Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 5.663 billion yuan for the first half of 2025, representing a year-on-year growth of 41.2%. The net profit attributable to shareholders reached 1.625 billion yuan, up 121.5% year-on-year [1]. - Adjusted net profit for the same period was 1.086 billion yuan, reflecting a growth of 42.4%, while adjusted core profit was 1.136 billion yuan, marking a 49.0% increase [1]. - The company is benefiting from promotional activities in the food delivery sector, leading to an upward revision of profit forecasts for FY2025, FY2026, and FY2027, with adjusted net profits projected at 2.196 billion, 2.616 billion, and 3.148 billion yuan respectively [3]. Financial Performance - The company achieved a single-store daily cup volume of 439 cups in the first half of 2025, a year-on-year increase of 17.4%, with a total of 79.4 thousand cups sold per store, up 16.6% year-on-year [9]. - The average price per cup increased to 17.25 yuan, a rise of 3.3% year-on-year, contributing to a 20.6% year-on-year growth in single-store GMV, reaching 1.3705 million yuan [9]. - The company accelerated its store openings, adding 1,265 new stores in the first half of 2025, bringing the total number of stores to 11,179, a year-on-year increase of 17.5% [9]. - The gross margin for the first half of 2025 was 31.5%, with stable sales and administrative expense ratios, leading to an operating profit margin of 23.7%, up 1.6 percentage points year-on-year [9]. Future Projections - Revenue projections for the company are as follows: 11.914 billion yuan for 2025, 13.801 billion yuan for 2026, and 16.569 billion yuan for 2027, with growth rates of 35.52%, 15.84%, and 20.05% respectively [8]. - Adjusted net profit is expected to grow significantly, with rates of 42.41% for 2025, 19.12% for 2026, and 20.33% for 2027 [8].
古茗（01364）：25H1 收入利润高增，开店&单店亮眼