Guming Holdings Ltd

XMUN:AY3

Business Description

Sector

Consumer Discretionary

Industry

Hotels, Restaurants & Leisure

Headquarters

China CN

Employees

3 016

IPO date

Feb 12, 2025

Guming Holdings runs a large tea drink chain in China under the Good Me? No, Gu Ming brand. It sells freshly made tea drinks, including fruit teas, milk teas, and other customized beverages, through a network of franchised stores. Its main customers are everyday consumers looking for affordable, ready-to-drink beverages in busy shopping areas, streets, and neighborhoods.

The company makes money mainly by selling ingredients, equipment, and related supplies to franchisees, and by earning franchise-related fees and other service income. In other words, most of its revenue comes from supporting store operators rather than running every shop itself. That gives it a business model that is more like a brand-and-supply partner than a traditional company-owned restaurant chain.

What makes Guming’s role different is that it sits in the middle of the tea shop value chain: it builds the brand, develops products, sets operating standards, and supplies the stores, while franchisees handle most day-to-day store operations. This structure lets the company expand through partners while keeping control over the menu, store experience, and sourcing of key products.