Restaurants

GUMING

Luckin

Financial Analysis

BLUE

LKNCY

01364

02555

SBUX

Luckin Coffee announces first buyback

Bluebird Bio

Luckin Coffee

CHABAIDAO

Starbucks

LKNCY: Sales Up, Profits Lag — When Will the 'Little Blue Cup' Shake Off the 'Delivery Hangover'?

Today’s Key News Recap

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0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

Costco Wholesale

Meta Platforms

Unity Software

ByteDance

MetLife

METLIFE INC PRF SERIE 'A' FLOATING RATE USD25

METLIFE INC 5.625% NON CUM PRD STK SER E

METLIFE INC 4.75% DEP SHS EA REP NN CUM PFD ST SER F

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

Netflix

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Midea Group

MIDEA GROUP

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

Guming

Conference Minutes

Below is Dolphin Research's transcript of Guming's 2H25 earnings call. For our take on the results, see 'Guming: As state subsidies faded, the 'Costco of tea' remains resilient!'

Guming (Trans): Dine-in mix is back to a relatively healthy level

02097

On the evening of Mar 25 Beijing time, $GUMING(01364.HK) reported its 2025 H2 results. The second-half print was solid overall.Against BBG estimates, most core operating metrics were beats, with the only overrun in marketing spend due to the strategic rollout of its coffee category. Key takeaways include: 1) contributions from both new and legacy stores, keeping revenue on a rapid growth trajectory...Despite that, the stock opened higher and then faded intraday the next day. Dolphin Research understands the move was driven by profit-taking after the company had pre-briefed some institutions in small-group meetings.

MIXUE GROUP

Gu Ming: Subsidies Fade, Tea's 'Costco' Stays Solid!

BUSY MING

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Is it just a 'snack transporter,' or is there more to it?

BUSYMING

Bestore

Three Squirrels

LYFEN

Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

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HTCD

Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...

TENCENT

Tencent

Tencent Holdings Limited

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Pro Ultra 7-10Yrs

Tencent HK SDR 10to1

Luckin Coffee: Profit 'Squat' is Just for a Better 'Jump'

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1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

Salesforce

Intel

SAP AG-Sponsored

Destiny Tech100

NAYUKI

NVIDIA

Broadcom

SoftBank

SoftBank Group Corp.

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

INTEL-T

Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

The following are the minutes of the FY25H1 earnings call for Gu Ming, organized by Dolphin Research. For the earnings report interpretation, please refer to &#34;Gu Ming: Left Hand Takeaway, Right Hand Coffee, 'Costco of the Tea Industry' Smiles Again? - &#34;

Gu Ming (Minutes): Will continue to build supply chain barriers in the future

On the evening of August 26th, Beijing time, Gu Ming (1364.HK) released its 2025 H1 performance. As this is the first semi-annual report disclosed by Gu Ming after its listing, there are not many covering sell-side analysts, resulting in a lack of market consensus expectations. Dolphin Research believes the overall performance is quite good.

ING Groep

Gu Ming: Left hand takeaway, right hand coffee, is the 'Costco of the tea beverage industry' smiling again?

In the previous article &#34;Gu Ming: Slow is Fast! Is there a 'Costco' in the Tea Beverage Industry?&#34;, we focused on comparing the business model differences among Mixue Bingcheng, Chabaidao, Shanghai Auntie, and Gu Ming, and analyzed the advantages and unique strategies of Gu Ming's supply chain. In this article, we will focus on discussing from an investment perspective: 1) After reaching ten thousand stores, how much room is there for Gu Ming to open more stores domestically? 2) After the stock price tripled post-IPO, how should we view Gu Ming's current investment value?

Goodme: Strategic Flexibility and the 'Tea Industry's Costco' – Can It Sustain Long-Term Dominance?

