Core Viewpoint - The company reported a solid performance in H1 2025, with revenue and net profit showing positive growth, driven by strong takeout business and effective cost management [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.714 billion RMB, a year-on-year increase of 6.5%, and a net profit of 382 million RMB, up 35.66% year-on-year [1]. - The net profit margin reached 14.1%, an increase of 3.03 percentage points compared to the previous year [2]. Business Analysis - The takeout business generated revenue of 1.057 billion RMB, growing by 13.7% year-on-year, accounting for 39% of total revenue, while dine-in revenue was 1.647 billion RMB, up 2.2% year-on-year, making up 60.7% of total revenue [1]. - The number of takeout orders increased significantly from 12.8 million to 16.8 million, attributed to the expansion of stores offering takeout services and enhanced appeal of the online takeout platform [1]. - The company opened 55 new stores, increasing the total from 617 to 672, with notable growth in second-tier cities [2]. Cost Management - The gross margin improved to 70.5%, a year-on-year increase of 2.61 percentage points, primarily due to centralized procurement reducing ingredient costs [2]. - Employee costs decreased by 8.2% to 666 million RMB, optimizing the employee cost ratio to 24.6%, down 3.95 percentage points year-on-year [2]. Shareholder Returns - The company distributed dividends of 250 million RMB in H1 2025, maintaining a high payout ratio of 65.4%, with approximately 0.2119 RMB per share [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 6.1 billion RMB, 7.7 billion RMB, and 9.5 billion RMB respectively, with net profits expected to be 780 million RMB, 950 million RMB, and 1.17 billion RMB [3].
小菜园(00999.HK)：效率持续优化 下半年开店有望提速