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>1H25 results were inline with profit alert, but the underlying factors like GP margin and economies of scale are impressive.</li><li>Hence with a likely better and positive SSSG, plus the continued margin improvements in 2H25E, we remain confident about Green Tea’s future development.</li><li>We maintain BUY and raise TP to HK$ 10.74, based on a 13x FY25E adj. P/E (unchanged).</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.

1H25 results were inline with profit alert, but the underlying factors like GP margin and economies of scale are impressive.Hence with a likely better and positive SSSG, plus the continued margin improvements in 2H25E, we remain confident about Green Tea’s future development.We maintain BUY and raise TP to HK$ 10.74, based on a 13x FY25E adj. P/E (unchanged).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) - Solid SSSG and Margin Trend Will Likely Sustain

<ul><li>What is new? Green Tea released a positive profit alert and foresees its net profit to grow by 32%-36% YoY in 1H25E, better than expected.</li><li>Management is now foreseeing the net profit to be around RMB 230mn237mn in 1H25E, representing 32%-36% YoY growth.</li><li>Moreover, they are also expecting its adjusted net profit to be around RMB 247mn-254mn, implying 38%-42% YoY growth (after adjusting for listing fees of around RMB 15mn-20mn). </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.

What is new? Green Tea released a positive profit alert and foresees its net profit to grow by 32%-36% YoY in 1H25E, better than expected.Management is now foreseeing the net profit to be around RMB 230mn237mn in 1H25E, representing 32%-36% YoY growth.Moreover, they are also expecting its adjusted net profit to be around RMB 247mn-254mn, implying 38%-42% YoY growth (after adjusting for listing fees of around RMB 15mn-20mn). 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) - 1H25E Profit Comes as Surprise with Positive 2H25E Outlook

<ul><li>Green Tea Group is a leading casual Chinese cuisine restaurant group in China.</li><li>Green Tea is the 4th largest brand in the casual Chinese cuisine industry, with 0.7% market share in 2023.</li><li>It mainly sells Jiangzhe style fusion cuisine at accessible price points with a decent dining experience at the restaurant with distinct decoration inspired by Chinese traditional culture. </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 Group is a leading casual Chinese cuisine restaurant group in China.Green Tea is the 4th largest brand in the casual Chinese cuisine industry, with 0.7% market share in 2023.It mainly sells Jiangzhe style fusion cuisine at accessible price points with a decent dining experience at the restaurant with distinct decoration inspired by Chinese traditional culture. 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) - A Casual Chinese Cuisine Leader of Great Value

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> will remain in the spotlight in the coming week as well.</li>
<li>On the placements front, Japan deals appear to be picking up again.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
On the placements front, Japan deals appear to be picking up again.


ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The decline in Green Tea’s performance in 2024 cannot be solely attributed to external factors such as economic downturn and the decline in consumption. There are deeper reasons behind it. </li>
<li>The growth is mainly contributed by delivery service. However, commission fee is high and average spending per order is lower than dine-in services.So delivery service has limited contribution to profits.</li>
<li>The aggressive expansion of restaurants may further dilute the performance of individual restaurant. We shared our three-year forecast.Valuation of Green Tea could be lower than Xiaocaiyuan and the industry average</li>
</ul>


The decline in Green Tea’s performance in 2024 cannot be solely attributed to external factors such as economic downturn and the decline in consumption. There are deeper reasons behind it. 
The growth is mainly contributed by delivery service. However, commission fee is high and average spending per order is lower than dine-in services.So delivery service has limited contribution to profits.
The aggressive expansion of restaurants may further dilute the performance of individual restaurant. We shared our three-year forecast.Valuation of Green Tea could be lower than Xiaocaiyuan and the industry average


Pre-IPO Green Tea Group (PHIP Updates) - Some Points Worth the Attention

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)