Guming Holdings Limited reported interim revenue of RMB 7.47 billion for the six months ended 30 June 2026, up 31.9% year on year, underpinned by sustained network expansion and solid franchise demand for goods and services.

Gross profit climbed 39.6% to RMB 2.49 billion, lifting the gross margin to 33.4% from 31.5% a year earlier as improved scale and supply-chain efficiency offset higher cost of sales, which rose 28.4% to RMB 4.98 billion.

Statutory profit fell 3.6% to RMB 1.57 billion due to the absence of a one-off RMB 0.56 billion gain from fair-value changes on financial liabilities booked in H1 2025. Excluding fair-value and listing-related items, adjusted profit increased 44.4% to RMB 1.57 billion, while adjusted core profit advanced 53.3% to RMB 1.73 billion.

Basic earnings per share slipped 8.3% to RMB 0.66, though diluted EPS improved 43.5% to the same level as the prior-year figure was impacted by preferred-share accounting.

Operating metrics remained robust. System GMV expanded 40.2% to RMB 19.75 billion and total cups sold exceeded 1.10 billion. The store base grew 28.4% year on year to 14,351 outlets across more than 200 Chinese cities, despite a moderated pace of net openings (797 additions versus 1,265 in the prior period) as management prioritised store upgrades and stricter site selection. Lower-tier cities accounted for 82% of the network.

Other income nearly doubled to RMB 0.32 billion, buoyed by higher bank interest and investment gains. Selling and distribution costs rose 20.8% to RMB 0.38 billion, trailing revenue growth, while administrative and R&D expenses increased 12.4% and 9.6% respectively, reflecting operating leverage.

The balance sheet showed cash and bank balances of RMB 3.30 billion and restricted cash of RMB 6.53 billion at end-June. Interest-bearing bank borrowings were trimmed to RMB 5.64 billion, reducing the gearing ratio to 59.2% from 64.9% at end-2025. Capital expenditure surged to RMB 390.6 million, mainly for supply-chain infrastructure and store upgrades, and outstanding capital commitments stood at RMB 717.0 million.

No interim dividend was proposed. In June 2026 the company declared a RMB 1.03 billion dividend that will be paid in the second half.

Post-period, Guming’s BVI subsidiary issued HK$ 1.96 billion zero-coupon guaranteed convertible bonds due 2027, with an initial conversion price of HK$ 23.54 per share. Concurrently, the company repurchased and subsequently cancelled 34.00 million shares for HK$ 692.93 million to facilitate hedging of the bond offering. Net proceeds of about HK$ 1.96 billion will be allocated mainly to raw-material procurement, debt refinancing, additional share buybacks, technology investment and overseas expansion.

Management reiterated its focus on disciplined network expansion, product innovation—particularly in coffee—and continued investment in digitalisation and supply-chain capabilities to capture growth in China’s mid-priced freshly-made beverage market.