在超级玩家京东、淘宝先后入局外卖市场之后，今年上半年的餐饮行业显得热闹和拥挤。 但热闹之下，头部企业发布的最新财报数据则"喜忧参半"：一个好的信号是，尽管行业仍处在深度调整周期，但从上市公司披露的营收、净利等多项数据 可以看出，头部餐企已经出现了止跌回血的势头。 "忧"的一面则是，叠加大环境消费疲软、禁酒令等政策因素，以及外卖大战"搅局"，门店经营效率如何提升、堂食如何留住更多的消费者、新增长点到底 在哪里……这些问题仍待巨头们探索出更加确定性的方向。 下面让我们一起来分析一下，上市餐企交出的半年答卷，究竟成色如何？ 一、整体止跌回血，赛道冷热不均 整体来看，餐饮头部公司呈现出止跌回血的趋势。一方面，盈利企业有所增多，且不少企业盈利能力有所提升。 盈利公司中，达美乐在中国的运营商达势股份，继2024年净利实现超过1394%的同比增长后，今年上半年仍然保持强劲势头。数据显示，其上半年营收为 25.93亿元，同比增长27%，利润为6592.4万元，相较去年同期的1090.7万元翻了5倍。 另外，味千中国、太兴集团、锅圈、周黑鸭、古茗等企业在上半年的净利润同比增速均超过了100%。其中，味千中国净利润达到2423. ...

蜜雪冰城广州珠江新城某门店。时代财经摄。 外卖平台疯狂"撒钱"，养肥了现制新茶饮。 上半年，多家现制茶饮企业实现了营收增长。其中，蜜雪集团（02097.HK）以148.7亿元的营收位居赛道榜首，收入同比增长39.3%。截至上半年，其全 球门店总数突破5.3万家。 紧随其后的，是门店总数超7000家、客单价在15-20元区间的霸王茶姬（CHA.NASDAQ），期内实现营收67.25亿元，同比增长21.61%。成功跻身"万店俱 乐部"的古茗（01364.HK）则排名老三，营收达56.63亿元，同比增幅41.2%。 盈利能力方面，上述三家企业继续位列第一梯队。2025年上半年，蜜雪集团、霸王茶姬与古茗的净利率分别达到18.3%、19.4%和19.2%。 从营收规模、增速和盈利能力来看，茶百道（02555.HK）与沪上阿姨（02589.HK）则处于中游档位。上半年，茶百道营收25亿元，同比增长4.3%，净利 率13.32%；沪上阿姨营收18.18亿元，同比增长9.7%，净利率11.2%。 整体而言，上半年，上述五大现制茶饮品牌净利润近62亿元，共计新增近9000家店。 而作为"茶饮第一股"的奈雪的茶（02150.HK ...

8月26日，古茗控股有限公司（01364.HK）发布了2025年中期业绩报告，多项数据超出市场预期。财报 显示，2025年上半年，古茗实现收入56.63亿元，同比增长41.2%；股东应占溢利惊人地达到16.25亿 元，同比增加121.51%，这一数字甚至超过了2024年全年的净利润总额。 公司的经营效率显著提升，规模效应持续释放。截至2025年6月30日，古茗门店网络覆盖中国超过200个 各线级城市，包括11179家门店，较上年同期的9516家门店增长17.5%。 业绩亮点：收入利润高增长 经营效率大幅提升 古茗2025年中报展现了企业强劲的增长势头和卓越的盈利能力。公司期内利润达到16.26亿元，较去年 同期的7.4亿元增长119.8%；经调整净利为10.86亿元，较上年同期的7.62亿元增长42.4%。这项数据更好 地反映了公司的实际经营状况，因为剔除了一次性收益和股权激励费用等因素。 古茗的GMV（商品交易总额）增长同样令人印象深刻。 2025年上半年，公司实现GMV为140.94亿元，同比增长34.4%。单店GMV为137.05万元，同比增长 21%，单店日均GMV从去年同期的6200元提升至7600 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - In H1 2025, the company achieved revenue of 5.66 billion, a year-on-year increase of 41.2%, and adjusted profit of 1.09 billion, up 42.4% year-on-year. The growth is significantly driven by the competitive landscape in the takeaway market, which is expected to further enhance performance in Q3 [2][6]. - The company has a clear growth strategy with substantial room for store expansion, focusing on densely populated regions and leveraging a self-controlled supply chain for efficiency. High R&D investment supports rapid product innovation, which is anticipated to contribute to steady revenue growth [2][10]. - The company’s total GMV reached 14.1 billion, reflecting a 34.4% year-on-year increase, with average daily GMV per store at 7.6 thousand, up 21.2% year-on-year. The number of cups sold per store per day increased by 17% to 439 cups, while the average price per cup rose by 3% to 17.3 [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 1.79 billion, a 41.0% increase year-on-year, and an adjusted core profit of 1.14 billion, up 49.0% year-on-year [6][10]. - The gross margin for H1 2025 was 31.5%, slightly down by 0.1 percentage points year-on-year, while the adjusted profit margin improved by 0.2 percentage points to 19.2% [10][11]. Store Expansion - The company opened 1,570 new stores in H1 2025, a 105.2% increase year-on-year, bringing the total number of stores to 11,179, which is a 17.5% increase year-on-year. The distribution of stores across different city tiers shows a significant focus on lower-tier cities, with 81% of stores located in second-tier and below [10][11]. Product Development - The company launched 52 new products in H1 2025, demonstrating its strong R&D capabilities. The number of registered members on the company’s mini-program reached 178 million, with 50 million active members, indicating high consumer engagement [10][11]. - The company has equipped over 8,000 stores with coffee machines, achieving a coverage rate of approximately 72%, and introduced 16 new coffee products, which are expected to contribute to sales growth [10][11].

