Core Viewpoint - The company reported a 6.5% year-on-year increase in revenue for H1 2025, reaching 2.7 billion yuan, with a significant 35.7% increase in net profit attributable to shareholders, amounting to 380 million yuan [1][2]. Revenue Breakdown - The company's dine-in business generated 1.65 billion yuan in H1 2025, a 2.2% increase year-on-year, driven primarily by a 9% increase in the number of stores to 672 by the end of June 2025 [1]. - The takeout business achieved 1.06 billion yuan in H1 2025, reflecting a 13.7% year-on-year growth, attributed to store expansion and enhanced appeal of takeout platforms, with revenue shares of 36.5% in H1 2024 and 39% in H1 2025 [1]. Operational Metrics - The overall table turnover rate remained stable at 3.1 times per day in H1 2025, while same-store turnover slightly declined by 0.1 times to 3.0 times per day [1]. - The average spending per dine-in customer decreased by 3.3 yuan to 57.1 yuan in H1 2025, and same-store sales saw a 7% year-on-year decline [1]. Cost and Profitability - The cost-to-revenue ratios for raw materials and employee costs were 29.5% and 24.6%, respectively, both showing reductions of 2.7 and 3.9 percentage points year-on-year [2]. - The net profit margin attributable to shareholders improved to 14%, an increase of 3 percentage points year-on-year, due to the reduction in various cost ratios [2]. Shareholder Returns - The company plans to distribute an interim dividend of 0.2331 HKD per share, totaling approximately 250 million yuan, which represents about 65% of the net profit attributable to shareholders [2]. Future Outlook - The company focuses on the new Huizhou cuisine niche, emphasizing direct management and expansion in lower-tier cities, supported by strong supply chain and management capabilities [2]. - Profit forecasts for the company indicate net profits attributable to shareholders of 750 million, 910 million, and 1.07 billion yuan for 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [2].
小菜园(00999.HK)：25H1利润显著增长 期待下半年同店转正及门店加速扩张