绿茶集团(6831.HK)午后涨幅扩大，一度涨8.24%至8.41港元，股价创7月25日以来约一个月新高。消息面上，绿茶集团公布截至2025年6月30日止六个月业 绩，期内收入22.9亿元(人民币，下同)，同比增长23.1%；公司的权益股东应占期内利润2.34亿元，同比增长34.0%；经调整净利润2.51亿元，同比增长 40.4%。 公告称，于报告期内，集团在策略上更为专注于外卖业务，因此外卖业务收入同比增加74.2%至5.242亿元。截至2025年6月30日止六个月，外卖业务收入占 集团总收入的22.9%，显示外卖业务仍有很大增长空间。(格隆汇) ...

格隆汇8月25日｜据澎湃，小菜园创始人兼董事长汪书高在媒体交流中表示，针对于外卖业务，公司定 的战略包括外卖不允许做套餐，主要侧重还是做好堂食，且外卖也要做得好吃。汪书高还透露，此前7 月时的外卖大战，有时11点来100多单外卖，一度影响店内管理人员的精力，"因此我们从8月开始，不 参与三个平台的任何折扣。"近日，小菜园公布截至2025年6月30日的中期业绩。其中，上半年堂食业务 收入为16.47亿元，增长2.2%；外卖业务收入为10.574亿元，增长13.7%，营收占比提升至近四成。 ...

孙婉秋摄 （文章来源：国际金融报） 今年上半年，绿茶实现收入22.9亿元，同比增长23.1%；期内利润2.34亿元，相较去年同期上涨34.1%；本公司权益股东应占期内利润为2.34亿元，增长 34.0%。经调整净利润为2.51亿元，增长40.4%。 绿茶的收入主要包括餐厅经营、外卖业务和其他业务，上半年上述三项业务分别实现收入17.58亿元、5.24亿元和0.08亿元，全部上涨，其中外卖业务增幅更 是高达74.2%，受此影响绿茶收入结构进一步优化，餐饮经营收入占比降至76.7%，外卖业务提升至22.9%。 今年以来，绿茶持续线下网络布局，在华东、广东和华北三大经济中心区域建立市场地位。截至6月底，其线下餐厅数量达502家，覆盖香港特别行政区和所 有一线城市、15个新一线城市、31个二线城市以及91个三线及以下城市。 8月25日晚间，绿茶集团（下称"绿茶"）发布了上半年中期业绩报告。 在消费承压的大背景下，此前已有多家餐饮企业发布盈利预警，绿茶却逆势走出了一条上升之路。 ...

北京商报讯（记者 张天元）8月25日，绿茶集团有限公司（以下简称"绿茶集团"）公布截至2025年6月 30日止六个月2025年中期业绩。数据显示，绿茶集团上半年收入约22.9亿元，同比增长23.1%;公司的权 益股东应占期内利润约2.34亿元，同比增长34%；经调整净利润约2.51亿元，同比增长40.4%；每股基本 盈利0.42元。 绿茶集团表示，于报告期内，集团主要专注于在三大地区建立其市场地位，即华东、广东省及华北，均 是中国内地的主要经济中心。截至2025年6月30日，集团的餐厅网络由502家餐厅组成，覆盖中国香港特 别行政区以及中国所有一线城市、15个新一线城市、31个二线城市及91个三线及以下城市。 外卖业务上，绿茶集团主要通过中国三家大型第三方线上餐饮配送平台进行外卖业务。于报告期内，集 团在策略上更为专注于外卖业务，因此外卖业务收入由截至 2024年6月30日止六个月的人民币 3.01亿元 增加74.2%至2025年同期的人民币5.24亿元。截至2025年6月30日止六个月，外卖业务收入占本集团总收 入的 22.9%，显示外卖业务仍有很大增长空间。 ...

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]

Core Insights - The recent weakness in the Hong Kong stock market is attributed to a combination of macroeconomic factors, including a weakening Hong Kong dollar and rising global trade uncertainties, which have negatively impacted market sentiment [1][4][5] - The performance of the Hong Kong stock market has lagged behind that of the A-share market since mid-June, with the Hang Seng Index underperforming the CSI 300 Index by 4.1 percentage points and the Hang Seng Tech Index underperforming the ChiNext Index by 21.6 percentage points [4][5] - Despite the recent downturn, there is optimism for the second half of the year, driven by potential interest rate cuts from the Federal Reserve, which could alleviate pressure on the Hong Kong dollar and attract more capital inflows into the market [1][25][29] Macroeconomic Background - The Hong Kong dollar has been under pressure since June, with the currency hitting the weak end of its trading band, prompting the Hong Kong Monetary Authority to tighten liquidity, which historically correlates with weaker stock performance [6][10][15] - Changes in U.S. trade policies, including increased tariffs on various goods, have contributed to global trade uncertainties, affecting risk appetite in capital markets and leading to volatility in risk assets, including Hong Kong stocks [7][10][15] Market Environment - The decline in the popularity of key sectors such as new consumption and technology has contributed to the slowdown in capital inflows into the Hong Kong stock market [13][15] - The new consumption sector showed signs of overheating, while the technology sector faced pressure due to lower-than-expected capital expenditures from major domestic internet companies, impacting overall market sentiment [13][14] - After a significant inflow of southbound capital in the first half of the year, the pace of inflows has slowed since June, with foreign capital beginning to exit the market in late July [14][26] Outlook for the Second Half - The expectation of interest rate cuts by the Federal Reserve could lead to a recovery in the Hong Kong dollar and a subsequent improvement in market conditions, potentially attracting more foreign investment [25][29] - The structural advantages of Hong Kong stocks, particularly in technology and consumption sectors, are expected to continue attracting capital, especially as these sectors align with trends in AI applications and new consumption [25][28][29] - The acceleration of AI applications is anticipated to benefit Hong Kong technology stocks, which are well-positioned across the AI value chain, thus enhancing their attractiveness in the market [29][30]

