HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray's Trouble,Views on Akeso's Plunge

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Jiangsu Hengrui Medicine H Share Listing (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Pre-IPO Green Tea Group - Lack of an Attractive "Growth Story"

Pre-IPO Jiangsu Hengrui Medicine - High Valuation Cannot Be Justified

Equity Capital Markets

<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


Xiaocaiyuan International Holding (XCY HK)

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