Core Insights - The founder and chairman of the company, Wang Shugang, stated that the strategy for the takeaway business focuses on not offering set meals and prioritizing dine-in quality while ensuring takeaway food is also delicious [1] - The company has decided not to participate in any discounts from three platforms starting in August due to the impact of high takeaway orders on in-store management [1] - For the first half of the fiscal year ending June 30, 2025, the company's dine-in revenue was 1.647 billion yuan, a growth of 2.2%, while takeaway revenue reached 1.0574 billion yuan, growing by 13.7%, with takeaway revenue accounting for nearly 40% of total revenue [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][19] Core Views - The company achieved a 36% year-on-year growth in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 2.714 billion yuan, an increase of 6.5% [1][7] - The growth in revenue was primarily driven by the takeout business, which saw a 13.7% increase, while dine-in revenue grew by 2.2% [1][7] - The company is expected to accelerate store openings in the second half of 2025, maintaining a target of a net increase of 130 stores for the year [3][10] Summary by Sections Financial Performance - For the first half of 2025, the company reported a total revenue of 2.714 billion yuan, up 6.5%, and a net profit of 382 million yuan, up 35.7% [1][7] - Adjusted net profit for the same period was also 382 million yuan, reflecting a 44.6% increase [1] - The gross margin improved to 70.5%, a year-on-year increase of 2.6%, attributed to enhanced supplier negotiation capabilities and reduced procurement costs [2][15] Operational Efficiency - The average dine-in customer spending decreased by 5.5% year-on-year, impacting same-store sales, which fell by 7.2% [2][11] - The overall table turnover rate remained stable at 3.1 times, with variations across city tiers [2][11] - Employee cost ratio improved by 4.0 percentage points to 24.6%, due to the adoption of cooking robots and optimized staffing models [2][15] Expansion Plans - As of June 30, 2025, the company operated 672 stores, a net increase of 55 stores year-on-year, with plans to accelerate openings in the latter half of the year [3][10] - The company has already added over 30 new stores in July and August 2025, indicating a ramp-up in expansion efforts [3][10] Dividend Policy - The company declared a dividend of 0.2112 yuan per share for the first half of 2025, with a payout ratio of 65%, suggesting a dividend yield of 4.2% based on the latest closing price [3][17] Future Projections - The company forecasts net profits of 770 million yuan, 940 million yuan, and 1.12 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 32%, 22%, and 19% [4][17]

公告称，收入增加主要反映堂食业务增加3550万元及外卖业务增加1.28亿元。堂食业务收入增加主要由 于营运门店数量增加，于2025年6月30日，集团有672家在营"小菜园"门店，而于2024年6月30日，集团 有617家"小菜园"门店。 瑞银指出，小菜园管理层强调聚焦产品价值及餐厅盈利能力，目标派息率达50%至60%。该行指出，公 司上半年同店销售5月起已转正，店铺数量增至672间，管理层维持2025及26年底店铺数量达800间及 1,000间的目标，并表示7月起开店速度加快。 智通财经APP获悉，小菜园(00999)涨超5%，截至发稿，涨4.97%，报10.99港元，成交额3527.46万港 元。 消息面上，近日，小菜园发布截至2025年6月30日止六个月业绩，收入27.14亿元(人民币，下同)，同比 增加6.5%;权益股东应占溢利3.82亿元，同比增加35.7%;每股基本盈利0.33元;拟派发中期股息每股0.2119 元。 ...

Core Insights - The company reported a revenue of 2.714 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 6.5% driven by growth in both dine-in and takeaway services [1] - The profit attributable to equity shareholders reached 382 million yuan, marking a significant year-on-year increase of 35.7% [1] Revenue Breakdown - Dine-in revenue increased by 2.2% to 1.647 billion yuan, attributed to an increase in the number of operational outlets, which grew from 617 to 672 during the same period [1] - Takeaway revenue saw a notable increase of 13.7%, reaching 1.057 billion yuan, with the number of takeaway orders rising from 12.8 million to 16.8 million, driven by the expansion of the store network and enhanced appeal of online takeaway platforms [1]

Core Insights - The company reported a revenue of RMB 2.714 billion for the period ending June 30, 2025, representing a year-on-year growth of 6.5% [1] - Shareholder profit attributable to the company was RMB 382 million, showing a significant increase of 35.7% compared to the previous year [1] - Basic earnings per share were RMB 0.33, with an interim dividend proposed at RMB 0.2119 per share [1] Revenue Breakdown - Dine-in business revenue reached RMB 1.6471 billion, growing by 2.2%, primarily due to an increase in the number of operating stores from 617 as of June 30, 2024, to 672 as of June 30, 2025 [1] - Takeaway business revenue amounted to RMB 1.0574 billion, reflecting a growth of 13.7% [1] Operational Metrics - The overall table turnover rate remained stable at 3.1, consistent with the same period last year [1] - There was a slight improvement in the turnover rate in second-tier cities, attributed to enhanced store efficiency through optimized store formats [1]