Gum Tea Holdings Limited Releases Its 2025 Fiscal Year Annual Report

Bubble Tea Brand Gumen Plans to Open Franchise in Nanjing

Guming Technology's Headquarters to Be Settled in Qianjiang Century City, Hangzhou

Daiwa Raises Gongming's Target Price to HKD36 and Reiterates Buy Rating

NPD Tea Industry Shows Significant Performance Divergence in 2025, Single Store Efficiency Becomes Key

Gum Tea Release Surpassing Expectations Financial Report

JPMorgan Reiterates Buy Rating on GuMing Holding Stock

CICC Raises Profit Forecast for Gumei

Jefferies Raises Target Price for Guang Ming Holdings to HKD 35

UBS Raises Target Price for Gumen to HKD 35.7, Maintains Buy Rating

GUMING released FY2025 Q3 earnings on March 25 (BJT), actual revenue HKD 3.963 B, actual EPS HKD 0.3408

GUMING released FY2025 9 Months Earnings on March 25, 2026 (BJT) with actual revenue of HKD 10.09 B and EPS of HKD 0.8222

Gumming Announces 2025 Yearly Profits with 108.6% YoY Growth

GUMING released FY2025 Annual Earnings on March 25 After-Market (BJT), actual revenue HKD 14.11 B (forecast HKD 14.05 B), actual EPS HKD 1.1855 (forecast HKD 1.3161)

GUMING released FY2025 Q4 earnings on March 25 After-Market (BJT), actual revenue HKD 4.032 B, actual EPS HKD 0.3466

GUMING to Release FY2025 Earnings on March 25 After-Market (BJT), Forecast Revenue HKD 14.36 B, EPS HKD 1.3174

BofA Securities Initiated Coverage on Guangming with a Buy Rating and a Target Price of HKD 35

Huatai Securities Maintains Buy Rating for Guming Holding, Target Price at HKD 36.73

JPMorgan Raises Earnings Forecast for GuMing and Gives an Overweight Rating

Guming Buys Land to Build Headquarters, Strengthens Supply Chain and Digital Capabilities

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

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SOFTMEDX

GOLDENPOWER

ZHONGKE GROUP

VISION SYNERGY

GEMILANG INTL

GHPC

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Daiwa has raised the target price for Gu Mingfrom HKD 35 to HKD 36, maintaining a 'buy' rating, with a forecasted price-to-earnings ratio of 22 times for 2026. The firm's report highlights a decrease in Gu Ming's takeaway proportion from 60% to below 50%. Management plans to enhance franchisee profitability through dine-in promotions, extended morning hours, and increased coffee sales. Additionally, Daiwa has increased its earnings per share forecast for Gu Ming by 6% to 12% for the years 2026 to 2028.

CoinLive

First Trust NASDAQ Food & Beverage

Daiwa Raises Gu Ming's Target Price to HKD 36

J.P. Morgan has reaffirmed a Buy rating on Guming Holdings Ltd. (1364) as of March 27, setting a price target of HK$38.00. The stock closed at HK$26.48. Analysts suggest a Strong Buy consensus with an average price target of HK$35.23, indicating a potential upside of 33.04%. Jefferies also maintains a Buy rating with a price target of HK$36.60.

Tip Ranks

J.P. Morgan Reaffirms Their Buy Rating on Guming Holdings Ltd. (1364)

GUMING (1364.HK) shows some alert signals in technical analysis, with the formation of a death cross in its MACD indicator, which is often seen as a leading signal indicating an impending period of volatility. Such technical guidance has led the market into a wait-and-see stance, as death crosses often suggest that prices may face short-term downward risks. Observing the flow of funds, the aforementioned technical signs seem to have attracted broader attention from the market. From an investor's perspective, a general and widespread defensive strategy is more pronounced, with reduced capital inflows and no significant increase in trading volume, largely reflecting a market attitude of waiting rather than active participation. In this context, whether GUMING can reverse the current situation in the short term will depend on the extent to which market funds and sentiment may support it. In the current lackluster market atmosphere, finding breakthrough factors is extremely important. Especially in the absence of favorable external stimuli, the downward trend of moving average crossovers indicates that rebounds remain difficult. Therefore, investors may need to pay more attention to future technical analysis signals to gain further market expectations

Technical Forecast

GUMING (1364.HK) faces the risk of a technical retreat