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绿茶的野心,藏在中报之外
Guo Ji Jin Rong Bao· 2025-08-26 15:09
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。 2024年以来,餐饮行业整体进入"hard模式",在消费复苏不及预期、人力成本攀升、行业竞争激烈等多 重压力的艰难经营状态下,多家餐饮企业发出盈利预警,作为"初代网红餐厅"的绿茶却逆势走出了一条 上升之路。 外卖业务增长74.2% 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%。 根据中报来看,绿茶的利润增加主要得益于门店网络持续扩张带来的收入增加以及经营效率提升导致门 店盈利能力增加。 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%。 实际上,去年绿茶开始推行"品质外卖增长策略",为了在同质化、低质化突出的外卖市场杀出重围,其 打出爆款菜研发、数字化运营和"质价比"定位 ...
绿茶集团(06831):性价比为基经营提效,强激励助力规模扩张
Guolian Minsheng Securities· 2025-07-28 12:31
Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][15][19]. Core Insights - The company is a well-known operator of Chinese casual dining restaurants, focusing on cost-effectiveness and high-quality dining experiences. As of May 2025, it operates 493 stores across Hong Kong and various cities in mainland China [4][12][17]. - The company’s mature stores maintain healthy operations, with projected sales for 2024 expected to exceed 10 million yuan per store. The increase in takeaway orders is anticipated to help same-store sales recover [4][12][17]. - The company has recently experimented with smaller restaurant formats, which have higher table turnover rates and lower operating costs, leading to a reduced payback period of 14-15 months for new stores. With effective incentive mechanisms in place, the company is expected to accelerate its store expansion [4][12][17]. Summary by Sections Company Overview - The company started from Hangzhou West Lake and has expanded nationwide, opening its first restaurant in 2008. By May 2025, it has established a network of 493 restaurants across various city tiers in China [23]. - The main business model is direct-operated restaurants with a focus on fusion cuisine priced between 50-70 yuan, achieving a competitive edge through high cost-performance [25][26]. Industry Analysis - The Chinese restaurant market is projected to reach 5.6 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2019 to 2024. The casual dining segment is the fastest-growing within the Chinese restaurant market, with a CAGR of 5.6% [49][53]. - The chain restaurant penetration rate in China has increased to 23.3% in 2024, up 4.2 percentage points from 2019, indicating a gradual shift towards more standardized and scalable restaurant operations [55]. Competitive Advantages - The company boasts strong menu development capabilities, with its founder leading product innovation. The average annual sales for mature stores remain above 10 million yuan, and the investment payback period for new stores has decreased due to smaller, more efficient formats [14][19]. - The company has implemented a profit-sharing mechanism to align employee interests with operational quality and expansion goals, enhancing its competitive position [14][19]. Growth Outlook - Revenue is expected to grow significantly, with projections of 46.8 billion yuan in 2025, 59.0 billion yuan in 2026, and 75.0 billion yuan in 2027, reflecting year-on-year growth rates of 22.0%, 25.9%, and 27.3% respectively [15][19]. - The company plans to open 131, 176, and 183 new stores in 2025, 2026, and 2027, respectively, supported by a favorable market environment and improved operational efficiencies [18][19].
