Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 2.714 billion RMB for H1 2025, representing a year-on-year growth of 6.5%, while the net profit attributable to shareholders reached 382 million RMB, up 35.66% year-on-year [2]. - The dining-in business remains stable, while the takeout business shows strong growth, with takeout revenue of 1.057 billion RMB in H1 2025, a 13.7% increase year-on-year, accounting for 39% of total revenue [3]. - The company expanded its store network, increasing the number of stores from 617 to 672, with significant growth in second-tier cities [3]. - The net profit margin improved to 14.1%, up 3.03 percentage points year-on-year, driven by gross margin optimization and reduced employee costs [4]. - The company plans to pay dividends of 250 million RMB in H1 2025, maintaining a high dividend payout ratio of 65.4% [4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.095 billion RMB, 7.724 billion RMB, and 9.461 billion RMB, respectively, with net profits expected to be 784 million RMB, 947 million RMB, and 1.174 billion RMB [5]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 14.99, 12.42, and 10.01, respectively [5]. - The gross margin for H1 2025 was reported at 70.5%, an increase of 2.61 percentage points year-on-year, attributed to centralized purchasing [4].
小菜园（00999）：效率持续优化，下半年开店有望提速