Performance Report | Gu Ming Sold 1.9 Billion Cups of Drinks in 2025, the "King of the Low-Tier Markets" Achieved Both Quality and Efficiency Improvement

On March 25th, Guming released its 2025 annual performance report, showing a steady increase in both revenue and profit.

The financial report shows that in 2025, Guming achieved a total revenue of approximately 12.9 billion yuan, a year-on-year increase of 46.9%; the adjusted profit (measured by non-IFRS) was approximately 2.575 billion yuan, a year-on-year increase of 66.9%.

As of the end of 2025, the number of Guming stores reached 13,554. In 2025, 4,292 new stores were opened, with a net increase of 3,640 stores. The store network covers more than 200 cities of different levels across the country, with 82% in second-tier and lower-tier cities, and the proportion of township stores increased to 44%, further strengthening its layout in the low-tier markets and becoming the well-deserved "king of the sinking market".

After ensuring the store scale, Guming also significantly improved its store operation efficiency. During the reporting period, the total GMV of Guming stores reached 32.732 billion yuan, a year-on-year increase of 46.1%; the average daily GMV per store reached approximately 7,800 yuan.

In addition, in terms of supply chain capabilities, as of the end of 2025, Guming operated a total of 24 warehouses with a total construction area of approximately 258,000 square meters, among which the cold storage capacity exceeded 70,000 cubic meters, meeting the storage needs of various temperature ranges. Approximately 75% of Guming stores are located within 150 kilometers of the warehouses, and cold chain distribution services can be provided to approximately 98% of the stores once every two days as needed.

Judging from the results, based on these self-owned cold chain warehousing and logistics infrastructure, Guming has formulated refined management standards from supply procurement, raw material processing, warehousing and transportation to stores. At the same time, with the regional densification strategy, Guming can continuously deliver the freshest raw materials to tens of thousands of stores at a relatively economical cost.

In 2025, the distribution cost from the warehouse to the store of Guming was less than 1% of the total GMV. While improving the efficiency of the supply chain, Guming also increased its investment in product R & D. In the past year, Guming launched a total of 106 new products, making significant progress in the coffee category. As of the end of last year, more than 12,000 Guming stores were equipped with coffee machines, and 27 new coffee drinks were launched throughout the year.

The good products and services are reflected at the consumer end. The financial report shows that Guming sold more than 1.9 billion cups of drinks in 2025. The number of registered members on the mini-program reached approximately 206 million, and the number of quarterly active members was approximately 52 million.

Entering 2026, due to Guming's good market growth performance, several institutions including Goldman Sachs and BofA Securities have given a "buy" rating. BofA Securities believes that Guming is expected to become a winner in market share and outperform its peers in growth.