Core Viewpoint - The initial public offering (IPO) of Green Tea Group faced significant challenges, with the stock price dropping on the first day of trading, reflecting concerns about the company's core operational metrics and the changing growth logic in the restaurant industry [1][4]. Group 1: Operational Performance - Green Tea Group has experienced a decline in key operational efficiency metrics, particularly the table turnover rate, which has not met the founder's "break-even" target of 4 times per day, with rates recorded at 2.81, 3.30, and 3.00 times per day from 2022 to 2024 [2]. - Average consumer spending decreased from 62.9 yuan in 2022 to 56.2 yuan in 2024, indicating a drop in brand appeal and increased price sensitivity among consumers [2]. - The company expanded its store count from 276 to 465 between 2022 and 2024, achieving a compound annual growth rate of 29.8%, but the average sales per store fell from 11.519 million yuan in 2023 to 10.33 million yuan in 2024, a decline of 10.3% [2]. Group 2: Business Model and Revenue Structure - In 2024, the revenue from Green Tea's takeout business increased to 18.8%, a year-on-year growth of 39.8%, but this shift negatively impacted dine-in table turnover rates [3]. - The takeout orders have lower gross margins compared to dine-in, and the company faces higher platform commissions and delivery costs, which may undermine the brand's experiential advantage in the long term [3]. - The introduction of new menu items has contributed less than 15% to sales, and there have been quality concerns regarding the use of pre-prepared dishes, which have affected consumer trust [3]. Group 3: Market Environment and Competitive Landscape - The IPO failure of Green Tea Group reflects not only internal operational issues but also the competitive landscape of the restaurant industry and changing market expectations [4]. - The company plans to open 563 new stores from 2025 to 2027, with 68.38% located in lower-tier cities, but the market is already saturated with competitors like Huicai and others [4]. - Green Tea's direct operation model results in high labor and rental costs, accounting for 45% of expenses, with a net profit margin of only 9.1%, significantly lower than competitors like Mixue Ice City [4]. Group 4: Brand and Consumer Trust Issues - Green Tea Group has faced multiple food safety incidents, which have severely damaged its brand image and consumer trust, with over 30% of complaints related to food quality issues [5]. - The company's challenges highlight a broader industry trend moving from rapid expansion to more refined operations, emphasizing the need for improved core metrics, supply chain management, and brand rejuvenation [5].