# Wang Yun'an
**Wang Yun'an** (王云安) is a Chinese entrepreneur, born in 1986, who founded the freshly-made tea chain Good me (古茗) in 2010 and serves as chairman and chief executive officer of its parent, [Guming Holdings](https://www.edgepedia.org/guming-holdings), a company listed on the Main Board of the [Hong Kong Stock Exchange](https://www.edgepedia.org/hong-kong-stock-exchange) since February 12, 2025.[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) The chain he built from a 30-square-meter shop in a small Zhejiang town has grown to 14,351 stores as of mid-2026, making it the second-largest freshly-made tea brand in China by store count and gross merchandise value after Mixue.[2](https://www.chinadaily.com.cn/a/202502/18/WS67b3e432a310c240449d5cf8.html) • [3](https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand) Forbes estimated his fortune at $1.2 billion at the time of the listing and $3 billion by March 10, 2026.[4](https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/) • [5](https://www.forbes.com/profile/wang-yunan/)
| Key fact | Detail |
|---|---|
| Born | 1986, in Yunnan; ancestral home Taizhou, Zhejiang[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml) |
| Founded Good me | April 1, 2010, Daxi Town, Wenling, Zhejiang[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml) |
| Role | Founder, chairman, and CEO, Guming Holdings[6](https://www.forbes.com/profile/wang-yunan/) |
| Store count | 13,554 at end-2025; 14,351 at mid-2026[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) • [3](https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand) |
| FY2025 results | Revenue RMB12,913.8 million, up 46.9%; adjusted profit RMB2,574.8 million, up 66.9%[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) |
| IPO | February 12, 2025; 182.4 million shares at HK$9.94, raising HK$1.8 billion[4](https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/) |
| Estimated wealth | $1.2 billion (Forbes, February 2025); $3 billion (Forbes, March 2026); about RMB20 billion (21st Century Business Herald, August 2025)[4](https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/) • [6](https://www.forbes.com/profile/wang-yunan/) • [7](https://www.21jingji.com/article/20250828/herald/c9fbbcea4b8a3a01a24fc3186f686946.html) |
## Early life and founding of Good me
Wang was born in 1986 in Yunnan, where his parents ran a small general-goods business in Yingjiang County, Dehong, on the China–Myanmar border; the family's ancestral home is Taizhou in Zhejiang.[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml) He entered Zhejiang Sci-Tech University in 2006 and graduated in materials engineering.[8](https://m.36kr.com/p/3163032617052931) • [9](https://news.qq.com/rain/a/20250213A025WT00)
On April 1, 2010, at age 24, Wang opened the first Good me store in Daxi Town, Wenling, in [Taizhou, Zhejiang](https://www.edgepedia.org/taizhou-zhejiang), founding the company with his university classmate Qi Xia and high-school classmate Ruan Xiudi.[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml) • [8](https://m.36kr.com/p/3163032617052931) The first month brought average daily takings of about RMB400, and the worst day's income was RMB98.[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml) During roughly three years of product development, Wang and Ruan tasted about 20,000 cups of milk tea; in 2015 Wang replaced essence-flavored tea with real tea leaves.[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml)
## Building the franchise network
**A nearly pure franchise model.** Franchised stores contributed about 99.9% of Guming's gross merchandise value from 2021 to 2024, and as of September 30, 2024 the company directly managed only seven company-operated stores within a network of 9,778.[10](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0212/11535838/sehk25011200065.pdf) Guming's products were typically priced between RMB10 and RMB18 during the track record period, which the prospectus describes as the mid-priced band of China's freshly-made tea market.[10](https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0212/11535838/sehk25011200065.pdf)
Revenue reaches the company mainly through supplying its franchisees rather than through royalties on their sales. In FY2025, RMB10,269.2 million of the RMB12,913.8 million total (79.5%) came from selling goods and equipment, and RMB2,628.3 million from franchise management services; franchised stores provided 96.5% of total revenue, and company-operated stores just RMB16.3 million.[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) The company reports a two-day-a-week raw material delivery cycle, which it says was an industry first, supported by a supply chain that includes its own lemon plantation in Jinghong, Yunnan.[5](https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml)
