Core Viewpoint - Company is undergoing a deep adjustment period from 2024 to 2025, with initial positive results observed, and further improvements expected in 2026 [1] Group 1: Business Strategy and Product Development - In the second half of 2025, the company is restructuring its R&D organization and new product launch mechanism to a more market-oriented approach, focusing on consumer insights and data analysis [1] - Recent product innovations, such as the solid mango sago, have become a core competency for the company, leading to double-digit growth in same-store sales in November [1] Group 2: Sales Channel Expansion and Store Operations - The company plans to enhance its coffee product line in 2026, aiming to increase morning sales and achieve economies of scale with the installation of coffee machines in 2000 new stores [2] - The company is restructuring its membership pricing system to guide consumers towards online orders while increasing offline activities to encourage in-store purchases [2] Group 3: Profitability and Financial Outlook - The company is expected to recover franchisee subsidies by standardizing products and improving operational efficiency, which will enhance store profitability [3] - Over the next three years, the company aims for a dividend payout ratio of 60-80%, indicating a current dividend yield of 5.4-7.2%, highlighting its investment value [3]
中金：维持茶百道(02555)“跑赢行业”评级 目标价9.3港元