GUMING (01364) rose over 3% again. As of the time of writing, the stock was up 2.82%, trading at HKD 29.18, with a turnover of HKD 66.9327 million. On the news front, JPMorgan released a research report noting that GUMING's management expects organic same-store Gross Merchandise Volume (GMV) for 2026 to improve from a year-on-year decline of 5% to flat; if the penetration of new products, such as breakfast items, accelerates, there is a chance for a 5% year-on-year increase. Concurrently, management holds a positive view of the franchised store network. The bank has raised its forecast for net new store openings in 2025 and 2026 from 3,100 and 3,300 stores to 3,300 and 3,500 stores respectively, projecting a 26% year-on-year increase in the total number of stores by 2026. JPMorgan estimates that GUMING's core net profit for 2025 will reach RMB 2.3 billion, representing a 51% year-on-year growth. With the net addition of 3,500 stores in 2026, coupled with a slight decrease in Average Selling Price (ASP), revenue is projected to grow 21% year-on-year. As operating leverage is expected to offset minor gross margin pressure, the bank anticipates the net profit margin will remain broadly stable, with core profit for 2026 reaching RMB 2.8 billion. The bank has raised its earnings per share forecasts for GUMING for 2025 to 2027 by approximately 1%, increased the target price slightly from HKD 35 to HKD 36, maintained an "Overweight" rating, and continues to list it as a top pick in the sector.