Jefferies has released a research report stating that GUMING (01364) management has provided guidance for steady growth this year. The number of new store openings is expected to be similar to the 2025 level, with same-store sales growth projected to be at least flat and gross margins remaining stable. Management believes that the impact of reduced subsidies from food delivery platforms on same-store sales growth is relatively limited and can be offset by growth in the coffee business, store upgrades, and new product offerings. The firm maintains a "Buy" rating and has increased the target price from HK$31 to HK$36.6. Jefferies has raised its net profit forecasts for 2026 to 2028 by 16% to 24%, reflecting last year's improvement in gross margins. Although the industry is expected to face a high base for store sales in the second and third quarters, particularly from May to August, the firm expresses greater confidence in GUMING's outlook due to the healthy profitability of its franchisees, which is considered crucial for driving long-term sustainable growth.