Coffee supported Guming's single store performance.
On August 26th, Guming released its 2026 interim results. In the first half of the year, the company's revenue was 7.47 billion yuan, a year-on-year increase of 31.9%; Adjusted profit was 1.568 billion yuan, a year-on-year increase of 44.4%. After adjustment, the core profit margin increased from 19.9% to 23.2%, and the gross profit margin increased from 31.5% to 33.4%.
As of the end of June, the total number of Guming stores was 14351. In the first half of the year, 1318 new businesses were opened and 521 were closed, resulting in a net increase of 797 businesses. The store continues to expand, but the task of driving single store growth has shifted more to new product categories such as coffee.
From the performance of individual stores, the average daily sales of Guming increased from 7600 yuan to 7800 yuan in the first half of the year, and the daily cup volume increased from 439 to 440 cups. The company stated that enriching coffee products and expanding breakfast scenes have supported store performance, while reducing subsidies for third-party food delivery platforms has been a drag.
This support first comes from the extension of coffee to consumer groups and consumption periods. The management of Guming previously stated that after promoting coffee nationwide, the stores have added office consumers aged 35 and above; Combining coffee with breakfast and baking can also fill the relatively weak morning period of tea consumption.
Gu Ming once disclosed that by the end of 2025, a single store would sell about 80 cups of coffee per day, accounting for nearly 20% of the total coffee cup volume. The management has proposed to increase the daily sales volume to approximately 120 cups by 2026.
On the product side, Guming is still developing fruit and coffee by reusing cold chain and R&D systems. From "Big Orange American Style" to "Bitter Orange Latte", its differentiation direction is closer to the extension of the fruit tea supply chain to coffee.
The coverage of coffee in stores is also increasing. By the end of 2025, Guming will have over 12000 stores equipped with coffee machines, with a coverage rate of nearly 90%, and will launch 27 types of coffee throughout the year; By the end of June 2026, the number of stores equipped with coffee machines will increase to about 13500, with a coverage rate of about 94%. Among the 51 new products launched in the first half of the year, 12 are coffee.
In addition to coffee, the same logic of expanding product categories is also extending beyond stores. Bottled products such as carrots, fruits, and vegetables have been launched nationwide in stores, and ready to drink products have begun to enter retail channels such as convenience stores and supermarkets. Recently, it has been revealed that Guming is testing a "fresh grapefruit draft beer" internally, but the Guming brand has not confirmed it.
Behind the exploration of multiple categories is the increasing pressure of store network expansion. Based on the initial 13554 stores, the closure rate of Guming in the first half of the year was about 3.84%, an increase of about 0.77 percentage points compared to the same period in 2025; The number of closed stores increased by 70.8% year-on-year.
For the increase in the number of closed stores, Guming mainly attributed it to a relatively high initial store base.
The management previously stated that the store opening scale in 2026 will generally maintain the level of 2025, with a fluctuation of no more than 500 stores. Based on this, the market estimates the annual store opening scale to be between 3000 and 4000. According to this calculation, less than a quarter of the work was completed in the first half of the year.
The pressure for store expansion also comes from the continuously encrypted competitive environment. The monthly report on China's freshly made tea and coffee industry in July showed that 47 mainstream tea and coffee brands added 4560 new stores and closed 6902, with the number of closures being higher than the number of new openings.
In a market where both store opening and turnover are accelerating, the growth of Guming cannot be solely based on the number of stores. Whether coffee, breakfast, and ready to drink can continue to increase single store output, and whether new stores can maintain returns in encrypted competition, will be the more critical observation indicators in the second half of the year.
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