Core Viewpoint - The company's performance in 1H25 aligns with expectations, showing stable revenue growth and improved profitability metrics [1][2]. Financial Performance - Revenue for 1H25 reached 2.5 billion yuan, a year-on-year increase of 4.3%, while net profit attributable to shareholders was 330 million yuan, up 37.5% year-on-year [1]. - Adjusted net profit for the same period was 340 million yuan, reflecting a year-on-year decrease of 13.8% [1]. - Gross margin improved by 0.9 percentage points to 32.6% due to optimized raw material structure and enhanced supply chain efficiency [2]. - Net profit margin increased by 3.1 percentage points to 13.0%, although adjusted net profit margin decreased by 2.9 percentage points to 13.6% [2]. Development Trends - The company experienced strong same-store performance, with a significant increase in average daily GMV per store in 2Q, up approximately 15% from 1Q [1]. - The number of stores increased by 59 to 8,444, with a 9% year-on-year growth in stores located in lower-tier cities [1]. - The product development strategy shifted from supply chain-driven to demand-driven, launching 55 new products focused on core categories like fresh fruit tea and fresh milk tea [1]. Marketing and Cost Management - Sales expense ratio rose by 1.6 percentage points to 6.0% due to increased marketing investments aimed at specific demographics and channels [2]. - Management expense ratio increased by 1.2 percentage points to 10.3%, primarily due to higher employee compensation and consulting fees [2]. Future Outlook - The company anticipates continued improvement in the second half of the year, with significant product development results and steady overseas expansion [2]. - Despite potential short-term disruptions from reduced delivery subsidies, the company expects to cultivate a broader consumer base and enhance user loyalty in the long term [3]. - The company aims to maintain a healthy growth trajectory in same-store sales, with expectations for a notable increase in net new store openings in the second half of the year [3]. Profit Forecast and Valuation - The company maintains its earnings forecast for 2025 and 2026, currently trading at 14 and 11 times P/E for those years [3]. - The target price is set at 12 HKD, corresponding to 19 and 15 times P/E for 2025 and 2026, indicating a potential upside of 36% [3].
茶百道(02555.HK)：1H25经营稳步向好 下半年有望持续改善