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因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。 商先生的履歷詳情載列如下： Green Tea Group Limited 首席財務官變更 綠茶集團有限公司 綠茶集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會 （「董事會」）謹此宣佈，由於工作調動關係，張立先生（「張先生」）將不再擔任本公 司首席財務官（「首席財務官」），自2025年10月28日起生效。 （於開曼群島註冊成立的有限公司） 張先生確認，彼與董事會並無任何意見分歧，且並無有關彼不再擔任首席財務官 之事宜須敦請本公司股東或香港聯合交易所有限公司（「聯交所」）垂注。 （股份代號：6831） 董事會欣然宣佈，商巍先生（「商先生」）已獲委任為首席財務官，自2025年10月28 日起生效。 王勤松先生 首席執行官、董事長兼執行董事 商先生，44歲，於金融及投資方面擁有逾20年經驗。在加入本集團之前，商先生 曾於2022年9月至2025年8月在中國平安保險（集團）股份有限公 ...

Group 1: Company Overview - The report focuses on Green Tea Group (06831), highlighting its transformation from a backpacker inn to a leading Chinese restaurant brand, aiming to establish a new benchmark for high-cost performance fusion cuisine [5] - Green Tea Group has achieved high-quality growth through a standardized model for fusion cuisine, multi-channel collaboration, and lightweight store structure optimization, leading to continuous revenue and profit growth [5][6] - The company is expected to become a core leader in the Chinese casual dining sector and a representative brand for Chinese dining overseas, driven by increasing chain restaurant rates and accelerated overseas market expansion [5] Group 2: Performance Metrics - Revenue projections for Green Tea Group from 2025 to 2027 are estimated at 4,718 million, 5,880 million, and 7,330 million CNY, with growth rates of 23%, 25%, and 25% respectively [7] - The net profit attributable to the parent company is forecasted to be 480 million, 616 million, and 779 million CNY for the same period, with growth rates of 37%, 28%, and 26% respectively [7] - Earnings per share are projected to be 0.71, 0.91, and 1.16 CNY, with price-to-earnings ratios of 8, 6, and 5 times [7] Group 3: Key Drivers and Catalysts - The resilience of same-store sales has exceeded market expectations, maintaining steady growth despite uneven consumer recovery [5] - The lightweight store model has significantly increased the proportion of small stores to over 60%, enhancing labor and space efficiency [5] - The overseas expansion pace has surpassed expectations, with strong performance in Hong Kong and smooth site selection in Southeast Asia and North America [5] Group 4: Industry Context - The report indicates that the restaurant industry is experiencing an increase in chain restaurant rates, with a focus on standardization and digitalization, leading to a rising concentration in the sector [5] - The fusion cuisine model of Green Tea Group demonstrates strong replicability, allowing for stable expansion across multiple business formats, including dine-in and takeout [5]

Core Viewpoint - The restaurant sector is experiencing significant growth, with a notable increase in order volume during the National Day holiday, indicating a strong recovery and consumer interest in dining out [1] Group 1: Stock Performance - Haidilao (06862) shares rose by 4.84%, reaching HKD 13.22 - Green Tea Group (06831) shares increased by 4.68%, reaching HKD 6.71 - Xiaobuxiang (00520) shares climbed by 4.04%, reaching HKD 1.03 - Jiumaojiu (09922) shares grew by 2.5%, reaching HKD 2.05 [1] Group 2: Industry Growth - During the National Day period, the local dining industry saw a 150% year-on-year increase in order volume - Overall growth for the sector reached 300%, driven by increased traffic to small local eateries [1] Group 3: Market Analysis - Huaxin Securities reported that chain restaurants, exemplified by Xiaocaiyuan and Green Tea, benefited from the boost in takeaway services, leading to a year-on-year revenue increase - The scale effect has enhanced bargaining power for raw material procurement, improving profitability [1] - Galaxy Securities noted that the release of the "Gaode Street Ranking" has positively influenced dining trends in the market [1]

Core Viewpoint - The restaurant sector is experiencing significant growth, with a notable increase in order volume during the National Day holiday, leading to a rise in stock prices for major restaurant chains [1]. Group 1: Stock Performance - Haidilao (06862) shares increased by 4.84%, reaching HKD 13.22 [1] - Green Tea Group (06831) shares rose by 4.68%, reaching HKD 6.71 [1] - Xiaobuxiang (00520) shares grew by 4.04%, reaching HKD 1.03 [1] - Jiumaojiu (09922) shares increased by 2.5%, reaching HKD 2.05 [1] Group 2: Industry Growth - During the National Day period, the local dining industry saw a 150% year-on-year increase in order volume [1] - The overall growth for small local restaurants reached 300% [1] Group 3: Market Insights - Huaxin Securities reported that chain restaurants like Xiaocaiyuan and Green Tea benefited from the growth in takeaway business, leading to a year-on-year revenue increase [1] - The scale effect has improved the bargaining power for raw material procurement, enhancing profitability [1] - The push from platforms like Gaode for in-store consumption is expected to further increase foot traffic to restaurants [1] - Galaxy Securities noted that the release of the "Gaode Street Ranking" has positively influenced dining trends [1]

Core Points - The Fourth International Geographical Indication Products Expo was held in Luzhou, showcasing over 3,000 products from more than 800 companies under the theme "Strengthening Geographical Indication Empowerment for a Better Life" [1][3] - Rizhao Green Tea Group participated as one of the first companies to use the anti-counterfeiting traceability label for Rizhao green tea, with products like "Haiqu Yuqing" gaining significant attention due to their unique design and organic quality [1][3] Company Insights - Rizhao Green Tea Group leverages the ecological advantages of the "Golden Tea Production Belt" at 35° North Latitude and the reputation of being one of the "World's Three Major Coastal Green Teas" to enhance market recognition of national geographical indication products [3] - The participation in the expo serves as a crucial bridge for products like "Haiqu Yuqing" to transition into well-known national brands and expand into high-end markets, contributing to the innovation and transmission of tea culture [3]

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].