Guming pursues a regional densification strategy, concentrating stores in provinces where it already operates; management treats 500 stores in a province as the threshold at which scale effects kick in.[11](https://www.cls.cn/detail/1987753) As of December 31, 2025, 82% of stores were in second-tier and below cities and 44% in towns and townships, and the company worked with 6,675 franchisees, up 37.1% from 4,868 a year earlier.[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) From 2025 Guming introduced an installment franchise fee of RMB98,800 with no first-year payment, spread over three years, within a total initial investment of around RMB300,000 to 400,000 per store; the same year it began selling coffee and breakfast items.[7](https://www.21jingji.com/article/20250828/herald/c9fbbcea4b8a3a01a24fc3186f686946.html)
Store-level economics have compared favorably with peers on the company's figures: in 2023 the average franchisee store earned RMB376,000 in operating profit, a 20.2% margin, which Tencent News reported was above the under-15% typical at other brands.[9](https://news.qq.com/rain/a/20250213A025WT00)
## Hong Kong listing and ownership
Guming raised about RMB674 million in its only pre-IPO financing round in 2020, led by Meituan Longzhu with participation from Sequoia China and Coatue.[8](https://m.36kr.com/p/3163032617052931) It filed its listing application with the Hong Kong Stock Exchange in early January 2024.[12](https://m.caixin.com/m/2024-01-03/102152375.html)
The company listed on the Main Board on February 12, 2025, selling 182.4 million shares at HK$9.94 each, the top of the marketed range, for gross proceeds of HK$1.8 billion ($233 million), with net proceeds of HK$1.72 billion.[16](https://www.thepaper.cn/newsDetail_forward_30139190) • [4](https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/) • [1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) Five cornerstone investors, including Tencent, subscribed a combined US$71 million, 37.46% of the offering.[8](https://m.36kr.com/p/3163032617052931)
Control remains concentrated. Before the IPO, Wang, President Qi Xia, Ruan Xiudi, and Pan Pingping acted as parties in concert holding a combined 79.5% of shares; Wang himself held nearly 40%, worth about RMB8 billion at a market value above RMB20 billion at listing.[8](https://m.36kr.com/p/3163032617052931) • [9](https://news.qq.com/rain/a/20250213A025WT00) Meituan Longzhu held 8% and Sequoia China 4% before the offering.[8](https://m.36kr.com/p/3163032617052931) The FY2025 annual report names Wang, Qi, Ruan, and Pan as the company's ultimate controlling shareholders.[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf)
## By the numbers
The chain's revenue has roughly tripled in four years: RMB4.38 billion in 2021, RMB5.56 billion in 2022, RMB7.68 billion in 2023, and RMB8.79 billion in 2024.[9](https://news.qq.com/rain/a/20250213A025WT00) • [11](https://www.cls.cn/detail/1987753) FY2025 revenue reached RMB12,913.8 million, up 46.9%, with adjusted profit of RMB2,574.8 million, up 66.9%, and adjusted core profit of RMB2,808.3 million, up 77.8%; Securities Times puts 2025 net profit at RMB3.115 billion, up 108.6%.[1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf) • [13](https://www.stcn.com/article/detail/3716671.html) The store network passed 12,000 by late August 2025 and stood at 13,554 at year-end, covering more than 200 cities across all Chinese city tiers.[7](https://www.21jingji.com/article/20250828/herald/c9fbbcea4b8a3a01a24fc3186f686946.html) • [1](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf)
Results since listing have kept pace. H1 2025 revenue was RMB5.66 billion with adjusted profit of RMB1.09 billion, both up more than 40% year on year.[7](https://www.21jingji.com/article/20250828/herald/c9fbbcea4b8a3a01a24fc3186f686946.html) In H1 2026 revenue rose 31.9% to RMB7.47 billion and adjusted profit 44.4% to RMB1.57 billion, on 14,351 stores, up 28.4% from 11,173 a year earlier; total store GMV rose 40.1% to RMB19.7 billion.[3](https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand) Average daily GMV per store was RMB7,800 in H1 2026, about 440 cups per store per day, essentially flat against RMB7,600 a year earlier.[3](https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand) • [14](https://www.thepaper.cn/newsDetail_forward_34001093?commTag=true)
## How it compares with Mixue, Chabaidao and Chagee
Guming ranks second among Chinese freshly-made tea chains by both store count and GMV, behind Mixue.[2](https://www.chinadaily.com.cn/a/202502/18/WS67b3e432a310c240449d5cf8.html) In 2023 its RMB19.2 billion GMV gave it a 9.1% market share against Mixue's above-20%.[9](https://news.qq.com/rain/a/20250213A025WT00) On pricing, The Paper's comparison places Mixue in the low-price mass market, Guming, Chabaidao ([ChaPanda](https://www.edgepedia.org/chapanda)), and [Auntea Jenny](https://www.edgepedia.org/auntea-jenny) in the middle band, and Nayuki, and Chagee toward the mid-to-high end.[14](https://www.thepaper.cn/newsDetail_forward_34001093?commTag=true)
At end-June 2026 the six listed Chinese tea companies' store counts were: Mixue 63,987, Guming 14,351, Auntea Jenny 13,155, ChaPanda 8,863, Chagee 7,639, and Nayuki 1,685.[15](https://finance.eastmoney.com/a/202609083868171210.html) In H1 2026 Guming's RMB7.47 billion revenue ranked second behind Mixue's RMB15.216 billion and ahead of Chagee's RMB6.961 billion.[15](https://finance.eastmoney.com/a/202609083868171210.html)
