FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

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中文

Company card

Guming

Medium
Brand★Golden 50est. scale

HKEX 01364 · HKEX

Listing status
listed
Operating model
Franchise / master franchise
Scale basis
GMV / system sales
Confidence
Medium
Segment
coffee tea milk tea

古茗是中国加盟茶饮和供应链效率样本;终端 GMV、低价带、加盟店密度和总部调整后利润要一起看。

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
13,554 stores
FY2025 (year ended Dec 31, 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
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · the number of Guming stores reached 13,554. In 2025, 4,292 new stores were opened, with a net increase of 3,640 stores
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$4.55B
FY2025 (year ended Dec 31, 2025): the total GMV of Guming stores reached 32.732 billion yuan, a year-on-year increase of 46.1%
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · the total GMV of Guming stores reached 32.732 billion yuan, a year-on-year increase of 46.1%
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: GMV / system sales
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$335,991
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked basis; not a separately reported company metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$378.04M
FY2025 (year ended Dec 31, 2025): FY2025 (Final): Profit Attributable to Shareholders 3,109,118 K¥; Turnover (Revenue) 12,913,774 K¥
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · FY2025 (Final): Profit Attributable to Shareholders 3,109,118 K¥; Turnover (Revenue) 12,913,774 K¥
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$1.9B
RMB12,913.8 million
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: S1 Official Annual Or Prospectus

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$6.79B
May 22, 2026: Guming Holdings (HKG:1364) recent market cap approximately 53B HKD; as of May 26 2026 share price 22.32 HKD × ~2.32B shares ≈ HKD ~51.8B ≈ USD 6.79B
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Guming Holdings (HKG:1364) recent market cap approximately 53B HKD; as of May 26 2026 share price 22.32 HKD × ~2.32B shares ≈ HKD ~51.8B ≈ USD 6.79B
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

11/18 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
tea beverage
Cuisine (secondary)
not disclosed
Service model
coffee cafeS3 supplementary (opens in new tab)
Price tier
midS3 supplementary (opens in new tab)
Company
Founded
2,010S4 (opens in new tab)
HQ country
ChinaS3 supplementary (opens in new tab)
CEO
Wang YunanS3 supplementary (opens in new tab)
Employees
not disclosed
Ownership
Parent
Independent / public-standalone (Guming Holdings / 'Good Me'; IPO HKEX Feb 2025; founder-controlled, HKEX:1364)S4 (opens in new tab)
PE / holding
Founder Wang Yun'an — ~39% equity, controls ~79.5% voting (founder holding control, not a PE firm)S3 supplementary (opens in new tab)
Recent M&A
not disclosed
Growth
Revenue YoY
46.9%S3 supplementary (opens in new tab)
Net new units
3,640 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
$3.86S3 supplementary (opens in new tab)~
Digital sales
not disclosed
Loyalty members
151,000,000S1 official primary (opens in new tab)
Franchise terms
Royalty
not disclosed
Franchise fee
$10,179S3 supplementary (opens in new tab)
By-market footprint
China / Hong Kong
13,554 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed7/7 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
9,914 stores
As of December 31, 2024 (FY2024, year ended Dec 31, 2024)
Source-backedS1 official primary (opens in new tab)
Franchised
4,868 stores
As of December 31, 2024 (FY2024) — NOTE: this is the number of FRANCHISEES, not franchised store count
Source-backedS1 official primary (opens in new tab)
AUV — average unit volume
2,360.7 other
For the year ended December 31, 2024 (FY2024)
Source-backedS1 official primary (opens in new tab)
AUV — average unit volume
6.5 other
For the year ended December 31, 2024 (FY2024) — per-store DAILY GMV
Source-backedS1 official primary (opens in new tab)
New units opened
1,587 stores
For the year ended December 31, 2024 (FY2024)
Source-backedS1 official primary (opens in new tab)
Other disclosed
674 stores
For the year ended December 31, 2024 (FY2024) — stores closed during the year
Source-backedS1 official primary (opens in new tab)
Other disclosed
384 other
For the year ended December 31, 2024 (FY2024) — per-store daily number of cups sold
Source-backedS1 official primary (opens in new tab)

Single-store model

4/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
GMV = retail sales through stores (franchise model); RMB native. Secondary relay of prospectus.
Prospectus: per-store GMV ~RMB2.5m (2023); RMB2.2m(2021)/2.3m(2022); 9M2024 RMB1.776m (~RMB6,500/day, 386 cups, 234 orders).
2023
Source-backedS2 official secondary (opens in new tab)
Single-store profit
Franchisee operating profit (before franchisee-level financing/owner draw); RMB; secondary relay.
Prospectus: franchisee single-store operating profit RMB376k, margin 20.2% (2023); tier-4+ cities RMB386k. vs market est. 10-15%.
2023
Source-backedS2 official secondary (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
GAP — not fabricated.
—
GapSource (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
9M period; secondary relay.
Prospectus update: same-store GMV -0.7% YoY (9M2024) amid industry slowdown/competition.
9M2024
Source-backedS2 official secondary (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Store count basis differs from L1 (13,554) — period/scope; secondary relay.
Prospectus: ~9,900 stores end-2024, only 6 self-operated → ~99.9% franchised.
2024
Source-backedS2 official secondary (opens in new tab)

Cost structure

3/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS69.4%
FY2024· cogs_pct_goods_supplyS2 official secondary (opens in new tab)Source-backed
FRANCHISE goods-supply model: COGS of goods sold TO franchisees, NOT store-level food cost. Not comparable to direct operators.
Labor—
Gap
GAP — not fabricated.
Rent / occupancy—
Gap
GAP — not fabricated.
Delivery commission1%
FY2024· pct_of_GMVS2 official secondary (opens in new tab)Source-backed
Base = GMV (not revenue); HQ logistics, not store delivery commission.
Marketing—
Gap
GAP — not fabricated.
Operating margin16.8%
FY2024· net_margin_pctS2 official secondary (opens in new tab)Source-backed
NET margin (not operating); franchise model. Secondary.
Not separately disclosed12.8%

Supply chain

4 suppliers · 4 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

佳禾食品 Jiahe FoodSSE:605300
Ingredients
植脂末non_dairy_creamer
discloses as: 浙江古茗科技有限公司(古茗)
FY2020(1-9)5.94%S1 filingsource (opens in new tab)
FY20173.88%S2 citedsource (opens in new tab)
熊猫乳品 Panda DairySZSE:300898
Ingredients
condensed_milk
FY2023&FY2024named (no % disclosed)S1 filingsource (opens in new tab)
鲜活饮品 Xianhuo BeverageN/A(IPO撤回)
Ingredients
beverage_ingredients(果汁/果酱/椰乳/植脂末/糖浆)
discloses as: 温岭古茗商贸有限公司
FY2022named (no % disclosed)S1 filingsource (opens in new tab)
家联科技 Jialian TechSZSE:301193
Packaging
plastic_biodeg_tableware
discloses as: 古茗茶饮(生物降解品类新增客户)
FY2021named (no % disclosed)S1 filingsource (opens in new tab)

Peers in this segment

Yum ChinaRevenue proxyMixueGMV / system salesChaPandaRevenue proxyAuntea JennyRevenue proxyDOUTOR・NICHIRES Holdings Co.,Ltd.Company-operated revenue (proxy)Saint Marc Holdings Co.,Ltd.Revenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.