Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 5.663 billion CNY in the first half of 2025, representing a year-on-year increase of 41.2%, and a net profit of 1.625 billion CNY, up 121.5% year-on-year [5] - The company has accelerated its store opening pace, with a total of 11,179 stores as of the end of the first half of 2025, netting an increase of 1,265 stores [6] - The gross merchandise volume (GMV) reached 14.094 billion CNY, a year-on-year increase of 34.3%, with a cup sales volume of 817 million cups, up 30.1% year-on-year [5][6] Revenue Performance - The company’s revenue from sales of goods and equipment, franchise management services, and direct store sales for the first half of 2025 were 4.496 billion CNY, 1.159 billion CNY, and 0.08 billion CNY respectively, with year-on-year growth rates of 41.8%, 39.2%, and 14.0% [5] Store Expansion - The company opened 1,570 new stores and closed 305, resulting in a net increase of 1,265 stores in the first half of 2025, with a faster expansion rate compared to the first half of 2024 [6] Profitability Improvement - The gross profit margin for the first half of 2025 was 31.5%, a slight decrease of 0.1 percentage points year-on-year, while the operating profit margin increased by 1.6 percentage points to 23.7% [7] - The net profit margin increased by 10.4 percentage points year-on-year to 28.7% [7] Market Trends - The company benefited from a surge in demand in the tea beverage industry due to promotional activities from major e-commerce platforms, which significantly boosted order volumes [8] - The company is actively expanding its coffee product line, leveraging its supply chain and operational capabilities to introduce high-value coffee products [8] Financial Forecasts - The company’s projected net profits for 2025, 2026, and 2027 are 2.660 billion CNY, 2.588 billion CNY, and 3.067 billion CNY respectively, with corresponding EPS of 1.12 CNY, 1.09 CNY, and 1.29 CNY [9][10]

Core Viewpoint - The mid-year performance report of Nayuki Tea shows significant improvement in key metrics, indicating the success of its health strategy and operational efficiency [1][3][11] Financial Performance - Adjusted net loss narrowed by 73.1% year-on-year, from 438 million to 117 million [1][11] - Operating cash flow increased by 33.1% year-on-year to 138 million [1][3] - Cash on hand as of June 30 reached 2.79 billion, indicating strong financial stability [3] Sales and Operational Metrics - Average daily sales per store increased by 4.1% compared to the same period in 2024 [3] - Daily order volume rose from 265.9 to 296.3, a year-on-year increase of 11.4% [3] - Directly operated same-store sales grew by 2.3% to 1.76 billion [3] - New first-tier cities saw average daily sales per store increase by over 9% [3] Membership and Customer Engagement - Registered membership increased to 111 million, with 8.3 million new members, predominantly young consumers [3][11] - Consumption scenarios have shifted from "immediate thirst" to "daily light nutrition" [3] Product Strategy and Market Positioning - The "No Sugar Natural Nutrition+" initiative was launched in collaboration with various organizations, marking a shift in the industry towards natural nutrition [4] - The "Little Purple Bottle" series achieved over 500,000 sales within three days of launch, indicating strong market acceptance [6] - The introduction of "Nayuki Green" stores extends consumption scenarios to breakfast, lunch, and afternoon tea, with significant sales performance [8] Strategic Directions - The company plans to optimize the "Nayuki Green" store model and explore new consumption scenarios in office and community areas [9] - Focus will remain on health-centric products, leveraging the "Natural Nutrition+" plan to introduce more health products using "super ingredients" [9] - The company aims to enhance its digital membership strategy and accelerate overseas market expansion [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations with a revenue of 5.663 billion yuan in H1 2025, representing a year-on-year increase of 41.2%, and a net profit of 1.626 billion yuan, up 121.5% year-on-year [7] - The company is experiencing growth across all business lines, with product sales and equipment revenue reaching 4.496 billion yuan, a 42% increase year-on-year, accounting for 79% of total revenue [7] - The company is accelerating its store expansion, with a total of 11,179 stores as of the end of H1 2025, a 17.5% increase year-on-year [7] - Single-store operations have improved, with average daily GMV of 7,600 yuan, a 21% increase year-on-year, and a total GMV of 14.094 billion yuan, up 34% year-on-year [7] - The company is expected to capture more market share due to its regional expansion, product innovation, and self-built supply chain, leading to an upward revision of profit forecasts for 2025-2027 [7] Financial Projections - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 7.676 billion, 8.791 billion, 12.315 billion, 13.576 billion, and 15.590 billion yuan respectively, with year-on-year growth rates of 38.07%, 14.54%, 40.08%, 10.24%, and 14.83% [1] - Net profit projections for the same years are 1.080 billion, 1.479 billion, 2.685 billion, 2.495 billion, and 2.881 billion yuan, with year-on-year growth rates of 194.48%, 36.95%, 81.61%, (7.09)%, and 15.47% [1] - The latest diluted EPS for 2025E is projected at 1.13 yuan, with a P/E ratio of 19.02 [1]

