Core Viewpoint - The company's performance in the first half of 2025 exceeded expectations, driven by strong same-store sales growth and an increase in the number of stores, leading to a revenue increase of 41.2% year-on-year to 5.66 billion yuan [1]. Group 1: Financial Performance - The company's adjusted core profit for 1H25 was 1.136 billion yuan, reflecting a year-on-year increase of 49%, which was better than anticipated [1]. - The gross margin for the first half of the year was stable at 31.5%, with sales expense ratio remaining at 5.5%, indicating effective cost management despite increased brand investments [2]. - The adjusted core net profit margin improved by 1.1 percentage points year-on-year, attributed to a decrease in management and R&D expense ratios [2]. Group 2: Growth Drivers - Same-store sales growth was robust, with a 20.6% increase in GMV per store, reaching 1.37 million yuan in 1H25, and a 17.4% increase in cups sold per store [1]. - The number of operational stores increased by 1,265 to 11,179, with a year-on-year growth of 13.9% in average operational stores [1]. - The company expanded its coffee product offerings, with over 8,000 stores equipped with coffee machines and the launch of 16 new coffee products [1]. Group 3: Market Strategy - The company is focusing on enhancing customer retention and expanding its consumer base by promoting coffee and baked goods, with a double-digit growth in dine-in same-store sales [2]. - Despite the impact of delivery subsidies, the company maintained over 20% same-store GMV growth in July and August, indicating strong underlying demand [2]. - The company anticipates a better-than-expected store opening count for the year, with over 2,100 net new stores opened by the end of August [2]. Group 4: Future Outlook - The company expects continued improvement in gross margin due to economies of scale and a downward trend in management and R&D expense ratios [3]. - Adjusted net profit forecasts for 2025 and 2026 have been raised by 6.9% and 6.5%, respectively, to 2.3 billion and 2.7 billion yuan [3]. - The company is currently trading at 23/20 times the 2025/2026 P/E ratio based on adjusted net profit, with a target price of 28 HKD, indicating a 24% upside potential [3].
古茗(01364.HK)：同店表现亮眼 聚焦场景及消费人群拓展