Core Viewpoint - Goldman Sachs has included Gu Ming (01364) in its Asia-Pacific "Conviction Buy" list, expecting the company's adjusted net profit to grow over 20% year-on-year in the next two years, supported by increasing penetration of ready-to-drink beverages and market share expansion, leading to outperformance in the consumer sector with a target price of HKD 32 [1] Group 1: Financial Performance - Analysts predict that Gu Ming's adjusted net profit will exceed 20% growth year-on-year over the next two years [1] - The total gross merchandise value (GMV) per store has increased by over 20% year-to-date, significantly outperforming other mid-tier ready-to-drink beverage brands [1] Group 2: Market Position and Strategy - The company's growth is attributed not only to takeaway subsidies but also to successful new product launches and category expansions, such as coffee, along with strong execution capabilities [1] - Concerns regarding same-store sales growth after the normalization of takeaway subsidies have led to a 23% decline in stock price from its June peak [1] - The company is expected to maintain growth through steady store expansion and increased product categories and consumption scenarios [1]

Core Viewpoint - Goldman Sachs has included Gu Ming in its Asia-Pacific "Conviction Buy" list, assigning a "Buy" rating and a target price of HKD 32, anticipating over 20% year-on-year growth in adjusted net profit over the next two years, supported by increasing penetration of ready-to-drink beverages and market share expansion [1] Group 1 - Gu Ming has demonstrated strong competitiveness, with year-to-date gross merchandise volume (GMV) growth exceeding 20%, significantly outperforming other mid-priced ready-to-drink beverage brands [1] - The growth is attributed not only to delivery subsidies but also to the successful launch of new products and expansion of product categories, such as coffee, along with strong execution capabilities [1]