古茗（01364.HK） 25 年业绩高增，单店增速亮眼 公司发布 2025 年报：2025 年公司实现收入 129.1 亿元，同比增长 46.9%； 经调整净利润 25.7 亿元，同比增长 66.9%。其中 25H2 增长提速，25H2 实现收入 72.5 亿元，同比增长 51.6%，经调整净利润达 14.89 亿元，同 比增长 90.9%。 盈利能力、成本管控能力持续提升。2025 年公司毛利率 33.0%，同比提 升 2.4pct ； 销 售 及 分 销 开 支 / 行政开支 / 研 发 开 支 占 收 入 比 重 5.44%/2.83%/1.73%，同比-0.01pct/-0.72pct/-0.92pct；经调整净利率 19.9%，同比提升 2.39pct。 门店网络高速扩张，区域加密策略与 深耕下沉市场成效显著。1）截至 2025 年末，公司门店总数达到 13554 家/净增 3640 家/同比增长 37%，其中开 4292 家/同比+2705 家/同比+170%，关 652 家/同比-22 家/同比-3%。 2）公司坚持区域加密和深耕下沉市场战略。截至 2025 年末，公司国内门 店中一线/ 新一 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][24]. Core Insights - The company is expected to expand its store count significantly, with a long-term target of 35,000 stores, driven by a unique "onion ring" expansion strategy and strong supply chain capabilities [2][14]. - The company is transitioning from a tea beverage leader to a multi-category pioneer, introducing new product lines such as coffee, desserts, and HPP juices, which are expected to enhance store efficiency and broaden customer demographics [3][19]. - The company is projected to achieve a net profit of 2.913 billion RMB in 2026, reflecting a year-on-year growth of 17%, with a net profit margin of 18.3% [4][24]. Summary by Sections Store Expansion Potential - The company has a long-term store expansion potential of approximately 35,375 stores, based on regional density improvements and supply-demand growth perspectives [2][14]. - The company has entered new provinces and strengthened its competitive barriers in existing regions, enhancing brand recognition and supply chain synergy [12][13]. Product and Store Model Innovation - The company has accelerated its transformation into a multi-category "beverage convenience store," effectively filling gaps in non-peak consumption periods and expanding its customer base [3][19]. - The introduction of the 6.0 store model aims to enhance brand quality and customer experience, with a focus on optimizing dining experiences and increasing in-store consumption [21][22]. Financial Projections and Valuation - The company’s adjusted net profit forecasts for 2025, 2026, and 2027 are 2.486 billion, 2.913 billion, and 3.693 billion RMB, respectively, with corresponding adjusted EPS of 1.05, 1.22, and 1.55 RMB [5][10]. - The target price has been raised to 36.73 HKD, reflecting a 27x PE ratio for 2026, indicating a strong growth outlook despite potential short-term challenges [24][26].