Core Viewpoint - The company achieved a revenue of 2.714 billion yuan in H1 2025, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 382 million yuan, a year-on-year increase of 35.7% [1][2] Financial Performance - The gross profit margin for H1 2025 was 70.5%, an increase of 2.6 percentage points year-on-year, driven by improved supply chain efficiency and reduced material costs [1] - The company has effectively controlled expenses, leading to a net profit margin increase of approximately 3 percentage points, with employee costs decreasing by about 4% year-on-year [1] - The revenue contribution from the takeout business rose to 39.0%, an increase of 2.5 percentage points year-on-year [1] Operational Efficiency - The company operates 672 stores as of the end of H1 2025, with a net increase of 55 stores compared to the same period last year, and aims to reach 800 stores by the end of 2025 [1] - The average daily customer spending in dine-in services was 57.1 yuan, a decrease of 3.3 yuan year-on-year, while the overall table turnover rate remained stable at 3.1 times per day [1][2] Competitive Advantages - The company maintains a leading store operating profit margin of approximately 20% and a payback period for major store investments of less than one year [2] - The company has a comprehensive supply chain system and a differentiated employee incentive model, which enhances operational efficiency and profitability [2] - The ongoing construction of the Ma'anshan factory is expected to support up to 3,000 stores once completed, enhancing supply chain capabilities [2] Growth Prospects - The company is positioned to continue rapid growth through multi-scenario and multi-regional store expansion, with expectations to exceed 1,000 stores by 2026 [2][3] - The company’s focus on high cost-performance and stable menu offerings is expected to strengthen its competitive edge in the market [2]