Core Viewpoint - Company maintains profit forecasts for 2025/2026, with current trading at 14/11 times 2025/2026 P/E, and a target price of HKD 12, indicating a 36% upside potential, while maintaining an outperform rating in the industry [1] Group 1: Financial Performance - In 1H25, company revenue reached CNY 2.5 billion, reflecting a year-on-year growth of 4.3%, with net profit attributable to shareholders at CNY 330 million, up 37.5% year-on-year, and adjusted net profit at CNY 340 million, aligning with expectations [1][2] - The company achieved a gross margin increase of 0.9 percentage points year-on-year to 32.6% in 1H25, driven by optimized raw material structure and improved supply chain efficiency [3] - The net profit margin improved by 3.1 percentage points year-on-year to 13.0%, despite an increase in sales and management expense ratios due to heightened market competition and rising employee compensation [3] Group 2: Operational Highlights - The company experienced a net increase of 59 stores in 1H25, bringing the total to 8,444, with a 4% year-on-year growth in average operating stores, particularly in lower-tier cities where store numbers grew by 9% [2] - The company launched 55 new products focused on core categories like fresh fruit tea and fresh milk tea, receiving positive market feedback [2] - The average payback period for franchisees shortened by 1-2 months year-on-year, indicating improved operational conditions for partners [2] Group 3: Future Outlook - The company anticipates continued improvement in the second half of the year, with expectations for a significant increase in net store openings and sustained growth in gross margin [4] - Long-term strategies include enhancing product quality, improving supply chain efficiency, and strengthening digital operations to boost store resilience and consumer experience [4] - The company is progressing steadily in overseas expansion, with an estimated total of around 30 new stores by year-end, which is expected to open up long-term growth opportunities [4]
中金：维持茶百道跑赢行业评级 目标价12港元