GUMING (01364) announced its interim results, with adjusted profit reaching 1.568 billion yuan, an increase of 44.4% year-on-year.

GUMING (01364) announced its interim results for the six months ended June 30, 2026. The group achieved revenue of 7.47 billion yuan, a year-on-year increase of 31.9%; profit attributable to owners of the parent company was 1.571 billion yuan, a year-on-year decrease of 3.4%; adjusted profit was 1.568 billion yuan, a year-on-year increase of 44.4%; earnings per share were 0.66 yuan. The company mainly operates under a franchising model, opening stores and running the GUMING brand. The company manages a wide network of stores while maintaining a record of stable growth in GMV and profitability. As of June 30, 2026, the company's store network covered over 200 cities of various tiers in China, with a total of 14,351 stores, an increase of 28.4% compared to 11,179 stores as of June 30, 2025. The company believes that second-tier and lower-tier cities, as well as towns in cities of all tiers, represent a large, untapped market with significant potential. As of June 30, 2026, the number of stores in second-tier and lower-tier cities accounted for 82% of the total number of stores, a slight increase from 81% as of June 30, 2025. Moreover, the proportion of stores located in towns, which are typically administrative areas away from city centers, increased from 43% as of June 30, 2025, to 45%, indicating the companys capability to further deepen its layout in China's lower-tier markets. For the six months ended June 30, 2026, the pace of new store openings slowed compared to the six months ended June 30, 2025, mainly because the company increasingly prioritized store quality, opting to upgrade existing stores to the sixth generation and applying stricter site selection standards for new stores. In addition, the number of store closures during this period increased compared to the same period in 2025, primarily due to the high number of stores at the beginning of the period. For the six months ended June 30, 2026, the GMV per store, average daily GMV per store, number of cups sold per store, and average daily cups sold per store remained largely stable compared to the six months ended June 30, 2025, mainly due to a rich variety of coffee beverages and the companys expansion into breakfast scenarios, partially offset by reductions in subsidies from third-party food delivery platforms. As the company expands its store network and opens multiple new stores, the total GMV and total number of cups sold correspondingly increased.