古茗(01364) - 2025 - 中期财报

Corporate Information 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 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] - 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][4] Company Details and Listing Information 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][7] - The company's stock code is 01364, and its listing date is February 12, 2025[9][10] - Ernst & Young is the company's auditor, and Carey Olsen (Hong Kong) is the Hong Kong legal counsel[9][10] Financial Highlights 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][14] - Adjusted core profit further adds back withholding tax on distributable profits of the Group's PRC subsidiaries[13][14] Management Discussion and Analysis 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 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][16] - 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][16] Store Network and Store Performance 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][19] 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][24] 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][27] Our Franchisees 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][33] - 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][34] 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 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