入除以期內同店海底撈餐廳總營業日數計算。

5. 按期內服務總桌數除以期 內海底撈餐廳總營業日數及期內同店平均餐桌數之乘積計算。

外賣業務

截至2025 年6 月30日止六個 月，本集團來自外賣業務的收入為7.7百萬美元，較 2024年同期的5.2百萬美元增加48.1%。該增加主要是由於(i)根據市場需求不斷優化外賣產品及服務；及(ii)與當地外賣平台進行戰略營銷合作。

其他

其他主要包括來自向當地 顧客及零售商銷售火鍋調味品及子品牌食品的收入。

截至2025 年6 月30 日止六個 月，本集團來自其他的收入為11.5 百萬美元，較 2024年同期的9.2百萬美元增加25.0%。該增加反映了(i)火鍋調味品在當地客戶和零售商中越來越受歡迎；及(ii)通過戰略探索多樣化的業務形式來孵化「紅石榴計劃」下的第二品牌餐廳。

Management Discussion and Analysis

管理層討論與分析

OTHER INCOME

Other income primarily consisted of (i) government grants; and (ii) interest income from bank deposits and rental deposits.

The Group's other income amounted to US$4.8 million for the six months ended June 30, 2025, representing an increase of 45.5% from US$3.3 million for the corresponding period in 2024. This increase was primarily attributable to higher interest income from bank deposit, partially offset by a decrease in government grants received.

RAW MATERIALS AND CONSUMABLES USED

Raw materials and consumables used consisted of costs for (i) food ingredients used in the restaurants, including the soup base and menu items; (ii) consumables used in the restaurant operation, including disposable items, such as napkins, disposable tableware and table cloths; and (iii) others, including logistics and transportation fees.

The Group's raw materials and consumables used amounted to US$134.7 million for the six months ended June 30, 2025, representing an increase of 8.1% from US$124.6 million for the corresponding period in 2024. This increase was mainly due to an increase in food ingredient costs resulting from the enlargement of business scale and revenue increase. As a percentage of revenue, the Group's raw materials and consumables used increased from 33.6% for the six months ended June 30, 2024 to 34.0% for the six months ended June 30, 2025.

其他收入

其他收入主要包括(i)政府補 助；及(ii)銀行存款及租賃押金的利息收入。

截至2025 年6 月30日止六個 月，本集團的其他收入為4.8百萬美元，較2024年同期的3.3百萬美元增加45.5%。該增加主要原因是銀行存款的利息收入增加，部分被所收到的政府補助減少所抵銷。

原材料及易耗品成本

原材料及易耗品成本包括 以下各項：(i)用於餐廳的食材，包括鍋底及菜品；(ii)餐廳經營所用的易耗品，包括一次性用品，例如紙巾、一次性餐具及檯布；及 (iii)其他，包括物流及運輸

。

截至2025 年6 月30日止六個 月，本集團的原材料及易耗品成本為134.7 百萬美元，較2024年同期的124.6百萬美元增加 8.1%。該增加主要是由於業務規模擴大及收入增加令食材成本增加。本集團的原材料及易耗品成本所佔收入百分比由截至2024年6月30日止六個月的33.6%增至截至2025 年6 月30 日止六個月的 34.0%。

Management Discussion and Analysis

管理層討論與分析

STAFF COSTS

Staff costs consisted of (i) employee salaries and other allowance; (ii) employee welfare; and (iii) retirement benefit scheme contributions.

The Group's staff costs amounted to US$140.2 million for the six months ended June 30, 2025, representing an increase of 11.0% from US$126.3 million for the corresponding period in 2024. This increase was mainly due to (i) an increase in the number of employees in line with restaurant network expansion, along with an increase in guest visits and table turnover rate; and (ii) our increased investment in employee benefits and development to enhance staff loyalty and job satisfaction. As a percentage of revenue, the Group's staff costs increased from 34.1% for the six months ended June 30, 2024 to 35.3% for the six months ended June 30, 2025.

RENTALS AND RELATED EXPENSES

Rentals and related expenses mainly consisted of property management fees, variable lease payments and lease payments for short-term leases we entered into in relation to our offices and warehouses.

