1、 *This Equity Explorer report represents a preliminary assessment of the subject company,and does not represent initiation into DBSs coverage universe.As such DBS does not commit to regular updates on an ongoing basis.The rating system is distinct from stocks in our regular coverage universe and is

2、explained further on the back page of this report.Watchlist the stock on Insights Direct to receive prompt updates ed-BM/sa-CS/KKY NOT RATEDNOT RATED HKD24.50 (23 Jul 202523 Jul 2025)ReturnReturn*:2.0 Risk:Risk:Moderate Potential TgtPotential Tgt *:HKD27.5(12%upside)Analysts Alison Fok+852 36684170

3、Mavis Hui+852 36684188 mavis_ View our full data-driven analysis and more at DBS Insights Direct Price Relative Forecasts and Valuation FY Dec(RMB mn)FY Dec(RMB mn)2023A2023A 2024A2024A 20252025F F 20262026F F Turnover 7,676 8,791 10,425 12,191 EBITDA 1,818 1,916 2,773 3,511 Pre-tax Profit 1,445 1,8

4、05 2,442 2,970 Net Profit 1,080 1,480 2,005 2,440 Net profit(Pre Ex)1,080 1,480 2,005 2,440 EPS(RMB)0.57 0.71 0.96 1.17 EPS(HKD)0.61 0.76 1.03 1.25 EPS Gth(%)160.6 23.7 35.5 21.7 Diluted EPS(HKD)0.2 0.2 0.2 0.2 DBS(RMB)0.4 0.5 0.6 0.7 BV per Share(HKD)2.7 2.8 2.8 2.9 PE(X)40.2 32.2 23.8 19.6 P/Free

5、CF(X)37.1 55.3 37.8 41.9 Net Div Yield(%)1.6 2.0 2.4 2.9 P/Book Value(X)9.1 8.8 8.8 8.4 Net Debt/Equity(X)CASH CASH CASH CASH Consensus EPS (RMB)0.84 1.01 Other Broker Recs:B:14 S:0 H:0 Source of all data on this page:Company,DBS Bank(Hong Kong)Limited(“DBS”),Thomson Reuters Navigating through bever

6、age tempest 2nd largest freshly made tea beverage chain with a store count of 9,914 as of Dec 24 with opportunities to deepen store density and deliver double digit store expansion Sales surge driven by aggressive promotions among food delivery platforms FV of HKD27.5/sh,based on beverage FY26E P/E