The ancient tea brand ‘Gu Ming’ goes public, JD.com enters the food delivery market with 0 commission, is the food and beverage track about to change?
Recently, the food industry has witnessed two major landmark events - the tea giant GuMi's listing on the Hong Kong Stock Exchange and JD.com's official announcement of a 'zero-commission' policy for 'quality dine-in food operators' who join before May 1, 2025. These two events not only inject new vitality into the industry but also point towards a dual breakthrough path of 'category innovation + channel transformation' in the food sector.
GuMi's Listing: Victory in the Lower Market and Supply Chain Innovation
A 'Counterattack Sample' in the Capital Market
On February 12, GuMi listed on the Hong Kong Stock Exchange with a market capitalization of HKD 23.56 billion, becoming the third major tea drink stock. Its market capitalization is equivalent to 11 times that of Nayuki's Tea, with the number of stores approaching 10,000. With an 80% store coverage rate in second-tier and lower cities, GuMi has validated the huge potential of the lower market with a 'surrounding the city from the countryside' strategy. In 2023, its revenue was RMB 7.676 billion, with a net profit of RMB 1.096 billion, and a single-store operating profit margin of 20.2%, far exceeding the industry average.
Supply Chain-Driven Logic of Ten Thousand Stores
GuMi's success is not only about scale but also about its 'cold chain + warehousing' robust supply chain system. 75% of its stores are within 150 km of warehouses, and 97% of its stores enjoy a two-day-one-delivery cold chain service, with the delivery cost only accounting for 1% of GMV, far lower than the industry average of 2%.
In the context of the 'era of ten thousand stores,' GuMi's prospectus has released a clear signal of the transformation of the tea drink industry: the service capacity of franchisees is replacing the speed of store expansion as a new benchmark for measuring corporate competitiveness.
JD.com's Zero Commission: Channel Revolution and Merchant Empowerment
The zero-commission policy for the whole year directly addresses the pain points of food operators. The traditional food delivery platforms typically deduct 15%-25%, and JD.com's move may force the industry to reconstruct profit distribution models, releasing more profit space for small and medium-sized food brands.
JD.com's entry into the market has shown new possibilities: quality, low fees, and technology empowerment.
Industry Insights: Supply Chain, Channel, and Innovation Building the Future
From 'Price War' to 'Value War' Mi's supply chain efficiency and JD.com's channel benefits mark the shift of industry competition from extensive expansion to refined operation. Companies need to build a moat through technological cost reduction and service value addition.
The 2025 F2C China Food Show® (Guangzhou) as an integrated display window for the entire food industry chain, will gather industry forefront wisdom. This exhibition is expected to showcase numerous innovative food technologies and logistics solutions, which may open up a path to 'GuMi-style'supply chain upgrades for more brands, leading the industry to a higher development stage.
Double-wheel Drive of Lower Market and Globalization
GuMi's success in rural markets confirms the 'structural opportunities of unsaturated markets.'The 2025 F2C China Food Show® (Guangzhou) covers a network of exhibitors and buyers from 40 countries and regions, providing a springboard for brand globalization. In the future, those who can delve into the local market and connect globally will seize the initiative.
Innovative Categories Activate New Growth
The 'new, odd, and unique'foods and smart devices to be showcased at the exhibition indicate that category innovation remains the key to breaking through. GuMi's fruit tea sensation and JD.com's traffic bonus may spawn more combinations of 'web celebrities + instant delivery.' listing of GuMi and JD.com's zero-commission policy are not only a game between capital and channels but also the prelude to the reconstruction of the industry ecosystem. From September 25 to 27, the 2025 F2C China Food Show Guangzhou will provide a global stage of 60,000 square meters, gathering over 2,000 exhibitors and 60,000 professional visitors, offering a full-chain solution for 'category + channel + supply chain'for food enterprises. Here, understanding the trends will be the key to winning in the future!
