Breaking Down Super Hi International Holding Ltd. Financial Health: Key Insights for Investors

Born in 2022 as a spin-off from Haidilao and listed on the Hong Kong Main Board on December 30, 2022 (9658.HK), Super Hi International rapidly scaled its international footprint-operating 115 self-operated Haidilao restaurants across 12 countries by end-2023 and expanding to 122 locations in 14 countries by December 31, 2024-while raising growth capital with a Nasdaq listing in May 2024 that fetched $52.7 million from nearly 2.7 million ADSs and saw shares jump 38% from a $19.56 IPO price to $27; the Singapore-headquartered group reported $779.63 million in revenue for 2024 (up 13.40% year-over-year) and a net income of $21.80 million (down 15.02%), supported by a 13,057-strong workforce, revenue per employee of about $61,690, and a market capitalization near HK$8.66 billion as of December 9, 2025-facts that frame its mission to export Haidilao's service-led hotpot experience, its tech-driven smart-restaurant experiments, and a business model built on self-managed dining, delivery, and branded product sales.]

Super Hi International Holding Ltd. (9658.HK): Intro

• Incorporated in 2022 as a spin-off from Haidilao International Holdings Ltd., dedicated to operating and expanding Haidilao's international business.
• Listed on the Main Board of the Hong Kong Stock Exchange on December 30, 2022 (stock code: 9658.HK).
• In December 2022, opened its 20th Singapore outlet at Jurong Point with a Nanyang‑inspired interior and seating capacity of over 400.
• In May 2024, listed on Nasdaq under ticker 'HDL', raising $52.7 million by selling nearly 2.7 million American Depositary Shares (ADSs).
• By end‑2023 operated 115 self‑operated Haidilao restaurants across 12 countries; by December 31, 2024 operated 122 self‑operated restaurants across 14 countries - the largest Chinese‑cuisine brand internationally by number of countries covered by self‑operated outlets.

• Formed as an international‑operations spin‑off from Haidilao International Holdings Ltd.; retains strategic and brand linkage to Haidilao's global hotpot system and operating practices.
• Publicly traded on HKEX (9658.HK) and Nasdaq (HDL after the 2024 ADS offering).

• Mission: scale the Haidilao dining experience globally through high‑service, standardized operations and market‑tailored concepts.
• Focus areas: service excellence, food safety & quality, localization of store design and menu, technology‑enabled operations.
• For the company's formal statement: Mission Statement, Vision, & Core Values (2026) of Super Hi International Holding Ltd.

• Business model centers on self‑operated full‑service Haidilao restaurants (core format), with standardized training, centralized procurement, and shared IT/operations systems to ensure consistency across countries.
• Local adaptation: store layouts, seating capacity (examples: >400 seats at Jurong Point), menu variants, and marketing tailored to each market.
• Scale strategy: prioritize key international metros, open flagship large‑format stores, then expand with additional units in each market to build brand recognition and operational leverage.

• Restaurants: 115 self‑operated outlets across 12 countries at end‑2023; 122 outlets across 14 countries as of Dec 31, 2024.
• Geographic coverage (examples): Singapore, Thailand, Vietnam, Malaysia, Indonesia, Japan, Korea, U.S., Canada, U.K., Australia (and two additional markets added by 2024).
• Capital markets: HKEX listing (9658.HK) Dec 30, 2022; Nasdaq ADS offering raised $52.7M in May 2024 (~2.7M ADSs sold).

Super Hi International Holding Ltd. (9658.HK): History

• Public listings: Hong Kong Stock Exchange (9658.HK) and Nasdaq (ticker HDL).
• Spin-off origin: carved out of Haidilao International Holdings Ltd.; Haidilao continues Greater China operations.
• Headquarters: Singapore; primary operations: international markets.

• Operational scale: over 13,000 employees supporting global restaurants, supply chain, and technology platforms.
• Investor interest: strong market reception evidenced by Nasdaq debut surge and multi-exchange listing.
• Strategic positioning: retains brand and operational synergies with Haidilao while pursuing international growth.

Super Hi International Holding Ltd. (9658.HK): Ownership Structure

Super Hi International Holding Ltd. (9658.HK) carries a mission rooted in exporting Chinese culinary culture through the Haidilao hotpot experience, while maintaining tight operational standards and pursuing technological innovation across its international footprint.

• Mission and Values: Spread Chinese culinary culture globally by operating Haidilao hotpot restaurants internationally.
• Signature Experience: Deliver the Haidilao-signature dining experience - warm, attentive service; inviting ambiance; consistent, high-quality food.
• Innovation: Invest in smart-restaurant technologies - e.g., the Singapore smart restaurant featuring an intelligent food room with robotic arms to serve customers more efficiently and safely.
• Localization: Adapt operations to local customs, tastes, and preferences to maximize customer satisfaction in each market.
• Food Safety & Quality: Uphold stringent food safety and quality control measures for a uniform dining experience across locations.
• Continuous Improvement: Continuously seek ways to enhance the customer experience and food quality through training, R&D, and operations refinement.