绿茶集团四年五闯港交所:上市首日破发,2024年营收38.38亿元,翻台率、同店销售额均下滑
Sou Hu Cai Jing· 2025-05-19 02:54
Core Viewpoint - Green Tea Group successfully listed on the Hong Kong Stock Exchange after multiple attempts, with an initial share price of HKD 7.19, but faced a significant drop on the first trading day, closing at HKD 6.29, a decrease of 12.52% [2][3] Financial Performance - Revenue and net profit are projected to grow from 2022 to 2024, with revenues of CNY 2.375 billion, CNY 3.589 billion, and CNY 3.838 billion, and net profits of CNY 16.579 million, CNY 296 million, and CNY 350 million respectively [3][6] - Average same-store sales for 2024 are expected to be CNY 10.33 million, reflecting a year-on-year decline of 10% [4][10] - The average table turnover rate is projected to decrease from 3.30 times per day in 2023 to 3.00 times per day in 2024 [11][12] Market Position and Competition - Green Tea Group operates a total of 489 restaurants as of now, with plans to expand to 465 by the end of 2024 and further increase in subsequent years [8][9] - The company holds a market share of 0.7% in the highly fragmented casual Chinese dining market [9] - The competitive landscape is intensifying, with analysts noting that the company lacks brand differentiation and faces challenges from similar low-cost dining options [5][14] Strategic Focus - The company has strategically increased its focus on the takeaway business, with takeaway revenue for 2024 projected at CNY 723 million, a year-on-year increase of 39.85% [13][14] - Future growth will require innovation and exploration in multi-brand development to navigate the challenges posed by market saturation and competition [14]
五闯港交所终上岸!绿茶集团冲刺千店,翻台率已跌破所定“下限”
Bei Ke Cai Jing· 2025-05-16 03:22
Core Viewpoint - Green Tea Group officially listed on the Hong Kong Stock Exchange on May 16, marking the culmination of a challenging IPO journey that began in 2021. The company anticipates growth in revenue and net profit from 2022 to 2024, primarily driven by an increase in the number of restaurants, despite acknowledging a decline in key operational metrics in 2024 compared to 2023 [1][4][10]. Group 1: Financial Performance - Green Tea Group's revenue for 2022, 2023, and 2024 is projected to be approximately CNY 2.375 billion, CNY 3.589 billion, and CNY 3.838 billion, respectively. The net profit for the same years is expected to be around CNY 17 million, CNY 296 million, and CNY 350 million [10]. - The average daily sales per restaurant in 2024 is expected to decrease to CNY 21.7 thousand from CNY 27.2 thousand in 2023, indicating a decline in consumer spending [12]. Group 2: Expansion Plans - Green Tea Group plans to expand its restaurant network significantly, aiming to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027, respectively [6]. - The company currently operates over 400 restaurants and aims to reach a total of 1,000 restaurants within three years [4][5]. Group 3: Market Position - As of April 14, 2025, Green Tea Group is ranked third in terms of the number of restaurants and fourth in revenue among casual Chinese restaurant brands in China, holding a market share of 0.7% in the casual Chinese dining sector [5][9]. - The restaurant market is highly fragmented, with numerous participants, presenting both opportunities and challenges for expansion [6]. Group 4: Challenges and Strategic Focus - The company has reported a decline in same-store sales and table turnover rates, which are critical operational metrics, due to changing consumer behavior and reduced dining out [12][9]. - Green Tea Group is focusing on enhancing its delivery services, which have seen growth, and plans to innovate its menu to improve profitability and customer attraction [13][14].
IPO周报 | 沪上阿姨、博雷顿登陆港交所;绿茶餐厅上市在即
IPO早知道· 2025-05-11 12:45
Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their market performance. Group 1: Company IPOs - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, 2025, with the stock code "2589," raising a total of HKD 273 million through the issuance of 2,411,340 shares, with a subscription rate of 3,616.83 times for the public offering [3][6] - Bo Le Ton Technology listed on May 7, 2025, as the first "zero-carbon mining robot" stock in Hong Kong, issuing 13 million shares with a public offering subscription rate of 198.72 times [7][8] - Green Tea Group plans to list on May 16, 2025, with an expected market capitalization of HKD 4.842 billion, aiming to raise over HKD 1.2 billion through the issuance of 168,364,000 shares [11][12] - InSilico Medicine updated its prospectus on May 8, 2025, aiming to become the first "AI-driven innovative drug" stock in Hong Kong, with a focus on drug discovery and development using AI technology [16][17] - Copper Master submitted its prospectus on May 9, 2025, aiming to list on the Hong Kong