---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39472607.md"
description: "Mixue Group 2H25 First Take: Overall, second-half results were mixed, with revenue beating expectations. However, a lower GPM and higher admin expenses left core OP slightly below consensus. 1) Revenue: 2H25 revenue reached RMB 18.7bn (+32% YoY), and with store count up 33% YoY, growth was largely driven by expansion rather than same-store sales. With weaker delivery subsidies in 2H, Dolphin Research estimates low single-digit same-store revenue growth, driven by higher cup volume. The average selling price per cup was likely flat to slightly down. 2) Store openings: Mixue added 6,809 stores in 2H, accelerating vs. 1H. Growth skewed to lower-tier cities, while overseas store count fell by 266 vs. 1H. Dolphin Research believes the company continued pruning overlapping, underperforming, and less-compliant stores in Southeast Asia. 3) GPM: To protect franchisee economics amid slowing same-store growth, Mixue likely lowered supply prices on core inputs (e.g., milk base, jams) to franchisees. As a result, GPM fell 220bps to 30.7%. Sales expenses benefited from the maturation of the Snow King IP, with low-cost social traffic substituting for traditional ads, bringing the sales expense ratio down 70bps to 6%. Admin expenses were temporarily elevated by one-off integration costs from the Oct acquisition of "鲜啤福鹿家".Mixue delivered net profit of RMB 3.21bn (+25% YoY). For more details and our views, please follow Dolphin Research’s forthcoming earnings review and call transcript. $MIXUE GROUP(02097.HK)"
datetime: "2026-03-24T07:40:33.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39472607.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39472607.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39472607.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39472607.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39472607.md)


# Mixue Group 2H25 First Take: Overall, second-half …


### Related Stocks

- [MIXUE GROUP (02097.HK)](https://longbridge.com/en/quote/02097.HK.md)

## Comments (4)

- **悠悠的户晨风 · 2026-03-24T11:13:27.000Z**: Post Xiaomi's earnings report.
- **精绝 · 2026-03-24T07:56:36.000Z**: Has the price bottomed out?
  - **满仓冲锋队** (2026-03-24T08:44:27.000Z): Don't call it the bottom unless it falls below 200+.
  - **浪迹天涯戈** (2026-03-24T08:59:26.000Z): Why 200? Why so optimistic?