Core Viewpoint - Tea Baidao (02555.HK) reported a dual growth in revenue and profit for the first half of 2025, indicating a positive trend in the company's performance [1] Financial Performance - The company achieved a revenue of 2.5 billion yuan, representing a year-on-year growth of 4% [1] - Profit for the period increased to 333 million yuan [1] Product Development - During the first half of the year, Tea Baidao launched 55 new products, with several becoming market highlights, such as Bamboo Fragrance Oolong, Fresh Purple Mint Grape, and Lychee Ice Milk [1] - The efficiency of research and development and the rate of successful products have significantly improved [1] Market Impact - The "True Fresh Ice Milk" series, a pioneering product by Tea Baidao, has sold nearly 20 million cups, becoming a phenomenon in the market and leading the industry's health transformation [1] - The continuous enrichment of the product matrix and the steady improvement of market reputation have resulted in a registered membership of 160 million, reflecting a year-on-year growth of over 40% [1]

Core Viewpoint - Cha Bai Dao (02555.HK) reported a growth in both revenue and profit for the first half of the year, with revenue reaching 2.5 billion yuan, a year-on-year increase of 4%, and profit rising to 333 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 2.5 billion yuan in the first half of the year, reflecting a 4% year-on-year growth [1] - Profit for the period increased to 333 million yuan [1] Group 2: International Expansion - Cha Bai Dao has established stores in 8 countries and regions, with over 40 signed store agreements [1] - In South Korea, the company has obtained franchise qualifications and currently operates 18 stores [1] - The company is expanding its presence in South Korea beyond the capital area, including a new store in the tourist destination of Jeju Island, and has plans for its first stores in France and the United States [1]

Core Viewpoint - The company achieved revenue and profit growth in the first half of the year, with revenue reaching 2.5 billion yuan, a year-on-year increase of 4%, and profit rising to 333 million yuan [1] Group 1: Financial Performance - The company's revenue for the first half of the year was 2.5 billion yuan, reflecting a 4% year-on-year growth [1] - The profit for the same period increased to 333 million yuan [1] Group 2: International Expansion - The company has established stores in 8 countries and regions, with over 40 signed store agreements [1] - In South Korea, the company has obtained franchise qualifications and currently operates 18 stores, expanding beyond the capital area [1] - The company plans to open its first stores in France and the United States, accelerating its international business development [1]

Group 1 - The core viewpoint of the article highlights that Cha Bai Dao (02555) has achieved growth in both revenue and profit in its half-year report, with revenue reaching 2.5 billion yuan, a year-on-year increase of 4%, and profit rising to 333 million yuan [1] Group 2 - The company has expanded its overseas presence, establishing stores in 8 countries and regions, with over 40 signed store agreements [1] - In South Korea, Cha Bai Dao has obtained franchise qualifications, enabling scalable chain operations, with the number of stores in South Korea reaching 18 [1] - The company has successfully expanded its stores beyond the capital area of South Korea, opening a new store in the tourist destination of Jeju Island and accelerating its market expansion across South Korea [1] - Plans for opening its first stores in France and the United States have been announced, indicating a rapid rollout of overseas operations [1]

Core Insights - Tea Baidao (02555.HK) reported a revenue of 2.5 billion yuan for the first half of 2025, representing a year-on-year growth of 4% [1] - The company's profit increased to 333 million yuan, with a gross margin of 32.6% [1] - Significant progress in supply chain capabilities has led to improved operational efficiency and reduced overall operating costs [1] Revenue and Profit - Total revenue for the first half of 2025 reached 2.5 billion yuan, marking a 4% increase compared to the previous year [1] - Profit for the period rose to 333 million yuan, indicating strong financial performance [1] - The gross margin achieved was 32.6%, reflecting effective cost management [1] Supply Chain and Operational Efficiency - The number of national distribution centers has increased to 26, enhancing supply chain capabilities [1] - Approximately 93.8% of stores can receive next-day replenishment after placing orders [1] - About 95% of stores receive two or more deliveries per week, showcasing robust logistics [1] Market Position and Competitive Advantage - Over 500 stores in major cities like Beijing, Shanghai, Chengdu, and Chongqing offer nighttime delivery services [1] - The fruit distribution rate across stores has improved to 80%, allowing for high-frequency delivery of perishable items like fresh milk and fruits [1] - According to a recent report by CICC, the supply chain capability supporting nationwide balanced distribution has become a core competitive advantage for Tea Baidao, earning a "outperforming the industry" rating [1]

