兴业证券：予古茗“买入”评级 杯单价和单量提升共同推动店效增长

Group 1 - The core viewpoint of the report is that the company, Gu Ming (01364), is positioned second in the industry in terms of store scale, demonstrating strong operational efficiency, high product quality, and significant room for expansion, with untapped overseas markets [1] - The company achieved rapid growth in both revenue and profit in the first half of the year, driven by both internal and external factors, with improved single-store operational efficiency and profit levels, leading to enhanced overall profitability [1] - The company is expected to open no less than 3,000 new stores in the year, with a total of 11,179 stores by the first half of 2025, reflecting a net increase of 1,265 stores compared to the end of 2024 [1] Group 2 - The report indicates that the increase in both cup price and volume has driven store efficiency growth, with a total GMV of 14.1 billion yuan in the first half of 2025, representing a year-on-year increase of 34.4% [2] - The total cup output reached 800 million cups, marking a year-on-year growth of 30.1%, while the average cup price was 17.3 yuan, up 3.3% year-on-year [2] - On a per-store basis, the average daily GMV was 7,600 yuan, reflecting a year-on-year increase of 22.6%, and the average daily cup output was 439 cups, up 17.4% year-on-year [2]