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 古茗控股有限公司（於開曼群島註冊成立的有限公司） | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01364 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,378,185,860 | | 0 | | 2,378,185,860 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,378,185,860 | | 0 | | 2,378,185,860 | 第 2 頁 共 10 頁 v 1.1.1 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或 ...

Core Insights - Many listed restaurant companies have seen growth in their takeaway revenue during the first half of the year [2] - The increase in takeaway sales has led to higher operational costs, particularly related to delivery services [3][4] Group 1: Takeaway Revenue Growth - Yum China reported that takeaway sales accounted for approximately 45% of its restaurant revenue in Q2, a year-on-year increase of 7% [2] - In the same period, takeaway sales for KFC represented 45% of its revenue, while for Pizza Hut, it was 43%, with year-on-year increases of 7% and 5% respectively [2] - Green Tea Group's takeaway revenue reached 524 million yuan in the first half of 2025, a 74.2% increase year-on-year, making up 22.9% of total revenue [2] - Small Garden's dine-in revenue was 1.647 billion yuan, growing by 2.2%, while takeaway revenue was 1.0574 billion yuan, up 13.7%, with takeaway accounting for 39% of total revenue [2] Group 2: Cost Increases and Operational Challenges - Green Tea's takeaway business expenses were 87.5 million yuan in the first half of the year, a 75.9% increase year-on-year, primarily due to rising fees for third-party delivery platforms [2] - Yum China noted that the increase in takeaway sales has raised rider costs, with employee benefits accounting for 27.2% of sales, up 0.9% year-on-year [3] - Executives from various companies expressed caution regarding the aggressive competition in the takeaway market, emphasizing the importance of maintaining dine-in services [4] - The surge in takeaway orders has led to increased pressure on store staff, affecting service quality and customer experience [4]

