Guming Holdings, which operates the GoodMe tea chain, reported its 2026 interim results on the evening of August 26. In the first half of the year, revenue rose 31.9% year-on-year to RMB 7.47 billion (USD 1.1 billion), while adjusted profit increased 44.4% to RMB 1.57 billion (USD 233.1 million).
The results came as competition remained intense in China’s new-style tea beverage market. With profit growing faster than revenue, the figures suggest Guming made progress in controlling costs and improving operating efficiency while continuing to expand.
GoodMe stores generated average daily gross merchandise value (GMV) of RMB 7,800 (USD 1,158) per store in the first half, broadly unchanged from a year earlier. Total store GMV reached RMB 19.7 billion (USD 2.9 billion), up 40.1% year-on-year.
GoodMe has also reported improving store performance since the start of 2026, supported by new product launches, marketing initiatives, and investment from its franchisees.
In the first half, the company continued to invest in product R&D and regularly introduced new items. GoodMe launched 51 drinks during the reporting period. Several products, including its “Kujin Ganlai Latte,” gained traction with consumers, according to the company.
GoodMe also introduced a 30-day freshness standard for coffee beans across its stores, limiting the period from roasting to in-store use to 30 days. The initiative forms part of its broader effort to improve product quality while maintaining relatively affordable pricing.
According to its financial report, Guming uses its own cold chain warehousing and logistics infrastructure to store and transport perishable ingredients including fresh fruit, tea leaves, and fresh milk. It has also established supply chain management standards covering procurement, ingredient processing, warehousing, and store delivery.
As of June 30, the company operated 24 warehouses with a combined gross floor area of 277,000 square meters and more than 82,000 cubic meters of cold storage capacity. About 73% of its stores were within 150 kilometers of a warehouse, while 99% could receive deliveries every two days. Warehouse-to-store delivery costs were kept below 1% of total GMV, according to the company.
GoodMe had 14,351 stores in the first half, up 28.4% from 11,173 a year earlier. As beverage chains expand, opening additional stores can increase the risk of cannibalizing sales at existing locations. GoodMe, however, has continued to expand its network while improving the efficiency of its logistics operations.
Another area to watch is GoodMe’s gradual expansion into higher-tier cities after years of focusing on lower-tier markets in China.
In August, GoodMe opened its first store in Nanjing. According to company data, the store recorded peak daily sales of RMB 160,000 (USD 23,753.7) during its first three days of operation, with its highest single-day volume exceeding 9,000 cups.
Guming executives have repeatedly said the brand does not plan to enter Shanghai or Beijing in the near term. The company has said higher-tier cities tend to have a larger share of delivery orders, while higher rents and labor costs make it more difficult for existing product prices to cover operating expenses.
The Nanjing opening nevertheless gives GoodMe a way to test whether its store model can translate to more expensive urban markets.
Nanjing, a major city in East China and a market closer to GoodMe’s geographic roots, offers a relatively measured entry point as the company explores higher-tier cities.
Whether GoodMe can replicate its store-level economics in those markets will depend in part on whether categories such as coffee can lift average spending per order and repeat purchases. It will also depend on whether further supply chain efficiencies can offset the higher costs of operating in larger cities.
KrASIA features translated and adapted content that was originally published by 36Kr. This article was written by Yang Shuo for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.74 = USD 1 based on estimates as of August 31, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.