On September 10, GUMING fell 3.08% in regular trading, trading at 23.28 HKD/share, with turnover of approximately 59.53 million HKD.

The broader restaurant sector continued to weaken, with HAIDILAO down 3.43%, MIXUE GROUP down 2.45%, MEITUAN-W down 2.44%, and YUM CHINA down 2.30%, reflecting subdued industry sentiment. GUMING has been under pressure for consecutive sessions amid this sector-wide decline.

On the company-specific front, GUMING recently revised its franchise fee structure, shifting from a one-time upfront charge of 98,800 RMB per store to an annual fee of 15,000 RMB, while also enhancing store closure subsidies. Although the policy aims to reduce upfront financial burden on franchisees and support long-term expansion, it is expected to disrupt near-term franchise fee revenue recognition. Meanwhile, store expansion has decelerated notably, with a net addition of only 797 stores in the first half, as management tightened site selection standards. Multiple brokerages, including CLSA and CICC, maintain positive ratings with target prices around 31-32 HKD, citing strong H1 earnings with adjusted core profit up 53.3% year-over-year to 1.73 billion RMB.

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