Green Tea Group (6831) H1 2025 earnings summary

Executive summary

• H1 revenue rose 23.1% YoY to RMB2,290.4m; profit for the period increased 34.1% to RMB233.9m, and adjusted net profit grew 40.4% to RMB251.4m.

• The network reached 502 restaurants across 21 provinces, four municipalities, two autonomous regions and Hong Kong SAR at 30 June 2025.

• Same-store sales declined 1.7% amid cautious consumer spending and reduced dining-out frequency; delivery growth partly offset the pressure.

Financial highlights

• Revenue increased 23.1% YoY to RMB2,290.4m; restaurant operations revenue rose 13.2% to RMB1,757.9m, while delivery revenue grew 74.2% to RMB524.2m.

• Profit before tax increased 28.8% to RMB277.9m; profit attributable to equity shareholders rose 34.0% to RMB233.7m.

• Adjusted net profit was RMB251.4m versus RMB179.0m; adjusted margin rose to 11.0% from 9.6%.

• Basic EPS was RMB0.42 versus RMB0.33; diluted EPS was RMB0.41 versus RMB0.33.

• Other revenue fell 18.2% to RMB12.9m, mainly due to lower government subsidies.

Outlook and guidance

• Priorities include steady network expansion, deeper penetration in existing markets, entry into emerging markets, supply-chain optimization, menu innovation, service quality, food safety, technology and digital marketing.

• IPO proceeds are intended for restaurant expansion, a centralized food-processing facility, IT upgrades and working capital; planned utilization is by end-2027 and timing may change with market conditions.