GUMING (01364) saw its gains widen during the late trading session. At the time of writing, the stock was up 6.15%, trading at HKD 26.94, with a turnover of HKD 155 million. According to incomplete statistics, GUMING achieved a net increase of approximately 3,000 stores in 2025, bringing its total store count to around 13,000. Kaiyuan Securities pointed out that 17 provinces across the country remain untapped, indicating vast potential for market development. Projecting based on the current store density in Zhejiang province and adopting a long-term terminal mindset, Kaiyuan Securities estimates the domestic long-term store expansion ceiling to exceed 40,000 locations. Pacific Securities stated that GUMING is the most promising stock in the tea beverage segment in terms of "certainty and growth potential." Pacific Securities also noted that GUMING's same-store sales performance has remained stable even after the reduction of delivery subsidies. The company has set an aggressive store opening target for this year, with the core driver of expansion being the densification of existing markets coupled with breakthroughs in strategic new markets. This year's same-store sales target is to maintain stability. The company plans to increase franchisees' actual income by adjusting the channel structure and raising the proportion of in-store sales. Additionally, new product categories like coffee and baked goods are expected to provide support for same-store performance.
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