New tea beverage companies are gradually releasing their financial reports. On March 25, the new tea beverage company GUMING released its 2025 annual performance report, showing stable growth in the number of stores, single-store performance, revenue, and profit. GUMING achieved simultaneous improvement in store scale, operational performance, and profitability over the past year, with all core indicators showing steady growth. Its store layout closely aligns with the industry's trend of downward expansion, focusing on second-tier cities and below, continuously expanding market coverage, and further consolidating its layout advantages in the sinking market, while also providing replicable practical experience.
The product layout also reveals strategic intentions. From the launch rhythm of hundreds of new products throughout the year to the large-scale implementation of coffee products in over 10,000 stores, GUMING is attempting to broaden the boundaries of freshly made beverages to respond to changes in consumer demand with a richer product matrix. Behind all this is the long-term accumulation of supply chain capabilities. When the cost of warehouse-to-store delivery is controlled within 1% of the total transaction amount, and 98% of stores can enjoy cold chain services with a two-day delivery frequency, the efficiency advantages brought by scale become the underlying support that transcends cycles.
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In 2025, GUMING launched 27 new coffee beverages.
Performance Demonstrates Growth Momentum
The financial report shows that in 2025, GUMING achieved total revenue of approximately RMB 12.9 billion, a year-on-year increase of 46.9%; adjusted profit (non-International Financial Reporting Standards measurement) was approximately RMB 2.575 billion, a year-on-year increase of 66.9%. Gross profit also increased from last year's RMB 2.6875 billion by 58.6% to RMB 4.2622 billion, with the gross profit margin rising from 30.6% to 33.0%. In terms of profitability, the company's profit for the year was RMB 3.1155 billion, a year-on-year increase of 108.6%.
It is understood that the growth in GUMING's revenue is mainly attributed to the continuous expansion of its store network and the increase in Gross Merchandise Volume (GMV). In 2025, GUMING's total GMV reached RMB 32.732 billion, a year-on-year increase of 46.1%, with the average daily GMV per store rising from approximately RMB 6,500 in 2024 to approximately RMB 7,800.
From the revenue structure, GUMING's income mainly comes from the franchise model. In 2025, revenue from franchise stores accounted for 96.5% of the company's total revenue. Among them, revenue from the sale of goods and equipment was RMB 10.269 billion, accounting for 79.5% of total revenue, a year-on-year increase of 46.2%; revenue from franchise management services was RMB 2.628 billion, accounting for 20.3% of total revenue, a year-on-year increase of 50.2%. In 2025, GUMING's cost of goods sold was RMB 8.652 billion, a year-on-year increase of 41.7%, lower than the revenue growth rate of 46.9%, which is also one of the main reasons for the improvement in gross profit margin. The company explained in its financial report that the improvement in gross profit margin is mainly due to the optimization of procurement costs brought about by economies of scale and adjustments in product structure
Stores Continue to Deepen into Lower-tier Markets
The number of stores is impressive, with GUMING continuing stable expansion in 2025, reaching 13,554 stores, a net increase of 3,640 compared to the end of 2024.
Lower-tier markets have become the core area for tea brands to seek growth. According to Hongcan Big Data, the number of tea stores in first-tier cities is nearing saturation, with a slight decline expected in 2025; the number of stores in new first-tier cities, third-tier cities, and below has seen a year-on-year growth rate of 4%. Among these, the number of stores in border and remote provincial administrative regions such as Tibet, Heilongjiang, and Gansu has generally seen a year-on-year growth rate of 6% to 10%, exceeding the national average. GUMING accurately laid out its strategy in lower-tier markets early in its development, seizing the first-mover advantage in these markets with its &#34;regional densification&#34; strategy and efficient supply chain system.
According to the financial report, GUMING has further enhanced its store coverage density and brand influence in lower-tier markets by continuously deepening its core advantageous areas. The report shows that GUMING's store network covers over 200 cities of different levels in China, with the number of stores in second-tier cities and below accounting for 82% of the total. The proportion of stores in towns has increased to 44%, further deepening its layout in China's lower-tier markets.
The underlying logic of this sinking strategy is the &#34;regional densification strategy.&#34; According to the financial report, GUMING continues to increase store density in the 17 provinces where it has established a presence. The so-called &#34;layout&#34; refers to opening at least 10 stores in a single province; while &#34;critical scale&#34; refers to opening at least 500 stores in a single province. By achieving high-density coverage in high-potential areas, GUMING can more effectively allocate warehousing and logistics resources, reduce delivery costs, and simultaneously create brand momentum.
The empowerment of stores extends to products, with GUMING launching 106 new products throughout 2025, maintaining a high frequency of new releases. The breakthrough in the coffee category is the biggest highlight of the product line in 2025. By the end of 2025, over 12,000 GUMING stores had been equipped with coffee machines, covering approximately 89% of the stores. A total of 27 new coffee beverages were launched throughout the year, with the product line extending from basic American and latte to fusion categories like fruit coffee and tea coffee. This layout is not merely a simple addition of categories but is based on the judgment of consumption trends—coffee consumption is penetrating from first-tier cities to lower-tier cities, and GUMING's existing store network and supply chain system provide the foundational conditions for entering this track.