The Group's property rentals and related expenses amounted to US$11.6 million for the six months ended June 30, 2025, representing an increase of 27.5% from US$9.1 million for the corresponding period in 2024. This increase was mainly due to (i) increased short-term lease payments aligned with warehouse leasing expansion to support our restaurant network growth, and (ii) increased property management fees resulting from the opening of new restaurants.

員工成本

員工成本包括(i)僱員薪金及 其他津貼；(ii)員工福利；及(iii)退休福利計劃供款。

截至2025 年6 月30日止六個 月，本集團的員工成本為140.2百萬美元，較2024年同期的126.3百萬美元增加11.0%。該增加主要是由於(i)餐廳網絡較2024年同期持續拓張帶來的員工數量增加，以及客流量和翻檯率的提升；及(ii)我們增加了對員工福利和發展的投資，以提升員工忠誠度和工作滿意度。本集團的員工成本所佔收入百分比由截至2024 年6 月30日止六個月的34.1%增至截至2025 年6月30日止六個月的35.3%。

租金及相關開支

租金及相關開支主要包括 物業管理

、可變租賃付款及我們就辦公室及倉庫簽訂的短期租賃的租賃付款。

截至2025 年6 月30 日止六個 月，本集團的物業租金及相關開支為11.6 百萬美元，較2024 年同期的9.1 百萬美元增加 27.5%。該增加主要是由於(i)隨著倉庫租賃擴張，短期租賃

用有所增加，以支持餐廳網絡擴張，及(ii)開設新餐廳令物業管理 增加。

Management Discussion and Analysis

管理層討論與分析

UTILITIES EXPENSES

Utilities expenses primarily consisted of expenses on electricity, gas and water.

The Group's utilities expenses remained relatively stable at US$13.7 million and US$14.1 million for the six months ended June 30, 2024 and 2025, respectively. As a percentage of revenue, utilities expenses remained relatively stable at 3.7% and 3.6% for the six months ended June 30, 2024 and 2025, respectively.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization consisted of depreciation charges for the property, plant and equipment, which primarily included leasehold improvements, leasehold land and building, machinery, transportation equipment, furniture and fixtures and renovation in progress and right-of-use assets.

The Group's depreciation and amortization amounted to US$39.7 million for the six months ended June 30, 2025, representing a slightly increase of 1.8% from US$39.0 million for the corresponding period in 2024. As a percentage of revenue, depreciation and amortization remained stable at 10.5% and 10.0% for the six months ended June 30, 2024 and 2025, respectively.

水電開支

水電開支主要包括電 、燃氣 及水 。

截至2024 年及2025 年6 月30 日 止六個月，本集團的水電開支維持相對穩定，分別為13.7百萬美元及14.1 百萬美元。截至2024 年及2025 年6 月30 日止六個月，水電開支所佔收入百分比維持相對穩定，分別為3.7%及3.6%。

折舊及攤銷

折舊及攤銷包括物業、廠 房及設備的折舊開支，主要包括租賃物業裝修、租賃土地及樓宇、機器、運輸設備、家具及裝置以及進行中的裝修及使用權資產。

截至2025 年6 月30日止六個 月，本集團的折舊及攤銷為39.7百萬美元，較2024年同期的39.0百萬美元輕微增加1.8%。截至2024 年及2025 年6 月30 日止六個月，折舊及攤銷所佔收入百分比分別保持穩定在10.5%及10.0%。

Management Discussion and Analysis

管理層討論與分析

TRAVELING AND COMMUNICATION EXPENSES

Traveling and communication expenses mainly consisted of international and regional travel expenses of staff for opening new restaurants and restaurant operation inspection.

The Group's traveling and communication expenses amounted to US$3.7 million for the six months ended June 30, 2025, representing an increase of 15.6% from US$3.2 million for the corresponding period in 2024. This increase was mainly due to the increase of business travels in line with our business expansion. As a percentage of revenue, traveling and communication expenses remained relatively stable for the six months ended June 30, 2024 and 2025, both at 0.9%.

OTHER EXPENSES

Other expenses comprised of (i) administrative expenses; (ii) consulting service expenses; (iii) bank charges; (iv) outsourcing service fees; and (v) others, which mainly consisted of daily maintenance expenses, storage expenses and business development expenses.