## Recent developments
The listing path stretched over a year. Guming filed in January 2024, when its 9,000-store network already made it the industry's second-largest chain, with revenue of RMB5.571 billion and adjusted profit of RMB1.045 billion in the first three quarters of 2023.[12](https://m.caixin.com/m/2024-01-03/102152375.html)
The first trading day was reported differently: Forbes reported the shares opened 0.6% higher before ending lower, while [China Daily](https://www.edgepedia.org/china-daily) reported the stock broke below its offer price and closed at HK$9.30, down 6.44%, with a market value near HK$21 billion.[4](https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/) • [2](https://www.chinadaily.com.cn/a/202502/18/WS67b3e432a310c240449d5cf8.html) After the weak debut, the stock later recovered sharply:[17](https://www.etnet.com.hk/www/eng/stocks/ci_ipo_news_detail.php?code=1364&newsid=ETE350212496) by the close on September 8, 2026, Guming's market value had risen 166.5% above its first-day level to HK$57.81 billion, while Mixue had fallen 29.5% over the same span to HK$77.06 billion.[15](https://finance.eastmoney.com/a/202609083868171210.html)
Strategy has shifted from rapid openings toward store quality. Guming net-added 797 stores in the first half of 2026, against 3,640 for all of 2025, citing sixth-generation store upgrades, stricter site selection, and refurbishment spending; management said net store openings are not a hard KPI and set a long-term target of at least 30,000 and possibly over 40,000 stores.[15](https://finance.eastmoney.com/a/202609083868171210.html) • [14](https://www.thepaper.cn/newsDetail_forward_34001093?commTag=true) The push beyond lower-tier markets depends on coffee and breakfast lifting average spending and on supply-chain efficiencies offsetting higher costs in larger cities.[3](https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand)
Already at listing, the prospectus-era reporting had flagged strain in the franchise network: franchisee churn rose to 11.7% in the first three quarters of 2024 from 8.3% for full-year 2023, daily GMV of newly opened franchise stores fell from RMB5,800 to RMB5,200, and the company added only 778 stores in that period after more than 2,300 in 2023.[9](https://news.qq.com/rain/a/20250213A025WT00) In 2024 the company opened 1,587 stores and closed 674, and per-store GMV, daily per-store GMV, and cups per store all declined even as total GMV rose 21.77% to RMB23.397 billion.[11](https://www.cls.cn/detail/1987753)
## References
1. Guming Holdings Limited Annual Report FY2025 (HKEX), https://www.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042401574.pdf
2. Guming floats in HK amid fierce beverage turf war (China Daily, February 2025), https://www.chinadaily.com.cn/a/202502/18/WS67b3e432a310c240449d5cf8.html
3. GoodMe pushes beyond lower-tier markets with efficiency gains in hand (KrASIA, August 2026), https://kr-asia.com/goodme-pushes-beyond-lower-tier-markets-with-efficiency-gains-in-hand
4. Milk Tea Mogul Wang Is China's Latest Billionaire After Guming's IPO (Forbes, February 11, 2025), https://www.forbes.com/sites/ywang/2025/02/11/milk-tea-mogul-wang-is-chinas-latest-billionaire-after-gumings-ipo/
5. 古茗王云安：有情有义的一群人 (央广网 CNR, December 20, 2023), https://food.cnr.cn/safety/20231220/t20231220_526528506.shtml
6. Wang Yun'an – Forbes profile, https://www.forbes.com/profile/wang-yunan/
7. 卖奶茶月入10个亿，台州青年身家飙至200亿 (21经济网, August 28, 2025), https://www.21jingji.com/article/20250828/herald/c9fbbcea4b8a3a01a24fc3186f686946.html
8. 开年最大茶饮IPO敲钟了 (36氪, February 2025), https://m.36kr.com/p/3163032617052931
9. 从乡镇小店干到200亿市值！39岁台州老板上市敲钟，身家超80亿 (腾讯新闻, February 13, 2025), https://news.qq.com/rain/a/20250213A025WT00
10. Guming Holdings Prospectus – Business section (HKEX, February 2025), https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0212/11535838/sehk25011200065.pdf
11. 87.91亿元！古茗去年加盟商扩张放缓毛利增长但单店GMV下滑 (财联社, 2025), https://www.cls.cn/detail/1987753
12. 连锁茶饮古茗港交所交表 9000家门店成行业第二 (财新 Caixin, January 3, 2024), https://m.caixin.com/m/2024-01-03/102152375.html
13. 拆解4家茶饮龙头公司2025年年报 (证券时报 Securities Times), https://www.stcn.com/article/detail/3716671.html
14. 六家新茶饮上半年业绩分化明显 (澎湃新闻, 2026), https://www.thepaper.cn/newsDetail_forward_34001093?commTag=true
15. 茶饮半年报藏新趋势：蜜雪拐点已至，古茗、霸王茶姬齐齐换挡 (东方财富网, 2026-09-08), https://finance.eastmoney.com/a/202609083868171210.html
16. NewsDetail forward 30139190 (thepaper.cn). https://www.thepaper.cn/newsDetail_forward_30139190
17. Ci ipo news detail (etnet.com.hk). https://www.etnet.com.hk/www/eng/stocks/ci_ipo_news_detail.php?code=1364&newsid=ETE350212496
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Consumer, industrial, and services founders › Greater China household brands and private industry › Food, drink, and restaurants › Beverage and tea-drink companies*
*Initially written Sep 19, 2026 · Reviewed: Sep 19, 2026; Sep 30, 2026 · Edited: Sep 30, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Sep 30, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license