From the information disclosed in the financial report, the expansion of the coffee category has already had a positive impact on sales. The company stated that the launch of coffee beverages &#34;broadened the consumer base and increased purchase frequency.&#34; In the increase of daily cups sold per store from 384 to 456, the coffee category contributed a significant proportion. GUMING also noted that due to intensified competition, the subsidies offered to consumers by delivery platforms have led to increases in single-store GMV, daily GMV per store, cups sold per store, and daily cups sold per store compared to 2024.
GUMING beverages are also well-received by consumers, receiving widespread acclaim. As of December 31, 2025, the number of registered members on the GUMING mini-program reached approximately 206 million, with quarterly active members numbering around 52 million
The accumulation of the membership system and product innovation has formed a positive cycle. Frequent new product launches provide members with a continuous incentive to revisit, while membership data offers decision-making support for new product development and marketing strategies. The company stated that it will &#34;further develop the membership system by providing more member interactions and marketing activities to enhance consumer experience and increase consumer loyalty.&#34;
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Customers purchasing beverages at GUMING stores.
In the future, regarding store expansion, GUMING will continue to increase store density in the 17 provinces where it has already established a presence. As of December 31, 2025, GUMING still has 17 provinces in the country without an established presence, leaving ample space for development. It is understood that GUMING will strategically enter provinces adjacent to those where it has already established a presence and will continue to assess opportunities to enter overseas markets.
Supply Chain Barriers Remain Strong
In the ready-to-drink tea industry, supply chain capabilities are becoming the core dividing line between leading companies and small to medium players. GUMING's long-term investment in this area is translating into tangible competitive advantages.
GUMING utilizes its own cold chain storage and logistics infrastructure to store and transport short-shelf-life raw materials such as fresh fruits, tea leaves, and fresh milk, and has established refined standards for managing the supply chain at every stage from procurement to raw material processing to storage and transportation to stores.
GUMING's supply chain system is centered on &#34;cold chain storage + logistics distribution.&#34; By the end of 2025, the company will operate 24 warehouses with a total construction area of approximately 258,000 square meters, of which the cold storage capacity exceeds 70,000 cubic meters, capable of supporting storage needs across various temperature ranges. These warehouses are mainly distributed in the provinces where GUMING has an established presence, forming a storage network that matches the store network. These warehouses can provide cold chain delivery services to about 98% of stores every two days as needed.
Notably, the cost control capability is worth mentioning. Financial reports indicate that by 2025, the delivery cost from warehouses to stores will be less than 1% of the total GMV. This cost level has a significant advantage in the chain restaurant industry, primarily due to the increased delivery density brought about by the &#34;regional densification strategy&#34;—when the number of stores covered by a single warehouse is sufficiently high, the unit delivery cost naturally decreases. In terms of warehouse layout, by the end of 2025, approximately 75% of stores will be located within 150 kilometers of a warehouse. This means that most stores can obtain fresh raw materials within a short transportation radius, ensuring quality while controlling logistics costs.
On the procurement side, economies of scale are also evident. With the continuous expansion of the store network, GUMING's bargaining power with upstream suppliers is steadily increasing. GUMING stated that it will continue to source high-quality tea leaves, fruits, and other raw materials from the source and invest in processing plants to enhance raw material processing capacity and capabilities. Additionally, GUMING is also investing in intelligent warehousing. The financial report disclosed that the company plans to invest in smart warehousing facilities and software to support automated storage, packaging, inventory management, and information tracking
These investments will further strengthen its supply chain efficiency advantage.
According to the financial report, in the future, as GUMING expands its store network to new regions or increases its business in existing areas, it will comprehensively assess warehousing costs and distribution efficiency, and make strategic investments in warehousing and logistics infrastructure. GUMING plans to invest in smart warehousing facilities and software to support automated storage, packaging, inventory management, and information tracking. GUMING also plans to enhance its logistics infrastructure by increasing and upgrading freight vehicles. In addition, GUMING will continue to improve cold chain technology to deliver perishable raw materials, such as fresh fruits, to stores, including those in lower-tier cities, ensuring stable delivery and quality control of raw materials.
Once the number of stores exceeds 10,000, GUMING's path validates a judgment: supply chain efficiency and depth of penetration are becoming core variables for new tea beverage companies to navigate through cycles.
Editor: Tang Zheng
Proofreader: Liu Baoqing

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GUMING released its 2025 annual report, showing steady growth in the number of stores, single-store performance, revenue, and profit. The total revenue for 2025 was approximately 12.9 billion yuan, a year-on-year increase of 46.9%; adjusted profit was about 2.575 billion yuan, a year-on-year increase of 66.9%. Gross profit increased from 2.6875 billion yuan to 4.2622 billion yuan, with the gross profit margin rising to 33.0%. The total GMV of stores reached 32.732 billion yuan, with the average daily GMV per store increasing to approximately 7,800 yuan. Revenue mainly came from the franchise model, with franchise store revenue accounting for 96.5% of total revenue

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Financial Report Observation Room | GUMING's 2025: Deepening into Ten Thousand Stores, Profit Leap