Group 1 - The stock of Gu Ming (01364.HK) rose nearly 4% in early trading, reaching a price of 22.38 HKD [1] - The trading volume amounted to 59.67 million HKD [1]

Core Viewpoint - Guming Holdings (01364) is experiencing a positive market response, with a nearly 4% increase in stock price following the announcement of a special dividend meeting scheduled for November 14, 2025, and a favorable report from Goldman Sachs projecting significant profit growth for the company in the coming years [1] Group 1: Company Announcements - Guming Holdings announced a board meeting to consider and approve the declaration of a special dividend, which was previously disclosed in the prospectus published on February 4, 2025 [1] - The company will provide further details regarding the special dividend after the board meeting's approval [1] Group 2: Market Performance and Analyst Insights - Goldman Sachs has included Guming in its Asia-Pacific "Conviction Buy" list, forecasting that the company's adjusted net profit will grow by over 20% year-on-year over the next two years [1] - The growth is supported by an increase in the penetration rate of ready-to-drink beverages and an expansion of market share, allowing Guming to outperform the market in the consumer sector [1] - Year-to-date, Guming has reported a more than 20% increase in gross merchandise value (GMV) per store, significantly outperforming other mid-tier ready-to-drink brands, attributed to successful new product launches and strong execution capabilities [1]

Core Viewpoint - Guming Holdings (01364) is experiencing a positive market response, with a nearly 4% increase in stock price following the announcement of a special dividend meeting scheduled for November 14, 2025, and a favorable report from Goldman Sachs projecting significant profit growth [1][1][1] Company Announcement - Guming Holdings announced a board meeting to consider and approve the declaration of a special dividend, previously disclosed in the prospectus on February 4, 2025 [1][1] - A detailed announcement regarding the special dividend will be made after the board meeting [1] Analyst Insights - Goldman Sachs has included Guming in its Asia-Pacific "Conviction Buy" list, forecasting over 20% year-on-year growth in adjusted net profit for the next two years [1][1] - The growth is supported by increasing penetration of ready-to-drink beverages and an expanding market share, positioning Guming to outperform the market in the consumer sector [1][1] - Year-to-date, Guming has reported over 20% growth in gross merchandise value (GMV) per store, significantly outperforming other mid-tier ready-to-drink brands [1][1] - The company's success is attributed not only to delivery subsidies but also to the successful launch of new products and expansion into new categories, such as coffee, along with strong execution capabilities [1][1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 董事會會議召開日期 及 建議派付特別股息 茲提述古茗控股有限公司（「本公司」）日期為2025年2月4日的招股章程中有關（其 中 包 括）本 公 司 擬 宣 派 及 派 付 特 別 股 息 的 披 露。 Guming Holdings Limited 古茗控股有限公司 （於 開 立 公 司） 曼 群 島 註 冊 成 的 有 限 （股份代號：01364） 香 港，2025年11月4日 於 本 公 告 日 期，董 事 會 包 括(i)執 行 董 事 王 雲 安 先 生、戚 俠 先 生、阮 修 迪 先 生、 金 雅 玉 女 士 及 蔡 雲 江 先 生；(ii)非 執 行 董 事 黃 垚 鑫 先 生；以 及(iii)獨立非執行董 事 卓 越 先 生、鄭 曉 冬 女 士 及 李 建 波 先 生。 LR13.52 LR13.51A LR13.43 本公司董事會（ ...

Core Viewpoint - Goldman Sachs has included Gu Ming (01364) in its Asia-Pacific Conviction Buy List, projecting over 20% year-on-year growth in adjusted net profit for the next two years, supported by increasing penetration of ready-to-drink beverages and market share expansion, leading to an "Buy" rating and a target price of HKD 32 [1] Group 1 - The company has demonstrated strong competitiveness, with a year-to-date growth in same-store gross merchandise volume (GMV) exceeding 20%, significantly outperforming other mid-priced ready-to-drink beverage brands [1] - The growth is attributed not only to delivery subsidies but also to the successful launch of new products and expansion of product categories (such as coffee), along with strong execution capabilities [1] - Despite market concerns regarding same-store sales growth after the normalization of delivery subsidies next year, the company is expected to maintain growth through steady store expansion and increased product categories and consumption scenarios [1]

Core Viewpoint - Goldman Sachs has included Gu Ming (01364) in its Asia-Pacific "Conviction Buy" list, expecting the company's adjusted net profit to grow over 20% year-on-year in the next two years, supported by increasing penetration of ready-to-drink beverages and market share expansion, leading to outperformance in the consumer sector with a target price of HKD 32 [1] Group 1: Financial Performance - Analysts predict that Gu Ming's adjusted net profit will exceed 20% growth year-on-year over the next two years [1] - The total gross merchandise value (GMV) per store has increased by over 20% year-to-date, significantly outperforming other mid-tier ready-to-drink beverage brands [1] Group 2: Market Position and Strategy - The company's growth is attributed not only to takeaway subsidies but also to successful new product launches and category expansions, such as coffee, along with strong execution capabilities [1] - Concerns regarding same-store sales growth after the normalization of takeaway subsidies have led to a 23% decline in stock price from its June peak [1] - The company is expected to maintain growth through steady store expansion and increased product categories and consumption scenarios [1]

