The Chinese catering market in 2025 has witnessed a long-awaited comprehensive recovery following a period of adjustment. From core commercial districts in first-tier cities to neighborhood outlets in regional cities, daily consumption scenes such as waiting in line for tables, family gatherings, and business banquets have returned to normal. According to data from the National Bureau of Statistics, annual catering revenue in 2025 increased by over 15% year-on-year, re-entering double-digit growth territory. This recovery momentum has continued into 2026, with popular restaurants frequently fully booked during holidays, indicating a clear rebound in the sector's prosperity.
Amid this recovery wave, GREEN TEA GROUP, a leader in Chinese casual chain dining, has delivered particularly outstanding performance. On March 23, GREEN TEA GROUP released its 2025 financial report, showing revenue of 4.76 billion yuan, a year-on-year increase of 24.1%. Adjusted net profit reached 509 million yuan, up 41% year-on-year, with an adjusted net profit margin of 10.7%, an improvement of 1.3 percentage points from the previous year. By the end of 2025, the number of stores nationwide reached 609, with 157 new stores opened during the year, representing 31% growth.
Through precise strategic positioning and strong brand resilience, GREEN TEA GROUP has not only consolidated its leading position with performance growth far exceeding the industry average but has also demonstrated operational resilience across cycles by building a wide moat through supply chain refinement, store operational efficiency improvements, and continuous R&D innovation. With the accelerated rollout of overseas stores and strong performance growth, GREEN TEA GROUP is charting a new growth trajectory from a "national restaurant" to a "global dining table."
Since the second half of 2025, the catering industry has shown sustained recovery. Data from the National Bureau of Statistics indicate that catering revenue within total retail sales grew by 3.8%, 3.2%, and 2.2% year-on-year in October, November, and December 2025, respectively, significantly outperforming overall retail sales growth. Positive signals are emerging across four dimensions—operations, policy, pricing, and valuation—pointing toward a more vigorous recovery.
Operationally, the slowdown in new store supply expansion in the second half of 2025 has created favorable conditions for same-store sales recovery among existing players. On the policy front, stimulus measures such as consumption vouchers have significantly boosted catering spending, with further policy support expected to sustain industry momentum. Regarding pricing, leading companies have already begun optimizing menus and raising prices on core items, gradually expanding profit margins. In terms of valuation, drawing on international experience, improving inflation expectations are likely to push up valuation benchmarks for the catering sector, with top players leveraging supply chain and brand advantages to navigate cycles effectively.
In this race for recovery, industry leaders with advantages in supply chain, brand strength, and operational management are leading the pack. In 2025, GREEN TEA GROUP achieved substantial growth in both revenue and net profit, with key operating metrics significantly outperforming the industry average. Revenue grew 24.1% year-on-year to 4.76 billion yuan, while adjusted net profit saw an even more impressive increase of 41% to 509 million yuan.
Operating data reveal that GREEN TEA GROUP's restaurants achieved positive same-store sales growth consecutively from the second quarter of 2025 onward, with the cumulative same-store sales gap continuing to narrow, demonstrating strong operational resilience. By the end of 2025, the total number of stores nationwide reached 609, with 157 new stores added during the year, a 31% increase.
In an industry where many chain brands face stagnant or even shrinking store networks, GREEN TEA GROUP's net addition of 157 stores in 2025, representing 31% growth, sends three clear signals to the market: First, its positioning of "high-quality, value-for-money fusion cuisine" accurately aligns with current consumer preferences, providing demand resilience across cycles. Second, its well-established supply chain system, standardized operations, and digital management tools have formed a replicable, scalable model capable of supporting rapid, sustainable store expansion. Third, ongoing optimization of its single-store economic model allows for denser store layouts within smaller radii without compromising profitability, creating room for further market share gains.
As the industry shifts from "scale expansion" to "quality competition," GREEN TEA GROUP's counter-trend growth reflects the concentrated release of its long-accumulated operational expertise and brand momentum, further solidifying its leading position in the Chinese casual chain dining segment.