The Group's other expenses amounted to US$40.7 million for the six months ended June 30, 2025, representing an increase of 23.0% from US$33.1 million for the corresponding period in 2024. As a percentage of revenue, other expenses increased from 8.9% for the six months ended June 30, 2024 to 10.3% for the six months ended June 30, 2025. This increase was primarily attributable to (i) an increase in outsourcing service fee of US$3.1 million, stemming from restaurant network expansion; (ii) an increase in consulting fees of US$1.5 million, representing research investments for secondary brand development; and (iii) an increase in business development expenses of US$1.2 million, resulting from intensified marketing efforts.

差旅及通訊開支

差旅及通訊開支主要包括 因開設新餐廳及視察餐廳經營而產生的員工國際及區域差旅開支。

截至2025 年6 月30日止六個 月，本集團的差旅及通訊開支為3.7 百萬美元，較 2024年同期的3.2百萬美元增加15.6%。該增加主要是由於隨著業務擴張，商務旅行有所增加。截至2024年及2025年6月30日止六個月，差旅及通訊開支所佔收入百分比維持相對穩定，均為0.9%。

其他開支

其他開支包括(i)行政開支；(ii)諮詢服務開支；(iii)銀行服務

；(iv)外包服務 ；及 (v)其他，主要包含日常維護開支、倉儲開支及業務發展開支。

截至2025 年6 月30日止六個 月，本集團的其他開支為40.7百萬美元，較2024年同期的33.1 百萬美元增加23.0%。其他開支所佔收入百分比由截至2024 年6 月 30日止六個月的8.9%增至截至2025年6月30日止六個月的10.3%。該增加主要歸因於(i) 餐廳網絡擴張，令外包服務增加3.1百萬美元；(ii)諮詢服務開支增加 1.5百萬美元，用於發展第二品牌的調研投入；及(iii)業務發展開支增加1.2百萬美元，源於營銷力度的加強。

Management Discussion and Analysis

管理層討論與分析

OTHER GAINS (LOSSES) - NET

Other gains (losses) - net primarily consisted of (i) net impairment loss or reversal of impairment recognized in respect of property, plant and equipment and right-of-use assets; (ii) loss or gain on disposal of property, plant and equipment and termination of leases, which represented reversals of right-of-use assets and lease liabilities in relation to the termination of leases for restaurants we decided to suspend the opening of; (iii) net foreign exchange losses or gains, which fluctuated from year-to-year based on exchange rate movements; (iv) net gain arising on financial assets at fair value through profit or loss ("FVTPL"); and (v) others.

The Group recorded net other gains of US$23.4 million for the six months ended June 30, 2025, compared to net other losses of US$18.1 million for the corresponding period in 2024. This change was primarily attributable to the recognition of US$23.8 million in net foreign exchange gains for the six months ended June 30, 2025, compared to net foreign exchange loss of US$19.5 million for the corresponding period in 2024, as a result of fluctuation of exchange rate.

FINANCE COSTS

Finance costs represented (i) interests on lease liabilities; and (ii) interests charge on unwinding of discounts, primarily in relation to provisions for restoration of the premises the Group used for the restaurants.

The Group's finance costs amounted to US$5.5 million for the six months ended June 30, 2025, representing an increase of 41.0% from US$3.9 million for the corresponding period in 2024. This increase was directly attributable to the expansion of our restaurant network, which drove corresponding growth in both lease liabilities and restaurant restoration provisions.

其他收益（虧損）淨額

其他收益（ 虧損）淨額主 要包括(i) 就物業、廠房及設備以及使用權資產確認的減值虧損淨額或減值撥回；(ii)出售物業、廠房及設備以及終止租賃的虧損或收益，即與我們決定暫停開業的餐廳終止租賃有關的使用權資產及租賃負債的撥回；(iii)匯兌虧損或收益淨額，其按匯率變動而出現按年波動；(iv)按公允值計入損益（「按公允值計入損益」）的金融資產產生的收益淨額；及(v)其他。

截至2025 年6 月30日止六個 月，本集團錄得其他收益淨額23.4百萬美元，2024年同期則錄得其他虧損淨額18.1 百萬美元。該變化主要歸因於截至2025 年6 月 30日止六個月確認了23.8百萬美元的匯兌收益淨額，而2024年同期由於匯率波動確認了19.5百萬美元的匯兌虧損淨額。

