GREEN TEA GROUP(6831.HK)：1H25E PROFIT COMES AS SURPRISE WITH POSITIVE 2H25E OUTLOOK

1H25E results were certainly a beat. The announced 32%-36% net profit growth or 38%-42% adj. net profit growth in 1H25E are both much stronger than our 28% net profit growth forecast for FY25E. 2) The SSSG was resilient and on track so fast, but it is just inline with our estimates of 2% in FY25E. According to the management, the SSSG in 1H25E could be about LSD decline in 1H25E (made up of HSD drop in 1Q25E and MSD increase in 2Q25E). 3) In our view, the beat in results was primarily driven by the margi ...