EF001 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 四川百茶百道實業股份有限公司 | | 股份代號 | 02555 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月止之中期股息 | | 公告日期 | 2025年8月29日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.18 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Sichuan Baicha Baidao Industrial Co., Ltd. 四川百茶百道實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2555） 截至2025年6月30日止六個月之中期業績公告 四川百茶百道實業股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣 佈本公司及其附屬公司（「本集團」或「我們」）截至2025年6月30日止六個月（「報告 期」）之未經審核簡明綜合中期業績，連同2024年同期的比較數字如下： 財務表現摘要 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 2,499,550 | 2,395,829 | | 毛利 | 814,762 | 760,056 | | 稅前利潤 | 413,567 | 309,380 | ...

Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 12.00, based on a relative P/E valuation method corresponding to 19/15 times earnings for 2025/26 [1] - The ready-to-drink tea market is expected to maintain rapid growth, with a market size of RMB 258.5 billion in 2023 and a CAGR of 19% over the past five years, projected to continue high growth from 2024 to 2028 [1] - The industry remains fragmented with a CR5 of 46.8%, indicating room for leading brands to increase market penetration [1] Company Overview - Company ranks third in China's ready-to-drink tea market with a market share of 6.8% in 2023, rapidly expanding its store network through a franchise model, aiming for 8,395 stores by the end of 2024 with a CAGR of 68.4% from 2020 to 2024 [2] - The company has a balanced and diverse product matrix, with approximately 40% of sales from classic products and 60% from seasonal and new tea drinks, boasting over 139 million registered members by the end of 2024 [2] - The company benefits from a robust supply chain and a systematic franchise management system, supporting its nationwide expansion and efficient store operations [2] Performance Outlook - The company is expected to achieve a recovery in performance in 2025, with same-store sales growth and franchisee profitability anticipated to stabilize from Q2 2025 onwards after adjustments in store opening pace and store efficiency in 2024 [2] - Earnings per share (EPS) are projected to be RMB 0.59 and RMB 0.72 for 2025 and 2026 respectively, with a CAGR of 50% [3] - The company is currently trading at 14/12 times earnings for 2025/26, with a target price reflecting a 32% upside potential [3] Market Differentiation - The company distinguishes itself from market concerns regarding same-store sales sustainability by enhancing its new product development, category extension, and marketing capabilities, indicating a sustainable growth trajectory [3] - Potential catalysts for growth include same-store sales growth, new product development, and supply chain enhancements [3]

Core Viewpoint - CICC has initiated coverage on Cha Bai Dao (02555) with an "outperform industry" rating and a target price of HKD 12, based on a relative valuation method with projected P/E ratios of 19x and 15x for the next two years [1] Company Summary - CICC forecasts that Cha Bai Dao's earnings per share will be RMB 0.59 and RMB 0.72 for the next two years, representing a compound annual growth rate of 50% [1] - The company is expected to achieve significant performance growth through continuous store expansion, supported by a balanced product matrix and store layout [1] - Cha Bai Dao has established a comprehensive franchise management system, which includes franchisee selection, store location, new store guidance, and operational management [1] Industry Summary - The ready-to-drink tea industry is anticipated to maintain rapid growth, with the mainstream market segment priced between RMB 10 to 20 [1] - Industry leaders are expected to continue expanding their market share due to economies of scale [1] - Cha Bai Dao's core competitive advantages include a diverse and balanced product matrix that continues to attract consumers, as well as supply chain capabilities that support a nationwide balanced layout [1]

Group 1 - The core viewpoint of the report is that Tea Baidao (02555) is expected to achieve good performance growth through continuous store expansion, supported by a balanced product matrix and store layout [1] - The target price for Tea Baidao is set at HKD 12, based on a relative valuation method with forecasted price-to-earnings ratios of 19 times and 15 times for the next two years [1] - The estimated earnings per share for Tea Baidao are projected to be RMB 0.59 and RMB 0.72 for the next two years, indicating a compound annual growth rate of 50% [1] Group 2 - The ready-to-drink tea industry is expected to maintain rapid growth, with the mainstream market being dominated by the price range of RMB 10 to 20 [1] - Industry leaders are anticipated to continue expanding their market share due to economies of scale [1] - Tea Baidao's core competitive advantages include a balanced and diverse product matrix, strong supply chain capabilities supporting nationwide layout, and a systematic franchise management system that aids in stable store expansion [1]