Core Insights - Company achieved revenue of 5.7 billion yuan in 1H25, a year-on-year increase of 41%, and adjusted core profit of 1.1 billion yuan, up 49% year-on-year, exceeding expectations due to store count and single-store revenue performance [1] - The target price has been raised from 21.2 HKD to 28 HKD, indicating a potential upside of 24%, while maintaining a buy rating [1] Store Expansion - The company added 1,265 new stores in the first half of the year, bringing the total store count to 11,179, a year-on-year increase of 18% [1] - The proportion of stores in tier two and below cities increased by 2 percentage points to 81%, with town stores accounting for 43%, up 4 percentage points year-on-year [1] - Over 3,000 stores have been opened or are under contract but not yet opened [1] Single-Store Performance - Average daily GMV per store increased by 21% to 7,600 yuan, with same-store revenue growth slightly faster, particularly in dine-in, which grew over 10% [1] - Same-store revenue growth exceeded 20% in July and August, benefiting from substantial takeaway subsidies [1] Coffee Business Development - Over 8,000 stores have been equipped with coffee machines as of 1H25, with 16 new coffee beverages launched [2] - The company began promoting coffee in late June, achieving stable daily sales of approximately 60-80 cups per store, attracting new customer segments [2] Investment Outlook - The company is viewed positively due to its regional encryption strategy, supply chain efficiency, product innovation capabilities, and store opening potential [2]
古茗(01364.HK)：1H25新开门店和同店收入均超预期