古茗创始人兼首席执行官王云安在业绩会上表示，外卖平台的竞争主要从第二季度开始，第一季度没有 受到影响；7月开始活动力度加大，总体来说对上半年的业绩影响有限。 7月份，各大外卖平台的"奶茶0元购"引爆市场。 财报显示，今年上半年公司营收56.63亿元，同比增长41.2%；股东应占利润16.25亿元，同比增长 121.5%。 "时间拉的越长，对门店的经营会有一些不太好的现象，因为会进一步挤压堂食。"他进而补充，外卖补 贴不影响企业总部利润，但可能会影响以后加盟商的长期经营。在他看来，茶饮企业和加盟商是一体 的，如果加盟商不挣钱，会影响企业的健康发展。 今年夏天，淘宝、美团和京东三家互联网巨头的外卖平台"商战"，似乎让新茶饮成为最大赢家。外卖对 企业营收究竟带来有多大影响，成为投资者关注的重点。 （文章来源：国际金融报） 王云安在业绩会上谈到这一活动机制，平台会给商家4元/7元/10元的补贴，换取商家为消费者提供折扣 （0元购）。由于该活动仅每周六进行，对古茗而言每单的影响约4—5元钱，对公司上半年整体GMV影 响有限。他指出，客单价更低的品牌，在此活动中收益更多。 8月27日晚间，古茗（01364.HK）召开20 ...

Core Insights - Both Mixue Group and Guming reported strong interim results for the first half of 2025, marking their first mid-term performance since going public [2][5] Group 1: Mixue Group Performance - For the first half of 2025, Mixue Group achieved revenue of 14.87 billion RMB, a significant increase of 39.3% year-on-year [3] - Gross profit reached 4.71 billion RMB, up 38% from the previous year, with a gross margin of approximately 31.6% [4] - Net profit for the period was 2.72 billion RMB, reflecting a 44.1% increase year-on-year, indicating strong profitability despite competitive pressures [4] - The company's store count expanded to 53,014, with 9,796 new stores added compared to the same period last year, surpassing Starbucks in terms of store numbers [4] Group 2: Guming Performance - Guming reported revenue of 5.66 billion RMB for the first half of 2025, a year-on-year increase of 41.2% [5] - Gross profit was 1.79 billion RMB, up 41% year-on-year, with a gross margin of 31.5% [7] - The net profit for the period reached 1.63 billion RMB, a substantial increase of 119.8% year-on-year, indicating strong growth in profitability [7] - Guming's store network grew to 11,179, a 17.5% increase from the previous year, covering over 200 cities [6] Group 3: Market Reactions - Despite strong performance, both companies' stock prices fell post-announcement, with Mixue down 5.27% and Guming down 3.75% [8] - Market analysts suggest that the decline may be due to profit-taking by investors after significant stock price increases since their IPOs [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations with a revenue of 5.663 billion yuan in H1 2025, representing a year-on-year increase of 41.2%, and a net profit of 1.626 billion yuan, up 121.5% year-on-year [7] - The company is experiencing growth across all business lines, with product sales and equipment revenue reaching 4.496 billion yuan, a 42% increase year-on-year, accounting for 79% of total revenue [7] - The company is accelerating its store expansion, with a total of 11,179 stores as of the end of H1 2025, a 17.5% increase year-on-year [7] - Single-store operations have improved, with average daily GMV of 7,600 yuan, a 21% increase year-on-year, and a total GMV of 14.094 billion yuan, up 34% year-on-year [7] - The company is expected to capture more market share due to its regional expansion, product innovation, and self-built supply chain, leading to an upward revision of profit forecasts for 2025-2027 [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 7.676 billion, 8.791 billion, 12.315 billion, 13.576 billion, and 15.590 billion yuan respectively, with year-on-year growth rates of 38.07%, 14.54%, 40.08%, 10.24%, and 14.83% [1] - Net profit projections for the same years are 1.080 billion, 1.479 billion, 2.685 billion, 2.495 billion, and 2.881 billion yuan, with year-on-year growth rates of 194.48%, 36.95%, 81.61%, (7.09)%, and 15.47% [1] - The latest diluted EPS for 2025E is projected at 1.13 yuan, with a P/E ratio of 19.02 [1]

业绩简评 2025 年 8 月 26 日公司披露半年报，上半年实现营收 56.63 亿元， 同比增长 41.2%。实现归母净利润 16.25 亿元，同比增长 121.5%。 实现经调整净利润 10.86 亿元，同比增长 42.4%。实现经调整核心 利润 11.36 亿元，同比增长 49.0%。 经营分析 盈利预测、估值与评级 受益于平台外卖促销活动，我们上调公司盈利预测，预计公司 FY2025/FY2026/FY2027 年 经 调 整 净 利 润 分 别 为 21.96/ 26.16/31.48 亿元，对应经调整 PE 分别 23/20/16 倍。维持"买入" 评级。 风险提示 行业竞争加剧风险；餐饮消费不及预期风险；外卖补贴退坡影响； 食品安全风险；拓店不及预期风险。 0 200 400 600 800 1,000 1,200 1,400 1,600 8.00 12.00 16.00 20.00 24.00 28.00 32.00 250212 250512 250812 港币(元) 成交金额(百万元) 成交金额 古茗 恒生指数 | 主要财务指标 | | | | | | | --- | --- | --- ...

