Market Performance - Hang Seng Index fell by 403 points, or 1.6%, closing at 24,773 points[1] - Shanghai Composite Index dropped by 42 points, or 1.18%, closing at 3,573 points[2] - S&P 500 decreased by 23 points, or 0.4%, closing at 6,339 points, marking the third consecutive day of decline[2] Currency and Economic Indicators - Hong Kong Monetary Authority bought HKD 39.25 billion during New York session due to a weak HKD[1] - People's Bank of China conducted a 7-day reverse repo operation of CNY 283.2 billion at a steady rate of 1.4%[2] - July's official manufacturing PMI in China fell to 49.3, below expectations[2] Real Estate and Corporate Performance - Top 100 real estate companies in China reported total sales of CNY 2.07 trillion in the first seven months, a year-on-year decline of 13.3%[4] - Internet and related services companies in China generated revenue of CNY 961.3 billion in H1, a year-on-year growth of 3.1%[4] - Sinopec expects H1 2025 net profit to be between CNY 20.1 billion and CNY 21.6 billion, a year-on-year decline of 39.5% to 43.7%[6] Automotive Sector - XPeng Motors delivered 36,717 smart electric vehicles in July, a year-on-year increase of 229%[7] - Cumulative deliveries exceeded 800,000 units as of July, with a total of 233,906 units delivered in the first seven months, marking a 270% year-on-year growth[7]

公司昨晚公告，预期截至今年6月底止中期利润将介乎2.3亿-2.37亿元，较去年同期利润1.74亿元，升约 32.18%-36.21%；经调整净利润料介乎2.47亿元-2.54亿元，同比增37.99%-41.89%。集团指出，盈利增 加，因门店网络持续扩张，令期内收入增3.91亿元-4.65亿元；经营效率持续提升令门店盈利能力提高； 部分被上市开支抵消。 绿茶集团(6831.HK)发盈喜，盘初股价拉升，一度涨超10%，报8.11港元。 ...

董事会谨此强调，国际财务报告准则会计准则并无对"经调整净利润"作出界定。集团对经调整净利润定 义为透过剔除(i)以权益结算的股份支付开支、(ii)上市开支及(iii)与上述(i)至(ii)项相关的税项影响而作出 调整的期内利润。 董事会认为，"经调整净利润"将通过消除非营运性或一次性性质且不表明集团实际营运表现的经调整项 目的潜在影响，向潜在投资者及其他人士就了解及评估集团经营业绩提供有用资料。尤其是，以权益结 算的股份支付开支为公司于2020年2月28日采纳的受限制股份单位计划产生的非现金开支。 格隆汇7月31日丨绿茶集团(06831.HK)发布正面盈利预告，基于对集团截至2025年6月30日止6个月的未 经审核综合管理账目的初步审阅以及董事会目前可得的资料，预期集团将录得(i)截至2025年6月30日止6 个月的利润约人民币2.3亿元至人民币2.37亿元，而截至2024年6月30日止6个月则约为人民币1.74亿元， 增加约32%至36%；及(ii)截至2025年6月30日止6个月的经调整净利润约人民币2.47亿元至人民币2.54亿 元，而截至2024年6月30日止6个月则约为人民币1.79亿元，增加约38 ...

金十数据7月31日讯，绿茶集团(06831.HK)公告，公司预期截至2025年6月30日止六个月的利润介乎约人 民币230百万元至人民币237百万元，而截至2024年6月30日止六个月则约为人民币174百万元，增加约 32%至36%；截至2025年6月30日止六个月的经调整净利润介乎约人民币247百万元至人民币254百万 元，而截至2024年6月30日止六个月则约为人民币179百万元，增加约38%至42%。 绿茶集团：上半年净利润同比增长约32%-36% ...

Green Tea Group Limited 綠茶集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6831） 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。 正面盈利預告 本公告乃由綠茶集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章 《證券及期貨條例》第XIVA部內幕消息條文（定義見上市規則）作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基於對 本集團截至2025年6月30日止六個月的未經審核綜合管理賬目的初步審閱以及董 事會目前可得的資料，預期本集團將錄得(i)截至2025年6月30日止六個月的利潤 介乎約人民幣230百萬元至人民幣237百萬元，而截至2024年6月30日止六個月則 約為人民幣174百萬元，增加約32%至36%；及(ii)截至2025年6月30日止六個月 的經調整淨利潤介乎約人民幣247百 ...