Even during the catering industry's adjustment period, GREEN TEA GROUP stayed true to its mission of "making it easy for more people to enjoy a good meal," focusing internally on refining its supply chain, optimizing store models, deepening digital operations, and continuously developing new dishes. This disciplined approach enabled the company to achieve strong performance growth as the industry began to recover. A wide moat built on supply chain, operations, and innovation forms the foundation of GREEN TEA GROUP's steady growth.
On the supply chain front, years of refinement have created a robust foundation for cost control and quality assurance. By integrating resources from upstream suppliers, GREEN TEA GROUP has standardized the procurement and processing of core ingredients, with bulk purchasing power effectively mitigating raw material price volatility risks.
Crucially, the company has established a nationwide digital cold-chain storage network, currently comprising eight central warehouses covering major consumption regions such as South China, North China, East China, and Southwest China. Ingredients are shipped directly from suppliers to these central warehouses, where they undergo precise sorting and dynamic management before being distributed to stores nationwide via full cold-chain logistics. This system ensures full traceability and real-time temperature monitoring, guaranteeing ingredient freshness and upholding dish quality standards. This mature supply chain provides solid underpinning for the company's long-standing "high quality, value-for-money" strategy.
In store operations, GREEN TEA GROUP has fully implemented digital tools—from front-of-house smart queuing and QR code ordering to back-of-house inventory management and sales forecasting—significantly boosting operational efficiency. Concurrently, continuous optimization of the single-store economic model allows for denser store layouts within smaller radii without affecting individual store profitability, paving the way for future network expansion.
In R&D and innovation, GREEN TEA GROUP demonstrates continuous brand vitality. Since opening its first restaurant by Hangzhou's West Lake in 2008, the company has adhered to a fusion cuisine concept blending Zhejiang dishes with influences from other regions. From East China to North China to Sichuan-Chongqing flavors, GREEN TEA GROUP dynamically adjusts its menu structure to strike a balance.
As a representative of the "fusion cuisine" category, the brand inherently possesses cross-regional and cross-cultural adaptability. Its R&D team maintains a high frequency of market research and new product testing to ensure the menu stays current with seasonal trends and consumer preferences. According to the annual report, GREEN TEA GROUP introduced 562 new dishes during the reporting period to align with dining trends. This continuous innovation keeps the brand relevant across different regional markets, consistently infusing it with fresh appeal.
While firmly rooted in the domestic market, GREEN TEA GROUP has set its sights on the global stage. The company began its international expansion by opening its first overseas store in Hong Kong, China, in September 2024. By the end of 2025, GREEN TEA GROUP had established 14 stores in Hong Kong and other overseas markets, covering four core Asia-Pacific markets including Hong Kong, Singapore, Malaysia, and Thailand. Overseas revenue surged 16-fold year-on-year for the full year.
Notably, the profitability of overseas stores significantly exceeds that of domestic stores, with revenue and profit scales typically 2.5 to 3 times higher. For example, the Hong Kong store maintains a stable monthly revenue of 1.5 to 2 million yuan, with a store-level operating profit margin of approximately 15% or higher, fully demonstrating the commercial value and profit potential of the company's international footprint.
Looking ahead, bolstered by ongoing supply chain enhancements and deepening internationalization, GREEN TEA GROUP aims to strengthen its industry leadership and achieve synergistic development across domestic and overseas markets. In 2026, the company plans to accelerate its international expansion, opening at least 15 new overseas stores, primarily in key potential markets such as Malaysia and Vietnam. By the end of 2026, the total number of stores in Hong Kong, Macau, and overseas is expected to exceed 30, achieving scaled presence. Overseas market profits are projected to contribute 20% of the group's incremental profit, becoming a core profit growth driver and further boosting overall performance.
Compared to the increasingly competitive domestic market, the overseas Chinese dining market offers vast space and low concentration, presenting a blue-ocean opportunity for brands with systematic advantages. Industry observers widely believe that with its mature supply chain, standardized operations, and unique Eastern aesthetic brand culture, GREEN TEA GROUP is well-positioned to develop its overseas business into the most important growth engine for the next decade. From a single startup store by Hangzhou's West Lake to a leading Chinese casual dining brand spanning the nation and reaching globally, GREEN TEA GROUP is steadily advancing onto the broader international stage.
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