Core Viewpoint - The company is expected to achieve a significant increase in revenue and adjusted core net profit in 2025, driven by store openings and improved gross margins, outperforming market expectations [1][2] Group 1: Financial Projections - The company forecasts a 46% increase in revenue and a 64% increase in adjusted core net profit to 2.52 billion yuan in 2025, with a 50% revenue growth and a 78% profit increase in the second half of 2025 [1] - The adjusted net profit for 2025 has been revised upward by 9% to 2.5 billion yuan, and for 2026 by 19% to 3.2 billion yuan, with a new profit forecast for 2027 set at 3.9 billion yuan [2] Group 2: Operational Highlights - The company anticipates strong same-store sales growth in the second half of 2025, supported by delivery platform subsidies and new product offerings, with a stable profit margin for franchisees [1] - The company plans to accelerate store openings, expecting a net increase of nearly 3,500 stores in 2025, bringing the total to over 13,000 [1] - In 2026, the company will focus on dine-in services and brand upgrades, with an expected same-store revenue growth of 0-5% [2] Group 3: Market Position and Strategy - The company aims to enhance its brand recognition and value through the upgrade of its store image and effective product launches, maintaining a strong competitive edge despite market challenges [2] - The company has demonstrated resilience in performance, attributed to strong execution by its team and franchisees, indicating a broad long-term growth potential [2]
古茗(01364.HK)：25年表现预计好于预期 长期空间广阔