Guming 2026 Partners Conf: In-store Recovery + Store Reshape as Key Priorities

Research evidence excerpt

Guming 2026 Partners Conf: In-store Recovery + Store Reshape as Key Priorities

China (PRC) | China Consumer

Guming EquityMayResearch17, 2026

FLASH NOTEGuming 2026 Partners Conf: In-store

RATING BUYRecovery + Store Reshape as Key Priorities

PRICE HK$23.24^

Guming hosted its 2026 Partners Conference in Hangzhou on 16 May.

1Q GMV remained solid, but growth softened since Apr on cooler weather PRICE TARGET | % TO PT HK$35.00 | +51%

and reduced aggregator subsidies. Management outlined 2026 priorities: 1) 52W HIGH-LOW HK$31.28 - HK$20.30

driving in-store recovery via coffee, breakfast and neighborhood initiatives; MARKET CAP HK$0.0M | HK$0.0M

and 2) reshaping stores (site selection and operations) to enhance TICKER 1364 HK ^Prior trading day's closing price unless otherwise

customer experience and retention. noted.

Before 2025 CNY, aggregators cut delivery subsidies to push brands’ own promotions. Guming

did not follow but trimmed promos in 1Q, lifting franchisee net revenue ratio (+1ppt) and GMV

(+RMB1k+) in 1Q26. Growth slowed since Apr on weaker weather and delivery pullback,

while in-store recovery lags. It still outperformed peers, and expects warming weather later.

Its support for franchisees would be more long term, and with the overall freshly-made drink

market growth continued, it is good opportunity for them to establish long-term advantages.

1) Focus on in-store: In 2025, Guming slightly increased delivery ASP to protect the price

gap between in-store/ delivery orders. Although these measure helped increase net revenue

received by franchisees, the surge of delivery mix still led to overall GPM decline. In addition,

delivery customers are lower quality, adding operational pressure.

In Nov/Dec ’25 and Jan ’26, subsidies faded and peers increased promotions.