MBGUMIN@EC2610A

Gum Tea Holdings Limited Releases Its 2025 Fiscal Year Annual Report

Bubble Tea Brand Gumen Plans to Open Franchise in Nanjing

Guming Technology's Headquarters to Be Settled in Qianjiang Century City, Hangzhou

Daiwa Raises Gongming's Target Price to HKD36 and Reiterates Buy Rating

NPD Tea Industry Shows Significant Performance Divergence in 2025, Single Store Efficiency Becomes Key

Gum Tea Release Surpassing Expectations Financial Report

JPMorgan Reiterates Buy Rating on GuMing Holding Stock

CICC Raises Profit Forecast for Gumei

Jefferies Raises Target Price for Guang Ming Holdings to HKD 35

UBS Raises Target Price for Gumen to HKD 35.7, Maintains Buy Rating

GUMING released FY2025 Q3 earnings on March 25 (BJT), actual revenue HKD 3.963 B, actual EPS HKD 0.3408

GUMING released FY2025 9 Months Earnings on March 25, 2026 (BJT) with actual revenue of HKD 10.09 B and EPS of HKD 0.8222

Gumming Announces 2025 Yearly Profits with 108.6% YoY Growth

GUMING released FY2025 Annual Earnings on March 25 After-Market (BJT), actual revenue HKD 14.11 B (forecast HKD 14.05 B), actual EPS HKD 1.1855 (forecast HKD 1.3161)

GUMING released FY2025 Q4 earnings on March 25 After-Market (BJT), actual revenue HKD 4.032 B, actual EPS HKD 0.3466

GUMING to Release FY2025 Earnings on March 25 After-Market (BJT), Forecast Revenue HKD 14.36 B, EPS HKD 1.3174

BofA Securities Initiated Coverage on Guangming with a Buy Rating and a Target Price of HKD 35

Huatai Securities Maintains Buy Rating for Guming Holding, Target Price at HKD 36.73

JPMorgan Raises Earnings Forecast for GuMing and Gives an Overweight Rating

Guming Buys Land to Build Headquarters, Strengthens Supply Chain and Digital Capabilities

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01364

Daiwa has raised the target price for Gu Mingfrom HKD 35 to HKD 36, maintaining a 'buy' rating, with a forecasted price-to-earnings ratio of 22 times for 2026. The firm's report highlights a decrease in Gu Ming's takeaway proportion from 60% to below 50%. Management plans to enhance franchisee profitability through dine-in promotions, extended morning hours, and increased coffee sales. Additionally, Daiwa has increased its earnings per share forecast for Gu Ming by 6% to 12% for the years 2026 to 2028.

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GUMING

Daiwa Raises Gu Ming's Target Price to HKD 36

J.P. Morgan has reaffirmed a Buy rating on Guming Holdings Ltd. (1364) as of March 27, setting a price target of HK$38.00. The stock closed at HK$26.48. Analysts suggest a Strong Buy consensus with an average price target of HK$35.23, indicating a potential upside of 33.04%. Jefferies also maintains a Buy rating with a price target of HK$36.60.

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J.P. Morgan Reaffirms Their Buy Rating on Guming Holdings Ltd. (1364)

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0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

GUMING (1364.HK) shows some alert signals in technical analysis, with the formation of a death cross in its MACD indicator, which is often seen as a leading signal indicating an impending period of volatility. Such technical guidance has led the market into a wait-and-see stance, as death crosses often suggest that prices may face short-term downward risks. Observing the flow of funds, the aforementioned technical signs seem to have attracted broader attention from the market. From an investor's perspective, a general and widespread defensive strategy is more pronounced, with reduced capital inflows and no significant increase in trading volume, largely reflecting a market attitude of waiting rather than active participation. In this context, whether GUMING can reverse the current situation in the short term will depend on the extent to which market funds and sentiment may support it. In the current lackluster market atmosphere, finding breakthrough factors is extremely important. Especially in the absence of favorable external stimuli, the downward trend of moving average crossovers indicates that rebounds remain difficult. Therefore, investors may need to pay more attention to future technical analysis signals to gain further market expectations

Technical Forecast

GUMING (1364.HK) faces the risk of a technical retreat

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!'

