Sichuan Baicha Baidao Industrial (2555) investor relations material

Executive summary

• H1 2026 revenue rose 6.2% YoY to RMB2,654.8m; profit for the period increased 3.5% to RMB344.7m, while gross margin fell 2.6 percentage points to 30.0%.

• Store network grew 4.7% YoY to 8,863, including 72 overseas stores across 13 countries and regions.

• Multi-category growth advanced through coffee expansion, product launches, supply-chain optimization and digital operating tools.

Financial highlights

• Revenue increased 6.2% YoY to RMB2,654.8m; goods and equipment revenue rose 7.0% to RMB2,523.6m, or 95.0% of revenue.

• Gross profit declined 2.1% to RMB797.5m; gross margin fell to 30.0% from 32.6%, mainly reflecting coffee expansion and returns to franchisees.

• Profit before tax was RMB419.5m versus RMB413.6m; profit for the period rose to RMB344.7m from RMB332.9m, and profit attributable to owners was RMB336.3m.

• Selling expenses fell 7.9% to RMB138.3m, administrative expenses fell 4.2% to RMB246.6m, and R&D expenses declined 7.8% to RMB13.0m.

• Adjusted net profit, excluding RMB3.6m of equity-settled share-based payment expenses, rose to RMB348.3m from RMB340.3m.

Outlook and guidance

• H2 priorities include expanding freshly brewed coffee coverage and R&D, enriching consumption occasions, and reinforcing core freshly made tea offerings.

• Planned store growth remains steady, focused on lower-tier markets, differentiated store models, stronger franchisee support, supply-chain collaboration and digital management.

• Flexible resource allocation, cost control, risk management and refined operations are planned in response to external fluctuations and industry changes.