Core Viewpoint - Gu Ming Holdings Limited (古茗控股有限公司) reported strong financial performance for the six months ending June 30, 2025, with significant revenue and profit growth, alongside an expansion of its store network and product offerings [1][2]. Financial Performance - Revenue reached 5.663 billion yuan, a year-on-year increase of 41.2% from 4.009 billion yuan in 2024 [1] - Gross profit grew by 41.0% to 1.786 billion yuan, maintaining a gross margin of 31.5% [1] - Net profit attributable to shareholders surged by 121.5%, rising from 734 million yuan to 1.625 billion yuan [1] - Adjusted core profit increased by 49.0%, from 762 million yuan to 1.136 billion yuan [1] Store Network and Operations - Total number of stores reached 11,179, up from 9,516 in 2024 [1] - Stores in tier-2 and lower cities accounted for 81% of the total, a 2 percentage point increase from the previous year [1] - The proportion of stores in townships rose to 43%, compared to 39% in 2024 [1] - Single-store GMV reached 1.3705 million yuan, a 20.6% year-on-year increase [2] - Daily average GMV per store increased from 6,200 yuan to 7,600 yuan, with daily cup sales rising from 374 to 439 [2] Product Development and Supply Chain - The company launched 52 new products during the reporting period, with a strong performance in coffee drinks [3] - Over 8,000 stores are now equipped with coffee machines, and 16 new coffee products were introduced [3] - The company operates 22 warehouses with a total area of approximately 230,000 square meters and cold storage capacity exceeding 61,000 cubic meters [3] - 98% of stores benefit from a "two-day delivery" cold chain service [3] Strategic Outlook - Gu Ming plans to continue expanding its store network, enhance operational efficiency and supply chain capabilities, increase product development, and strengthen brand engagement with consumers in the second half of 2025 [3] Debt and Financial Position - Non-current liabilities increased significantly, with interest-bearing bank loans rising from 121 million yuan to 178 million yuan, and new interest-bearing borrowings of 1.488 billion yuan [3] - Inventory decreased from 984 million yuan at the end of 2024 to 930 million yuan [3] - Restricted cash surged from 41.51 million yuan to 1.655 billion yuan, impacting financial flexibility [3] Challenges Ahead - The company faces challenges including increased interest-bearing debt potentially raising financial costs, balancing store quantity and quality to reduce closure rates, and maintaining single-store efficiency and gross margin amid intensifying competition in the ready-to-drink tea market [4]

古茗(01364.HK)今日晚间发布2025年半年度业绩公告，营收、利润双双实现高速增长，门店数量近1.12 万家，门店网络持续扩张并深化低线市场布局，供应链与数字化建设同步推进，为后续发展奠定坚实基 础。 财务数据方面，2025年1-6月，古茗实现营收56.63亿元，同比大幅增长41.2%；毛利率31.5%(2024年同 期为31.6%)；母公司拥有人应占利润16.25亿元，同比增长121.5%。经调整核心利润(非国际财务报告准 则计量)11.36亿元，同比增长49.0%。 门店扩张与运营效率同步提升是核心增长动力。截至2025年6月30日，古茗门店总数达11179家，较去年 同期的9516家增长17.5%，其中二三线及以下城市门店占比81%，乡镇门店占比进一步提升至43%，地 域加密策略成效显著。报告期内，公司新增门店1570家，关闭305家，净增1265家，新店拓展速度同比 加快，主要受益于现制茶饮市场复苏及加盟商扶持政策优化。运营数据方面，单店GMV同比增长20.6% 至137.05万元，单店日均GMV达7600元，单店日均售出杯数439杯，较去年同期的374杯增长17.4%，门 店经营效率持续改善。 ...

封面图片来源：图片来源：每经原创 每经讯 8月26日，新茶饮品牌古茗（01364.HK，股价23.48港元，市值558.4亿港元）在港交所发布中期 业绩报告。报告显示，2025年上半年，古茗收入约56.63亿元，同比增长41.2%；净利润约16.25亿元， 同比增加121.5%，超去年全年（2024年古茗全年净利润为14.79亿元）。2025年上半年，古茗GMV（商 品交易总额）约141亿元，单店日均GMV约7600元，较去年同期的6200元增长22.6%。 每经记者｜王紫薇 每经编辑｜张益铭 ...

Core Insights - Company reported total revenue of RMB 5.6629 billion for the first half of 2025, representing a year-on-year growth of 41.2% [1] - Gross profit reached RMB 1.786 billion, also showing a year-on-year increase of 41.0% [1] - Profit attributable to the parent company was RMB 1.625 billion, marking a significant year-on-year growth of 121.5% [1] - Basic earnings per share stood at RMB 0.72 [1] Store Network Expansion - Company operates a franchise model to open and manage "Guming" brand stores, with a total of 11,179 stores as of June 30, 2025, up 17.5% from 9,516 stores a year earlier [1] - The store network covers over 200 cities across various tiers in China [1] - As of June 30, 2025, 81% of the stores are located in second-tier and lower cities, a slight increase from 79% a year prior [1] - The proportion of stores located in towns, typically away from city centers, increased from 39% to 43% [1] New Store Openings and Closures - The pace of new store openings accelerated compared to the first half of 2024, attributed to the recovery of the ready-to-drink tea market and adjustments in store expansion strategies [2] - The company introduced incentives for franchisees to open new stores [2] - The number of closed stores slightly increased due to various factors, including underperformance and location issues [2] - The company actively discussed closures with franchisees for stores that did not meet operational standards or were in less favorable locations [2]

