Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved a GMV of 327 billion and revenue of 129 billion in 2025, representing year-on-year growth of 46% and 47% respectively [5][1] - Adjusted net profit and adjusted core net profit for 2025 were 26 billion and 28 billion, showing year-on-year increases of 67% and 78% respectively [5][1] - In the second half of 2025, revenue, adjusted net profit, and adjusted core net profit grew by 52%, 91%, and 105% year-on-year [5][1] - The gross margin for 2025 and H2 2025 was 33% and 34%, reflecting a year-on-year increase of 2 and 4 percentage points, indicating significant scale effects [1][2] - The adjusted net profit margin for 2025 and H2 2025 was 20% and 21%, with year-on-year increases of 2 and 4 percentage points [1][2] Store Expansion and Performance - The company opened 4,292 new stores in 2025, with a net increase of 3,640 stores, and accelerated store openings in H2 2025 with a net increase of 2,375 stores [2][1] - By the end of 2025, the company had 13,554 stores, with 82% located in second-tier cities and below, continuing its strategy of deepening market penetration [2][1] - Daily average GMV per store increased by 18% year-on-year, reaching 456 cups per day [2][1] Product Innovation and Supply Chain - The company launched 106 new products by the end of 2025, including 27 coffee beverages, and equipped over 12,000 stores with coffee machines [2][1] - The company operates 24 warehouses, providing cold chain delivery to 98% of its stores within two days [2][1] Financial Projections - The company is expected to achieve net profits of 32 billion, 41 billion, and 48 billion for 2026, 2027, and 2028 respectively, with corresponding P/E ratios of 17.8, 14.1, and 11.9 [3][4] - Revenue projections for 2026 to 2028 are 16,913 billion, 21,118 billion, and 25,029 billion, with growth rates of 31%, 24.9%, and 18.5% respectively [4][3]
古茗（01364）：开店超预期提速，规模扩张正当时