財務成本

財務成本指(i)租賃負債利息 ；及(ii)解除貼現的利息開支，主要關於本集團用作餐廳的物業的復墾撥備。

截至2025 年6 月30日止六個 月，本集團的財務成本為5.5百萬美元，較2024年同期的3.9百萬美元增加41.0%。該增加直接歸因於餐廳網絡擴張，推動了租賃負債及餐廳復墾撥備的相應增加。

Management Discussion and Analysis

管理層討論與分析

INCOME TAX EXPENSE

The Group recorded income tax expenses of US$5.3 million and US$6.4 million for the six months ended June 30, 2024 and 2025, respectively. The taxation of the Group was calculated at the rates prevailing in relevant jurisdictions, which ranged from 9% to 33% on the estimated assessable profits throughout the six months ended June 30, 2025.

PROFIT (LOSS) FOR THE PERIOD

As a result of the foregoing, the Group recorded net profit of US$28.3 million for the six months ended June 30, 2025. For the corresponding period in 2024, the Group recorded net loss of US$4.6 million. This change was primarily due to the recognition of US$23.8 million in net foreign exchange gains, arising primarily from the unrealized exchange gains generated by the revaluation of monetary items which are denominated in currencies other than the reporting currency (US Dollar) as a result of exchange rate fluctuations in the first half of 2025.

INVENTORIES

Inventories mainly consisted of food ingredients and other materials used in the restaurant operation, the hot pot condiment products for sale and food products under Haidilao brand and secondary brands.

The Group's inventories amounted to US$35.1 million as of June 30, 2025, representing an increase of 11.4% from US$31.5 million as of December 31, 2024. This increase was primarily attributable to elevated inventory levels maintained to support (i) our newly opened outlets during the first half of 2025, and (ii) anticipated seasonal demand during peak business periods.

The turnover days of inventory increased from 42.8 days for the year ended December 31, 2024 to 44.5 days for the six months ended June 30, 2025. Inventory turnover days equals the average of the beginning and ending inventories for that period divided by raw materials and consumables used for that period and multiplied by 360 days or 180 days.

所得稅開支

截至2024 年及2025 年6 月30 日 止六個月，本集團錄得的所得稅開支分別為5.3百萬美元及6.4百萬美元。本集團稅項乃就截至2025 年6 月30日止六個月內的估計應課稅溢利按相關司法權區介乎9%至 33%之現行稅率計算。

期內溢利（虧損）

由於上述原因，截至2025 年6 月30日止六個月，本集團錄得淨利潤28.3 百萬美元。於2024年同期，本集團錄得淨虧損 4.6百萬美元。該變化主要是由於確認匯兌收益淨額23.8 百萬美元，主要是由於 2025年上半年匯率波動導致以報告貨幣

（美元）以外的貨幣計值 的貨幣項目重新估值產生的未變現匯兌收益。

存貨

存貨主要包括餐廳經營所 用的食材及其他材料，以及待售的火鍋調味品、海底撈品牌及子品牌的食品。

截至2025 年6 月30日，本集 團的存貨為 35.1百萬美元，較截至2024年12月31日的31.5 百萬美元增加11.4%。該增加主要歸因於為支持(i)2025年上半年新開設門店；及(ii)業務高峰期的預期季節性需求而維持較高的庫存水平。

存貨周轉天數由截至2024年12月31日止年度的42.8天增至截至2025年6月30日止六個月的44.5 天。存貨周轉天數等於該期間期初及期末存貨的平均值除以該期間的原材料及易耗品成本再乘以360天或180天。

Management Discussion and Analysis

管理層討論與分析

TRADE AND OTHER RECEIVABLES AND PREPAYMENTS

Trade and other receivables and prepayments primarily consisted of

(i) trade receivables from credit card networks, food delivery platforms and payment platforms; (ii) prepayment to suppliers; (iii) input value-added tax to be deducted; and (iv) others.

The Group's current portion of trade and other receivables and prepayments amounted to US$26.6 million as of June 30, 2025, representing a decrease of 13.6% from US$30.8 million as of December 31, 2024. This decrease primarily reflected our strengthened controls over prepayments, as part of ongoing efforts to enhance working capital efficiency.

