ChaPanda (2555.HK, NC): Jun SSSG improved, coffee ahead of mgmt’s expectation — Consumer & Leisure Corp Day Takeaways

Research evidence excerpt

ChaPanda (2555.HK, NC): Jun SSSG improved, coffee ahead of mgmt’s expectation — Consumer & Leisure Corp Day Takeaways

Goldman Sachs

of the delivery subsidy, management estimates slight improvement in single store

sales yoy in Q2. For the full year, management remained confident to deliver positive

SSSG.

n Delivery mix: The current delivery mix is around 50-60%. It increased yoy in

Jan-Apr, while decreased yoy in May-June, and has been trending down sequentially

YTD. The actual revenue/GMV ratio saw yoy improvement with lower delivery mix,

along with upward price adjustment in delivery channel.

n Store openings: At industry level, management noted most of the players slower

down store openings in 1H compared to last year, while the company had more

cautious store opening last year. Management reiterated its target of ~1000 net

openings in 2026, in line with prior guidance. Store addition is in line with

management’s expectation, with 2H expected to add more stores vs. 1H. Growth is

mainly driven by existing franchisees, along with new franchisees migrating from

smaller brands. The company is especially expanding with the larger-format stores in

lower-tier cities, providing social scenes and positioning itself as an all-day

consumption brand. Closure rate improved yoy (10% close rate in 2025). However,

management won’t set guidance for closures as many closures reflect proactive

optimizations, and they put more emphasis on store-level cash flow and overall

operational health.

n Products: By product, management noted fruit milk outperformed while fruit tea

was slightly behind their expectation due to less warm and rainy weather. Iced

Lychee Milk (荔枝冰奶) was a hero product in 2025, and made a successful comeback