Guming (1364) H1 2026 earnings summary

Executive summary

• Revenue grew 31.9% year-over-year to RMB7,470.0 million for the six months ended June 30, 2026, driven by store network expansion and higher GMV.

• Gross profit increased 39.6% to RMB2,492.5 million, with gross margin rising to 33.4% from 31.5% year-over-year.

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

• Adjusted profit (non-IFRS) rose 44.4% to RMB1,568.2 million; adjusted core profit up 53.3% to RMB1,730.1 million.

• Store count reached 14,351, up 28.4% year-over-year, with 82% in second-tier and below cities.

Financial highlights

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

• 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).

• Gross margin improved to 33.4% from 31.5% YoY.

• Earnings per share: Basic RMB0.66, Diluted RMB0.66.

Outlook and guidance

• Plans to continue expanding the store network, enhance technology, invest in R&D, and strengthen branding.

• Focus on leveraging supply chain and digitalization to capture growth in China's beverage market.

• Acknowledges challenges from intensifying competition and evolving consumer preferences.