绿茶，初代网红有了「老人味」

Core Viewpoint - The company Green Tea has finally gone public in Hong Kong after multiple failed attempts, but faces significant challenges including declining profitability and cash flow issues despite recent revenue growth [4]. Group 1: Company Performance - Green Tea has achieved revenue and net profit growth over the past three years, with plans to open 120 new stores in 2024 [4]. - The company aims to raise a net amount of HKD 746 million through its IPO, priced at HKD 7.19 per share [4]. - On its first trading day, the stock price fell by 5.56%, resulting in a market value loss of over HKD 500 million [4]. Group 2: Market Challenges - The average table turnover rate has dropped from 6-8 times per day during peak periods to just 3 times in 2024, indicating a significant decline in operational efficiency [17][18]. - Same-store sales have decreased by 10.3% in 2024, with average sales per restaurant falling to RMB 10.33 million from RMB 11.52 million in 2023 [20]. - The company is facing a "mid-life crisis," with the overall restaurant industry experiencing its lowest revenue growth in nearly a decade [39][42]. Group 3: Strategic Adjustments - To alleviate financial pressure, Green Tea is expanding aggressively into lower-tier cities and has plans to open 563 new stores from 2025 to 2027 [24][26]. - The company is also focusing on delivery services and pre-prepared meals as alternative growth avenues, with delivery revenue accounting for 18.8% of total income in 2024 [29]. - Cost-cutting measures have been implemented, reducing the investment cost per new store from RMB 3.2-3.7 million to a minimum of RMB 2.4 million [27]. Group 4: Consumer Perception - Despite attempts to innovate with new dishes, consumer interest has waned, and the brand is perceived as outdated [15][16]. - The use of pre-prepared meals has drawn criticism, with customers expressing dissatisfaction regarding taste consistency and quality [34][36]. - The company's recent dividend payout of RMB 350 million before the IPO raised concerns about financial management, as most funds went to the founder's personal accounts [44].