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].

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,290,375, representing a 23.1% increase compared to RMB 1,859,826 for the same period in 2024[9]. - Profit before tax for the same period was RMB 277,881, up 28.8% from RMB 215,694 in 2024[9]. - Net profit for the period increased by 34.1% to RMB 233,900 from RMB 174,459 in 2024[9]. - Adjusted net profit increased by 40.4% to RMB 251,366 from RMB 179,045 in 2024[9]. - Total profit for the period increased by 34.1% from RMB 174.5 million to RMB 233.9 million[43]. - Basic earnings per share increased to RMB 0.42 from RMB 0.33, reflecting a growth of 27.3%[104]. - Total comprehensive income for the six months ended June 30, 2025, was RMB 229,786 thousand, compared to RMB 175,631 thousand in 2024, marking a 30.9% increase[107]. - Cash generated from operating activities was RMB 656,094,000, up from RMB 402,165,000 in 2024, reflecting a growth of 63%[117]. - The net cash from operating activities after tax payments was RMB 629,934,000, compared to RMB 331,005,000 in the previous year, marking an increase of 90.2%[117]. Restaurant Operations - The total number of restaurants reached 502, covering 21 provinces, four municipalities, and two autonomous regions in mainland China, as well as Hong Kong[11][12]. - Restaurant operating revenue rose by 13.2% to RMB 1,757.9 million, driven by an increase in the number of restaurants[27]. - Total number of restaurants increased from 390 in 2024 to 502 in 2025, with significant growth in East China and Guangdong Province[16]. - Same-store sales decreased by 1.7% overall, with East China experiencing a decline of 1.9%[19][22]. - Average daily sales per restaurant decreased to RMB 20.0 from RMB 23.1, indicating a shift in consumer spending behavior[18]. - The company launched 305 new dishes during the reporting period, aligning with current dining trends[24]. Assets and Liabilities - Non-current assets increased by 3.4% to RMB 1,851,737 from RMB 1,791,283 as of December 31, 2024[9]. - Current assets surged by 162.9% to RMB 1,769,372 from RMB 673,062 as of December 31, 2024[9]. - Total assets rose by 46.9% to RMB 3,621,109 from RMB 2,464,345 as of December 31, 2024[9]. - Trade receivables increased by 10.7% from RMB 226 million as of December 31, 2024, to RMB 250 million as of June 30, 2025, due to the expansion of the restaurant network and delivery services[48]. - Trade payables rose by 29.1% from RMB 2,214 million as of December 31, 2024, to RMB 2,857 million as of June 30, 2025, driven by increased procurement needs from the expanded restaurant network and delivery services[50]. - Total liabilities rose from RMB 1,693.2 million to RMB 1,878.7 million during the same period[51]. Cash Flow and Investments - The company incurred a net cash outflow from investing activities of RMB 363,706,000, compared to RMB 31,338,000 in 2024, indicating a significant increase in investment expenditures[117]. - The company’s cash and cash equivalents increased by RMB 887,227,000 during the period, compared to a decrease of RMB 179,193,000 in the previous year[119]. - The company paid RMB 121,349,000 for lease liabilities during the financing activities, compared to RMB 102,232,000 in 2024, reflecting an increase of 18.7%[119]. Market Strategy and Expansion - The company focuses on expanding its market presence in key economic regions, including East China, Guangdong Province, and North China[12]. - The company aims to strengthen its market position through menu refinement, service quality enhancement, and supply chain optimization[25]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[104]. Shareholder Information - The board does not recommend an interim dividend for the six months ending June 30, 2025, consistent with the previous period[66]. - The company raised approximately HKD 732.12 million from its global offering, with only HKD 4 million utilized by June 30, 2025, representing 0.55% of the total[74]. - The planned use of the net proceeds includes expanding the restaurant network (63.3% or HKD 463.4 million), establishing a central food processing facility (26.3% or HKD 192.6 million), and upgrading IT systems (5.4% or HKD 39.5 million)[74]. - A special dividend of RMB 202,527,000 was approved for distribution to equity shareholders, equivalent to HKD 222,240,000[159]. Governance and Compliance - The company has adopted the standard code as the conduct guidelines for directors' securities trading, confirming compliance since the listing date[65]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards[67]. - The company will continue to review the separation of the roles of Chairman and CEO, currently held by Mr. Wang, to ensure effective governance[64]. - The company is committed to adhering to the Hong Kong Securities and Futures Ordinance[173]. Employee and Operational Costs - Employee costs rose by 23.1% from RMB 480.3 million for the six months ended June 30, 2024, to RMB 591.1 million for the same period in 2025, maintaining a stable percentage of 25.8% of revenue[33]. - The company recognized share-based payment expenses of RMB 2,697,000 for the six months ended June 30, 2025, compared to RMB 3,100,000 for the same period in 2024[158].

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]

Core Viewpoint - The controversy surrounding "pre-made dishes" is expanding within the industry, particularly affecting the Green Tea restaurant chain, which has recently removed its "no pre-made dishes" signage from its storefronts, raising questions about its food sourcing practices [1][3][4]. Group 1: Company Practices - Green Tea restaurant has been found to have removed its "no pre-made dishes" signage, with staff unable to confirm when this occurred [1][3]. - The restaurant's external takeaway packaging previously indicated "no pre-made dishes," but this has now been obscured [3]. - Green Tea Group's prospectus reveals partnerships with 205 third-party food processing companies, allowing them to reduce upfront investment costs and improve operational efficiency by outsourcing much of the food preparation [4][6]. Group 2: Consumer Reactions - Consumer sentiment is divided regarding the use of pre-made dishes, with some feeling that the lack of disclosure infringes on their right to know [4]. - The restaurant promotes its signature dishes as "made to order," while simultaneously relying on a central kitchen to enhance service efficiency and reduce costs [4][6]. Group 3: Financial Performance - Green Tea Group reported a revenue of 2.29 billion RMB for the first half of the year, a 23.1% increase year-on-year, with a net profit of 233.9 million RMB, up 34% [7][8]. - The company attributes its revenue primarily to restaurant operations and takeout services, supported by a digital and standardized business model [8]. Group 4: Market Impact - Following the controversy, the stock price of Green Tea Group fell by 1.43%, reflecting broader market concerns about the pre-made dish sector, which saw declines in several related companies [9][10].