Core Viewpoint - Green Tea Group has reported a strong performance in the first half of 2024, achieving revenue growth despite challenges in the restaurant industry, including rising labor costs and intense competition [2][4]. Financial Performance - In the first half of 2024, Green Tea achieved revenue of 2.29 billion yuan, a year-on-year increase of 23.1%, and a profit of 234 million yuan, up 34.1% compared to the same period last year [4]. - Adjusted net profit reached 251 million yuan, reflecting a growth of 40.4% [4]. - The increase in profit is attributed to the expansion of the store network and improved operational efficiency [4]. Store Expansion - As of June 30, 2024, Green Tea operated 502 restaurants, an increase of 37 from the end of the previous year [4]. - The company has focused on expanding in key economic regions, with 65% of its restaurants located in East China, Guangdong, and North China, contributing 68% of total revenue [4]. Sales and Revenue Structure - The average daily sales per store were 20,000 yuan, with a slight decrease in per capita consumption from 58.1 yuan to 55.5 yuan [5]. - The revenue from restaurant operations was 1.758 billion yuan, while the takeaway business generated 524 million yuan, marking a significant growth of 74.2% [5]. Market Strategy - Green Tea has implemented a "quality takeaway growth strategy" to differentiate itself in the competitive takeaway market, focusing on developing popular dishes and utilizing digital operations [6]. - The company has successfully entered the Hong Kong market, opening 7 stores within a year, with a focus on high-traffic areas like Causeway Bay [8][10]. International Expansion - Following its success in Hong Kong, Green Tea plans to expand into Southeast Asia, with new stores opening in Singapore and Thailand by the end of 2024 [16][20]. - The company aims to establish a flexible supply chain and a strong local talent strategy to support its international operations [19]. Cultural and Market Adaptation - Green Tea has tailored its menu for the Hong Kong market, collaborating with Michelin-starred chefs to create localized dishes, ensuring less than 50% overlap with its mainland menu [11]. - The company emphasizes a dual standard for success in international markets: achieving operational targets and gaining local cultural acceptance [20].
绿茶的野心，藏在中报之外