Stock Exchange, recognized as the leading brand in China's copper cultural and creative products market [20][23] - Zejing submitted its prospectus on May 9, 2025, as an innovative smart cockpit visual and interaction solution provider, ranking second in the Chinese HUD solution market with a market share of 16.2% [24][25] Group 2: Financial Performance - Hu Shang A Yi's GMV grew from CNY 6.068 billion in 2022 to CNY 10.736 billion in 2024, with revenue of CNY 2.199 billion in 2022, CNY 3.348 billion in 2023, and CNY 3.285 billion in 2024 [5] - Bo Le Ton's electric wide-body dump truck shipments increased from 59 units in 2022 to 307 units in 2024, with a compound annual growth rate (CAGR) of 128.1% [9] - Green Tea Group's revenue increased from CNY 2.375 billion in 2022 to CNY 3.838 billion in 2024, with a net profit of CNY 0.17 billion in 2022 and CNY 0.35 billion in 2024 [13] - InSilico Medicine's revenue grew from USD 30.15 million in 2022 to USD 85.83 million in 2024, with a gross margin increasing from 63.4% to 90.4% [18] - Copper Master achieved revenue of CNY 503 million in 2022, CNY 506 million in 2023, and CNY 571 million in 2024, with a net profit margin of 13.8% in 2024 [22] - Zejing's revenue increased from CNY 214 million in 2022 to CNY 578 million in 2024, with a CAGR of 64.3% [26][27] Group 3: Market Position and Growth - Hu Shang A Yi ranked first among mid-priced tea beverage brands in Northern China and third among all mid-priced tea beverage brands in China as of December 31, 2023 [4] - Bo Le Ton ranked third among all new energy wide-body dump truck manufacturers in China, with a market share of 18.3% [8] - Green Tea Group ranked third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China as of 2024 [12] - InSilico Medicine's Pharma.AI platform is recognized as a leading AI-driven drug discovery and development platform globally [17] - Copper Master holds a 35% market share in the copper cultural and creative products market in China as of 2024 [21] - Zejing is the only Chinese supplier to have received multiple international mainstream OEM orders for HUD solutions, achieving significant market penetration [25]
绿茶集团今日起至13日招股 每股发售价为7.19港元
news flash· 2025-05-08 05:52
Group 1 - The core point of the article is that Green Tea Group (06831.HK) has commenced its public offering from May 8 to May 13, with a share price set at HKD 7.19 [1] - The company plans to issue 170 million shares, with 10% allocated for public sale in Hong Kong, aiming to raise a total of HKD 1.21 billion [1] - The expected listing date for Green Tea Group is May 16, with Citigroup and China Merchants International as joint sponsors [1] Group 2 - The company has secured HKD 680 million in margin financing from brokers, indicating strong investor interest, as the public offering has been oversubscribed by 4.6 times [1] - The entry fee for one board lot of 400 shares is HKD 2,905 [1]
绿茶餐厅今起招股:获紫燕、正大等8733万美元基石认购,计划募集超12亿港元
IPO早知道· 2025-05-08 00:48
Core Viewpoint - Green Tea Group is set to launch its IPO with an expected market capitalization of HKD 48.42 billion, aiming to raise over HKD 1.2 billion through the issuance of 168,364,000 shares at an offering price of HKD 7.19 per share [2]. Group 1: IPO Details - The IPO process for Green Tea Group commenced today and will conclude on the 13th, with plans to list on the Hong Kong Stock Exchange under the stock code "6831" on May 16, 2025 [2]. - The IPO includes 16,836,400 shares for public offering in Hong Kong and 151,527,600 shares for international offering [2]. - Eight cornerstone investors have committed approximately USD 87.33 million, with notable subscriptions from companies like Ziyuan Food, Charoen Pokphand Foods, and Huabao [2]. Group 2: Company Growth and Market Position - Green Tea Group opened its first restaurant in 2008 and has expanded to 493 restaurants across 21 provinces, four municipalities, two autonomous regions, and Hong Kong as of April 28, 2024 [3]. - The company ranks third in terms of the number of restaurants and fourth in revenue among casual Chinese dining brands in mainland China for 2024 [3]. Group 3: Financial Performance - The total number of restaurants increased from 276 at the end of 2022 to 465 by the end of 2024, reflecting a compound annual growth rate of 29.8% [4]. - In 2024, Green Tea Group opened 120 new restaurants and plans to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027, respectively [4]. - The average customer spending (客单价) decreased from RMB 62.9 in 2022 to RMB 56.2 in 2024, while the table turnover rate (翻台率) showed fluctuations over the same period [4]. - Revenue figures for 2022, 2023, and 2024 were RMB 2.375 billion, RMB 3.589 billion, and RMB 3.838 billion, respectively, with net profits of RMB 0.17 billion, RMB 0.296 billion, and RMB 0.35 billion [4].
