Core Viewpoint - The company reported a revenue of 2.714 billion yuan in the first half of 2025, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 382 million yuan, up 35.7% year-on-year [1] Group 1: Store Performance - The "Little Garden" brand opened stores steadily, with a total of 672 stores by the end of Q2 2025, an increase of 8.9% year-on-year [1] - The dine-in business saw a year-on-year growth of 2.2%, primarily due to the increase in the number of operating stores [1] - The takeout business experienced a year-on-year growth of 13.7%, driven by a 31.3% increase in order volume, benefiting from the competitive landscape of delivery platform subsidies [1] Group 2: Operational Metrics - The average customer spending for dine-in decreased to 57.1 yuan, down 5.5% year-on-year, influenced by the company's strategy to adjust dish pricing and offer high-value products [2] - The overall table turnover rate remained stable at 3.1 times per day, while same-store turnover rate slightly declined by 0.1 times to 3.0 times per day [1][2] - Same-store sales decreased by 7.2% year-on-year, impacted by the decline in average spending and turnover rates [1] Group 3: Profitability - The cost of raw materials and consumables accounted for 29.5% of revenue, down 2.7 percentage points year-on-year, due to centralized procurement and effective supply chain management [2] - Employee costs represented 24.6% of revenue, down 3.9 percentage points year-on-year, attributed to improved store management efficiency [2] - The net profit margin increased by 3.03 percentage points to 14.09% in the first half of 2025, driven by enhanced operational efficiency and reduced costs [2] Group 4: Investment Outlook - The company is focusing on globalization, digitalization, and sustainability, with plans to enhance the "Little Garden" brand and expand into new cities [3] - The company is expected to achieve net profits of 758 million, 922 million, and 1.121 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 14.96, 12.29, and 10.11 [3]
小菜园(0999.HK)：经营效益显著提升 业绩超预期增长