茶百道(2555.HK)：1H经营质量优化 期待2H拓店提速

Core Viewpoint - The company reported a slight revenue increase in 1H25, driven by improved performance in the takeaway channel and a focus on operational quality optimization, while maintaining a "buy" rating for future growth potential [1][4]. Financial Performance - 1H25 revenue reached 2.499 billion yuan, a year-on-year increase of 4.3%, with net profit attributable to shareholders at 326 million yuan, up 37.48% year-on-year, resulting in a net profit margin of 13.0%, an increase of 3.1 percentage points [1]. - Adjusted net profit for 1H25 was 340 million yuan, down 13.81% year-on-year, with an adjusted net profit margin of 13.6%, a decrease of 2.9 percentage points [1]. Revenue Breakdown - Product sales revenue was 2.309 billion yuan, up 7.78% year-on-year, while equipment sales revenue dropped to 48 million yuan, down 62.05% year-on-year [1]. - Franchise and licensing fee income was 101 million yuan, a year-on-year increase of 2.37%, with non-refundable initial fees contributing 46 million yuan, up 4.97% [1]. Operational Adjustments - The company opened 48 new stores in 1H25, bringing the total to 8,444 stores, while actively controlling the pace of expansion to focus on operational quality [1][3]. - The company has increased its presence in lower-tier cities, with 65.3% of stores located in these areas as of 1H25 [3]. Product and Marketing Strategy - The gross margin improved to 32.6%, an increase of 0.9 percentage points, attributed to supply chain and delivery efficiency [2]. - The company launched 55 new products in 1H25, significantly increasing the frequency of new product introductions compared to 21 in 1H24 [2]. Future Outlook - The company expects to accelerate store openings in the future, with revised net profit forecasts for 2025-2027 at 892 million, 1.003 billion, and 1.142 billion yuan, respectively [4]. - The target price is set at 12.11 HKD, reflecting a premium valuation based on the company's growth potential and operational adjustments [4].