【银河社服顾熹闽】公司点评丨古茗 (1364.HK):势能向上,26年有望继续超预期

中国银河证券研究
Jan 26

【报告导读】1.2026年开店数量至少有望维持2025年水平,北方市场开店进展将验证长期开店空间。2.2026年同店GMV增长可能好于市场超预期。核心观点2026年开店数量至少有望维持2025年水平,北方市场开店进展将验证长期开店空间。我们预计公司2026年净开店数量在3000-3500家,维持2025年的开店水平。核心逻辑在于,极高的加盟商筛选比例+加盟市场每年持续涌入的创业者,意味着对古茗这种...

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