HDL | Market Cap: $801.8M (07/13/26)
Industry:
Consumer Services
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DESCRIPTION

Super Hi International operates Haidilao hot pot restaurants outside of Greater China, running 126 wholly-owned locations across 14 countries as of end of 2025, spanning Southeast Asia, East Asia, North America, Europe, and Oceania. Haidilao is a communal dining format where guests cook raw ingredients in a shared broth pot at the table, customizing their meal with a range of soup bases, ingredients, and a self-serve sauce bar. The brand is equally known for its service model — free snacks and drinks while waiting, personalized touches, and proactive staff — which Super Hi treats as a core differentiator alongside the food. Revenue is almost entirely dine-in (~94%), with small but fast-growing delivery (~2%) and retail condiment sales rounding out the mix. Super Hi makes money by filling tables: key metrics are table turnover rate (3.9x/day overall, 5.0x in East Asia) and average spend per guest (~$25 overall). Labor and raw materials together represent roughly two-thirds of revenue, while rent is unusually low (~3%) because hot pot restaurants dedicate most floor space to dining rather than kitchens. New restaurants typically break even within six months. Staff are compensated on a piece-rate basis, and restaurant managers share in their location's profits and are incentivized to train new managers — a bottom-up model that supports both quality and expansion. Growth is focused on same-store improvement, new openings in East Asia and North America, delivery, and an early-stage effort to incubate secondary restaurant brands (BBQ, malatang, izakaya) under the "Pomegranate Plan."

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