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]