Guming Holdings (1364) investor relations material

Executive summary

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

• Net profit surged 119.8% year-over-year to RMB1,626.5 million, with adjusted profit (non-IFRS) up 42.4% to RMB1,085.7 million and adjusted core profit up 49.0% to RMB1,135.7 million.

• Store network expanded to 11,179 stores across over 200 cities, a 17.5% increase from the prior year, with 81% of stores in second-tier and below cities.

• Franchisee network expanded to 5,875, and 52 new beverages were launched, including 16 new coffee drinks.

• Total GMV reached RMB14.1 billion, up from RMB10.5 billion, and total cups sold increased to 816.9 million from 627.8 million year-over-year.

Financial highlights

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

• Adjusted EBITDA (non-IFRS) grew 47.2% to RMB1,380.0 million; adjusted profit margin improved to 19.2%.

• Selling and distribution expenses rose 40.8% to RMB312.5 million, mainly due to increased marketing and logistics costs.

• Administrative expenses increased 25.9% to RMB185.3 million, and R&D expenses rose 6.5% to RMB112.8 million.

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

Outlook and guidance

• Plans to continue expanding the store network in China, especially in provinces without current presence, and explore overseas markets in H2 2025.

• Focus on enhancing technology, supply chain, and product R&D, with ongoing investment in branding and consumer engagement.

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