华泰证券发表研究报告指，受益于外卖补贴、产品推新加速和竞争格局优化，古茗上半年公司经营表现亮丽，其中收入按年增速快于商品交易总额(GMV)增速，主要是设备集采量提升及部分核心品类ToB销售占比有所提高。该行认为，外卖渠道补贴、部分门店营业时间按年延长、以及部分门店引入咖啡产品有望增厚单店杯量和店均GMV，预计今年下半年及2026年随咖啡SKU进一步丰富及配备咖啡机门店数量提升，即使外卖补贴退坡，亦有望展现较优经营韧性。考虑到公司当前兼备开店空间与盈利能力，给予公司2026年30倍市盈率，该行对其目标价为34.57港元，评级“买入”。
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