Core Viewpoint - The report from China Merchants Securities initiates coverage on Green Tea Group with a target price of HKD 11.8 and a "strong buy" rating, highlighting its leadership in the domestic Chinese casual dining sector [1] Group 1: Company Strategy - Green Tea Group focuses on the fusion cuisine segment, primarily operating in the East China, North China, and Guangdong regions, aiming to create high-cost performance Chinese fusion dishes [1] - The company plans to continue its store expansion through strategies such as small store formats, regional densification, geographical expansion, and market penetration [1] Group 2: Supply Chain and Financial Outlook - The establishment of a central kitchen is expected to enhance the maturity of the company's supply chain, which may drive continuous revenue growth and accelerate profit release [1]