Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive performance in 2025, driven by both store expansion and growth in same-store sales [5] - The company achieved a revenue of 12.91 billion RMB in 2025, representing a year-on-year growth of 46.9% [7] - The net profit attributable to shareholders reached 3.11 billion RMB in 2025, with a remarkable year-on-year increase of 110.3% [7] - The company continues to expand its store network, with a total of 13,554 stores as of December 31, 2025, marking a 36.7% increase year-on-year [7] - The average daily GMV per store increased by 20% to 7,800 RMB in 2025 [7] - The company is expected to maintain strong growth in net profit for 2026-2028, with projections of 3.43 billion RMB, 4.15 billion RMB, and 4.77 billion RMB respectively [8] Financial Summary - Revenue projections for 2026 are estimated at 16.15 billion RMB, with a year-on-year growth rate of 25.1% [6] - The projected net profit for 2026 is 3.43 billion RMB, reflecting a growth rate of 10.2% [6] - The company’s P/E ratio is projected to decrease from 17.92 in 2025 to 11.98 in 2028, indicating improving valuation [6] - The company maintains a high return on equity (ROE) of 71.6% in 2024, which is expected to decline gradually to 39.7% by 2028 [6]
古茗（01364）：25年业绩表现亮眼，拓店及单店销售额增长双驱动