Key operational and financial snapshots (publicly reported / approximate where noted):

How the company monetizes and sustains growth:

• Core dining revenue: Food and beverage sales from dine-in hotpot services - high turnover with relatively modest per-cover margins offset by scale and ancillary sales.
• Premium service model: Revenue uplift from premium service offerings, private rooms, and supplementary products (snacks, beverages, dipping sauces, branded merchandise).
• Franchise & management fee models: In select markets, revenue from franchising/licensing, royalties, or management contracts accelerates expansion with lower capital intensity.
• Operational efficiency: Automation and smart-restaurant technologies reduce labor costs and improve throughput, enhancing margins over time.
• Cross-market learning: Centralized training, supply-chain controls, and standardized recipes ensure cost control and consistent unit economics as locations scale.

Ownership breakdown (major holders - approximate based on latest public filings and market disclosures):

Governance and shareholder alignment: the company balances founder/operator influence with institutional oversight, emphasizing standardized operations, food safety compliance, and market-adaptive strategies to protect brand equity and long-term shareholder value.

Further reading: Exploring Super Hi International Holding Ltd. Investor Profile: Who's Buying and Why?

Super Hi International Holding Ltd. (9658.HK): Mission and Values

• Restaurant model: company-owned, self-managed Haidilao hotpot restaurants offering signature soup bases, fresh ingredients, and self-serve sauce and condiment bars designed for customizable guest experiences.
• Global footprint: as of December 31, 2024, the company operates 122 self-operated locations across 14 countries on 4 continents, targeting urban markets with strong dining-out demand.
• Local adaptation: menus, seasonings, portion sizes, operating hours and guest-flow arrangements are adapted to local customs, tastes and regulatory environments while retaining core Haidilao service and menu hallmarks.
• Food safety & quality control: standardized supplier qualification, centralized HACCP-aligned procedures, routine audits and digital traceability are used to maintain consistent standards across all restaurants.
• Employee motivation & management: structured training academies, performance-linked incentive systems, career progression tracks and on-site management protocols support high service consistency and guest satisfaction.

• Smart restaurant technology: rollout of intelligent kitchens and automated equipment (e.g., robotic arms and intelligent food storage/dispensing rooms) to improve throughput, reduce manual repetitive tasks and strengthen hygiene controls.
• Digital guest journey: reservation platforms, queue-management apps and in-restaurant tablets enhance table turnover, reduce wait times and collect behavioral data for menu and operations optimization.
• Operational efficiency focus: centralized procurement, standardized prep processes and technology-enabled inventory control contribute to margin management and consistent guest experience.

• Primary revenue streams: in-restaurant dining sales (food & beverage), ancillary retail of branded sauces/products where applicable, and limited delivery/takeaway channels adapted per market.
• Cost structure: key costs include food and raw materials, labor (service-intensive model), occupancy, and technology investments (automation and digital systems) aimed at improving long-term unit economics.
• Margin levers: increasing table turnover via reservation and queue management, standardized procurement, and incremental automation in kitchens/food rooms to reduce labor intensity and shrinkage.

• Mission orientation: deliver a consistent Haidilao signature dining experience globally while respecting local tastes, with an emphasis on food safety, service quality and technology-driven efficiency.
• Management focus: balancing high service standards and employee engagement with scalable, capital-efficient expansion of self-operated restaurants.
• Investor resources: for deeper investor-focused analysis and shareholder composition, see Exploring Super Hi International Holding Ltd. Investor Profile: Who's Buying and Why?

Super Hi International Holding Ltd. (9658.HK): How It Works

• Core business: operation of self‑managed Haidilao hotpot restaurants in international markets (dine‑in).
• Food delivery: third‑party and in‑house delivery services serving local markets.
• Retail & packaged goods: sale of hot pot condiments, sauces and ready‑to‑heat food products under the Haidilao brand and secondary brands to supermarkets, specialty retailers and online platforms.
• Ancillary services: in‑restaurant value‑adds (beverages, set menus, private rooms) and licensing/partnership arrangements in select markets.

• 2024 revenue: $779.63 million, up 13.40% from $687.53 million in 2023.
• 2024 net income: $21.80 million, down 15.02% year‑over‑year.
• Revenue per employee (2024): approximately $61,690, implying efficient labor productivity.
• Market capitalization (as of 9 Dec 2025): ~HK$8.66 billion, reflecting investor valuation of growth and international expansion.

• Self‑managed restaurants keep control of service quality, unit economics and brand experience while enabling faster rollout of new service models (delivery, express formats).
• Packaged condiments and retail SKUs provide higher‑margin, scalable revenue streams and extend brand presence beyond dining locations.
• Delivery and takeaway improve asset utilization and broaden addressable market in urban centers.

Super Hi International Holding Ltd. (9658.HK): How It Makes Money

• Core restaurant operations: dine-in revenue from 122 self-operated Haidilao locations (14 countries).
• Takeaway and delivery: growing share of orders via delivery platforms and in-house channels.
• Retail & packaged products: pre-made broths, sauces and branded merchandise sold in select markets.
• Value-added services: membership programs, premium seating/experiential upsells, and in-store events.
• Franchise/licensing: selective franchising and joint-venture models in target markets to accelerate footprint.

• Market position & future outlook: third-largest international Chinese-cuisine brand; committed to global expansion using IPO proceeds and continuing to spread Chinese culinary culture through Haidilao hotpot.
• Operational focus: continuous improvement of dining experience and dish quality to drive same-store sales and customer loyalty.