Core Viewpoint - The overall performance of the company in the first half of 2025 is considered good, driven by store expansion, delivery subsidies, and the introduction of coffee business, despite the lack of market consensus on expectations due to the absence of previous half-year reports [1][2][10]. Group 1: Financial Performance - The total revenue for the first half of 2025 reached 5.66 billion RMB, representing a year-on-year growth of 41.2% [2][6]. - The gross profit for the same period was 1.79 billion RMB, with a gross margin of 31.5% [6][21]. - The operating profit margin reached a record high of 23.7%, driven by improved operational efficiency [4][23]. Group 2: Store Expansion - The company added 1,265 new stores in the first half of 2025, bringing the total to 11,179 stores, making it the second tea brand to surpass 10,000 stores [2][12]. - The store expansion is primarily focused on lower-tier cities, with 43% of new stores located in townships, up from 39% year-on-year [2][12]. - The company is on track to exceed its target of adding over 2,000 new stores for the year [2][12]. Group 3: Revenue Structure - Revenue from the sale of goods and equipment was 3.6 billion RMB, growing by 20% year-on-year, but its share of total GMV decreased to 25.6% [3][16]. - The average GMV per store reached 1.37 million RMB, a year-on-year increase of 20.6% [3][19]. Group 4: Customer Engagement and Product Offering - The average daily cup sales per store reached 439 cups, a 17.4% increase year-on-year, driven by delivery subsidies and the introduction of coffee products [3][19]. - The coffee business has been integrated into over 8,000 stores, contributing 15%-20% to total GMV, enhancing customer engagement during previously low-traffic hours [19][20]. Group 5: Cost Management - The company maintained stable gross margins by passing on cost savings from supply chain efficiencies to franchisees through lower raw material prices [21]. - Selling expenses remained stable despite increased advertising and promotional spending, while administrative expenses decreased to 3.3% of revenue [4][23].

8月27日午间，蜜雪集团公布2025年中期业绩：营收为148.75亿元，同比增长39.3%；净利润为27.18亿元，同比增长44.1%。 | 中期業績摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | (未經審核) (未經審核) | | | | | 2025年 | 2024年 | | | | 人民幣千元 人民幣千元 | | 同比變動 | | 收入 | 14,874,809 | 10.677.054 | 39.3% | | 毛利 | 4,706,373 | 3,402,695 | 38.3% | | 期內利潤 | 2,718,214 | 1,886,899 | 44.1% | | 每股基本盈利(人民幣元) | 7.23 | 5.23 | 38.2% | 不过，就毛利率指标而言，略有下降，由上年同期的31.87%降至31.64%。 对此，蜜雪集团称，主要原因在于若干原材料采购成本上升及收入结构变化。 目前，蜜雪集团旗下共有2个现制饮品品牌，分别是新茶饮品牌蜜雪冰城和现制咖啡品牌幸运咖。 记者注意到，2025年上半年，受原产地减产等因素影响， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 34.57 [7][8]. Core Insights - The company reported strong growth in both revenue and profit, with a 1H25 GMV of RMB 141 billion, up 34.4% year-on-year, and revenue of RMB 56.63 billion, up 41.2% year-on-year. The net profit attributable to the parent company reached RMB 16.25 billion, a significant increase of 121.5% year-on-year [1][2]. - The company is actively expanding its product categories, including coffee and breakfast, while also increasing its store count, which reached 11,179 by the end of 1H25. This expansion strategy is expected to sustain growth in the medium to long term [1][3]. - The company has a strong focus on enhancing operational efficiency and brand positioning, which supports high repurchase rates. Even with potential reductions in delivery subsidies, the company is expected to demonstrate resilience in same-store sales [1][2]. Revenue and Profitability - In 1H25, the company's revenue from sales of goods and equipment, franchise management services, and direct store sales were RMB 44.96 billion, RMB 11.59 billion, and RMB 0.78 billion, respectively, showing year-on-year increases of 41.8%, 39.2%, and 14.0% [3]. - The adjusted core profit margin for 1H25 was 20.1%, reflecting a year-on-year increase of 1.0 percentage points, indicating improved profitability [4]. Expansion and Market Strategy - The company has opened 1,570 new stores in 1H25 while closing 305, with a notable increase in the proportion of stores located in lower-tier cities and rural areas [3]. - The introduction of coffee machines in over 8,000 stores and the launch of 16 new coffee products are expected to enhance same-store sales and overall revenue [2][4]. Financial Forecast and Valuation - The adjusted net profit forecasts for 2025, 2026, and 2027 are RMB 21.63 billion, RMB 25.17 billion, and RMB 30.58 billion, respectively, with corresponding adjusted EPS of RMB 0.91, RMB 1.06, and RMB 1.29 [5][11]. - The report suggests a valuation of 30 times the expected PE for 2026, leading to a target price adjustment to HKD 34.57 [5][11].

