Core Viewpoint - After five attempts, Green Tea Restaurant successfully went public on the Hong Kong Stock Exchange, with its stock price initially falling below the offering price, indicating market challenges for new IPOs in the restaurant sector [3][4][12]. Company Overview - Green Tea Restaurant, founded in 2008 in Hangzhou, has grown from a single location to nearly 500 stores nationwide, generating over 3.8 billion yuan in revenue in 2024 [9][10][12]. - The restaurant offers a diverse menu of 50 to 80 dishes, focusing on high-quality, affordable Chinese fusion cuisine, with an average customer spend of 50-70 yuan [10][11]. Financial Performance - Revenue increased from 2.375 billion yuan in 2022 to 3.589 billion yuan in 2023, with projections of reaching 3.838 billion yuan in 2024 [12]. - Net profit surged from 17 million yuan in 2022 to 296 million yuan in 2023, with expectations to reach 350 million yuan in 2024 [12]. Market Position and Strategy - Green Tea Restaurant ranks third in terms of the number of restaurants and fourth in revenue among casual Chinese dining brands in mainland China [12]. - Despite a decline in table turnover rates and average spending per customer, the company is expanding its takeout business, which generated 723 million yuan in 2024, a 39.8% increase year-on-year [12]. - The company plans to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027, respectively, aiming to double its store count within three years [12]. Industry Trends - The Hong Kong stock market is experiencing a wave of restaurant IPOs, with several companies, including Green Tea Restaurant, successfully listing recently [15][16]. - The market is seeing a resurgence, with investors optimistic about the potential for profitable consumer brands to go public in the coming years [16][17].

Core Viewpoint - After five attempts, Green Tea Restaurant successfully went public on the Hong Kong Stock Exchange, achieving a market value of over HKD 46 billion, with the founders' net worth exceeding HKD 30 billion [2][3][7]. Company Development - Green Tea Restaurant was founded by Wang Qinsong and Lu Changmei in 2004, initially starting as a youth hostel that transformed into a restaurant in 2008, quickly becoming a popular dining spot in Hangzhou [5][6]. - The restaurant's unique decor and affordable fusion dishes led to its rapid success, with the first location achieving a record of 14 table turnovers in a single day [5][6]. - By 2023, Green Tea Restaurant had expanded to nearly 500 locations across China, generating over CNY 38 billion in annual revenue [3][8][10]. Financial Performance - The company's revenue grew from CNY 23.75 billion in 2022 to CNY 35.89 billion in 2023, with projections of reaching CNY 38.38 billion in 2024 [10]. - Net profit surged from CNY 0.17 billion in 2022 to CNY 2.96 billion in 2023, with expectations of reaching CNY 3.5 billion in 2024 [10]. - Despite a decline in table turnover rates and average spending per customer, the company increased its focus on takeout services, generating CNY 7.23 billion in takeout revenue, a 39.8% increase year-on-year [10]. Expansion Plans - Green Tea Restaurant plans to open 150, 200, and 213 new locations in 2025, 2026, and 2027, respectively, aiming to double its store count within three years [11]. Industry Trends - The IPO of Green Tea Restaurant coincides with a wave of restaurant IPOs in Hong Kong, including other brands like Xiaocaiyuan and Laoxiangji, indicating a growing trend in the restaurant sector [12][13]. - The market is witnessing a resurgence, with many investors believing that 2025 will be a favorable year for profitable consumer brands to go public [14][15].