Super Hi International Holding Ltd. (NASDAQ: HDL)

Super Hi International Holding Ltd. is a leading international Chinese cuisine restaurant brand that operates Haidilao hot pot restaurants across 14 countries in Asia, North America, Europe and Oceania. The company started its overseas restaurant business in 2012 after opening its first outlet in Singapore. As of December 31, 2025, it owned and operated 126 self‑operated Haidilao locations, serving over 32 million guest visits each year. Its mission is to become a leading global integrated restaurant group, build the world’s premier Chinese cuisine brand, and promote Chinese culinary heritage worldwide. The firm draws on more than thirty years of Haidilao’s brand history, emphasizing warm and attentive service, distinctive ambiance, and authentic Sichuan‑style hot pot. By balancing standardized operations with localized menu adaptations, Super Hi International Holding Ltd. has created a globally recognized dining experience that appeals to diverse cultural preferences.

The company generates revenue primarily from the operation of its Haidilao restaurant locations, which provide dine‑in hot pot meals, beverage service, and ancillary offerings such as birthday celebrations, free fruit snacks, and cultural experiences like hand‑pulled noodle dances. In addition, Super Hi International Holding Ltd. earns income from a delivery segment that serves guests through its hotline, social media channels, and local online food‑delivery platforms, offering packaged hot pot meals with complementary care packages. A third revenue stream comes from the sale of Haidilao‑branded condiments, packaged food items, and secondary brand products to retail consumers and third‑party distributors. Financially, the company reported total revenue of US$840.8 million in 2025, up 8.0% from US$778.3 million in 2024 and up 13.4% from US$686.4 million in 2023. Average daily revenue per restaurant rose from US$16.3 thousand in 2023 to US$18.1 thousand in 2025, while same‑store sales grew 7.1% in 2024 and 2.9% in 2025. These results reflect steady top‑line growth driven by both new outlets and higher per‑store productivity.

The company operates through three core business segments: the Haidilao Restaurant Business, the Delivery Business, and the Others segment comprising branded product sales.

• Haidilao Restaurant Business: This segment owns and operates self‑service Haidilao hot pot restaurants offering signature soup bases such as spicy vegetable oil Sichuan‑style, tomato, mushroom and savory bone broths, plus hand‑pulled noodles and a self‑serve sauce and condiment bar with over twenty ingredients including soy sauce, chopped garlic, hoisin sauce, sesame sauce, chopped cilantro and dried chili pepper flakes. It provides hallmark services like complimentary fruit snacks, hairbands for long hair, eyeglass cleaning cloths, and manicure stations in select locations to enhance the warm and attentive dining experience. Trademarked items include the Haidilao dancing noodles, Laopai dishes, and the Prime Cuts Lab fresh meat cutting counter, which lets guests watch their meat sliced to preference. Restaurants feature a light green and yellow theme, with localized tweaks to décor, lighting, and seating to suit regional tastes. Employee engagement is driven by a mentor‑mentee system and piece‑rate compensation, aligning staff incentives with profitability and service quality. Menu innovation introduces local ingredients such as tom yum soup base in Thailand and miso soup base in Japan, keeping the offering relevant across markets. Standardized procedures for food safety, supply chain management, and performance assessment ensure consistency, with regional managers overseeing groups of outlets.

• Delivery Business: This segment provides food delivery services for Haidilao hot pot meals via the company’s hotline, official social media accounts, and partnerships with local online food‑delivery platforms. Each delivery order contains the selected hot pot ingredients, side dishes, and a care package with napkins and peppermint candies to mirror the in‑restaurant experience. Food is packed in sealed containers to guarantee freshness and hygiene, with a refund or compensation offered if the seal is damaged on receipt. The delivery team follows kitchen‑standard preparation protocols so that soup bases, noodles, and condiments retain the same quality as served in the dining area. Seasonal promotions and limited‑time menu items are often launched exclusively for the delivery channel to stimulate demand and test new flavors. Data from ordering platforms help analyze consumer preferences, enabling tailored offerings and optimized delivery routes for faster service. Investment in insulated packaging and temperature‑controlled logistics maintains product integrity during transit, especially in warmer climates.

• Others: This segment generates revenue from the sale of Haidilao‑branded hot pot condiment products, packaged food items, and secondary brand offerings to retail guests, supermarkets, and third‑party distributors. Products include ready‑to‑use soup bases, dipping sauces, snack items such as spicy peanuts and seaweed, and meal kits that let consumers prepare a Haidilao‑style hot pot at home. The segment also markets trademarked items like the Haidilao dancing noodles kits and Laopai specialty ingredients under the Haidilao brand. Partnerships with local partners create co‑branded foods that blend regional flavors with the core Haidilao taste. Marketing emphasizes the authenticity of the Haidilao recipe, highlighting its thirty‑year heritage and high‑quality ingredients. Sales flow through online commerce and traditional retail channels, reaching consumers who prefer home cooking or gifting. This segment extends the brand and diversifies revenue beyond the restaurant footprint.

Within the competitive landscape of international Chinese cuisine restaurants, Super Hi International Holding Ltd. distinguishes itself through its Haidilao brand, which has been ranked among the Top 25 Most Valuable Restaurant Brands by Brand Finance every year since 2019, placing it alongside global chains such as Starbucks and McDonald’s. The company competes with other hot pot chains, casual dining concepts, and independent Asian restaurants that seek customers desiring authentic Sichuan flavors and high‑touch service. Its advantages stem from a proven management philosophy of “aligned interests and disciplined management,” which aligns employee incentives with corporate goals and ensures consistent operational standards across markets. The firm’s supply chain, including two central kitchens in Singapore and Malaysia, supports efficient procurement and quality control of fresh ingredients. Localization of soup bases, menu items, and service customs to local preferences lets it appeal to diverse demographics while preserving the core Haidilao experience. These factors have underpinned steady same‑store sales growth and restaurant expansion despite a fragmented market with roughly 700,000 Chinese cuisine establishments worldwide.

The company’s customer base consists mainly of individual diners seeking hot pot meals, families and groups celebrating birthdays, anniversaries, and other special occasions, and corporate clients arranging private dining events or team‑building activities. Super Hi International Holding Ltd. also draws celebrities, social media influencers, and cultural figures who visit its restaurants and share their experiences online, boosting brand visibility. The Delivery Business segment serves consumers who prefer the convenience of enjoying Haidilao’s hot pot at home or in the office, such as busy professionals and students. The Others segment reaches retail shoppers who buy branded condiments, sauces, and snack items for home cooking or gifting, extending the brand beyond restaurants. Operating in fourteen countries yields a varied demographic mix that includes Asian expatriates, local enthusiasts of Chinese cuisine, and international diners curious about authentic hot pot culture. Overall, the company appeals across age groups and income levels, underpinned by its reputation for consistent quality, attentive service, and a memorable dining experience.