Our mission is to build the leading global Chinese restaurant brand and to propagate Chinese culinary heritage. We are a leading Chinese cuisine restaurant brand, operating Haidilao hot pot restaurant in the international market. With roots in Sichuan from 1994, Haidilao has become one of the most popular and largest Chinese cuisine brands in the world. Since opening our first restaurant in Singapore in 2012, we have expanded to 115 self-operated restaurants in 12 countries across four continents as of December 31, 2023. According to the Frost & Sullivan Report, we were the third largest Chinese cuisine restaurant brand and the largest Chinese cuisine restaurant brand originating from China in the international market in terms of 2022 revenue. Food is an expression of cultural identity, values and a way of life. Chinese cuisine is one of the richest and most diverse culinary heritages in the world, among which hot pot is one of the most popular and fastest-growing segments. In 2022, the international market for Chinese hot pot had a market size of US$34.3 billion. With almost 30 years of brand history, we believe that, based on our industry experience, Haidilao is well-loved by guests for its unique dining experience — warm and attentive service, great ambiance and delicious food, standing out among global restaurant chains, which has made our Haidilao restaurants into a worldwide cultural phenomenon. With a brand recognition that precedes our presence, which we believe is based on our years of industry experience, we uphold Haidilao’s core values, enabling us to steadily expand in the international market. Striking a balance between honoring the Haidilao legacy and continuous innovation for localization has been the foundation of our growth and expansion in the international market. Brand legacy. Leveraging the Haidilao brand with approximately 30 years of cultivation and our extensive experience in standardized restaurant operations, we effectively address challenges faced in international expansion through implementing our proven management philosophy of “aligned interests and disciplined management.” • Aligned interests. We believe that our motivated employees lay the foundation for satisfied guests. Under our management philosophy, the interests of our employees are highly aligned to ours, thereby driving our bottom-up dynamic growth. We believe that this principle appeals to human nature across different cultures and regions and has been proven in Haidilao’s expansion in the international markets. • Disciplined management. Our disciplined management systematically ensures high-quality expansion through standardized operations by our headquarters controlling operational risks and providing key resources and support to our restaurants. We maintain strict control over key aspects of restaurant operations, including restaurant network expansion, employee training and promotion, food safety, service quality control and supply chain management. Localization. Under the framework of standardized operations and guided by core Haidilao values, we seek to adapt restaurant operations to local customs, tastes and preferences in order to provide a unique dining experience to guests and incentivize employees in different countries. We continue to innovate in the following respects. • Food and menu. We continuously develop and launch new menu items (including food ingredients, soup bases and dipping sauces) tailored to local tastes and preferences. Generally, a significant portion of our menu in each restaurant is localized. • Guest services. We give employees the autonomy to discover how to best serve our guests and encourage them to adjust how we effectuate warm and personalized services based on local customs and cultural norms. • Management structure. We have established a multi-layer structure involving our headquarters, senior regional managers and restaurant managers. Our headquarters hold control over critical restaurant management functions. Our senior regional managers who act as key roles for restaurant operations in a certain region determined by our headquarters, are responsible for overall management and strategies implementation within the region. Our restaurant managers are responsible for managing the day-to-day operations of our restaurants. Benefiting from our proven management philosophy and successful localization efforts, we have built an international Haidilao restaurant network with highly standardized operations, effective management systems and motivated employees. We have achieved strong growth and margin expansion in the past three years. • Restaurant network expansion. Our number of restaurants increased from 74 restaurants as of January 1, 2021 to 115 restaurants as of December 31, 2023. While we primarily focused on the expansion within existing countries and enhancing their operating performance over the past three years, we keep exploring new markets and have opened our first restaurant in the United Arab Emirates in the first half of 2023. • Same-store sales growth. Alongside our continual restaurant network expansion, we have also achieved meaningful same-store sales growth of 54.0% and 8.8% in 2022 and 2023, respectively. • Table turnover rate. Our overall table turnover rate improved from 2.1 times per day in 2021 to 3.3 times per day in 2022, and further improved to 3.5 times per day in 2023. • Average daily revenue per restaurant. Our average daily revenue per restaurant increased from US$10.0 thousand in 2021 to US$15.4 thousand in 2022, and further increased to US$16.3 thousand in 2023. • Income from operation margin. Our income from operation margin improved from 0.2% in 2022 to 6.3% in 2023. • Restaurant level operating margin. Our restaurant level operating profit margin significantly improved from 4.1% in 2022 to 9.0% in 2023. Our principal executive offices are located at 1 Paya Lebar Link, #09-04, PLQ 1 Paya Lebar Quarter, Singapore 408533. Our registered office in the Cayman Islands is located at the offices of Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman.