[Corporate Information](index=3&type=section&id=Corporate%20Information) This chapter provides basic corporate information for Goodme Holdings Limited, including board members, committee structures, principal places of business in mainland China and Hong Kong, registered office, share registrar, compliance advisor, auditor, legal counsel, company website, stock code, listing date, and principal bankers; the company was listed on the Main Board of the HKEX on February 12, 2025 [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) Goodme Holdings Limited's board comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees to ensure robust corporate governance - Executive directors include **Wang Yunan** (Founder, Chairman, and CEO), **Qi Xia** (President), **Ruan Xiudi**, **Jin Yayu**, and **Cai Yunjiang**[3](index=3&type=chunk) - The Audit Committee Chairman is Mr. Zhuoyue, the Remuneration Committee Chairman is Mr. Li Jianbo, and the Nomination Committee Chairman is Mr. Wang Yunan[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Details and Listing Information](index=4&type=section&id=Company%20Details%20and%20Listing%20Information) This section details the company's principal operating and registered addresses, along with key listing information including the Hong Kong share registrar, compliance advisor, auditor, legal counsel, company website, stock code, and listing date - The company's principal place of business in China is in Xiaoshan District, Hangzhou, Zhejiang Province, and in Hong Kong is in Hysan Avenue, Causeway Bay[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's stock code is **01364**, and its listing date is **February 12, 2025**[9](index=9&type=chunk)[10](index=10&type=chunk) - Ernst & Young is the company's auditor, and Carey Olsen (Hong Kong) is the Hong Kong legal counsel[9](index=9&type=chunk)[10](index=10&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) Goodme Holdings Limited achieved strong financial growth in H1 2025, with total revenue up 41.2% and profit for the period surging 119.8%; adjusted profit and adjusted core profit also saw significant increases of 42.4% and 49.0% respectively, reflecting robust profitability amid market recovery and expansion strategies Key Financial Data for H1 2025 (RMB thousands) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 5,662,904 | 4,009,353 | 41.2 | | Gross Profit | 1,785,968 | 1,266,887 | 41.0 | | Profit for the Period | 1,626,468 | 740,063 | 119.8 | | Profit Attributable to Owners of the Parent | 1,625,473 | 733,807 | 121.5 | | Adjusted Profit (Non-IFRS Measure) | 1,085,748 | 762,476 | 42.4 | | Adjusted Core Profit (Non-IFRS Measure) | 1,135,748 | 762,476 | 49.0 | | Earnings Per Share (Basic, RMB) | 0.72 | 0.39 | 84.6 | | Earnings Per Share (Diluted, RMB) | 0.46 | 0.39 | 17.9 | - Adjusted profit is defined as profit for the period plus fair value changes of financial liabilities at fair value through profit or loss and listing expenses[13](index=13&type=chunk)[14](index=14&type=chunk) - Adjusted core profit further adds back withholding tax on distributable profits of the Group's PRC subsidiaries[13](index=13&type=chunk)[14](index=14&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This chapter analyzes Goodme Holdings Limited's H1 2025 business performance, outlook, and financial position, highlighting significant progress in store network expansion, GMV growth, product innovation, and supply chain efficiency, alongside detailed explanations of financial metric changes and non-IFRS adjustments [BUSINESS REVIEW](index=7&type=section&id=BUSINESS%20REVIEW) Goodme Holdings Limited, a leading ready-to-drink beverage company in China, expanded its store network, improved performance, and achieved steady growth through effective product and supply chain strategies in H1 2025, focusing on the mass-market tea beverage segment and deepening its presence in lower-tier cities - The company is a leading and fast-growing ready-to-drink beverage company in China, focusing on the mass-market ready-to-drink tea beverage market[15](index=15&type=chunk)[16](index=16&type=chunk) - Total revenue reached RMB **5.6629** billions in H1 2025, a year-on-year increase of **41.2%**; gross profit was RMB **1.7860** billions, a year-on-year increase of **41.0%**[15](index=15&type=chunk)[16](index=16&type=chunk) [Store Network and Store Performance](index=7&type=section&id=Store%20Network%20and%20Store%20Performance) As of June 30, 2025, Goodme's store network expanded to 11,179 locations, a 17.5% year-on-year increase, covering over 200 Chinese cities, with 81% of stores in Tier 2 and below cities and 43% in townships, demonstrating enhanced single-store GMV and cup sales due to effective product and marketing strategies - As of June 30, 2025, the total number of stores reached **11,179**, an increase of **17.5%** compared to the same period in 2024[17](index=17&type=chunk)[19](index=19&type=chunk) Store Count by City Tier (as of June 30) | City Tier | 2025 Store Count | 2025 Share (%) | 2024 Store Count | 2024 Share (%) | | :--- | :--- | :--- | :--- | :--- | | Tier 1 cities | 318 | 3 | 281 | 3 | | New Tier 1 cities | 1,812 | 16 | 1,685 | 18 | | Tier 2 and below cities | 9,049 | 81 | 7,550 | 79 | | **Total** | **11,179** | **100** | **9,516** | **100** | - Stores in Tier 2 and below cities accounted for **81%** of the total, and the proportion of township stores increased from **39%** in 2024 to **43%** in 2025, indicating the company's deep penetration in lower-tier markets[22](index=22&type=chunk)[24](index=24&type=chunk) Key Store Performance Indicators (for the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total GMV (RMB thousands) | 14,094,001.2 | 10,483,944.5 | | GMV per Store (RMB thousands) | 1,370.5 | 1,136.8 | | Average Daily GMV per Store (RMB thousands) | 7.6 | 6.2 | | Total Cups Sold (thousands of cups) | 816,894.7 | 627,780.6 | | Cups Sold per Store (thousands of cups) | 79.4 | 68.1 | | Average Daily Cups Sold per Store | 439 | 374 | - The acceleration in new store openings is primarily due to the recovery of the ready-to-drink tea market and the company's adjusted expansion strategy and franchisee incentive policies[26](index=26&type=chunk)[27](index=27&type=chunk) [Our Franchisees](index=10&type=section&id=Our%20Franchisees) Goodme primarily operates through a franchise model, fostering mutually beneficial relationships by providing site selection, training, centralized procurement, and logistics support, while monitoring operational standards via in-store cameras and regular visits from store supervisors; as of June 30, 2025, the number of collaborating franchisees increased to 5,875 - The company operates through a franchise model, leveraging franchisees' local knowledge, and providing site selection, training, centralized procurement, and logistics support[31](index=31&type=chunk)[33](index=33&type=chunk) - As of June 30, 2025, the number of collaborating franchisees was **5,875**, an increase from **4,798** in the same period of 2024[32](index=32&type=chunk)[34](index=34&type=chunk) Changes in Franchisee Count (for the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Franchisee Count at Beginning of Period | 4,868 | 4,614 | | New Franchisees Added During Period | 1,338 | 551 | | Franchisees Exited During Period | 331 | 367 | | Franchisee Count at End of Period | 5,875 | 4,798 | [Product Offerings](index=11&type=section&id=Product%20Offerings) Goodme offers fruit tea, milk tea, and coffee beverages, continuously investing in R&D to maintain product appeal; in H1 2025, 52 new products were launched, with significant progress in coffee beverages, as over 8,000 stores were equipped with coffee machines and 16 new coffee drinks introduced, alongside sustained growth in mini-program members and active users - "Goodme" stores primarily sell fruit tea beverages, milk

Group 1 - The core viewpoint is that the travel demand is expected to increase significantly during the 2025 National Day and Mid-Autumn Festival holiday, with a search volume increase of over 20% year-on-year [1] - Flight bookings for both domestic and international routes show a notable recovery, with domestic flight bookings exceeding 3.26 million per day, up 26% year-on-year, and international bookings exceeding 1.16 million, up 15% [2] - High-quality hotel bookings are experiencing a surge, with a year-on-year increase of 58% for popular hotels and over 20% for high-quality hotels during the holiday period [3] Group 2 - The outbound travel market is benefiting from visa-free policies, with significant increases in travel to South Korea, the Middle East, and Africa, with outbound travel numbers up 130% year-on-year [4] - Investment recommendations include focusing on OTA sectors such as Tongcheng Travel and Trip.com Group, as well as companies in the ice and snow industry like Changbai Mountain and Dalian Shengya, and tourism retail companies like China Duty Free Group and Wangfujing [5]

Investment Highlights - The company reported a revenue of 5.66 billion yuan for H1 2025, representing a year-on-year increase of 41.2% [1] - Gross profit reached 1.79 billion yuan, also up by 41.0% [1] - Adjusted profit was 1.09 billion yuan, marking a 42.4% increase, with a significant adjustment item of 560 million yuan from financial liabilities fair value changes [1] - Adjusted core profit stood at 1.14 billion yuan, reflecting a 49.0% growth [1] Revenue Breakdown - Revenue from product equipment sales, franchise management services, and direct store sales were 450 million, 120 million, and 8 million yuan respectively, with year-on-year growth of 42%, 39%, and 14% [1] - Total GMV for H1 2025 reached 14.1 billion yuan, up 34.4% [1] - Average monthly GMV per store was 228,000 yuan, an increase of 20.6% [1] - Average daily cup sales per store were 439 cups, up 17.4% [1] Profitability Metrics - Gross margin remained stable at 31.5%, with an adjusted profit margin of 19.2%, up by 0.2 percentage points [1] - Sales, management, R&D, and financial expense ratios changed by -0.02, -0.4, -0.65, and +0.3 percentage points respectively [1] Store Expansion and Market Strategy - The total number of stores at the end of H1 2025 was 11,179, a 17.5% increase, with 1,570 new stores opened, up 105.2% [2] - 305 stores were closed, with the acceleration in store openings attributed to the recovery of the tea beverage market and strategic adjustments in store expansion [2] - The proportion of stores in second-tier cities and below was 81%, up 2 percentage points, while stores in townships accounted for 43%, up 4 percentage points [2] - The number of franchisees reached 5,875, a 22% increase, with an average of 1.9 stores per franchisee [2] Product Development and Membership Growth - A total of 52 new products were launched in H1 2025, including 16 new coffee products [2] - Over 8,000 stores are now equipped with coffee machines, and the company announced Wu Yanzu as the "Coffee Quality Partner" in June [2] - The number of registered members on the mini-program reached approximately 178 million, with about 50 million active members in Q2 [2] Logistics and Supply Chain - The company has established a leading self-owned cold chain storage and logistics system, with 22 warehouses and a cold storage capacity exceeding 61,000 cubic meters [2] - The fleet consists of 362 self-owned transport vehicles, with approximately 75% of stores located within a 150 km radius of warehouses [2] - About 98% of stores can receive cold chain delivery within two days, with delivery costs accounting for less than 1% of GMV [2] Future Outlook - The company expects rapid growth in same-store sales and forecasts net profits of 2.6 billion, 2.5 billion, and 3 billion yuan for 2025-2027, corresponding to PE ratios of 18, 19, and 16 times [2] - Adjusted net profits are projected to be 2.1 billion, 2.6 billion, and 3.1 billion yuan, with year-on-year growth rates of 38%, 22%, and 18% respectively [2]

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [5]. Core Insights - The company reported a significant revenue increase of 41.2% year-on-year for the first half of 2025, reaching 5.66 billion RMB, with adjusted profit rising by 42.4% to 1.09 billion RMB [4][5]. - The total GMV for the first half of 2025 was 14.1 billion RMB, reflecting a growth of 34.4%, with average monthly GMV per store increasing by 20.6% to 228,000 RMB [4]. - The company opened 1,570 new stores in the first half of 2025, a 105.2% increase, bringing the total number of stores to 11,179, indicating a strong expansion strategy [4]. Financial Performance - The gross profit for the first half of 2025 was 1.79 billion RMB, maintaining a gross margin of 31.5% [4]. - The adjusted core profit for the same period was 1.14 billion RMB, showing a 49.0% increase year-on-year [4]. - The company expects net profit for 2025 to reach 2.615 billion RMB, with a projected PE ratio of 18 times [5]. Growth Projections - Revenue is projected to grow from 8.79 billion RMB in 2024 to 17.33 billion RMB by 2027, with a compound annual growth rate (CAGR) of 16.90% [6][11]. - The net profit is expected to increase from 1.48 billion RMB in 2024 to 2.98 billion RMB in 2027, with a notable growth rate of 76.89% in 2025 [6][11]. Market Position - The company has established a leading self-owned cold chain storage and logistics system, with 22 warehouses and a cold storage capacity exceeding 61,000 cubic meters [4]. - Approximately 75% of the stores are within a 150 km radius of the warehouses, allowing for efficient cold chain delivery services [4].

Group 1 - The core viewpoint indicates that despite the ongoing adjustment period in the industry, leading restaurant companies are showing signs of recovery in revenue and net profit [1][3][5] - Among 29 listed restaurant companies, 17 reported year-on-year revenue growth, with Gu Ming leading at a growth rate of 41.26% [3][5] - The overall trend shows an increase in profitable companies, with notable improvements in profitability for several firms [5][6][7] Group 2 - The challenges include a weak consumer environment, policies like alcohol bans, and competition from food delivery services, which necessitate exploration of new growth avenues [2][10][11] - Companies like Da Shi and Wei Qian have shown significant profit increases, with Da Shi's net profit growing by 504.4% year-on-year [6][7] - Some companies, such as Dao Xiang Holdings and Tang Gong China, have transitioned from profit to loss due to various market pressures [10][11] Group 3 - The restaurant industry is experiencing uneven recovery, with some segments like casual dining performing better than traditional high-end dining [11][12] - Fast food brands are generally faring well, with companies like Da Shi and Ba Bi Food achieving revenue and profit growth [12][13] - The trend of closing underperforming stores is evident, as companies aim to enhance operational efficiency [13][22] Group 4 - The shift towards delivery services is becoming increasingly important, with companies like Nai Xue's Tea reporting that nearly half of their revenue comes from delivery [32][36] - Traditional dining establishments are also adapting by exploring delivery options and new business models to remain competitive [39][40] - Many companies are diversifying their offerings by launching sub-brands and entering new markets, such as coffee and light meals [41][44][46]

Core Insights - The current state of the ready-to-drink tea industry shows significant revenue growth among major players, with Mixue Group leading the market with a revenue of 14.87 billion yuan, a year-on-year increase of 39.3% [3][6] - The competitive landscape is intensifying due to aggressive subsidy wars initiated by delivery platforms, impacting various brands differently [7][9] - The overall performance of the industry is mixed, with some brands like Nayuki experiencing a decline in revenue, while others like Mixue and Gu Ming continue to grow [4][6] Revenue and Growth - Mixue Group reported a revenue of 14.87 billion yuan, up 39.3%, with a net profit of 2.72 billion yuan, reflecting a 44.1% increase [6] - Gu Ming achieved a revenue of 5.66 billion yuan, a 41.2% increase, with a net profit of 1.63 billion yuan, up 119.8% [6] - Bawang Tea Ji generated 6.725 billion yuan in revenue, a 21.61% increase, with a net profit of 1.307 billion yuan, up 6.8% [6] Market Dynamics - The industry is witnessing a surge in store openings, with the top five brands adding nearly 9,000 new stores in the first half of the year [3] - Nayuki is the only major brand to report a revenue decline, with a revenue of 2.178 billion yuan, down 14.4% [4][6] - The competitive environment is characterized by a price war, with some brands opting out of aggressive discounting strategies [7][10] Strategic Responses - Brands are diversifying their offerings, with many entering the ready-to-drink coffee market as a new growth avenue [16][18] - Mixue's coffee brand, Lucky Coffee, aims to expand to over 10,000 stores, with significant investments in the coffee supply chain [16] - Gu Ming has equipped over 8,000 stores with coffee machines to enhance its coffee product offerings [17] International Expansion - The overseas expansion of brands is accelerating, with Bawang Tea Ji opening 39 new stores abroad in the second quarter [19] - The Southeast Asian market is becoming crowded, prompting brands like Mixue to optimize existing stores [20] - North America is emerging as a new battleground for Chinese tea brands, with Bawang Tea Ji and others making significant inroads [21]

Core Viewpoint - Guming Holdings Limited (01364.HK) reported strong financial results for the first half of 2025, with significant revenue and profit growth exceeding market expectations [1][2]. Financial Performance - Revenue for the first half of 2025 reached 5.663 billion yuan, a year-on-year increase of 41.2% [1]. - Shareholder profit surged to 1.625 billion yuan, up 121.51% compared to the previous year, surpassing the total net profit for 2024 [1]. - Adjusted net profit was 1.086 billion yuan, reflecting a 42.4% increase from 762 million yuan in the same period last year [2]. - Gross Merchandise Volume (GMV) for the first half of 2025 was 14.094 billion yuan, a 34.4% year-on-year growth [2]. - The average daily GMV per store increased from 6,200 yuan to 7,600 yuan, marking a 22.6% rise [2]. - Cash and bank balances rose significantly from 1.9353 billion yuan at the end of the previous year to 4.2693 billion yuan [2]. Growth Drivers - The company's growth was driven by rapid store expansion and improved operational efficiency [3]. - A net increase of 1,265 stores was achieved in the first half of 2025, with a total of 11,179 stores across over 200 cities in China [3]. - The proportion of stores in lower-tier cities reached 80.9%, with 43% located in townships, indicating a strong presence in underdeveloped markets [3]. - The expansion of the coffee product line contributed significantly to revenue growth, with over 8,000 stores equipped with coffee machines and 16 new coffee products launched [3][4]. Supply Chain and Operational Efficiency - The company operates 22 warehouses with a total area of approximately 230,000 square meters and a cold storage capacity exceeding 61,000 cubic meters [4]. - Guming owns and operates 362 delivery vehicles, enabling 98% of stores to receive deliveries within two days, enhancing product quality and operational efficiency [4]. Future Outlook - Based on strong performance, the company has raised its annual store expansion target from 2,100 to 2,500 stores [5]. - Analysts project adjusted net profits for 2025-2027 to be 2.285 billion, 2.699 billion, and 3.259 billion yuan, with growth rates of 48%, 18%, and 21% respectively [5]. - The company plans to explore overseas market opportunities while focusing on domestic supply chain optimization and store network expansion [6]. - Guming's extensive store network serves as a competitive advantage, particularly in lower-tier cities, where significant market potential remains [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - In H1 2025, the company achieved revenue of 5.66 billion, a year-on-year increase of 41.2%, and adjusted profit of 1.09 billion, up 42.4% year-on-year. The growth is significantly driven by the competitive landscape in the takeaway market, which is expected to further enhance performance in Q3 [2][6]. - The company has a clear growth strategy with substantial room for store expansion, focusing on densely populated regions and leveraging a self-controlled supply chain for efficiency. High R&D investment supports rapid product innovation, which is anticipated to contribute to steady revenue growth [2][10]. - The company’s total GMV reached 14.1 billion, reflecting a 34.4% year-on-year increase, with average daily GMV per store at 7.6 thousand, up 21.2% year-on-year. The number of cups sold per store per day increased by 17% to 439 cups, while the average price per cup rose by 3% to 17.3 [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 1.79 billion, a 41.0% increase year-on-year, and an adjusted core profit of 1.14 billion, up 49.0% year-on-year [6][10]. - The gross margin for H1 2025 was 31.5%, slightly down by 0.1 percentage points year-on-year, while the adjusted profit margin improved by 0.2 percentage points to 19.2% [10][11]. Store Expansion - The company opened 1,570 new stores in H1 2025, a 105.2% increase year-on-year, bringing the total number of stores to 11,179, which is a 17.5% increase year-on-year. The distribution of stores across different city tiers shows a significant focus on lower-tier cities, with 81% of stores located in second-tier and below [10][11]. Product Development - The company launched 52 new products in H1 2025, demonstrating its strong R&D capabilities. The number of registered members on the company’s mini-program reached 178 million, with 50 million active members, indicating high consumer engagement [10][11]. - The company has equipped over 8,000 stores with coffee machines, achieving a coverage rate of approximately 72%, and introduced 16 new coffee products, which are expected to contribute to sales growth [10][11].

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 古茗控股有限公司（於開曼群島註冊成立的有限公司） | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01364 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,378,185,860 | | 0 | | 2,378,185,860 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2,378,185,860 | | 0 | | 2,378,185,860 | 第 2 頁 共 10 頁 v 1.1.1 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或 ...