The following is Dolphin Research's earnings call Trans for Mixue Group 2H25.

Lucky Cup to surpass 10,000 stores in 2H

The following are the minutes of the Mixue Bingcheng 2025 H1 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to 'Mixue Group: Surging in Lower-Tier Markets, Lucky Coffee's Comeback, Can the High Valuation Hold?'

$MIXUE GROUP(02097.HK) On the afternoon of August 27th, Beijing time, Mi Xue Group (2097.HK) released its 2025 H1 performance. On one hand, the "Snow King" accelerated its pace of opening new stores, and on the other hand, delivery subsidies also boosted the company's same-store revenue growth, resulting in a relatively high growth rate for the company's performance in the first half of the year. The specific highlights are as follows: 1. Strong revenue growth. In 25H1, Mi Xue Bing Cheng achieved total revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, unlike Gu Ming, which was affected by the low base effect due to the 3.15 incident last year...

In Dolphin Research's study on the leading brand in freshly made drinks, Mixue Bingcheng, the first part explained Mixue Bingcheng's business model, and the middle part estimated the domestic market potential. This part focuses on two core propositions under the gradually maturing domestic market conditions: 1) Can the overseas market recreate Mixue? 2) With the stock price doubling within three months of listing, what risk-reward ratio is implied at the current price level?

This article is the middle part of the Mixue Bingcheng series, focusing on addressing the first two dimensions of growth potential: 1) After the simultaneous launch of ten thousand Mixue stores, how large a "ant army" can the domestic market accommodate? 2) The second leg—Lucky Coffee, can it truly double Mixue's luck?

In the past couple of years, amidst an overall sluggish consumption environment, a tea beverage brand that emerged from a small town in Henan has been rapidly expanding against the trend at an average rate of nearly 10,000 new stores per year. As of the disclosure of its prospectus, this tea beverage brand has surpassed 45,000 stores, officially overtaking Starbucks to become the chain beverage brand with the most stores globally. It also created the highest financing subscription amount in the history of the Hong Kong stock market before its IPO. After going public, it surged by 50% in just one week, receiving high recognition from the market. This brand is Mixue (hereinafter referred to as Mixue).