On September 2, GUMING fell 3.18% in regular trading, trading at HK$24.98 per share, with turnover of approximately HK$27.29 million. The decline reflects the market continuing to digest the company's interim results released on August 26, which revealed a mixed picture of robust revenue growth alongside a decline in statutory profit and a notable deceleration in store expansion.

For the first half, GUMING reported revenue of RMB 7.47 billion, up 31.9% year-over-year, while adjusted net profit rose 44.4% to RMB 1.568 billion and adjusted core profit surged 53.3% to RMB 1.73 billion. However, IFRS profit attributable to owners fell 3.4% to RMB 1.571 billion, mainly due to a high base from RMB 557 million in fair value gains on preferred share liabilities recorded in the prior-year period. The company opened 1,318 stores and closed 521, netting only 797 new locations — a 37% decline from the prior-year period — as management deliberately raised site-selection thresholds and prioritized upgrading existing stores to the sixth-generation model. While multiple brokerages including CICC, Guoxin Securities, and Jefferies maintained buy-equivalent ratings, the gap between adjusted and statutory earnings, combined with the slower expansion pace, continues to fuel market debate.

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