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绿茶集团首日破发跌12.5% 募7.5亿港元同店销售额降

Core Viewpoint - Green Tea Group Limited (06831.HK) was listed on the Hong Kong Stock Exchange, opening at HKD 7.19 and closing at HKD 6.29, reflecting a decline of 12.52% on its first trading day [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by Green Tea Group was 168,364,000, with 84,182,000 shares allocated for public offering and 84,182,000 shares for international offering [2]. - After the listing, the total number of issued shares (excluding any over-allotment options) was 673,454,800 [2]. Pricing and Fundraising - The final offer price was set at HKD 7.19, resulting in total proceeds of HKD 847.38 million. After deducting estimated listing expenses of HKD 101.60 million, the net proceeds amounted to HKD 745.78 million [4][5]. Business Overview and Financial Performance - Green Tea Group is a well-known operator of casual Chinese restaurants in mainland China. The funds raised will be used for expanding the restaurant network, establishing central food processing facilities, upgrading IT systems, working capital, and other general corporate purposes [5]. - The company reported revenues of RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion for the years 2022, 2023, and 2024, respectively. The net profits for the same years were RMB 16.58 million, RMB 295.54 million, and RMB 350.17 million [6][8]. Cash Flow and Financial Activities - The net cash generated from operating activities was RMB 348 million, RMB 793 million, and RMB 734 million for the years 2022, 2023, and 2024, respectively [7][8]. - The company experienced a decrease in same-store sales across all regions in 2024 [8]. Same-Store Sales Performance - The total number of same-store sales locations increased from 175 in 2022 to 197 in 2023, but the same-store sales growth rate showed a decline in 2024, with overall same-store sales amounting to RMB 2.035 billion [10]. - The same-store sales growth rates for various regions in 2024 were negative, with East China at -11.2%, Guangdong at -12.6%, North China at -6.8%, and other regions at -10.9% [10].