万店古茗：持续加码产品研发、供应链建设

Core Insights - Guming Tea, founded in 2010, has become one of China's leading tea brands, with a store count reaching 11,179 by June 30, 2025, representing a 17.5% year-on-year growth [1] - The brand has a strong presence in lower-tier cities, with 81% of its stores located in these areas, indicating significant market penetration [1] Group 1: Product Development and Quality - Guming emphasizes product quality as a key factor for consumer recognition, supported by a robust R&D framework that has led to the launch of 52 new products in the first half of 2025 [3] - The company has made significant advancements in its coffee product line, with over 8,000 stores equipped with coffee machines and 16 new coffee beverages introduced [3] - Guming's cold chain logistics infrastructure is the largest among Chinese ready-to-drink tea brands, providing two-day delivery service to over 98% of its stores [3][4] Group 2: Supply Chain and Logistics - The company operates 22 warehouses with a total area of approximately 230,000 square meters, including cold storage capacity of over 61,000 cubic meters [4] - Guming utilizes an advanced logistics system that optimizes delivery routes and reduces costs while ensuring the freshness of ingredients through real-time monitoring [4] Group 3: Franchise Model and Market Strategy - Guming operates primarily through a franchise model, fostering long-term relationships with franchisees to enhance store operations and product quality [4] - The company has established a franchisee committee to gather feedback on significant business decisions, which aids in efficient store management and consumer experience [4][5] - Future plans include deepening market presence, enhancing digital capabilities, and continuing product innovation to provide high-quality, cost-effective services [5]