Guming (1364) H1 2025 earnings summary

Executive summary

• Revenue reached RMB5,662.9 million for the six months ended June 30, 2025, up 41.2% year-over-year, driven by store network expansion and increased GMV.

• Net profit surged 119.8% year-over-year to RMB1,626.5 million; adjusted profit rose 42.4% to RMB1,085.7 million, and adjusted core profit increased 49.0%.

• Store network expanded to 11,179 stores across over 200 cities, up 17.5% from 9,516 a year earlier, with 81% in second-tier and below cities.

• Franchisee network grew to 5,875 as of June 30, 2025, up from 4,798 a year earlier; 52 new beverages launched, including 16 new coffee drinks.

Financial highlights

• Gross profit increased 41.0% to RMB1,786.0 million; gross margin stable at 31.5%.

• Adjusted EBITDA rose 47.2% to RMB1,380.0 million; adjusted profit margin at 19.2%; adjusted core profit margin at 20.1%.

• Basic EPS: RMB0.72 (+84.6% YoY); diluted EPS: RMB0.46 (+17.9% YoY).

• Cash and bank balances: RMB4,269.3 million as of June 30, 2025, supported by operating cash flow and IPO proceeds.

• Other income and gains rose 57.3% to RMB171.3 million, mainly from higher bank interest and fair value changes.

Outlook and guidance

• Plans to continue expanding the store network in China and explore overseas markets in H2 2025.

• Will enhance technology, supply chain, product R&D, and branding.

• Special dividend of at least RMB2 billion to be declared by December 2025.