In recent years, the restaurant industry has faced increasing pressure from consumer recovery, intensified homogeneous competition, and frequent cost fluctuations, leading to a highly competitive environment. Many brands are experiencing narrowing profits and obstacles to expansion, accelerating industry reshuffling and highlighting the advantages of leading enterprises.
Green Tea Group (06831.HK), as a leader in the Chinese chain restaurant industry, achieved significant growth in performance in 2025 against the backdrop of widespread industry pressure. This not only solidified its position in the industry but also demonstrated the resilience and growth potential of Chinese chain restaurant enterprises, providing a replicable model for high-quality industry development.
Data shows that in 2025, Green Tea Group achieved operating revenue of approximately RMB 4.763 billion, a year-on-year increase of 24.1%; adjusted net profit was approximately RMB 509 million, a substantial year-on-year increase of 41.0%, with profitability continuing to rise. This impressive performance report is not only the first annual report since its listing but also highlights the company's strong development momentum, establishing an independent growth trajectory in a generally pressured industry environment.
<h2>Supply Chain Foundation: &#34;Farm to Table&#34; Integration, Strengthening the Foundation for Counter-Cyclical Growth</h2>
One of the core reasons why Green Tea Group can break through in fierce industry competition is its deep cultivation of &#34;farm to table&#34; integrated supply chain construction. The company has built a third-generation supply chain model of &#34;leading suppliers + digital cold chain + smart kitchen,&#34; achieving organic unity in quality control, fresh stir-frying, and standardized taste, providing solid support for performance growth.
Strict Source Control, Maintaining Dual Bottom Lines of Quality and Cost. In terms of strict source control, Green Tea Group has established long-term stable strategic partnerships with leading suppliers such as Charoen Pokphand Group and Beijing Guchuan Food, leveraging the strict quality control and traceability systems of its partners to ensure high quality and safety of ingredients while obtaining stable and reliable ingredient supplies.
Through scaled centralized procurement, the company not only effectively dilutes ingredient procurement costs, achieving significant cost control results, but also drives continuous improvement in gross profit margins, rising from 63.9% in 2023 to 68.3% in 2025. At the same time, this model also ensures high cost-performance advantages for dishes, accurately matching mass consumer demand.
Process Control, Safeguarding Ingredient Authenticity with Full Traceability. In terms of process management, Green Tea Group has implemented a digital cold chain warehousing and logistics system, establishing eight major central warehouses across the country, covering core consumption areas such as South China, North China, East China, and Southwest China, achieving real-time temperature monitoring and full traceability of ingredients from source to store.
Whether it is the fresh picking and distribution of Yunnan sweet corn or the customized breeding and transportation of the signature &#34;Green Tea Roast Chicken,&#34; the cold chain system maximally preserves the authentic taste of ingredients, safeguarding the quality baseline of dishes from the source and providing strong support for efficient store operations.
End Terminal Implementation, Balancing Taste and Efficiency. At the end terminal level, Green Tea Group promotes standardization of stores and the construction of smart kitchens. Stores strictly follow SOP (Standard Operating Procedures) for cooking, ensuring uniform taste across more than 600 stores nationwide, achieving the best combination of &#34;standardized production&#34; and &#34;made fresh to order.&#34;
At the same time, the implementation of smart kitchens has significantly simplified back kitchen operations, effectively improving meal delivery speed and personnel efficiency. By 2025, the store turnover rate is expected to stabilize at 3.0 times per day, with overall operational efficiency continuously optimized and enhanced.
The integrated supply chain construction system provides core support for the Green Tea Group to stabilize product quality and control operational costs, solidifying the brand's core competitiveness and continuously highlighting its cost-performance advantage. On the other hand, it provides a solid guarantee for the company's store-scale expansion, enabling rapid replication and efficient implementation in both domestic sinking markets and overseas market expansion, laying a solid foundation for the company's performance growth and sustainable development.
<h2>Going Global: Accelerating Asia-Pacific Layout, Opening New Growth Tracks</h2>
While deeply cultivating the domestic market and solidifying the supply chain foundation, the Green Tea Group has begun its global layout, designating 2025 as the year of going overseas, actively expanding into overseas markets and seeking new performance growth points. With a mature operational model and localized adaptation strategies, it has achieved rapid breakthroughs in the Asia-Pacific market.