The Group's non-current portion of trade and other receivables and prepayments consisted of non-current other receivables and non-current prepayments, which remained relatively stable at US$2.3 million and US$2.1 million as of December 31, 2024 and June 30, 2025, respectively.

The turnover days of trade receivables decreased from 7.7 days for the year ended December 31, 2024 to 6.4 days for the six months ended June 30, 2025. Trade receivables turnover days for each period equals the average of the beginning and ending balances of trade receivables for that period divided by the revenue for the period and multiplied by 360 days or 180 days. The decrease in trade receivables turnover days was driven by higher trade receivable balances at year-end due to holiday season effects.

貿易及其他應收款項以及預 付款項

貿易及其他應收款項以及 預付款項主要包括(i)來自信用卡網絡、外賣平台及支付平台的貿易應收款項；(ii)預付供應商款項；(iii)待抵扣進項增值稅；及(iv)其他。

截至2025 年6 月30日，本集 團的貿易及其他應收款項以及預付款項的即期部分為26.6 百萬美元，較截至2024 年12 月 31日的30.8百萬美元減少13.6%。該減少主要反映我們加強了對預付款項的控制，作為持續努力優化營運資金效率的一部分。

本集團貿易及其他應收款 項以及預付款項的非即期部分包括非即期其他應收款項及非即期預付款項，截至2024年12月 31日及2025年6月30日，該等款項維持相對穩定，分別為2.3 百萬美元及2.1 百萬美元。

貿易應收款項周轉天數由 截至2024年12月31日止年度的7.7天減至截至2025年6月30日止六個月的6.4天。各期間的貿易應收款項周轉天數等於該期間期初及期末貿易應收款項結餘的平均值除以該期間的收入再乘以360天或180天。貿易應收款項周轉天數減少是受假期季節影響導致年底貿易應收款項結餘增加所推動。

Management Discussion and Analysis

管理層討論與分析

TRADE PAYABLES

Trade payables mainly consisted of the balances due to the Group's suppliers of food ingredients and consumables. The majority of trade payables had a credit term of 30 to 60 days.

The Group's trade payables amounted to US$32.3 million as of June 30, 2025, representing an increase of 5.2% from US$30.7 million as of December 31, 2024. The increase reflected our procurement of raw materials to support our enhanced restaurant operations, which was in line with the growth in inventory.

The turnover days of trade payable decreased from 45.5 days for the year ended December 31, 2024 to 42.1 days for the six months ended June 30, 2025. Trade payable turnover days for each period equals the average of the beginning and ending balances of trade payable for that period divided by raw materials and consumables for the period and multiplied by 360 days or 180 days. The decrease in trade payables turnover days was primarily attributable to enhanced controls implemented over our payment cycle management.

LIQUIDITY AND CAPITAL RESOURCES

The primary uses of cash of the Group are to fund its operations, expansion and capital expenditures. During the six months ended June 30, 2025, the Company primarily funded its working capital through cash generated from its operations. As of June 30, 2025, the Group had no bank borrowing or committed credit facilities.

貿易應付款項

貿易應付款項主要包括應 付本集團食材與易耗品供應商的結餘。大部分貿易應付款項的信用期為30天至60天。

截至2025 年6 月30日，本集 團貿易應付款項為32.3百萬美元，較截至2024年12月31日的30.7百萬美元增加5.2%。該增加反映了我們採購原材料以支持加強餐廳運營，這與存貨增長趨勢相符。

貿易應付款項周轉天數由 截至2024年12月31日止年度的45.5天減至截至2025年 6 月30 日止六個月的42.1 天。各期間的貿易應付款項周轉天數等於該期間期初及期末貿易應付款項結餘的平均值除以該期間的原材料及易耗品再乘以360天或 180天。貿易應付款項周轉天數減少主要因為我們加強了對付款週期管理的控制。

流動資金及資本資源

本集團的現金主要用於為 營運、擴張及資本開支提供資金。截至2025 年6 月30日止六個月，本公司主要通過經營所得現金為營運資金提供資金。截至2025年 6月30日，本集團並無銀行借貸或承諾信貸融資。

Management Discussion and Analysis

管理層討論與分析

The Group has adopted prudent treasury policies in cash and financial management and closely monitors its liquidity and capital resources on a regular basis, and thus maintained a healthy liquidity position throughout the Reporting Period. To manage liquidity risk, the management closely monitors the Group's liquidity position and maintain sufficient cash and cash equivalents, ensures the availability of funding, and preserves the ability to settle the Group's payables. The Group strives to maintain optimum liquidity that can meet its working capital needs while supporting the continuing business operations.

