近日，第四届国际地理标志产品博览会在泸州国际会展中心举办，日照绿茶集团受邀参展。 本届博览会以"强化地标赋能惠享美好生活"为主题，展览及活动面积达4.5万平方米，设主宾国馆、全球好物馆、国潮尖货馆三大展馆共42个展区，集中 展示800余家企业的3000余款产品。日照绿茶集团作为日照绿茶防伪溯源专用标识首批使用企业，"海曲雨青"等产品凭借地域与茶文化融合的设计理念及 绿色有机品质优势，成为现场关注焦点。 日照绿茶集团依托北纬35°黄金茶产带与"世界三大海岸绿茶"生态禀赋，通过与国际地标产品同台展示，进一步提升了国家地理标志产品市场辨识度，强 化了日照绿茶"生长周期长、微量元素富集"的独特品质。此次参展不仅为"海曲雨青"等产品向全国知名品牌跨越、高端市场拓展搭建了关键桥梁，更将为 茶文化传承创新及区域经济高质量发展注入新动能。 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 綠茶集團有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 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) | 06831 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 ...

Group 1: Company Overview - Green Tea Group, founded in Hangzhou, is a leading casual Chinese dining chain focused on fusion cuisine, with 465 restaurants across 141 cities as of the end of 2024, generating revenue of 3.838 billion yuan [1] - The company plans to expand its restaurant network through regional densification, penetration into lower-tier markets, and the establishment of locations in tourist areas [1] Group 2: Market Potential - The casual Chinese dining market in mainland China is experiencing significant growth, with the market size increasing from 39.527 billion yuan in 2020 to 55.718 billion yuan in 2024, reflecting a CAGR of 8.96% [2] - The market for casual Chinese dining specifically is projected to grow from 351.3 billion yuan in 2020 to 534.7 billion yuan in 2024, with a CAGR of 11.1% [2] Group 3: Competitive Advantages - Green Tea stands out due to its unique fusion cuisine, competitive pricing, and distinctive restaurant decor, with an average per capita consumption of 50-70 yuan, which is lower than competitors [3] - The company has a balanced revenue distribution across various regions, with 33% from East China, 18% from Guangdong, 12% from North China, and 37% from other areas [3] Group 4: Growth Strategy - The company plans to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027 respectively, with a focus on East China, Guangdong, North China, and overseas markets [4] - Green Tea aims to enhance its product development capabilities, with plans to launch 172, 168, and 203 new products from 2022 to 2024, and to increase its takeaway revenue at a CAGR of 35% [4]

Group 1 - The core viewpoint of Dongwu Securities is that the current valuation of Green Tea Group (06831) remains cost-effective, with significant room for store penetration and new store formats expected, leading to a "Buy" rating [1] - The company is projected to achieve revenues of 48.01 billion, 59.67 billion, and 72.53 billion yuan for the years 2025-2027, with year-on-year growth rates of 25.09%, 24.28%, and 21.54% respectively [1] - The net profit attributable to the parent company is expected to be 5.03 billion, 6.32 billion, and 8.11 billion yuan for the same period, with growth rates of 43.70%, 25.64%, and 28.34% respectively [1] Group 2 - The casual Chinese dining market in mainland China is experiencing steady growth, with the market size increasing from 39,527 billion yuan in 2020 to 55,718 billion yuan in 2024, reflecting a CAGR of 8.96% [2] - The market for casual Chinese dining is expected to grow from 3,513 billion yuan to 5,347 billion yuan from 2020 to 2024, with a CAGR of 11.1%, indicating a faster growth rate compared to the overall dining market [2] Group 3 - Green Tea Group stands out due to its unique fusion cuisine, cost-effective dishes, and distinctive restaurant decor, which incorporates elements of traditional Chinese culture and natural landscapes [3] - The average consumer spending at Green Tea is between 50-70 yuan, which is more competitive compared to other brands like Xibei and Taier, where the spending ranges from 60-90 yuan [3] Group 4 - The company plans to accelerate store openings, targeting 150, 200, and 213 new stores in 2025-2027, with specific plans for various regions and cities [4] - The company aims to enhance its product development capabilities, with a significant increase in the number of new products launched from 172 in 2022 to 203 in 2024, and a projected CAGR of 35% for takeaway revenue [4]