Group 1 - The core categories of electronic products and home appliances are experiencing a recovery in growth, benefiting from the trade-in policy [1][3] - The company has adjusted its non-GAAP net profit forecasts for 2025-2027 to 27.7 billion, 46 billion, and 52.6 billion yuan, reflecting a year-on-year growth rate of -42%, +66%, and +15% respectively [1] - The company reported Q2 2025 revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, exceeding Bloomberg's consensus estimate [2] Group 2 - The company's retail operating profit margin improved by 0.6 percentage points to 4.5%, while the logistics operating profit margin decreased by 1.1 percentage points to 3.8% [2] - New business losses were higher than expected, primarily due to continued investments in the food delivery segment [2][3] - The company repurchased approximately 2.8% of its outstanding common shares as of December 31, 2024, with a remaining repurchase amount of 3.5 billion dollars [3]

Core Insights - JD Logistics reported a revenue of 98.5 billion yuan for the first half of 2025, representing a year-on-year growth of 14.1% [1] - External customer revenue reached 66.1 billion yuan, with a year-on-year increase of 10.2% [1] - Adjusted net profit for the first half of the year was 3.3 billion yuan, up 7.1% year-on-year, indicating steady growth in performance [1] Revenue Growth Drivers - The integrated supply chain business significantly contributed to revenue growth, with income from other customers, including express delivery, amounting to 48.4 billion yuan, a year-on-year increase of 8.7% [1] - Revenue from the integrated supply chain business was 50.1 billion yuan, reflecting a robust year-on-year growth of 19.9% [1] - Key growth drivers include government subsidies promoting consumption in relevant categories, continuous improvement in warehousing and distribution capabilities, and contributions from new industries and customers, with average revenue per external integrated supply chain customer reaching 239,000 yuan [1] Cost and Employee Insights - Employee costs rose to 35 billion yuan in the first half of 2025, up 17.1% from 29.9 billion yuan in the first half of 2024, driven by business expansion [1] - The company expanded its food delivery business, leading to increased logistics costs, and is currently focusing on the integration of various business lines, including express delivery and brands like Kuaixue and Debang [1] Profit Forecast and Rating Adjustment - The profit forecast remains unchanged, with adjusted net profit expected to be 8.307 billion yuan, 9.166 billion yuan, and 10.513 billion yuan for 2025-2027, reflecting year-on-year growth rates of 4.93%, 10.34%, and 14.70% respectively [1] - The company’s price-to-earnings ratio is projected at 10x, 9x, and 8x for the respective years [1] - Due to uncertainties arising from the integration of multiple business lines, the rating has been adjusted to "Accumulate" [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company reported strong retail growth, with a revenue of 356.7 billion yuan for the quarter, representing a year-over-year increase of 22%. The retail segment alone generated 310.1 billion yuan, up 21% year-over-year, driven by robust performance in self-operated categories and a continuous improvement in operational capabilities [10][11]. - New business revenue reached 13.9 billion yuan, showing a significant year-over-year increase of 199%, although it incurred an operating loss of 14.8 billion yuan primarily due to investments in the food delivery business [2][11]. - The company is focusing on enhancing its system capabilities and deepening e-commerce synergies to drive further growth in gross merchandise volume (GMV) [11]. Revenue Summary - The company achieved total revenue of 356.7 billion yuan, with retail revenue contributing 310.1 billion yuan, and logistics revenue at 51.6 billion yuan, reflecting a year-over-year growth of 17% [10][11]. - The retail business continues to benefit from government subsidies, particularly in the home appliance category, which grew by 23% year-over-year [10][11]. Profitability Summary - The non-GAAP net profit for the company was 7.4 billion yuan, down 49% year-over-year, with a non-GAAP net profit margin of 2.1% [2][11]. - The operating profit margin (OPM) for the retail business was 4.5%, an increase of 0.6 percentage points year-over-year, indicating improvements in procurement costs and supply chain efficiency [11]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 1,335.4 billion yuan, 1,420.2 billion yuan, and 1,488.7 billion yuan, respectively, reflecting slight upward adjustments [2][23]. - Due to increased losses in the new business segment, the forecast for annual operating losses has been revised from 16.4 billion yuan to 42.7 billion yuan [2][23].

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]