Focusing on Asia-Pacific, overseas revenue surges. Data shows that by the end of 2025, the Green Tea Group will have a total of 14 overseas stores covering four core markets in Asia-Pacific, forming a layout pattern with Hong Kong as a stronghold and Southeast Asia as the core. Among them, there are 9 stores in Hong Kong covering all core business districts; 3 in Kuala Lumpur, Malaysia; 1 in Bangkok, Thailand; and 1 in Singapore, all located in the central business district core areas, precisely capturing consumer demand.
In terms of revenue, the Green Tea Group's overseas income has achieved leapfrog growth, with revenue scaling up from 8.9 million yuan in 2024 to 144 million yuan in 2025, representing a year-on-year growth of 16 times and accounting for over 3% of the company's total revenue, showcasing the global potential of Chinese cuisine.
In the future, the company will focus on the Southeast Asian market and continue to extend its reach to surrounding overseas regions, planning to exceed 30 overseas stores by 2026, with the overseas business unit contributing over 20% of the company's new profit. In the medium to long term, it aims to further expand its overseas scale, striving for a total of over 100 overseas stores and overseas business revenue exceeding 1.5 billion yuan, creating a strong growth pole for the company's high-quality development. Notably, the profitability level of overseas stores is significantly higher than that of domestic ones, with revenue and profit scales typically 2.5 to 3 times that of mainland stores, making them a new profit growth pole for the company.
The overseas business has achieved impressive results, with its core competitiveness stemming from a mature and efficient combination strategy. The Green Tea Group focuses on fusion cuisine, paired with unique Jiangnan cultural scene experiences, precisely meeting overseas consumers' demand for quality and experiential Chinese dining, effectively enhancing brand appeal and repurchase stickiness. At the same time, relying on a stable and mature supply chain system, combined with localized operational strategies and a steady pace of store expansion, the company has successfully implemented a high-profit model in overseas markets, achieving rapid performance growth and continuous expansion of overseas market scale.
Long-term value, solving overseas challenges. The successful layout in overseas markets has not only opened up a new growth track for the Green Tea Group, alleviating competitive pressure in the domestic market but also optimized the revenue structure, allowing the &#34;internal growth + external expansion&#34; dual-driven model to take effect
At the same time, it has accumulated rich overseas operational experience for the company, solving the core challenges of Chinese cuisine going abroad through local adaptation of dishes, localization of talent, and flexible adjustments in the supply chain, while also conveying Chinese culinary culture overseas, becoming a vivid footnote to the export of Chinese dining culture.
From the observation of industry development trends, the restaurant industry has now transitioned from a stage of pursuing &#34;speed and scale&#34; to a mature development period that emphasizes &#34;quality and health.&#34; The characteristics of chain and concentration in the industry are becoming increasingly significant, with leading enterprises leveraging brand influence, supply chain advantages, and mature operational capabilities to become the core driving force for industry growth.
GREEN TEA GROUP focuses on &#34;high cost-performance + standardized operations&#34; as its core, using supply chain upgrades and global layout as dual engines to continuously optimize operational efficiency, solidify brand barriers, and promote the coordinated development of localized operations and globalization. In the future, the company will continue to deepen its efforts in the domestic sinking market, accelerate its pace of going overseas in the Asia-Pacific region, and simultaneously advance dish innovation and digital upgrades, continuously consolidating its leading position in the industry and opening up long-term growth space

06831

In 2025, GREEN TEA GROUP achieved an operating revenue of approximately 4.763 billion yuan, a year-on-year increase of 24.1%; the adjusted net profit was approximately 509 million yuan, a significant year-on-year increase of 41.0%. In the highly competitive catering industry, GREEN TEA GROUP has ensured the high quality and safety of ingredients through an integrated supply chain model of "farm to table," driving independent growth in performance. Its gross profit margin rose from 63.9% in 2023 to 68.3% in 2025, demonstrating the company's strong development momentum and industry resilience

Strengthening the supply chain foundation and expanding overseas for growth: GREEN TEA GROUP's first annual report after going public is a success