Core Viewpoint - Green Tea Group, a leading casual Chinese dining chain based in Hangzhou, is expanding its restaurant network across China, with plans to increase its number of locations from 465 in 2024 to 502 by mid-2025, while achieving a revenue of 3.838 billion yuan in 2024 [1][2]. Industry Overview - The casual Chinese dining market in mainland China is experiencing significant growth, with the market size increasing from 3.9527 trillion yuan in 2020 to 5.5718 trillion yuan in 2024, representing a CAGR of 8.96% [1]. - The retail sales of Chinese restaurants are projected to account for 55.13% of the total dining market in 2024, highlighting the dominance of this segment [1]. Company Strategy - Green Tea Group plans to enhance its restaurant network through geographic expansion, targeting lower-tier markets, and establishing locations in tourist areas [2]. - The company aims to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027 respectively, with a focus on various regions and cities [2]. Competitive Advantages - The brand stands out due to its unique fusion cuisine, which combines diverse regional ingredients and cooking techniques, appealing to a broad audience [2]. - Green Tea's average consumer spending is between 50-70 yuan, which is more competitive compared to other brands like Xibei and Taier, enhancing its value proposition [2]. Financial Projections - Revenue forecasts for Green Tea Group are 4.801 billion yuan in 2025, 5.967 billion yuan in 2026, and 7.253 billion yuan in 2027, with year-on-year growth rates of 25.09%, 24.28%, and 21.54% respectively [3]. - The projected net profit for the same years is 503 million yuan, 632 million yuan, and 811 million yuan, with growth rates of 43.70%, 25.64%, and 28.34% respectively [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the casual Chinese dining sector, focusing on fusion cuisine, with significant potential for store expansion and operational efficiency improvements [8]. - The casual Chinese dining market is experiencing robust growth, with the company poised to capitalize on this trend through strategic expansion and enhanced service offerings [8]. - The company's revenue and profit forecasts indicate strong growth, with a projected revenue of 48.01 billion yuan in 2025, reflecting a year-on-year growth of 25.09% [8]. Summary by Sections 1. Company Overview - Green Tea Group is a leading casual Chinese dining chain specializing in fusion cuisine, with 465 restaurants across 141 cities as of the end of 2024, generating revenue of 38.38 billion yuan [13]. - The company ranks third in terms of restaurant count and fourth in revenue among casual Chinese dining brands in mainland China [13]. 2. Market Growth - The casual dining market in mainland China is substantial, growing from 39,527 billion yuan in 2020 to 55,718 billion yuan in 2024, with a CAGR of 8.96% [32]. - The market for casual Chinese dining is expected to grow from 3,513 billion yuan in 2020 to 5,347 billion yuan in 2024, with a CAGR of 11.1% [37]. 3. Expansion Strategy - The company plans to open 563 new restaurants from 2025 to 2027, focusing on regional densification and market penetration in lower-tier cities [59]. - The expansion includes 17 new restaurants in tourist areas to enhance brand visibility [60]. 4. Financial Projections - Revenue projections for 2025-2027 are 48.01 billion yuan, 59.67 billion yuan, and 72.53 billion yuan, with corresponding profit forecasts of 5.03 billion yuan, 6.32 billion yuan, and 8.11 billion yuan [8]. - The company is expected to maintain a competitive P/E ratio of 7.67x and 6.11x for 2025 and 2026, respectively, indicating attractive valuation [8]. 5. Competitive Advantages - The company benefits from a unique fusion cuisine offering, competitive pricing, and a distinctive dining environment, which enhances customer appeal [44]. - The average per capita spending at Green Tea is 50-70 yuan, which is lower than competitors, providing a significant value proposition [50].

Green Tea Group Limited 綠茶集團有限公司 目 錄 | | 頁數 | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 19 | | 致綠茶集團有限公司董事會的審閱報告 | 30 | | 綜合損益表 | 31 | | 綜合損益及其他全面收入表 | 32 | | 綜合財務狀況表 | 33 | | 綜合權益變動表 | 35 | | 簡明綜合現金流量表 | 37 | | 未經審核中期財務報告附註 | 39 | | 釋義 | 58 | 公司資料 董事會 執行董事 王勤松先生 （董事長兼首席執行官） 于麗影女士 王佳偉先生 非執行董事 路長梅女士 劉盛先生 徐睿婕女士 （於開曼群島註冊成立的有限公司） 股份代號 : 6 8 3 1 中期報告 2025 獨立非執行董事 邵曉東先生 Bruno Robert Mercier先生 范永奎先生 聯席公司秘書 盧娟女士 黎少娟女士 審核委員會 范永奎先生 （主席） Bruno Robert Mercier先生 邵曉東先生 薪酬委員會 邵曉東先生 （主席） 王勤松先生 范永奎先生 ...