Core Viewpoint - The company, Gu Ming (01364), reported a significant increase in its mid-term performance for the six months ending June 30, 2025, with revenue reaching 5.663 billion RMB, a year-on-year increase of 41.24%, and a net profit attributable to shareholders of 1.625 billion RMB, reflecting a 121.51% increase [1] Revenue Breakdown - The majority of the company's revenue is derived from sales of goods and equipment to franchisees, as well as service provision [1] - Revenue from sales of goods and equipment accounted for 79.1% and 79.4% of total revenue for the first half of 2024 and 2025, respectively [1] - Revenue from goods and equipment sales increased from 3.170 billion RMB for the six months ending June 30, 2024, to 4.496 billion RMB for the same period in 2025, representing a 41.8% growth [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。 Guming Holdings Limited 古茗控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股份代號：01364） 截 至2025年6月30日止六個月 中期業績公告 董 事 會 欣 然 公 佈，本 集 團 截 至2025年6月30日止六個月的未經審核中期簡明綜 合財務業績連同截至2024年6月30日 止 六 個 月 的 比 較 數 字 載 列 如 下。 財務摘要 下表載列截至2025年6月30日 止 六 個 月 我 們 的 關 鍵 財 務 數 據，連 同 截 至2024年 6月30日止六個月的比較數字及變動（以 百 分 比 表 示）。 | | | | | | | | | | | | | | 截 | | 至6月30日止六個月 | | | | | --- | --- | --- | --- | --- | --- | ...

Group 1 - The company, Gu Ming (01364.HK), has announced a board meeting scheduled for August 26, 2025, to consider and approve its interim results for the six months ending June 30, 2025 [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。 Guming Holdings Limited 古茗控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股份代號：01364） 董事會會議召開日期 古茗控股有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董事會（「董 事 會」）茲通告謹定於2025年8月26日（星 期 二）舉 行 董 事 會 會 議，其 中 議 程 包 括 考 慮 及通過本集團截至2025年6月30日 止 六 個 月 的 中 期 業 績 及 其 刊 發。 承董事會命 古茗控股有限公司 董事會主席 王雲安先生 香 港，2025年8月14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 ...

Group 1: Company Overview - Gu Ming (01364.HK) has a strong core competitiveness in delivering fresh fruits and milk to lower-tier cities with a two-day shelf life, benefiting from significant cost advantages [1][6] - The company has a leading quarterly repurchase rate supported by a robust supply chain and high-quality research and development [1][7] - The store count in the top eight key provinces accounts for nearly 80% under the regional densification strategy [1][7] Group 2: Industry Insights - The tea beverage industry is characterized by a long-term growth trajectory, with brands possessing comprehensive capabilities expected to dominate the market [6][7] - The head effect intensifies, leading to rapid expansion of second and third-tier brands, while local long-tail brands will follow suit [6] Group 3: Financial Projections - Gu Ming's projected revenues for 2025, 2026, and 2027 are 116 billion, 140 billion, and 169 billion respectively, with corresponding net profits of 21 billion, 26 billion, and 32 billion [8] - The company is expected to achieve a PE ratio of 26X, 21X, and 17X for the years 2025, 2026, and 2027, indicating strong growth potential [8] Group 4: Competitive Advantages - The company maximizes supply chain efficiency and offers products with a high quality-to-price ratio, which enhances customer loyalty and repurchase rates [7][8] - The regional densification strategy allows for a significant market share in key provinces, while the coffee segment is expected to increase per-store revenue [8] Group 5: Market Position - Ju Chen Co., Ltd. (688123.SH) is positioned as a global leader in EEPROM, with a strong foothold in the smartphone camera market and a growing presence in automotive-grade EEPROM products [11][12] - The company is expected to see revenue growth from its DDR5 SPD products, with projected revenues of 13.09 billion, 17.95 billion, and 24.03 billion for 2025, 2026, and 2027 respectively [11][12] Group 6: Industry Trends - The macroeconomic environment shows signs of stabilization, with CPI remaining flat and core CPI rebounding, indicating potential for price recovery in the second half of the year [15][17] - The electrical equipment sector, represented by Hua Ming Equipment (002270.SZ), is experiencing stable growth in core business and significant export growth, with projected net profits of 7.38 billion, 8.44 billion, and 9.43 billion for 2025, 2026, and 2027 [19][21]

该行指，食品配送平台竞争自今年6月以来进一步加剧，平台间进行更激进投资，包括补贴。预计这次 对日常应用的投资持续时间，将较电商平台此前的几个季度投资更长。提高补贴促进交易量增长，鲜制 饮品公司今年的潜在盈利上行，但投资者关注明年在高基数下的前景，鲜制饮品行业竞争格局，以及对 消费者行为与价格认知潜在的长期影响。该行认为蜜雪集团及古茗短期股价将受配送平台策略的情绪影 响，投资者亦忧虑补贴正常化或导致每店交易额回落。古茗的投资者锁定期下周一(11日)届满，夏季后 的淡季或限制短期情绪。但该行对两者长期地位仍持乐观态度，认为补贴正常化或改善竞争格局。 高盛发布研报称，上调对古茗(01364)及蜜雪集团(02097)今年净利润预测9%及1%，反映食品配送补贴提 振的持续时间超预期，并上调古茗明年盈利预测4%，反映新产品表现稳健及2024至25年在品牌投资上 的努力。该行对古茗目标价由29.2港元上调至30港元，蜜雪目标价亦由597港元上调至599港元，两者评 级均为"买入"。 ...