The operational turnaround is real — revenue, operating margin, and restaurant-level profitability all improved meaningfully. But the net income collapse from FX volatility is a major distraction. Watch for whether management adopts a formal hedging policy as signaled in the filing; without it, quarterly earnings will remain noisy. The 20-F annual report context showed 2025 net profit surged 69.6% to $36.3M, making the H1 2026 net profit of $2.2M a stark contrast. The stock may react to the strong operational beat, but the FX-driven earnings miss will cap upside.
Price Chart
Executive Summary
Super Hi International reported strong H1 2026 results with revenue up 12.1% YoY to $444.8M and operating income surging 87.3% to $22.1M, driven by improved restaurant-level margins (10.7% vs 6.4%) and robust growth in delivery (+92.2%) and other businesses (+143.5%). However, net profit collapsed 92.5% to $2.1M from $28.3M a year ago, hammered by a $32.4M swing in foreign exchange losses ($8.6M loss vs $23.8M gain), which masks the underlying operational improvement.
Key Facts
- Revenue grew 12.1% YoY to $444.8M for H1 2026 (vs $396.7M in H1 2025)
- Income from operation surged 87.3% to $22.1M; operating margin improved to 5.0% from 3.0%
- Restaurant-level operating margin jumped to 10.7% from 6.4% YoY
- Net profit attributable to owners collapsed to $2.2M from $28.4M, a 92.3% decline
- Net foreign exchange loss of $8.6M vs a $23.8M gain in the prior year period — a $32.4M swing
- Delivery revenue grew 92.2% to $14.8M; other business revenue grew 143.5% to $28.0M
- Same-store sales rose 1.7% YoY; total guest visits increased 4.5% to 16.2M
- Restaurant count expanded to 129 from 126 a year ago; 3 new Haidilao restaurants opened
- No interim dividend declared; no bank borrowings; cash and equivalents of $147.7M
- CEO and CFO changes: Ms. June YANG resigned April 15, Mr. LI Yu appointed CEO; Ms. QU Cong resigned as CFO Sept 2, Ms. LI Lu appointed
Financial Impact
Revenue +12.1% to $444.8M; operating profit +87.3% to $22.1M; net profit -92.3% to $2.2M due to $32.4M FX swing
Risk Factors
- Unhedged FX exposure: $8.6M net FX loss in H1 2026 vs $23.8M gain in H1 2025 — earnings are highly sensitive to currency moves
- Net profit collapse: 92.3% decline in attributable profit despite strong revenue growth may spook momentum investors
- Restaurant-level margin improvement may not be sustainable if pre-opening costs continue to rise with expansion
- No interim dividend and no share buyback program — capital return absent
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-109419 |
| Document: tm2625863d1_6k.htm | 0001104659-26-109419 |
| Document: 0001104659-26-109419-index-headers.html | 0001104659-26-109419 |
| Document: 0001104659-26-109419-index.html | 0001104659-26-109419 |
| Document: 0001104659-26-109419.txt | 0001104659-26-109419 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 6-K | $10.36 | awaiting T+60 | — | $9.90 (−4.45%) |
Oct 2, 2026 24d ago | 6-K | $11.31 | awaiting T+60 | — | $9.90 (−12.47%) |
Sep 22, 2026 5w ago | 6-K | $11.83 | awaiting T+60 | — | $9.90 (−16.31%) |
Sep 2, 2026 7w ago | 6-K | $12.73 | awaiting T+60 | — | $9.90 (−22.23%) |
Sep 2, 2026 7w ago | 6-K | $12.73 | awaiting T+60 | — | $9.90 (−22.23%) |
Aug 26, 2026 8w ago | 6-K | $14.13 | awaiting T+60 | — | $9.90 (−29.91%) |
Aug 14, 2026 10w ago | 6-K | $13.80 | awaiting T+60 | — | $9.90 (−28.26%) |
Aug 14, 2026 10w ago | Press Release | $13.80 | awaiting T+60 | — | $9.90 (−28.26%) |
Aug 5, 2026 11w ago | 6-K | $13.49 | awaiting T+60 | — | $9.90 (−26.61%) |
Jun 12, 2026 19w ago | 6-K | $13.73 $12.51 | ▼ −8.89% | ▼ −12.15% | $9.90 (−27.90%) |
US Market Status
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