Tims咖啡上半年靠食品撑起近四成营收

Core Viewpoint - Tims China reported a 4.9% year-on-year decline in total revenue for Q2 2025, but system sales increased by 1.4%, driven by strong performance in the food segment and a differentiated strategy of "coffee + fresh prepared meals" [1][2] Group 1: Financial Performance - Total revenue for Q2 2025 was 349 million yuan, down from the previous year [1] - System sales reached 409.5 million yuan, reflecting a 1.4% increase year-on-year [1] - Adjusted EBITDA for Q2 was 2.2 million yuan, indicating a return to positive earnings [2] Group 2: Food Business Growth - Food revenue grew significantly by 8.6% year-on-year, accounting for 35.2% of system sales, a historical high [1] - The introduction of new products, such as the "light lunch box" series, contributed to increased store revenue and single-store profitability [1][2] Group 3: Marketing and Costs - The company launched 43 new products in Q2, including 15 food items, leading to an 8.4% increase in marketing expenses [2] - Delivery costs rose by 3.4% due to an increase in delivery orders [2] Group 4: Franchise Business Expansion - The number of franchise stores increased by 116 year-on-year, totaling 449 stores, which boosted other income by 50.7% to 67.1 million yuan [3] - The company plans to open approximately 200 new MTO (made-to-order) stores in China by 2025, primarily through franchising [3]