Guming Holdings reported strong 2025 results, driven by rapid store expansion and higher same-store sales.

Revenue climbed 46.90% year on year to RMB12.91 billion, while gross profit jumped 58.60% to RMB4.26 billion, lifting gross margin to 33.0% (2024: 30.6%).

Net profit more than doubled to RMB3.12 billion, a 108.60% increase. On a non-IFRS basis, adjusted profit rose 66.90% to RMB2.57 billion and adjusted core profit advanced 77.80% to RMB2.81 billion. Basic earnings per share were RMB1.34 (2024: RMB0.71).

The board recommends a final dividend of HK$0.50 per share (about HK$1.19 billion in total), to be paid in two equal tranches on 21 August 2026 and 21 December 2026, subject to shareholder approval.

Operating metrics highlighted continuing momentum: • Total GMV reached RMB32.73 billion (2024: RMB22.40 billion). • Store count grew 36.70% to 13,554 across more than 200 Chinese cities, with 82% located in second-tier and lower-tier markets. • Cups sold increased to 1.90 billion, up 43.40% year on year.

Cash and bank balances stood at RMB4.32 billion at year-end, supplemented by RMB6.48 billion of restricted cash mainly pledged against short-term borrowings of RMB6.46 billion. The gearing ratio rose to 64.9% (2024: 23.0%) due to the use of secured funding to capitalise on interest-rate differentials.

Capital expenditure totalled RMB248.30 million, largely for warehouses, processing facilities and store upgrades. Guming also acquired land in Hangzhou in January 2026 for RMB455.49 million to build a new operations headquarters.

Looking ahead, management plans to deepen provincial densification, enhance digital capabilities, broaden coffee and snack offerings, and continue investing in supply-chain infrastructure to support nationwide growth.