绿茶集团(06831)5月8日-5月13日招股 预计5月16日上市
智通财经网· 2025-05-07 23:12
Core Viewpoint - Green Tea Group (06831) is set to launch an IPO from May 8 to May 13, 2025, offering 168 million shares at a price of HKD 7.19 per share, with 10% allocated for Hong Kong and 90% for international sales, plus a 15% over-allotment option [1][2] Group 1: Company Overview - Green Tea Group is a well-known operator of casual Chinese restaurants in mainland China, with a focus on affordable pricing and a diverse menu [1] - The company opened its first restaurant in Hangzhou in 2008 and has since expanded to a network of 493 restaurants across 21 provinces, four municipalities, two autonomous regions, and Hong Kong [1] - According to a report by Zhaoshang Consulting, the company ranks third in terms of the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China as of 2024, holding a market share of 0.7% [1] Group 2: Growth and Expansion - The total number of restaurants increased from 276 as of December 31, 2022, to 465 by December 31, 2024, reflecting a compound annual growth rate (CAGR) of 29.8% [2] - The company plans to open 150, 200, and 213 new restaurants in 2025, 2026, and 2027, respectively, with 32 restaurants already operational and 17 more under lease agreements for 2025 [2] - The majority of the restaurants are located in shopping malls, which supports customer accessibility and foot traffic [2] Group 3: Financial Projections and Use of Proceeds - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 746 million after deducting underwriting fees and expenses [3] - Approximately 63.3% of the proceeds will be used to expand the restaurant network, while 26.3% will fund capital expenditures for a central food processing facility in Zhejiang Province [3] - About 5.4% will be allocated for upgrading the company's IT systems and infrastructure, and 5.0% will be used for working capital and other general corporate purposes [3]
IPO周报|沪上阿姨、绿茶餐厅均已通过港交所聆讯
IPO早知道· 2025-04-27 12:38
本文为IPO早知道原创 2013年,第一家沪上阿姨门店在上海开业。目前,沪上阿姨旗下拥有主要品牌「沪上阿姨」、2022 年推出的「沪咖」以及2023年推出的「轻享版」。其中,2024年3月,"轻享版"升级至2.0版本,并 正式推出"茶瀑布",进一步捕捉下沉市场需求。 作者|C叔 截至 2024年12月31日,沪上阿姨的门店网络有9,176家门店,覆盖中国全部四个直辖市,以及位于 五个自治区及22个省份的300多个城市,门店网络覆盖北至中国黑龙江省漠河,南至中国海南省三 亚。 微信公众号|ipozaozhidao 截至 2025年4月18日,沪上阿姨的门店网络进一步增至9,367家门店;截至同日,已有395家茶瀑布 门店。 沪上阿姨 港股|通过聆讯 在中国中价现制茶饮店品牌中,截至 2023年12月31日沪上阿姨覆盖的城市数目最多;而按2022年 和2023年门店总数及GMV增长率计算,沪上阿姨是中国以门店总数计算的前五大现制茶饮店品牌中 增长最快的现制茶饮店品牌。 据 IPO早知道消息, 沪上阿姨(上海)实业股份有限公司(以下简称"沪上阿姨")日前已通过港交所聆 讯并于4月23日披露通过聆讯后的资料集,中信、 ...