The Zhitong Finance App learned that Lyon released a research report saying that Gu Ming (01364)'s revenue for the first half of 2026 increased by 31.9% year-on-year, and adjusted net profit increased by 44.4%. Despite the slowdown in store opening, the average daily GMV of a single store rose by 3.4%, mainly driven by the coffee and breakfast business, which offset the decline in takeout subsidies. The bank is optimistic that coffee, roasting and HPP products will bring further room for growth, and the improved economic efficiency of franchisees is also expected to support faster store opening in 2027. The adjusted net profit forecast for 2026-2028 was raised by 3%, and the target price was raised from HK$26 to HK$32, maintaining the “outperforming the market” rating.

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