Group 1 - Nongfu Spring (09633) reported a 22% year-on-year increase in net profit for the six months ending June 30, 2025, with packaged drinking water revenue growing by 10.7% [1] - Gu Ming (01364) saw a more than 120% year-on-year increase in net profit for the same period, with steady expansion in store count and impressive GMV performance [1] - China Longgong (03339) reported a 37.83% year-on-year increase in net profit, with the loader business being the largest contributor to revenue and profit [1] - AI concept stocks generally rose, with SenseTime (00020) up over 11% and Fourth Paradigm (06682) up over 9%, following the State Council's release of opinions on implementing "AI+" actions [1] - Cao Cao Mobility (02643) reported a 53.5% year-on-year increase in net profit, with gross margin improving from 7.0% to 8.4% [1] Group 2 - H&H International Holdings (01112) experienced a nearly 77% year-on-year decrease in net profit and proposed an interim dividend of HKD 0.19 per share [2] - NIO (09866) saw its stock price rise over 6% this month, benefiting from strong orders for the Onvo L90 and ES8 SUV models [2] - Chip stocks continued their upward trend, with SMIC (00981) up over 6% and Huahong Semiconductor (01347) up over 3%, as institutions remain optimistic about the domestic chip market [2] - Beike (02423) reported a 7.2% year-on-year decrease in net profit for the mid-year results, with Nomura indicating that its third-quarter guidance was below expectations [2] Group 3 - Gaotu (GOTU.US) reported a more than 37% year-on-year increase in revenue for Q2, alongside a new stock buyback plan worth up to USD 100 million [3] - NIO (NIO.US) rose 10.02% as Morgan Stanley highlighted strong orders for the ES8 and a shift in market sentiment towards next year's models [3] - XPeng Motors (XPEV.US) increased by 5.46% as it announced the official launch of the new P7 model on August 27 [3] - Boeing (BA.US) rose 3.51% after Korean Air announced a purchase order for aircraft valued at approximately USD 36.5 billion [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company achieved a 42.4% year-on-year increase in adjusted net profit for H1 2025, with total revenue reaching 5.66 billion yuan, a 41.2% increase [1][8]. - The company has accelerated its store expansion, adding 1,265 net new stores in H1 2025, with a total of 11,179 stores by the end of the period [2][13]. - The company is expected to continue enjoying a high growth phase, supported by product innovation and expansion into lower-tier cities [3][24]. Financial Performance - In H1 2025, the company reported a gross merchandise volume (GMV) of 14.1 billion yuan, reflecting a 34.4% increase year-on-year [1][8]. - The revenue breakdown for H1 2025 shows that sales of goods and equipment generated 4.5 billion yuan (79.4% of total revenue), while franchise management services contributed 1.16 billion yuan (20.5% of total revenue) [10][19]. - The company's operating profit margin improved by 1.6 percentage points to 23.7%, and the adjusted net profit margin increased by 0.2 percentage points to 19.2% [3][19]. Store Expansion and Market Strategy - The company plans to increase its net store addition target for the year from 2,100 to 2,500 stores, reflecting a strong commitment to expansion [2][13]. - The proportion of stores in lower-tier cities has increased to 80.9%, with town-level stores making up 43% of the total, indicating successful penetration into these markets [2][13]. - The average GMV per store reached 1.371 million yuan, with a year-on-year increase of 20.6% [2][16]. Future Earnings Forecast - The adjusted net profit forecasts for 2025-2027 have been raised to 2.22 billion, 2.74 billion, and 3.31 billion yuan, respectively, with corresponding PE ratios of 23.0, 18.6, and 15.4 [3][24]. - The company is expected to maintain a strong growth trajectory, driven by product matrix innovation and enhanced delivery services [3][24].

消息面上，古茗发布中期业绩，上半年收入56.63亿元人民币，同比增加41.24%；股东应占溢利16.25亿 元，同比增加121.51%。公告称，集团的收入主要来自向加盟商销售货品及设备以及提供服务。 古茗(01364)绩后涨超5%，截至发稿，涨5.2%，报24.7港元，成交额9791.17万港元。 报告显示，截至2025年6月30日，古茗门店规模稳步扩大，总数达到11179家，同比增长17.5%。其中， 二线及以下城市门店占比达81%，乡镇市场覆盖进一步深化，乡镇门店比例提升至43%。此外，公司 GMV表现亮眼，总额实现140.94亿元，同比增长34.8%；单店日均GMV达7600元，同比增长22.6%；单 店日均售出杯数439杯，同比增长17.4%。 ...