Core Viewpoint - The company Gu Ming is planning to enter the Shanghai market, with potential store openings in 2026, although there was initial confusion regarding a possible secondary listing in A-shares [1][2]. Group 1: Company Expansion Plans - Gu Ming's CFO mentioned that the company might open stores in Shanghai by 2026, but this was misinterpreted as a secondary listing [1]. - As of June 30, 2025, Gu Ming operates 11,179 stores, making it the second new tea beverage company to surpass 10,000 stores, following Mixue Group [1]. - The company has opened over 2,100 new stores this year, with a target of reaching 20,000 stores by 2027 [1]. Group 2: Financial Performance - In the first half of the year, Gu Ming achieved revenue of 5.663 billion yuan and a net profit of approximately 1.625 billion yuan, marking a year-on-year increase of 121.5% [1]. Group 3: Market Positioning - Gu Ming's strategy focuses on expanding in lower-tier markets, with 80% of its new stores located in second-tier cities and below [1]. - Despite its growth, Gu Ming has not yet entered major cities like Shanghai, Beijing, and Nanjing, indicating a cautious approach to these markets [1][2]. - The Shanghai market is recognized for its strong consumer spending power, suggesting that Gu Ming's entry is anticipated as a matter of time [3].

Core Insights - The new tea beverage market in China is entering a phase of intense competition, with a total of 426,313 stores expected by July 15, 2025, and a market size projected to reach 3,547.2 billion yuan by 2024, potentially exceeding 4,000 billion yuan by 2028 [3][6][12] Market Overview - The new tea beverage market is becoming saturated, leading brands to compete for existing market share rather than expanding into new markets [3][12] - The distribution of new tea beverage stores shows a trend of "dense in the east, sparse in the west, strong in the south, and weak in the north" [12][17] Regional Distribution - Guangdong province leads with 81,637 stores, accounting for 19.15% of the national total, followed by Jiangsu with 27,923 and Guangxi with 24,244 [8][9] - The top three provinces for new tea beverage stores are influenced by local consumption culture, economic conditions, and market environments [9][12] Brand Strategies - Different brands exhibit unique regional layout strategies, often concentrating in their origin provinces, such as Mixue Ice City in Henan and Gu Ming in Zhejiang [13][14] - Key factors influencing brand regional layouts include consumer market characteristics, commercial environment, and competitive differentiation [14][15][16]