Core Viewpoint - Dongwu Securities maintains a "Buy" rating for Gu Ming (01364) and keeps previous profit forecasts, expecting adjusted net profit for 2025-2027 to be 2.19 billion, 2.50 billion, and 2.88 billion yuan, representing year-on-year growth of 44%, 14%, and 15% respectively, with corresponding PE ratios of 24, 21, and 18 [1] Group 1: Company Performance - Gu Ming is recognized as a leading player in the mid-priced tea beverage market, benefiting from high quality-price ratio and stable quality control, which continuously strengthens sales momentum [1] - The company is expected to achieve a store count of 35,000 to 40,000 in the future, supported by systematic advantages in operational efficiency and store layout [1] Group 2: Market Outlook - The domestic ready-to-drink tea market is projected to exceed 500 billion yuan during the 14th Five-Year Plan period, with a compound annual growth rate (CAGR) of nearly 15% [1] - There is significant room for market share consolidation in the mid-priced tea segment compared to coffee and affordable tea markets, indicating potential for Gu Ming's market share to increase [1] - Consumer repurchase rates are critical for market share competition; Gu Ming's robust supply chain and store management contribute to stronger repurchase performance, making it less likely for new brands to rapidly gain market share in a weakening demand environment [1]