Core Viewpoint - The company's performance in the first half of 2025 exceeded expectations, driven by strong same-store sales growth and an increase in the number of stores, leading to a revenue increase of 41.2% year-on-year to 5.66 billion yuan [1]. Group 1: Financial Performance - The company's adjusted core profit for 1H25 was 1.136 billion yuan, reflecting a year-on-year increase of 49%, which was better than anticipated [1]. - The gross margin for the first half of the year was stable at 31.5%, with sales expense ratio remaining at 5.5%, indicating effective cost management despite increased brand investments [2]. - The adjusted core net profit margin improved by 1.1 percentage points year-on-year, attributed to a decrease in management and R&D expense ratios [2]. Group 2: Growth Drivers - Same-store sales growth was robust, with a 20.6% increase in GMV per store, reaching 1.37 million yuan in 1H25, and a 17.4% increase in cups sold per store [1]. - The number of operational stores increased by 1,265 to 11,179, with a year-on-year growth of 13.9% in average operational stores [1]. - The company expanded its coffee product offerings, with over 8,000 stores equipped with coffee machines and the launch of 16 new coffee products [1]. Group 3: Market Strategy - The company is focusing on enhancing customer retention and expanding its consumer base by promoting coffee and baked goods, with a double-digit growth in dine-in same-store sales [2]. - Despite the impact of delivery subsidies, the company maintained over 20% same-store GMV growth in July and August, indicating strong underlying demand [2]. - The company anticipates a better-than-expected store opening count for the year, with over 2,100 net new stores opened by the end of August [2]. Group 4: Future Outlook - The company expects continued improvement in gross margin due to economies of scale and a downward trend in management and R&D expense ratios [3]. - Adjusted net profit forecasts for 2025 and 2026 have been raised by 6.9% and 6.5%, respectively, to 2.3 billion and 2.7 billion yuan [3]. - The company is currently trading at 23/20 times the 2025/2026 P/E ratio based on adjusted net profit, with a target price of 28 HKD, indicating a 24% upside potential [3].

Core Insights - Company achieved revenue of 5.7 billion yuan in 1H25, a year-on-year increase of 41%, and adjusted core profit of 1.1 billion yuan, up 49% year-on-year, exceeding expectations due to store count and single-store revenue performance [1] - The target price has been raised from 21.2 HKD to 28 HKD, indicating a potential upside of 24%, while maintaining a buy rating [1] Store Expansion - The company added 1,265 new stores in the first half of the year, bringing the total store count to 11,179, a year-on-year increase of 18% [1] - The proportion of stores in tier two and below cities increased by 2 percentage points to 81%, with town stores accounting for 43%, up 4 percentage points year-on-year [1] - Over 3,000 stores have been opened or are under contract but not yet opened [1] Single-Store Performance - Average daily GMV per store increased by 21% to 7,600 yuan, with same-store revenue growth slightly faster, particularly in dine-in, which grew over 10% [1] - Same-store revenue growth exceeded 20% in July and August, benefiting from substantial takeaway subsidies [1] Coffee Business Development - Over 8,000 stores have been equipped with coffee machines as of 1H25, with 16 new coffee beverages launched [2] - The company began promoting coffee in late June, achieving stable daily sales of approximately 60-80 cups per store, attracting new customer segments [2] Investment Outlook - The company is viewed positively due to its regional encryption strategy, supply chain efficiency, product innovation capabilities, and store opening potential [2]

Core Viewpoint - Company reported strong revenue growth driven by store expansion and same-store sales increase, with a significant rise in both revenue and adjusted net profit for the first half of the year [1][2][3] Financial Performance - Revenue reached 5.66 billion yuan, a year-on-year increase of 41% - Adjusted net profit was 1.09 billion yuan, up 42% year-on-year, with an adjusted net profit margin of 19.2%, an increase of 0.2 percentage points [1][3] - Adjusted core profit stood at 1.14 billion yuan, growing 49% year-on-year, with an adjusted core profit margin of 20.1%, up 1 percentage point [1][3] Growth Drivers - The company's GMV for the first half reached 14.1 billion yuan, a 34% increase year-on-year, with revenue contributions from product sales, franchise management services, and direct store sales at 4.5 billion, 1.16 billion, and 0.01 billion yuan respectively, reflecting growth rates of 42%, 39%, and 14% [2] - Store expansion strategy led to a net increase of 1,265 stores, with a total of 11,179 stores by the end of the first half, including significant growth in lower-tier cities [2] - Introduction of 52 new products, including popular fruit and vegetable series and coffee products, contributed to increased sales, with daily sales per store reaching approximately 7,600 yuan, a 23% increase year-on-year [2] Profitability and Efficiency - Gross margin remained stable at 31.5%, while the management expense ratio decreased by 0.4 percentage points to 3.3% [3] - The company expects continued growth in the second half from delivery services and new product promotions, with potential for further increases in daily sales per store [3] Valuation and Forecast - Revenue forecasts for 2025 have been raised by 15% to 31%, with projected revenues of 12.4 billion, 15.2 billion, and 18.8 billion yuan for 2025, 2026, and 2027 respectively [3] - Adjusted net profit estimates for the same years have been increased by 22% to 46%, with a target market capitalization of 62.5 billion HKD and a revised target price of 27.7 HKD [3]