Below is Dolphin Research's transcript of Guming's 2H25 earnings call. For our take on the results, see 'Guming: As state subsidies faded, the 'Costco of tea' remains resilient!'

On the evening of Mar 25 Beijing time, $GUMING(01364.HK) reported its 2025 H2 results. The second-half print was solid overall.

Against BBG estimates, most core operating metrics were beats, with the only overrun in marketing spend due to the strategic rollout of its coffee category. Key takeaways include: 1) contributions from both new and legacy stores, keeping revenue on a rapid growth trajectory...

Despite that, the stock opened higher and then faded intraday the next day. Dolphin Research understands the move was driven by profit-taking after the company had pre-briefed some institutions in small-group meetings.

The following are the minutes of the FY25H1 earnings call for Gu Ming, organized by Dolphin Research. For the earnings report interpretation, please refer to "Gu Ming: Left Hand Takeaway, Right Hand Coffee, 'Costco of the Tea Industry' Smiles Again? - "

On the evening of August 26th, Beijing time, Gu Ming (1364.HK) released its 2025 H1 performance. As this is the first semi-annual report disclosed by Gu Ming after its listing, there are not many covering sell-side analysts, resulting in a lack of market consensus expectations. Dolphin Research believes the overall performance is quite good.

In the previous article "Gu Ming: Slow is Fast! Is there a 'Costco' in the Tea Beverage Industry?", we focused on comparing the business model differences among Mixue Bingcheng, Chabaidao, Shanghai Auntie, and Gu Ming, and analyzed the advantages and unique strategies of Gu Ming's supply chain. In this article, we will focus on discussing from an investment perspective: 1) After reaching ten thousand stores, how much room is there for Gu Ming to open more stores domestically? 2) After the stock price tripled post-IPO, how should we view Gu Ming's current investment value?

Dolphin Research is taking you on a deep dive into the business secrets of four '10,000-store' tea beverage giants, focusing on two core themes: First, a 'hardcore' dissection of business models: What are the underlying logics of the franchise models of these four companies, and where do they differ? Is it the franchise fee, supply chain, or regional strategy? Second, predicting the 'winner' in the endgame: In the era of 10,000 stores, what are the key factors that determine victory? Whose model has the 'kingly' aspect? How does the future growth potential of Gu Ming look?