External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Green Tea’s 1H26 revenue/adjusted NP grew 16.8%/16.9% YoY to RMB 2,675mn/294mn, with flat adjusted NP margin YoY at 11.0%.</li><li>In 1H26, revenue/ adjusted NP reached 47.6%/45.6% of Bloomberg FY26E consensus, slightly behind that of 48.1%/49.4% in 1H25 against FY25A.</li><li>The slowdown was mainly due to SSSG of -9.7% in 1H26 (vs. -0.8% in FY25), which was hit by a high base in 2Q25 stemming from food-delivery subsidy war and softer consumption.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Green Tea’s 1H26 revenue/adjusted NP grew 16.8%/16.9% YoY to RMB 2,675mn/294mn, with flat adjusted NP margin YoY at 11.0%.In 1H26, revenue/ adjusted NP reached 47.6%/45.6% of Bloomberg FY26E consensus, slightly behind that of 48.1%/49.4% in 1H25 against FY25A.The slowdown was mainly due to SSSG of -9.7% in 1H26 (vs. -0.8% in FY25), which was hit by a high base in 2Q25 stemming from food-delivery subsidy war and softer consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Green Tea Group (6831 HK) - Rapid store rollout in 1H26; SSSG pressure to ease in 2H26

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Leading Casual Chinese Dining Player with Strong Growth Trajectory: <a href="https://smartkarma.com/entities/green-tea-group-limited">Green Tea Group</a> is the fourth-largest casual Chinese restaurant operator in Mainland China, specializing in Jiangzhe-style fusion cuisine. The company has demonstrated a robust growth profile, with a 20% sales and 29% net profit CAGR from FY19 to FY23. This growth is underpinned by rapid store expansion and a resilient business model.</li>
 <li>
Strategic Shift to Smaller Stores and Delivery to Drive Future Growth: The company is increasingly focusing on smaller store formats (300-350 sqm) which offer lower initial investment and higher operational efficiency. Concurrently, a strategic push into the delivery business, which currently represents a lower percentage of sales compared to peers, presents a significant untapped growth avenue.</li>
 <li>
International Expansion Offers New Vector for Growth: <a href="https://smartkarma.com/entities/green-tea-group-limited">Green Tea Group</a> is actively expanding its footprint beyond Mainland China, with a growing presence in Hong Kong and Southeast Asia. The overseas stores are reportedly generating higher profit margins than their mainland counterparts, indicating a promising avenue for future profitability enhancement.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Leading Casual Chinese Dining Player with Strong Growth Trajectory: Green Tea Group is the fourth-largest casual Chinese restaurant operator in Mainland China, specializing in Jiangzhe-style fusion cuisine. The company has demonstrated a robust growth profile, with a 20% sales and 29% net profit CAGR from FY19 to FY23. This growth is underpinned by rapid store expansion and a resilient business model.
  
Strategic Shift to Smaller Stores and Delivery to Drive Future Growth: The company is increasingly focusing on smaller store formats (300-350 sqm) which offer lower initial investment and higher operational efficiency. Concurrently, a strategic push into the delivery business, which currently represents a lower percentage of sales compared to peers, presents a significant untapped growth avenue.
  
International Expansion Offers New Vector for Growth: Green Tea Group is actively expanding its footprint beyond Mainland China, with a growing presence in Hong Kong and Southeast Asia. The overseas stores are reportedly generating higher profit margins than their mainland counterparts, indicating a promising avenue for future profitability enhancement.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Green Tea Group (6831 HK) - Apr 2026

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.</li>
<li>"Rising Suns" stocks are interesting: <a href="https://www.smartkarma.com/entities/hainan-drinda-new-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45252:1" rel="noopener">Hainan Drinda New Energy Technology (2865 HK)</a>, <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a>, <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a>, and <a href="https://www.smartkarma.com/entities/anhui-conch-material-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45012:1" rel="noopener">Anhui Conch Material Technology (2560 HK)</a>.  </li>
<li>"Real Treasures" stocks are safe bets: <a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>, <a href="https://www.smartkarma.com/entities/unisound-ai-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36800:1" rel="noopener">Unisound AI Tech. (9678 HK)</a>, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui (1276 HK)</a>, and <a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium (2610 HK)</a>. </li>
</ul>


While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.
"Rising Suns" stocks are interesting: Hainan Drinda New Energy Technology (2865 HK), PegBio (2565 HK), CaoCao (2643 HK), and Anhui Conch Material Technology (2560 HK).  
"Real Treasures" stocks are safe bets: Duality Biotherapeutics (9606 HK), Unisound AI Tech. (9678 HK), CATL (3750 HK), Jiangsu Hengrui (1276 HK), and Nanshan Aluminium (2610 HK). 


HK Strategy: Finding the Gems in 1H25 HK IPOs

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Big Catering International Holding / Equity Capital Markets

Big Catering International Holding (BCI HK)

<ul>
<li>The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is "heavy asset" model, which results in significant lagging behind in cost control and expansion speed.</li>
<li>The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.</li>
<li>Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than <a href="https://www.smartkarma.com/entities/domino-s-pizza-inc" target="_blank" data-smartkarma-citation="entities:6436:1" rel="noopener">Domino's Pizza</a>, but higher than that of traditional restaurants with slow growth.</li>
</ul>


The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is "heavy asset" model, which results in significant lagging behind in cost control and expansion speed.
The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.
Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than Domino's Pizza, but higher than that of traditional restaurants with slow growth.


Pre-IPO Big Catering International Holding - The Business Model, the Pain Points and the Outlook

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

China

Green Tea Group Limited operates a chain of casual Chinese restaurants, offering fusion cuisine under brands like Green Tea, Mang Gang Le, and LongJing, alongside food delivery and ancillary services. The company focuses on providing accessible dining experiences inspired by Chinese traditional culture. It was founded in 2004 and is headquartered in Hangzhou, China.

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Green Tea Group (6831 HK)