Guming (Trans): Dine-in mix is back to a relatively healthy level

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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.

Gu Ming: Subsidies Fade, Tea's 'Costco' Stays Solid!

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GUMING Holdings Limited (Stock Code: 01364) released its financial report for the year ended December 31, 2025, with annual revenue of HKD 12.914 billion, a year-on-year increase of 46.9%; net profit of HKD 3.115 billion, a year-on-year increase of 108.6%. As of 2025, the number of stores reached 13,554, mainly concentrated in second-tier cities and below. The company declared a dividend of HKD 1.189 billion, including a special dividend of HKD 2.01 billion

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GUMING Holdings annual revenue is 12.9 billion: net profit 3.1 billion, 13,554 stores, dividend of HKD 1.189 billion

Mainland tea beverage brand GUMING Holdings Limited announced its performance for the fiscal year 2025, with revenue increasing by 46.9% year-on-year to 12.9 billion yuan, and profit more than doubling to 3.11 billion yuan. Adjusted profit was 2.57 billion yuan, up 67% year-on-year. The company's gross profit margin rose from 30.6% to 33%. As of the end of last year, GUMING had 13,554 stores in 200 cities, an increase of 36.7% compared to 2024. On Thursday, the stock price rose by 5.3% to HKD 27.6, more than 1.7 times higher than last year

BambooWorks

News: Last year, the number of stores surged, and GUMING's profits more than doubled

Guming Holdings Ltd. reported a significant increase in its financial performance for 2025, with revenue rising 46.9% to RMB 12.9 billion and net profit more than doubling to RMB 3.12 billion. The company also announced a final dividend of HK$0.50 per share, reflecting confidence in its financial strength. Analysts have rated the stock as a Buy with a price target of HK$32.00, highlighting its appeal to income-focused investors in a growing consumer market.

Guming Holdings Profit More Than Doubles as Revenue Surges in 2025

Guming Holdings Declares Second Tranche of Final Dividend for 2025

Guming Holdings Declares Second Tranche of Final Dividend for 2025

GUMING announced that it expects revenue in 2025 to be 12.914 billion yuan, a year-on-year increase of 46.9%; gross profit to be 4.262 billion yuan, a year-on-year increase of 58.6%; annual profit to be 3.115 billion yuan, a year-on-year increase of 108.6%; profit attributable to the parent company to be 3.109 billion yuan, a year-on-year increase of 110.3%; adjusted profit to be 2.575 billion yuan, a year-on-year increase of 66.9%; and adjusted core profit to be 2.808 billion yuan, a year-on-year increase of 77.8%

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GUMING: Revenue of 12.914 billion yuan in 2025, a year-on-year increase of 46.9%

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Hong Kong's tea beverage stocks have risen amid market volatility, with Cha Baidaoincreasing over 7%, Mixue Groupup more than 5%, Gumingclimbing over 4%, and Auntie Shanghairising over 2%. This trend indicates positive market sentiment for these companies.

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STOCKS | Hong Kong Tea Beverage Stocks Rise Amid Market Volatility

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Luckin

Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...

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1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

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Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

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 &#34;Gu Ming: Left Hand Takeaway, Right Hand Coffee, 'Costco of the Tea Industry' Smiles Again? - &#34;

Gu Ming (Minutes): Will continue to build supply chain barriers in the future

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.

ING Groep

Gu Ming: Left hand takeaway, right hand coffee, is the 'Costco of the tea beverage industry' smiling again?

In the previous article &#34;Gu Ming: Slow is Fast! Is there a 'Costco' in the Tea Beverage Industry?&#34;, 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?

Goodme: Strategic Flexibility and the 'Tea Industry's Costco' – Can It Sustain Long-Term Dominance?

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?

Guming Tea: How a 'Costco-Style' Supply Chain Strategy is Rewriting China’s Tea Industry Growth Playbook

MBGUMIN@EC2610A(28526.HK)

MBGUMIN@EC2610A Stock Performance Chart

Daiwa Raises Gu Ming's Target Price to HKD 36

J.P. Morgan Reaffirms Their Buy Rating on Guming Holdings Ltd. (1364)

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

GUMING (1364.HK) faces the risk of a technical retreat

Guming (Trans): Dine-in mix is back to a relatively healthy level