Tsui Wah Holdings (01314.HK) 2025 Interim Results and Strategic Analysis

Tsui Wah Holdings (01314.HK)'s 2025 interim results show that revenue increased by 1.9% year-on-year to HK$457 million, but net profit declined by 23.7% to HK$4.9 million [2]. The company’s multi-brand strategy has made progress, with subsidiary brand stores reaching 25 and contributing 34% of turnover [6], but the mainland market encountered setbacks (a net decrease of 4 stores). Hong Kong’s catering consumption voucher policy may support its Hong Kong business [7], and its Macau and Singapore businesses performed stably.

• Financial Performance
  : Interim revenue of HK$457 million (+1.9% YoY), net profit of HK$4.9 million (-23.7% YoY) [2][3]
• Store Network
  : 30 in Hong Kong, 32 in mainland China (net decrease of 4), 3 in Macau, 5 in Singapore [9]
• Revenue Structure
  : Main brand accounts for 66%, subsidiary brands account for 34% [6]

• Multi-brand Expansion
  : Subsidiary brands cover categories such as fast food and tea drinks, with the number of stores reaching 25 [6]
• Cost Optimization
  : Shelved the construction of the Shanghai kitchen and redirected funds to operations [9]
• Market Adjustment
  : Focus on Hong Kong’s core market and shrink mainland strategy

• Policy Benefits
  : Hong Kong’s policy of 1 million catering consumption vouchers per week may boost local demand [7]
• Industry Pressure
  : The catering industry faces challenges of slow consumption recovery and intensified competition

1. Multi-brand Potential
   : Subsidiary brands have become new growth engines, but continuous investment is needed
2. Mainland Dilemma
   : Fierce market competition requires optimizing products and store layout
3. Policy Sensitivity
   : Hong Kong business benefits from local consumption stimulus policies

• Profit Pressure
  : Need to be alert to the downward trend of net profit
• Market Competition
  : Intensified competition in Hong Kong’s local catering market
• Mainland Uncertainty
  : Market expansion faces challenges