Core Insights - The company believes that second-tier and lower-tier cities, as well as towns in various city levels, represent a vast untapped market with significant potential [2] - The number of stores in second-tier and lower-tier cities accounted for 81% of the total store count, showing a slight increase from 79% as of June 30, 2024 [2] - The proportion of stores located in towns, which are typically administrative areas away from city centers, increased from 39% to 43% year-on-year, indicating the company's capability to deepen its presence in China's lower-tier markets [2] Store Expansion and Performance - The company opened 1,570 new stores during the first half of the year, with a total of 11,179 stores by June 30, 2025 [1] - The store closure count was slightly higher due to some franchisees deciding to close stores based on performance, location, or personal circumstances [2] - The company actively discussed with franchisees to close underperforming stores that did not meet operational standards or were in less favorable locations [2] Financial Performance - The total GMV (Gross Merchandise Value) reached approximately 14.09 billion RMB, with a single store GMV of about 1.37 million RMB [1] - The average daily GMV per store was around 7,600 RMB, while the total number of cups sold reached approximately 816,895 thousand cups [1] - Compared to the first half of 2024, there was an increase in single store GMV, average daily GMV, cups sold per store, and average daily cups sold per store, benefiting from effective product and marketing strategies [2]

Core Insights - The company reported a revenue growth of 41.2% to 5.663 billion RMB for the first half of 2025, with a significant increase in net profit attributable to shareholders by 121.5% to 1.625 billion RMB [1] - The store network expanded to over 11,179 locations across more than 200 cities in China, marking a 17.5% increase from the previous year [1] Store Network Expansion - As of June 30, 2025, the total number of stores reached 11,179, with 1,570 new stores opened during the period [2] - The distribution of stores includes 318 in first-tier cities, 1,812 in new first-tier cities, and 9,049 in second-tier and below cities, with the latter representing 81% of total stores [2] - The proportion of stores located in towns and rural areas increased from 39% to 43% compared to the previous year, indicating a strategic focus on lower-tier markets [5] Sales Performance - The total Gross Merchandise Value (GMV) reached approximately 14.094 billion RMB, with an average GMV per store of 1.371 million RMB [4] - The average daily GMV per store was reported at 7,600 RMB, with total cups sold amounting to approximately 816,895 thousand cups [4] - The company experienced increases in single-store GMV, average daily GMV, and total cups sold compared to the first half of 2024, reflecting effective product and marketing strategies [5]

