Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Insights - The company reported a revenue of 12.91 billion HKD for 2025, representing a year-on-year increase of 46.9%. Adjusted profit reached 2.57 billion HKD, up 66.9%, and adjusted core profit was 2.81 billion HKD, reflecting a 77.8% increase. These results exceeded expectations [6]. - The company plans to continue expanding its store network and product categories in 2026, with an expected net profit of 3.22 billion HKD, a 3.5% increase year-on-year. The projected net profits for 2027 and 2028 are 3.86 billion HKD and 4.58 billion HKD, respectively, indicating growth rates of 20.1% and 18.5% [6][9]. - The company achieved a net increase of 3,647 stores in 2025, with a daily average GMV of 7,800 HKD per store, which is a 21.3% increase year-on-year. The total GMV for 2025 was 32.7 billion HKD, up 46.1% [7]. - The gross margin for 2025 was 33.0%, an increase of 2.43 percentage points year-on-year, driven by product structure optimization and improved supply chain efficiency. The net profit margin was 24.12%, up 7.14 percentage points [8]. - The company is expected to continue its channel penetration and store expansion strategy in 2026, with a focus on optimizing existing store locations and introducing new product categories [9]. Financial Summary and Valuation Metrics - Revenue projections for the upcoming years are as follows: 2026E at 16.04 billion HKD, 2027E at 19.50 billion HKD, and 2028E at 23.36 billion HKD, with year-on-year growth rates of 24.2%, 21.6%, and 19.8% respectively [11]. - The net profit projections are 3.22 billion HKD for 2026E, 3.86 billion HKD for 2027E, and 4.58 billion HKD for 2028E, with growth rates of 3.5%, 20.1%, and 18.5% respectively [11]. - The company’s P/E ratios are projected to be 18.5 for 2026E, 15.4 for 2027E, and 13.0 for 2028E, indicating a favorable valuation compared to its growth prospects [11].
古茗（01364）：港股公司信息更新报告：2025年收入利润亮眼，2026年门店有望持续加密