Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations with a revenue of 5.663 billion yuan in H1 2025, representing a year-on-year increase of 41.2%, and a net profit of 1.626 billion yuan, up 121.5% year-on-year [7] - The company is experiencing growth across all business lines, with product sales and equipment revenue reaching 4.496 billion yuan, a 42% increase year-on-year, accounting for 79% of total revenue [7] - The company is accelerating its store expansion, with a total of 11,179 stores as of the end of H1 2025, a 17.5% increase year-on-year [7] - Single-store operations have improved, with average daily GMV of 7,600 yuan, a 21% increase year-on-year, and a total GMV of 14.094 billion yuan, up 34% year-on-year [7] - The company is expected to capture more market share due to its regional expansion, product innovation, and self-built supply chain, leading to an upward revision of profit forecasts for 2025-2027 [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 7.676 billion, 8.791 billion, 12.315 billion, 13.576 billion, and 15.590 billion yuan respectively, with year-on-year growth rates of 38.07%, 14.54%, 40.08%, 10.24%, and 14.83% [1] - Net profit projections for the same years are 1.080 billion, 1.479 billion, 2.685 billion, 2.495 billion, and 2.881 billion yuan, with year-on-year growth rates of 194.48%, 36.95%, 81.61%, (7.09)%, and 15.47% [1] - The latest diluted EPS for 2025E is projected at 1.13 yuan, with a P/E ratio of 19.02 [1]
古茗（01364）：2025 年中期业绩点评：业绩超预期，门店扩张与单店经营提升