Core Viewpoint - Ningbo Meishan Bonded Port Area Meixing Private Fund Management Co., Ltd. has reduced its stake in Gu Ming (01364) by selling 23,781,859 shares at an average price of HKD 22.54 per share, totaling approximately HKD 536 million [1] Group 1 - The reduction in shareholding results in a new total of approximately 150 million shares held, representing a 6.31% ownership stake [1] - The transaction involved an associated party, Zhu Yonghua [1]

Core Viewpoint - Ningbo Meishan Bonded Port Area Meixing Private Fund Management Co., Ltd. has reduced its stake in Gu Ming (01364) by approximately 23.78 million shares at an average price of HKD 22.54 per share, totaling around HKD 536 million [1] Summary by Category - **Share Reduction Details** - The company sold 23,781,859 shares of Gu Ming at an average price of HKD 22.54 per share [1] - The total amount from the sale is approximately HKD 536 million [1] - **Post-Transaction Holdings** - After the reduction, the latest number of shares held is approximately 150 million [1] - The new holding percentage is 6.31% [1] - **Related Party Involvement** - The transaction involves a related party: Zhu Yonghua [1]

Investment Rating - The report does not provide a specific industry rating but highlights the performance of various sub-sectors within the food and beverage industry [7] Core Insights - The food and beverage sector is currently under pressure, with the SW food and beverage index declining by 1.02%, ranking 30th among 31 sub-industries [12] - The white liquor sector is in a "supply clearing" phase, with expectations of increased pressure in the upcoming quarterly reports, indicating a potential acceleration in industry clearing [16] - The report emphasizes the importance of monitoring the new leadership strategies at Kweichow Moutai following a significant personnel change [16] - The beverage sector shows promising growth, particularly with Eastroc Beverage's strong performance in the first three quarters of 2025, achieving a revenue of 16.844 billion yuan, a year-on-year increase of 34.13% [17] Summary by Sections 1. Sector Performance - The SW food and beverage sector saw a decline of 1.02%, with notable drops in the white liquor, beer, and snack sub-sectors [12] - The top-performing sub-sectors included pre-processed foods, other alcoholic beverages, and meat products, with increases of 1.10%, 0.35%, and 0.33% respectively [12] 2. White Liquor Sector - The SW white liquor index fell by 1.12%, indicating a bottom adjustment phase [16] - The current price for Feitian Moutai is 1,720 yuan, down 30 yuan from the previous week, while the price for Pu'er Moutai is 8,155 yuan, down 5 yuan [16] - Recommended companies in this sector include Kweichow Moutai and Shanxi Fenjiu, which are expected to perform relatively well during the adjustment period [16] 3. Beverage Sector - Eastroc Beverage reported a revenue of 16.844 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 34.13% [17] - The company also saw a net profit of 3.761 billion yuan, up 38.91% year-on-year [17] - Other companies like Jinzai Foods and Qiaqia Foods are facing challenges, with Jinzai reporting a revenue of 1.81 billion yuan, a slight increase of 2.1% year-on-year, but a net profit decline of 19.5% [17][19]

Core Viewpoint - The company, Guming, is experiencing significant growth in the Chinese ready-to-drink tea market, with a market share of approximately 9.1%, making it the second-largest player after Mixue Ice City and the leading brand in the 10-20 yuan price segment [1] Group 1: Market Position and Performance - As of the end of H1 2025, Guming operates 11,179 stores across over 200 cities, with 81% of its stores located in second-tier and lower cities [1] - The company is projected to achieve revenue of 8.791 billion yuan in 2024, representing a 14.5% increase, with a corresponding GMV of 22.4 billion yuan, up 16.57% [1] - Guming's revenue is primarily derived from the sale of raw materials and equipment to franchise stores, accounting for 80% of total revenue [1] Group 2: Competitive Landscape - The ready-to-drink beverage market in China is characterized by a rising per capita consumption potential, with low-tier markets being the main source of growth [1] - In the milk tea segment, the chain rate is expected to reach 49% in 2024, with supply chain capabilities becoming a critical competitive factor due to product homogeneity and low replication barriers [1] - The coffee segment faces less intense competition compared to milk tea, with leading brands leveraging scale advantages to combat rising coffee bean costs and price wars [1] Group 3: Store Performance and Expansion Strategy - Guming's single-store model shows resilience, with an average monthly GMV of 197,000 yuan, despite a 4% decline, and approximately 40% of sales coming from third-party platforms [2] - The company maintains a focus on store quality and franchisee health, with a strategy of expanding in existing stronghold provinces while also entering neighboring regions [2] - The new franchise policy for 2025 emphasizes the importance of franchisee management and lowers the entry threshold to 230,000 yuan to encourage expansion [2] Group 4: Logistics and Supply Chain - Guming leads the industry in cold chain and warehousing logistics, ensuring fresher products compared to competitors, with most fresh ingredients transported to stores within 1-3 days [3] - The company owns 362 transportation vehicles, with 75% of its stores located within a 150-kilometer radius of its warehouses, allowing for efficient cold chain service [3] Group 5: Financial Projections - Revenue forecasts for Guming are set at 11.98 billion yuan, 15.18 billion yuan, and 18.34 billion yuan for 2025-2027, with growth rates of 36%, 27%, and 21% respectively [3] - The projected net profit for the parent company is 2.6 billion yuan for 2025, remaining stable at 2.6 billion yuan in 2026, and increasing to 3.2 billion yuan in 2027 [3] - The adjusted net profit is expected to be 2.12 billion yuan, 2.71 billion yuan, and 3.29 billion yuan for the same period, with corresponding growth rates of 37%, 28%, and 21% [3]