Guming (1364) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 rose 31.9% year-over-year to RMB7,470.0 million, driven by store network expansion and higher GMV, with gross profit up 39.6% to RMB2,492.5 million and gross margin improving to 33.4% from 31.5%.

• Adjusted profit increased 44.4% to RMB1,568.2 million, and adjusted core profit surged 53.3% to RMB1,730.1 million, reflecting strong operational performance.

• Net profit declined 3.6% year-over-year to RMB1,568.2 million due to the absence of prior-year fair value gains on financial liabilities.

• Store network expanded to 14,351 stores across 200+ cities, up 28.4% from H1 2025, with 82% of stores in second-tier and below cities.

• The company completed a HK$1.96 billion convertible bond issuance and repurchased 34 million shares post-period end.

Financial highlights

• Revenue: RMB7,470.0 million (+31.9% YoY); Gross profit: RMB2,492.5 million (+39.6% YoY); Gross margin: 33.4%.

• Net profit: RMB1,568.2 million (-3.6% YoY); Adjusted profit: RMB1,568.2 million (+44.4% YoY); Adjusted core profit: RMB1,730.1 million (+53.3% YoY).

• Adjusted EBITDA: RMB2,024.5 million (+47.5% YoY); Adjusted profit margin: 21.0%; Adjusted core profit margin: 23.2%.

• Earnings per share: Basic RMB0.66 (-8.3% YoY), Diluted RMB0.66 (+43.5% YoY).

• Operating cash flow: RMB2,061.7 million; Capital expenditure: RMB390.6 million.

Outlook and guidance

• Plans to continue expanding the store network, invest in technology, product R&D, and supply chain infrastructure.

• Focus on capturing growth in China’s freshly-made tea beverage market while addressing intensifying competition and evolving consumer preferences.

• Remaining net proceeds from IPO and bonds to be used for IT, supply chain, branding, franchisee support, R&D, and overseas expansion.