---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43620609.md"
description: "MXBC 1H26 quick take: results missed clearly, with revenue almost flat at +2.3%, far below JP Morgan’s +11% preview in Jul. Profit fell 14.7% YoY, marking the first half-year profit decline since listing. Selling expenses rose 23% YoY and admin expenses 39.4% YoY; with revenue up only 2.3%, the combined expense ratio expanded by 230bps.In detail. Key points below.1) The biggest issue is that revenue has effectively stalled. 1H26 revenue was RMB 15.22 bn, up just 2.3% YoY, and after delivery subsidies faded, growth decelerated from around 30% to near zero within half a year.2) Store openings beat, but same-store performance deteriorated sharply. Franchise stores net-added 4,166 in the period (5,455 openings, 1,289 closures), taking the global network to about 64,000 stores by period-end, up 20.7% YoY, while the closure rate improved from 2.55% to 2.16%.The issue is that while store count rose over 20% and average store count grew even more, revenue increased only 2.3%, implying per-store procurement declined roughly 15%–18% YoY. In other words, the feared slowdown in new openings did not materialize; the real deterioration is at the unit level. Note that mix effects from lower per-store scale at Xingyunka and Fresh Beer Fulujia contribute to this, but the drop remains sizable beyond mix.3) Flat revenue, but much higher opex. Selling and distribution expenses were RMB 1.12 bn (+23% YoY), lifting the ratio from 6.1% to 7.4%, and admin expenses were RMB 610 mn (+39.4% YoY), with the ratio up from 2.9% to 4.0%.This amplified a modest GP decline into a double-digit drop in profit. Management attributed it to higher marketing and staffing to build brand IP and support high-quality store ops, which is logical, but with near-zero top-line growth, the P&L impact is immediate.4) On shareholder returns, the BOD proposed a special dividend of RMB 2.65 per share around Nov. 6, totaling about RMB 1.01 bn, implying a ~43% payout of 1H net profit but only ~1.25% one-off yield vs. the current market cap, offering limited support.Assuming 2H26 net profit declines ~15% YoY, full-year NP would be about RMB 5.0–5.2 bn (-12% to -15% YoY); at a share price of HK$232 and a market cap of ~RMB 80.5 bn, the stock trades at roughly 15.5x. Dolphin Research previously preferred entry below 15x; the multiple now looks close, but the profit base has been cut from the prior ~RMB 6.7 bn estimate to ~RMB 5.2 bn, meaning both price and earnings are falling, and the multiple has not really de-rated.For a company with zero revenue growth, shrinking unit economics, and rising opex, 15x does not offer a margin of safety, so we stay on the sidelines. $MIXUE GROUP(02097.HK)"
datetime: "2026-08-27T07:42:49.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43620609.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43620609.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43620609.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# MXBC 1H26 quick take: results missed clearly, with…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**