Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue growth driven by cost reduction and efficiency improvements, alongside a focus on enhancing dining experiences and expanding its store network [1][2]. Financial Performance - Total revenue for H1 2025 reached 2.714 billion yuan, representing a 7% year-on-year increase, while net profit was 382 million yuan, up 36% year-on-year [1]. - The gross margin improved to 70.46%, attributed to economies of scale in procurement, optimized store types, and enhanced recruitment capabilities [1]. - The net profit margin increased by approximately 3 percentage points to 14.09%, driven by cost reduction initiatives such as store upgrades and automation [1]. Business Segments - The dine-in segment generated revenue of 1.647 billion yuan, a 2% increase year-on-year, supported by a net increase of 55 stores to a total of 672 [1]. - The takeaway business saw a 14% revenue increase to 1.057 billion yuan, with a 31% rise in order volume due to an increase in participating stores and enhanced appeal on online platforms [1]. Expansion Plans - As of June 30, 2025, the company operated 672 stores, with plans to expand to 800 stores by the end of the year through both market penetration and new market development [2]. - A new factory in Ma'anshan is expected to be completed by the end of 2025, aimed at supporting a supply chain for 3,000 stores and achieving standardized production for main meals [2]. Profitability Forecast - The company is expected to continue improving profitability through cost reduction and efficiency measures, with a focus on expanding its store network and enhancing dine-in services [2]. - EPS estimates for 2025-2027 have been adjusted to 0.64, 0.80, and 1.00 yuan respectively, with corresponding PE ratios of 16, 13, and 10 times [2].
小菜园(0999.HK)：降本增效成果显化 利润空间持续释放