Core Points - The event in Osaka showcased Henan's rich cultural heritage and economic opportunities, attracting international attention and participation [6][10][16] - The activities included cultural performances, trade promotion, and immersive experiences, highlighting Henan's unique charm and innovation [7][11][12] Cultural Showcase - The event featured traditional performances such as ancient music and unique crafts like Kaifeng woodblock paintings, which captivated international visitors [5][7] - Artifacts like oracle bones from Anyang were displayed, emphasizing Henan's historical significance and cultural richness [8] Economic Cooperation - The "China (Henan) - Japan Economic Cooperation and Cultural Exchange Conference" was held to promote Henan's industries and investment opportunities to Japanese enterprises [10][13] - Nearly 40 Henan companies engaged in face-to-face discussions with 60 Japanese firms, fostering new collaboration opportunities [13] Innovation and Development - The theme "Innovative Henan, Cooperative Win-Win" was highlighted, showcasing the province's commitment to innovation and modern industry development [11] - Notable companies like Super Fusion and Mixue Ice City were presented as examples of Henan's thriving business landscape [11] Environmental Focus - The event emphasized Henan's commitment to ecological protection and sustainable development, showcasing its natural beauty and resources [12] - Promotional materials highlighted the province's efforts in building a modern industrial system and enhancing environmental conservation [12] International Engagement - The activities included various city-specific days, such as Xuchang and Anyang, aimed at strengthening cultural and economic ties with Japan [10][15] - Agreements were signed between Henan companies and Japanese firms, indicating a strong interest in cross-border collaboration [14][15]

Core Viewpoint - Gu Ming Holdings Limited (古茗控股有限公司) reported strong financial performance for the six months ending June 30, 2025, with significant revenue and profit growth, alongside an expansion of its store network and product offerings [1][2]. Financial Performance - Revenue reached 5.663 billion yuan, a year-on-year increase of 41.2% from 4.009 billion yuan in 2024 [1] - Gross profit grew by 41.0% to 1.786 billion yuan, maintaining a gross margin of 31.5% [1] - Net profit attributable to shareholders surged by 121.5%, rising from 734 million yuan to 1.625 billion yuan [1] - Adjusted core profit increased by 49.0%, from 762 million yuan to 1.136 billion yuan [1] Store Network and Operations - Total number of stores reached 11,179, up from 9,516 in 2024 [1] - Stores in tier-2 and lower cities accounted for 81% of the total, a 2 percentage point increase from the previous year [1] - The proportion of stores in townships rose to 43%, compared to 39% in 2024 [1] - Single-store GMV reached 1.3705 million yuan, a 20.6% year-on-year increase [2] - Daily average GMV per store increased from 6,200 yuan to 7,600 yuan, with daily cup sales rising from 374 to 439 [2] Product Development and Supply Chain - The company launched 52 new products during the reporting period, with a strong performance in coffee drinks [3] - Over 8,000 stores are now equipped with coffee machines, and 16 new coffee products were introduced [3] - The company operates 22 warehouses with a total area of approximately 230,000 square meters and cold storage capacity exceeding 61,000 cubic meters [3] - 98% of stores benefit from a "two-day delivery" cold chain service [3] Strategic Outlook - Gu Ming plans to continue expanding its store network, enhance operational efficiency and supply chain capabilities, increase product development, and strengthen brand engagement with consumers in the second half of 2025 [3] Debt and Financial Position - Non-current liabilities increased significantly, with interest-bearing bank loans rising from 121 million yuan to 178 million yuan, and new interest-bearing borrowings of 1.488 billion yuan [3] - Inventory decreased from 984 million yuan at the end of 2024 to 930 million yuan [3] - Restricted cash surged from 41.51 million yuan to 1.655 billion yuan, impacting financial flexibility [3] Challenges Ahead - The company faces challenges including increased interest-bearing debt potentially raising financial costs, balancing store quantity and quality to reduce closure rates, and maintaining single-store efficiency and gross margin amid intensifying competition in the ready-to-drink tea market [4]

