Guming (1364) H2 2025 earnings summary

Executive summary

• Revenue grew 46.9% year-over-year to RMB12,913.8 million, with net profit up 108.6% to RMB3,115.5 million.

• Store network expanded 36.7% to 13,554 stores, with strong growth in lower-tier cities and towns.

• Adjusted profit (non-IFRS) rose 66.9% to RMB2,574.8 million; adjusted core profit up 77.8% to RMB2,808.3 million.

• Final dividend of HK$0.50 per share proposed, totaling HK$1,189 million, payable in two tranches.

Financial highlights

• Gross profit increased 58.6% to RMB4,262.2 million; gross margin improved to 33.0% from 30.6%.

• Other income and gains more than doubled to RMB405.3 million, driven by higher bank interest and government grants.

• Selling and distribution expenses rose 46.6% to RMB702.8 million; administrative expenses up 17.2% to RMB365.0 million.

• Adjusted EBITDA increased 73.1% to RMB3,365.7 million.

• Cash and bank balances rose to RMB4,320.6 million; restricted cash surged to RMB6,481.9 million.

Outlook and guidance

• Plans to expand store network in existing and new provinces, with potential overseas entry.

• Continued investment in technology, product R&D, and supply chain infrastructure.

• Focus on enhancing branding, consumer engagement, and operational efficiency.

• New headquarters in Hangzhou acquired in January 2026 to support long-term growth.