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刚刚,杭州“初代网红”IPO了
Sou Hu Cai Jing·2025-05-16 06:35

Core Viewpoint - Green Tea Group Limited, a popular restaurant brand from Hangzhou, has recently gone public on the Hong Kong Stock Exchange, with its stock price initially declining after listing, reflecting challenges in maintaining its "internet celebrity" status in a competitive market [1][4][15]. Company Overview - Green Tea Restaurant, founded in 2008, specializes in "new Chinese fusion cuisine" and has gained popularity for its creative dishes like "Green Tea Roast Chicken" and "Flame Shrimp" [5][11]. - The company has expanded significantly, with plans to increase its restaurant count from 276 in 2022 to 465 by the end of 2024, achieving a compound annual growth rate of 29.8% [13][14]. Financial Performance - In 2024, Green Tea is projected to generate a total revenue of 3.8 billion RMB, with a market share of 0.7% in the casual Chinese restaurant sector, ranking fourth in revenue [14]. - The company's net profit has shown significant growth, increasing from 0.17 billion RMB in 2022 to 3.50 billion RMB in 2024, with an adjusted net profit margin rising from 1.1% to 9.4% during the same period [22][23]. Market Position and Challenges - Despite the increase in restaurant numbers, the brand's "internet celebrity" appeal has diminished, as evidenced by a decrease in customer footfall and average spending per visit, which dropped from 61.8 RMB in 2023 to 56.2 RMB in 2024 [19][20]. - The company has faced challenges in maintaining customer engagement and profitability amid changing consumer behaviors, leading to a slowdown in revenue growth from 51% in 2023 to just 7% in 2024 [21]. Strategic Plans - Green Tea aims to improve its cash flow and operational efficiency through centralized procurement and cost control measures, particularly as it expands into lower-tier cities [25][26]. - The funds raised from the IPO are intended to support the company's growth strategy, including the expansion of its restaurant network [26].