Group 1 - The core viewpoint is that Green Tea is a leading player in the domestic Chinese casual dining market, focusing on fusion cuisine and high cost-performance dining, primarily in East China, North China, and Guangdong [1][2] - Green Tea has adopted a small store strategy, continuously expanding its store network through regional densification, geographical expansion, and market penetration, indicating significant long-term opening space [1][2] - The company has experienced rapid growth in revenue and performance, with store numbers reaching 502 by H1 2025, a year-on-year increase of 28.7%, and revenue of 2.29 billion yuan, up 23.1%, with net profit of 230 million yuan, up 34.0% [1][2] Group 2 - The Chinese casual dining market is projected to reach a scale of 534.7 billion yuan in 2024, with a year-on-year growth of 7.4%, accounting for 19.3% of the Chinese restaurant market, indicating long-term growth potential [2] - The trend towards standardization, digitization, and cost performance is driving the industry, with consumers increasingly seeking value dining options, leading to a general decline in per capita spending across various dining categories [2] - Green Tea has a strong capability in menu development, with the chairman directly overseeing the team, launching 172, 168, and 203 new dishes in 2022, 2023, and 2024 respectively, ensuring long-term menu appeal [2] Group 3 - The profitability of individual stores is improving under the small store strategy, with a payback period of approximately 14-15 months for new stores opened in 2023-2024, and further profit margin improvement expected as store formats continue to optimize [2] - The company aims to expand its total store count to 1,500 in the long term, indicating a broad opening space for future growth [2] - The investment recommendation highlights that Green Tea is expected to continue its expansion through various strategies, with a target price of 11.8 HKD based on a 15x PE ratio for 2025, and a strong buy rating is suggested [3]

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of HKD 11.8, while the current stock price is HKD 7.05 [3]. Core Insights - The company, Green Tea Group, is a leader in the Chinese casual dining sector, focusing on high-cost performance fusion cuisine and expanding its restaurant network primarily in East China, North China, and Guangdong [1][7]. - The company has shown rapid growth in revenue and profit, with a significant increase in the number of restaurants, reaching 502 by mid-2025, representing a year-on-year growth of 28.7% [7]. - The Chinese casual dining market is projected to grow, with the market size expected to reach RMB 534.7 billion in 2024, reflecting a year-on-year increase of 7.4% [51]. - Green Tea's strategy includes a focus on small store formats, regional expansion, and market penetration, which is expected to drive future growth [7][26]. Financial Data and Valuation - Total revenue is projected to grow from RMB 3,589 million in 2023 to RMB 8,386 million by 2027, with a compound annual growth rate (CAGR) of 27% [2]. - The net profit attributable to shareholders is expected to increase from RMB 295 million in 2023 to RMB 785 million by 2027, with a remarkable growth rate of 1,669% in 2023 [2]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 14.7 in 2023 to 5.5 by 2027, indicating an attractive valuation [2]. Market Overview - The casual dining market in China is characterized by a strong demand for cost-effective dining options, with consumer preferences shifting towards high-value meals [51][59]. - The market for casual dining restaurants is expected to continue expanding, with a projected market share increase from 16% in 2020 to 19.3% by 2029 [51]. - The competitive landscape is evolving, with a trend towards standardization and digitalization in restaurant operations, which enhances efficiency and customer experience [62][63]. Competitive Advantages - Green Tea's unique selling proposition lies in its fusion cuisine, which combines various culinary styles to attract a diverse customer base [17][18]. - The company has a robust supply chain and a strong focus on menu innovation, with significant investments in research and development to maintain customer interest [7][20]. - The small store format strategy allows for quicker returns on investment, with a payback period of approximately 14-15 months for new openings [7][26].

Group 1 - The China Agricultural International Cooperation Promotion Association's Tea Industry Branch held a re-election conference and matcha development seminar in Beijing, where Rizhao Green Tea Group was invited and elected as a vice president unit [1] Group 2 - Since its establishment, Rizhao Green Tea Group has focused on product development, marketing layout, model innovation, and brand communication [3] - The company has developed popular products such as "Haiqu Xueqing," "Haiqu Yuqing," "Haiqu Luqing," and "Bihai," catering to various consumer needs and strengthening brand competitiveness [3] - The marketing system is built on a dual-track model combining "online and offline official flagship stores + distributor system," and has launched the "35°Tea" new-style tea drink experience brand to meet the demands of younger consumers [3] - The company promotes farmer income through a "Party branch + cooperative + farmer" tea garden management model, aligning corporate development with farmer interests to achieve a win-win situation for industry prosperity and corporate growth [3] - Rizhao Green Tea Group has appeared on CCTV for two consecutive years, enhancing the recognition and reputation of the regional public brand "Rizhao Green Tea" [3] - In the future, the company aims to leverage its role as a vice president unit to lead the tea industry, enhance brand value, and support the income growth of tea enterprises and farmers, contributing to the high-quality development of the Rizhao tea industry and the internationalization of China's tea industry [3]