Company Overview - The company is a well-known operator of Chinese casual dining restaurants, positioned in the value-for-money and high-quality environment segment of the Chinese fusion cuisine market [1] - As of May 2025, the company operates 493 stores through a direct-operated model, covering Hong Kong and various cities in mainland China [1] - The company's existing stores maintain healthy operations, with 2024 sales per old store expected to exceed 10 million yuan [1] Industry Analysis - The restaurant industry in China is projected to reach a market size of 5.6 trillion yuan in 2024, with chain restaurants accounting for 23.3% of revenue, an increase of 4.2 percentage points since 2019 [2] - The company ranks fourth in the market with a projected revenue of 3.8 billion yuan in 2024, achieving a market share of 0.7% [2] - The industry is experiencing a shift towards affordable and online dining options, with online ordering expected to account for 28% of total orders in 2024 [2] Competitive Advantages - The company has strong research and development capabilities, with the founder serving as the "product manager" to lead menu development [2] - Existing stores maintain an average annual sales of over 10 million yuan, and the investment payback period for new stores has been reduced to 14-15 months due to smaller and more efficient store models [2] - The company is implementing a store profit-sharing mechanism to incentivize core employees and ensure high-quality operations and expansion [2] Investment Outlook - Revenue projections for the company are 4.68 billion yuan in 2025, 5.90 billion yuan in 2026, and 7.50 billion yuan in 2027, with year-on-year growth rates of 22.0%, 25.9%, and 27.3% respectively [3] - Adjusted net profits are expected to be 490 million yuan in 2025, 590 million yuan in 2026, and 750 million yuan in 2027, with growth rates of 34.8%, 22.1%, and 25.9% respectively [3] - The company is rated as a "buy" based on its accelerated store expansion and improved single-store efficiency [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][15][19]. Core Insights - The company is a well-known operator of Chinese casual dining restaurants, focusing on cost-effectiveness and high-quality dining experiences. As of May 2025, it operates 493 stores across Hong Kong and various cities in mainland China [4][12][17]. - The company’s mature stores maintain healthy operations, with projected sales for 2024 expected to exceed 10 million yuan per store. The increase in takeaway orders is anticipated to help same-store sales recover [4][12][17]. - The company has recently experimented with smaller restaurant formats, which have higher table turnover rates and lower operating costs, leading to a reduced payback period of 14-15 months for new stores. With effective incentive mechanisms in place, the company is expected to accelerate its store expansion [4][12][17]. Summary by Sections Company Overview - The company started from Hangzhou West Lake and has expanded nationwide, opening its first restaurant in 2008. By May 2025, it has established a network of 493 restaurants across various city tiers in China [23]. - The main business model is direct-operated restaurants with a focus on fusion cuisine priced between 50-70 yuan, achieving a competitive edge through high cost-performance [25][26]. Industry Analysis - The Chinese restaurant market is projected to reach 5.6 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2019 to 2024. The casual dining segment is the fastest-growing within the Chinese restaurant market, with a CAGR of 5.6% [49][53]. - The chain restaurant penetration rate in China has increased to 23.3% in 2024, up 4.2 percentage points from 2019, indicating a gradual shift towards more standardized and scalable restaurant operations [55]. Competitive Advantages - The company boasts strong menu development capabilities, with its founder leading product innovation. The average annual sales for mature stores remain above 10 million yuan, and the investment payback period for new stores has decreased due to smaller, more efficient formats [14][19]. - The company has implemented a profit-sharing mechanism to align employee interests with operational quality and expansion goals, enhancing its competitive position [14][19]. Growth Outlook - Revenue is expected to grow significantly, with projections of 46.8 billion yuan in 2025, 59.0 billion yuan in 2026, and 75.0 billion yuan in 2027, reflecting year-on-year growth rates of 22.0%, 25.9%, and 27.3% respectively [15][19]. - The company plans to open 131, 176, and 183 new stores in 2025, 2026, and 2027, respectively, supported by a favorable market environment and improved operational efficiencies [18][19].

Group 1 - Three chain restaurants have gone public in Hong Kong in 2023, with notable stock performance: Dashi Holdings (01405.HK) up 116.74%, Xiaocaiyuan (00999.HK) up 25.65%, and Green Tea Group (06831.HK) up 31.57% since their IPOs [2][3] - Dashi Holdings, the operator of Domino's Pizza in Greater China, has seen its stock price rise from an IPO price of 46.00 HKD to 99.70 HKD [2][3] - Xiaocaiyuan and Green Tea Group also reported positive stock performance since their IPOs, with current prices of 10.68 HKD and 9.46 HKD respectively [2][3] Group 2 - Laoxiangji, a chain restaurant based in Anhui, has submitted an application for an IPO in Hong Kong, aiming to replicate the success of other listed chain restaurants [2][3] - Established in 2003, Laoxiangji has expanded its network to 1,564 stores across 58 cities by April 2025, with a focus on a "direct + franchise" expansion model [4][5] - The number of franchise stores has outpaced self-operated stores, with a significant increase in franchise locations from 118 to 653 between the end of 2022 and April 2025 [5] Group 3 - Laoxiangji's supply chain is a key advantage, having established an integrated supply chain covering breeding, procurement, processing, storage, and logistics [7] - In 2024, Laoxiangji reported total revenue of 6.288 billion RMB and an adjusted net profit of 439 million RMB, resulting in a net profit margin of 6.99% [7][8] - Compared to other newly listed chain restaurants, Laoxiangji's same-store sales growth rate of 2.6% is slightly higher than Dashi Holdings' 2.5%, while Green Tea and Xiaocaiyuan reported negative growth [7][8] Group 4 - Laoxiangji faces challenges, including intense competition from food delivery platforms affecting both delivery and dine-in services [9] - The company has a high dependency on the East China market, with 86% of its stores located in this region, particularly in Anhui [9] - Financially, Laoxiangji has a current ratio of 0.74, indicating potential liquidity issues, with cash reserves of approximately 572 million RMB against significant payables [9] Group 5 - The company plans to use the funds raised from the IPO to enhance its supply chain, expand its store network, improve IT capabilities, and strengthen brand marketing [9][10] - However, the recent surge in IPO activities in Hong Kong raises questions about investor interest in Laoxiangji's prospects [10]