古茗(01364.HK)今日晚间发布2025年半年度业绩公告，营收、利润双双实现高速增长，门店数量近1.12 万家，门店网络持续扩张并深化低线市场布局，供应链与数字化建设同步推进，为后续发展奠定坚实基 础。 财务数据方面，2025年1-6月，古茗实现营收56.63亿元，同比大幅增长41.2%；毛利率31.5%(2024年同 期为31.6%)；母公司拥有人应占利润16.25亿元，同比增长121.5%。经调整核心利润(非国际财务报告准 则计量)11.36亿元，同比增长49.0%。 门店扩张与运营效率同步提升是核心增长动力。截至2025年6月30日，古茗门店总数达11179家，较去年 同期的9516家增长17.5%，其中二三线及以下城市门店占比81%，乡镇门店占比进一步提升至43%，地 域加密策略成效显著。报告期内，公司新增门店1570家，关闭305家，净增1265家，新店拓展速度同比 加快，主要受益于现制茶饮市场复苏及加盟商扶持政策优化。运营数据方面，单店GMV同比增长20.6% 至137.05万元，单店日均GMV达7600元，单店日均售出杯数439杯，较去年同期的374杯增长17.4%，门 店经营效率持续改善。 ...

Core Insights - The company, Gu Ming, achieved strong growth in core profitability due to rapid expansion in lower-tier markets and improved store operational efficiency [1][2][4] Financial Performance - Revenue for the six months ending June 30, 2025, reached RMB 5.66 billion, a year-on-year increase of 41.2% [4] - Gross profit was RMB 1.79 billion, up 41.0% compared to the previous year [4] - Net profit was RMB 1.63 billion, a significant increase of 119.8%, primarily due to a one-time gain of RMB 557 million from the fair value change of financial liabilities [2][4] - Adjusted profit, excluding one-time gains and listing expenses, was RMB 1.09 billion, reflecting a 42.4% year-on-year growth [2][4] - Adjusted profit margin slightly increased from 19.0% to 19.2% [2] Store Expansion and Efficiency - The total number of stores reached 11,179, a 17.5% increase from 9,516 stores in the same period last year [3][4] - The company opened 1,570 new stores in the first half of the year, more than double the 765 stores opened in the same period last year [3] - The strategy of "regional densification" has been effective, with stores in second-tier and lower cities increasing from 79% to 81% of total stores [3] - Total GMV for the first half of the year was RMB 14.09 billion, with average daily GMV per store rising from RMB 6,200 to RMB 7,600 [3] Supply Chain and Product Innovation - The company operates 22 warehouses with a total area of approximately 230,000 square meters and has a self-owned fleet of 362 vehicles [6] - Cold chain logistics infrastructure allows for two-day delivery to about 98% of stores, with delivery costs accounting for less than 1% of total GMV [6] - The company launched 52 new products in the first half of the year and expanded its coffee offerings, equipping over 8,000 stores with coffee machines [6] - As of June 30, 2025, the number of registered members on the company's mini-program reached approximately 178 million, with about 50 million active members quarterly [6]

Core Insights - Company reported total revenue of RMB 5.6629 billion for the first half of 2025, representing a year-on-year growth of 41.2% [1] - Gross profit reached RMB 1.786 billion, also showing a year-on-year increase of 41.0% [1] - Profit attributable to the parent company was RMB 1.625 billion, marking a significant year-on-year growth of 121.5% [1] - Basic earnings per share stood at RMB 0.72 [1] Store Network Expansion - Company operates a franchise model to open and manage "Guming" brand stores, with a total of 11,179 stores as of June 30, 2025, up 17.5% from 9,516 stores a year earlier [1] - The store network covers over 200 cities across various tiers in China [1] - As of June 30, 2025, 81% of the stores are located in second-tier and lower cities, a slight increase from 79% a year prior [1] - The proportion of stores located in towns, typically away from city centers, increased from 39% to 43% [1] New Store Openings and Closures - The pace of new store openings accelerated compared to the first half of 2024, attributed to the recovery of the ready-to-drink tea market and adjustments in store expansion strategies [2] - The company introduced incentives for franchisees to open new stores [2] - The number of closed stores slightly increased due to various factors, including underperformance and location issues [2] - The company actively discussed closures with franchisees for stores that did not meet operational standards or were in less favorable locations [2]