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]

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） 董事會會議召開日期 四川百茶百道實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於2025年8月29日（星期五）舉行董事會會議，藉以審議及批准（其中包括）本 公司及其附屬公司截至2025年6月30日止六個月的中期業績及其刊發，並考慮派 發中期股息（如有）。 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. 承董事會命 四川百茶百道實業股份有限公司 執行董事兼董事長 王霄錕先生 中國成都，2025年8月19日 於本公告日期，董事會包括執行董事王霄錕先生、汪紅學先生、戴利女士及陳克 遠先生；非執行董事陳達博士；及獨立非執行董事楊志達先生、唐勇博士及程麗 女士。 ...

Core Viewpoint - The company, Cha Bai Dao, is set to open its first store in North America in Flushing, Queens, New York, targeting the large Chinese community and aiming to provide fresh tea products globally [1] Group 1: Expansion Strategy - Cha Bai Dao's overseas CEO, Wang Huan, emphasizes the goal of introducing fresh tea products to global consumers and showcasing the potential of Chinese tea culture [1] - The company has accelerated its international expansion, having entered the Singapore market in July with a successful launch and previously opening its first store in Paris in May [1] Group 2: Market Reception - The opening in Singapore saw high demand, with customers experiencing an average wait time of over 2 hours on the first day [1] - Multiple institutions, including Galaxy Securities and Huaxin Securities, have positively assessed Cha Bai Dao's overseas business development, indicating that the "one location, one strategy" approach is yielding results [1] Group 3: Growth Model - The ongoing international expansion is expected to help Cha Bai Dao establish a dual-driven growth model combining domestic and overseas markets [1]

Core Viewpoint - The company, Cha Bai Dao, is set to open its first store in North America in Flushing, Queens, New York, targeting the largest Chinese community in the U.S. [1] Expansion Strategy - Cha Bai Dao's overseas CEO, Wang Huan, emphasizes the goal of introducing fresh tea products to global consumers and showcasing the potential of Chinese tea culture [1] - The company is implementing a standardized store operation system and a global supply chain network to ensure consistency in product and service across its international locations [1] Recent Developments - In July, Cha Bai Dao entered the Singapore market with a successful launch of two stores, experiencing high customer demand with average wait times exceeding 2 hours [1] - The company opened its first store in Paris, France, in May, marking its expansion into Europe [1] Market Reception - Several institutions, including Galaxy Securities and Huaxin Securities, have released reports affirming the positive development of Cha Bai Dao's overseas business [1] - Analysts believe that the company's "one location, one strategy" approach is beginning to show results in international markets, positioning it for a dual growth model of "domestic + overseas" [1]

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7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: 四川百茶百道實業股份有限公司（「本公司」） 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02555 | 說明 H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB | | 147,763,425 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB | | 147,763,425 | 本月底法定/註冊股本總額 ...