1H表现强劲；预期可比门店销售额正增长及利润率持续向好

China 1H solid; Expect positive SsSG andmargin momentum to continue Han Zhang Research Analyst+852-2203-5802 Guminghostedananalystbriefing onAug27afterdecent 1H26results:revenue(up32%YoY),withaveragesalesperstoreupby3%YoY,was in-line.Adjustedcoreprofit (up 53%YoY) slightly exceeded market expectations.The 1H results andanalystbriefingechoedourinitiationthesisregardingGuming'sabilitytoprotectsame-store salesfollowingthedeliverysubsidywarandtodelivera resilientmargintrend amid industry competition. KeytakeawaysfromtheanalystbriefingThe strategic slowdown in store openings this year and more stringent storeoperationmanagementhavestartedtobearfruit:1)Gumingachievedpositive SSSG(YoY)in JulyandAug MTD permanagement,whichexceeded market expectations.To further mitigate the impact of thedelivery subsidy war, Guming will continue to drive dine-in traffic througheffective marketing investments and expanding consumption scenarios(e.g., breakfast); 2) The delivery mix continued to decline to ~50% (vs. thepeak level of60%lastyear),alongwithsignificantly improvedfranchiseeprofitabilitypermanagement. While4Qmightstillbeaffectedbyahighbaseeffectpermanagement,webelieve Guming'sresilient YTDaverage salesperstoredemonstrate strongexecution in launching effective marketing campaigns and customizedpromotionalactivities.As such,we expectfull-year averagesales per storetoremainpositive. Updateoncoffeeandbakery:1)Coffeehasaccountedfor20+%of storesales, with a mid-term target of 25-30% permanagement.The growth insales is mainly driven by introducing new flavors and improving ingredientquality.2)The bakery offering has been introduced to 1K+ stores, andGuming is well-prepared to roll out this business line nationwide goingforward. Whilethe companyis reservedtoprovidespecificprofitmarginguidance,it has improved the effectiveness of its marketing investments.This,combined with operating leverage, should help support Guming inmaintaining a profit margin uptrend in our view. Management reiterated its long-term target of 30K-40K stores,whilestressing that healthyunit economics andfranchisee profitabilityremainkeytothepaceofstoreexpansion. RestaurantsGuming Holdings Factoring in the 1H26 results and the analyst briefing, we keep our 2026-28E net profit largelyunchanged on average.As a result, our DCF-based PT remains intactat HKD30.80, implying19x2026EP/E.Guming is trading at15x2026EP/EonanP/E on a 14% EPS CAGR.Maintain Buy. RestaurantsGuming Holdings RestaurantsGuming Holdings Reuters: 1364.HK Guming is a leading and fast-growing freshly-made beveragecompany in China.The companyprimarilyoperatesunder other beverages under the Good me" brand. Gumingfocuses on the mid-priced segment of China's freshly-madetea store market. CashFlow(CNYm) BalanceSheet (CNYm) Growth & Profitibility80 KeyCompanyMetricsof these products for use by investors depends on the investors own circurmstances, including their tax position, their HanZhang+852 2203 5802han-a.zhang@db.com Appendix 1 *Otherinformationavailableuponrequest informaniesandothersngtorecommendationsnatesradeonsotherthantheprimarsubjectofthis research,please see themostrecentlypublishedcompanyreportorvisitour globaldisclosurelook-uppage on our website athttes.Aside from within this report, important risk and conflict disclosures can also be found athttps://research.db.com/Research/Disclosures/Disclaimer.Investorsare strongly encouraged to review this information before investing. ImportantDisclosuresRequiredbyU.S.Regulators ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosuresmarked withan asterisk mayalso berequired by at leastone jurisdiction in addition to theUnited States.See ImportantDisclosuresRequiredbyNon-USRegulatorsand ExplanatoryNotes. Fordisclosures pertaining to recommendations or estimates madeonsecuritiesotherthantheprimary subject of thisresearch,pleaseseethemostrecentlypublishedcompanyreportorvisitourglobaldisclosurelook-uppageonourwebsiteat https:/research.db.com/Research/Disclosures/EquityResearchDisclosures.Aside from within this report, important riskandconflictdisclosurescan alsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencouragedto reviewthis informationbeforeinvesting. AnalystCertification Theviews expressed inthisreportaccuratelyreflectthepersonal views oftheundersignedleadanalyst(s)aboutthesubjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s)has not and will not receive anycompensationforprovidinga specific recommendation orviewinthis report.HanZhang. RestaurantsGuming Holdings 07/07/2026Buy, Target Price Change HKD 30.80, Current PriceHKD 21.30 Han Zhang RestaurantsGuming Holdings EquityRatingandDispersionKey TheEquityRating DispersionChartdepictsthefollowing: Theproportion of recommendations thatare rated"buy","sell"and"hold"overthe previous12months.This is shownforsecurities issued in the stated region e.g."Europe Universe".See rating definitio