Core Insights - Green Tea Group officially listed on the Hong Kong Stock Exchange on May 16, 2024, attracting significant interest from both institutional and retail investors, with cornerstone investors contributing approximately $87.33 million [1][2] - The IPO saw an impressive subscription rate of 317.54 times during the public offering phase, indicating strong market demand [1][2] - The company aims to leverage the funds raised to expand its restaurant network, establish a central food processing facility in Zhejiang, and upgrade its IT systems [3] Company Overview - Green Tea Group is recognized as a benchmark brand in China's dining industry, with nearly 500 restaurants globally and projected revenues exceeding 3.8 billion yuan in 2024 [1] - The company ranks third in terms of the number of restaurants and fourth in revenue among casual Chinese dining brands in mainland China [1] Market Positioning - The company has strategically positioned itself in the competitive landscape by focusing on high cost-performance, unique decor with national style elements, and a diverse menu [5][6] - Green Tea Group's average consumer spending is between 50-70 yuan, making it the lowest among the top five casual Chinese dining brands in 2024 [5] Financial Performance - The company has demonstrated robust financial growth, with revenues of 2.375 billion yuan, 3.589 billion yuan, and 3.838 billion yuan from 2022 to 2024, respectively [7] - Adjusted net profits for the same period were 25 million yuan, 303 million yuan, and 361 million yuan, reflecting a strong growth trajectory [7] Expansion Strategy - Green Tea Group plans to open 563 new restaurants over the next three years, with 50% of these located in lower-tier cities [7] - The company has optimized its store model to include smaller, more efficient "lightweight stores," which have higher turnover rates and lower operating costs [7] Shareholder Returns - The company intends to distribute at least 180 million yuan in special dividends post-IPO, equating to a return rate of approximately 4% based on the current share price [10] - Green Tea Group plans to distribute 50% of its annual profits as dividends, potentially offering a yield exceeding 10% for investors [10] Future Outlook - The company is well-positioned for future growth, with plans for international expansion and a clear strategy to capitalize on the rising consumer demand in the dining sector [9][10]

Group 1 - The HuRun Research Institute released the "2025 HuRun China New Tea Beverage Brand TOP 20," featuring brands like Mixue Ice City, Gu Ming, and Heytea [1] - Chinese companies account for over half of the 47 food and beverage enterprises on the global unicorn and future unicorn list, with 26 brands, including new tea beverage brands [1] - The new tea beverage industry has deeply integrated into the Chinese tea industry chain, with the tea used by these brands accounting for nearly 10% of China's total tea production [1] Group 2 - The global ready-to-drink beverage market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2028, reaching a market size of $1,103.9 billion by 2028 [1] - China and Southeast Asia are projected to be the fastest-growing markets during 2023-2028, with respective CAGRs of 17.6% and 19.8%, contributing nearly 40% of the global market growth [1] - On May 8, Heytea successfully listed on the Hong Kong Stock Exchange, while Green Tea Group initiated its IPO on the same day, indicating a trend of mainland restaurant companies pursuing dual strategies of opening stores and listing in Hong Kong [1] Group 3 - Notable brands like Mixue Group, Haidilao, and Green Tea Group are among those aiming for IPOs in Hong Kong, leveraging the market for international experience and capital [2] - Mixue Ice City has established its leading position in the competitive ready-to-drink beverage market through supply chain scale effects and a strong brand image [2] Group 4 - Relevant companies in the tea beverage industry listed on the Hong Kong Stock Exchange include Mixue Group (02097), Cha Bai Dao (02555), Heytea (02589), Gu Ming (01364), Nai Xue's Tea (02150), and Green Tea Group (06831) [3]