古茗上半年营收同比增长41.2%，净利增42.4%，下沉市场扩张策略见效

Core Insights - The company, Gu Ming, achieved strong growth in core profitability due to rapid expansion in lower-tier markets and improved store operational efficiency [1][2][4] Financial Performance - Revenue for the six months ending June 30, 2025, reached RMB 5.66 billion, a year-on-year increase of 41.2% [4] - Gross profit was RMB 1.79 billion, up 41.0% compared to the previous year [4] - Net profit was RMB 1.63 billion, a significant increase of 119.8%, primarily due to a one-time gain of RMB 557 million from the fair value change of financial liabilities [2][4] - Adjusted profit, excluding one-time gains and listing expenses, was RMB 1.09 billion, reflecting a 42.4% year-on-year growth [2][4] - Adjusted profit margin slightly increased from 19.0% to 19.2% [2] Store Expansion and Efficiency - The total number of stores reached 11,179, a 17.5% increase from 9,516 stores in the same period last year [3][4] - The company opened 1,570 new stores in the first half of the year, more than double the 765 stores opened in the same period last year [3] - The strategy of "regional densification" has been effective, with stores in second-tier and lower cities increasing from 79% to 81% of total stores [3] - Total GMV for the first half of the year was RMB 14.09 billion, with average daily GMV per store rising from RMB 6,200 to RMB 7,600 [3] Supply Chain and Product Innovation - The company operates 22 warehouses with a total area of approximately 230,000 square meters and has a self-owned fleet of 362 vehicles [6] - Cold chain logistics infrastructure allows for two-day delivery to about 98% of stores, with delivery costs accounting for less than 1% of total GMV [6] - The company launched 52 new products in the first half of the year and expanded its coffee offerings, equipping over 8,000 stores with coffee machines [6] - As of June 30, 2025, the number of registered members on the company's mini-program reached approximately 178 million, with about 50 million active members quarterly [6]