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]
门店破万、利润激增，古茗仍需警惕扩张代价