古茗高管再次套现16亿，钱都流向了海外信托

Core Viewpoint - The article discusses the financial performance and controversial dividend distribution of the tea company, Gu Ming, highlighting its rapid growth and the implications of its business model on investor confidence and market perception [2][4][21]. Financial Performance - Gu Ming reported a revenue growth of over 41% in the first half of the year, with a net profit margin close to 29%, making it a standout performer in the tea industry [2][3]. - The company achieved a revenue of nearly 57 billion yuan and a net profit exceeding 16 billion yuan, marking a year-on-year increase of over 121% [3][4]. - As of November 26, Gu Ming's total market capitalization exceeded 58 billion HKD, doubling since its IPO [5]. Dividend Distribution - Gu Ming announced a special dividend exceeding 22 billion HKD, which is more than the 18.13 billion HKD raised during its IPO [7][8]. - Over 70% of the dividend, approximately 16 billion HKD, will flow into the family trust accounts of its core shareholders, raising questions about the company's motives for going public [7][8][13]. - This marks the second significant dividend distribution within a year, totaling nearly 40 billion HKD, with core shareholders receiving over 28 billion HKD [13][21]. Business Model and Growth - Gu Ming's revenue primarily comes from selling goods and equipment to franchisees, rather than direct consumer sales, indicating that its growth is tied to the expansion of its franchise network [16][19]. - As of mid-2025, Gu Ming had over 11,000 stores, but the growth rate of new franchisees has shown signs of slowing down [16][17]. - The company experienced a decline in new store openings and an increase in store closures, with a closure rate of 6.8% in 2024 and a franchisee attrition rate of 15.18%, significantly higher than competitors [17][19]. Market Competition and Challenges - The saturation of the market has led to increased internal competition among Gu Ming's stores, which may negatively impact profitability for franchisees [19][20]. - The article suggests that the reluctance of experienced franchisees to open new stores indicates a lack of profitability in the current market environment [19][20]. Investor Sentiment - The actions of Gu Ming, particularly the large dividend payouts to major shareholders shortly after going public, have raised concerns among investors about the company's long-term intentions and financial health [21][22].