Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - In 2025, the company achieved a revenue of 12.914 billion, representing a year-on-year increase of 46.9%, and an adjusted net profit of 2.575 billion, up 66.9% year-on-year [2][6]. - Short-term growth is significantly driven by delivery subsidies for leading tea brands, while long-term growth is supported by the company's solid fundamentals, substantial store expansion potential, and efficient supply chain management [2][6]. - The company plans to open 4,292 new stores in 2025, bringing the total to 13,554, a 36.7% increase year-on-year, with a focus on lower-tier cities and towns [2][6]. - The company introduced 106 new products in 2025, maintaining a high frequency of product iteration, with coffee products becoming a new growth driver [2][6]. - The adjusted profit forecast for 2026-2028 is 3.015 billion, 3.693 billion, and 4.252 billion, respectively, with corresponding PE ratios of 18, 14, and 13 times [2][6]. Financial Performance - The company's total GMV reached 32.73 billion in 2025, a 46.1% increase year-on-year, with single-store GMV at 2.862 million, up 21.3% [7]. - The gross profit margin for 2025 was 33.0%, an increase of 2.4 percentage points year-on-year, driven by scale expansion and supply chain efficiency [7]. - The company’s cash flow from operating activities was 2.68 billion in 2025, indicating strong operational cash generation [8].
古茗（01364）：2025年度业绩点评：门店稳健增长，长期竞争优势稳固