CAPITAL STRUCTURE

The primary goal of the Group's capital management is to maintain the Group's stability and growth, safeguard its normal operations while maximizing shareholders' value through the optimization of debt and equity balances. The Group's overall strategy remains unchanged during the six months ended June 30, 2025.

As of June 30, 2025, the Company's capital structure comprised issued share capital and reserves. There has been no change in the capital structure since December 31, 2024. The Group did not have any debt securities or other capital instruments as of June 30, 2025. The Group regularly reviews and manages its capital structure, making timely adjustments in response to changing economic conditions. Such adjustments may include modifications to dividend distributions, capital increases, and the issuance of new capital instruments.

CASH AND CASH EQUIVALENTS

The principal uses of cash are for working capital to open new restaurants and expand restaurant network, procure food ingredients, consumables and equipment and enhance supply chain management capabilities, conduct R&D to enhance digitalization and other technologies for restaurant management, and renovate and decorate the restaurants. The Group's cash and cash equivalents amounted to US$258.5 million as of June 30, 2025, representing an increase of 1.5% from US$254.7 million as of December 31, 2024.

本集團在現金及財務管理 方面採取審慎的財務政策，定期密切監測流動資金及資本資源，因此於整個報告期內維持穩健的流動資金狀況。為管控流動資金風險，管理層密切監測本集團流動資金狀況以及維持充足現金及現金等價物，確保可動用資金，並維持結清本集團應付款項的能力。本集團致力維持最佳流動資金狀況，在能夠滿足營運資金需求的同時支持持續的業務運營。

資本架構

本集團資本管理的主要目 標為維持本集團的穩定及增長，保障其正常運營，同時通過優化債務及權益平衡使股東價值最大化。本集團的整體策略於截至2025年6月30日止六個月內保持不變。

截至2025年6月30日，本公 司的資本架構由已發行股本及儲備組成。資本架構自2024年12月31日起並無變動。截至 2025年6月30日，本集團並無任何債務證券或其他資本工具。本集團定期審閱及管理其資本架構，根據經濟狀況的變化及時作出調整。該等調整可能包括修改股息分派、增加資本以及發行新資本工具。

現金及現金等價物

現金主要用作開設新餐廳 及擴展門店網絡、採購食材與易耗品及設備、提升供應鏈管理能力、開展研發工作以加強門店管理數字化及其他技術應用，以及翻新與裝修餐廳的營運資金。截至2025年 6月30日，本集團的現金及現金等價物為

258.5百萬美元，較截至2024年12月31

日的254.7百萬美元增加1.5%。

Management Discussion and Analysis

管理層討論與分析

CAPITAL EXPENDITURE

Capital expenditure represented additions to (i) leasehold land and building; (ii) leasehold improvements; (iii) machinery; (iv) transportation equipment; (v) furniture and fixture; and (vi) renovation in progress.

The Group's capital expenditure amounted to US$22.1 million for the six months ended June 30, 2025, which was mainly for the Group's new restaurants opened and those still in the process of renovation and preparation.

The Group plans to finance future capital expenditures through cash generated from its operations, the unutilized proceeds from initial public offering on NASDAQ, and cash and cash equivalents.

CHARGE ON ASSETS

As of June 30, 2025, the Group charged bank deposits of US$3.0 million to banks to secure rental payments to the lessors.

資本開支

資本開支指添置(i)租賃土地 及樓宇；(ii)租賃物業裝修；(iii)機器；(iv)運輸設備；(v)家具及裝置；及(vi)進行中的裝修。

截至2025 年6 月30日止六個 月，本集團的資本開支為22.1 百萬美元，主要用於本集團新開設的餐廳及還在裝修籌備中的餐廳。

本集團計劃通過其經營所 得現金、於納斯達克首次公開發售的未動用所得款項以及現金及現金等價物為未來的資本開支提供資金。

資產押記

截至2025 年6 月30日，本集 團向多間銀行抵押銀行存款3.0百萬美元以作為支付出租人的租金款項的擔保。