<div id="readability-page-1">Major Chinese consumer stocks listed in Hong Kong rose sharply following strong full-year earnings, though analysts said the results did not point to a broad recovery in the consumer market but rather highlighted structural divergence and new growth drivers in mainland China consumption. Bubble tea chain Mixue Group posted better-than-expected results for 2025, with sales reaching 33.56 billion yuan (US$4.87 billion), up 35.2 per cent year on year, while net profit rose 32.7 per cent to 5.88 billion yuan, its earnings showed on Tuesday. Shares of Mixue rose 5.95 per cent and closed at HK$341.80 on Tuesday. Jeweller Laopu Gold also posted stronger-than-expected annual results, with revenues of 27.3 billion yuan last year, a 221 per cent surge year on year, while net profit jumped 234.9 per cent to 5.03 billion yuan, its Monday results showed. Laopu Gold jumped 16.11 per cent to close at HK$648.50 on Tuesday. Other Hong Kong-listed consumer stocks also advanced. Pop Mart, which will release annual results on Wednesday, rose 7.42 per cent to HK$217.20, while sportswear maker Li Ning climbed 4.36 per cent to HK$22.00. “Against a moderate recovery in macro retail sales, this gap between strong individual stocks and a lukewarm overall market reflects the profound transformation under way in the consumer sector,” said Fu Yifu, a special researcher at Su Merchants Bank in Nanjing, Jiangsu province.  “Consumption has shifted profoundly from functional satisfaction to emotional resonance, which is the core driver of today’s consumer resilience.” Fu added that whether it was the sense of security from gold or the instant gratification from tea beverages, brands delivering consistent emotional value could navigate cycles amid ongoing uncertainty. Mixue operated stores in China and 13 overseas markets by the end of last year, with three brands under its umbrella: milk tea chain Mixue Ice Cream &amp; Tea, coffee chain Lucky Coffee, and draft beer brand Fulujia. “Mixue’s business model as a supplier of raw materials and equipment to its franchisees will naturally benefit from domestic volume and overseas expansion,” said Manqi Xie, an associate director at S&amp;P Global Ratings. “We see a worsening outlook for food and beverage margins compared with last month, largely due to higher input cost and, to a smaller extent, rising freight cost,” Xie said. “Specifically for companies that use PET [polyethylene terephthalate] in food packaging, the materially higher crude oil prices will soon be translated into higher packaging cost.” In February, S&amp;P Global Ratings projected that China’s food and beverage sector sales would rise by 5 to 6 per cent this year. Beijing-based Laopu said its revenue growth last year was mainly driven by a strong market position built through expanded brand influence and new product launches that lifted sales both online and offline. “Laopu targets a niche segment that fits well into the broader theme of increasing micro segmentation of consumer markets in China,” Xie said. “While Laopu could enjoy some momentum into 2026, it is also starting from a much smaller base than its established peers.” Hotpot chain Haidilao reported revenues of 43.23 billion yuan last year, up 1.1 per cent year on year, while net profit declined 14 per cent to 4.04 billion yuan, its earnings showed on Tuesday. The company said changes in table turnover rate and adjustments to innovative models such as products and scenarios had affected key figures compared with the previous year. Diversified operations became an important source of growth, with delivery business revenue reaching 2.66 billion yuan last year, surging 111.9 per cent year on year. Nongfu Spring, China’s largest bottled water supplier by market share, posted sales of 52.55 billion yuan last year, up 22.51 per cent year on year, while net profit grew 30.89 per cent to 15.87 billion yuan, lower than market expectations, its annual earnings showed on Tuesday. Shares of Haidilao jumped 5.41 per cent to close at HK$15.99, while Nongfu Spring rose 3.36 per cent to close at HK$42.44 on Tuesday. Boosting domestic demand remained a priority for China. The “two sessions” meetings held in early March set the target for economic growth at 4.5 to 5 per cent and consumer price index growth at about 2 per cent in 2026, with the government work report proposing to continuously boost domestic demand. </div>

02331

02097

09992

06181

<p>Major Chinese consumer stocks in Hong Kong surged after strong earnings, but analysts caution against assuming a broad recovery in the consumer market. Mixue Group reported a 35.2% sales increase to 33.56 billion yuan, with shares rising 5.95%. Laopu Gold's revenue soared 221% to 27.3 billion yuan, and its shares jumped 16.11%. Other stocks like Pop Mart and Li Ning also saw gains. Analysts note a shift in consumer behavior towards emotional resonance, while challenges like rising costs in the food and beverage sector persist. The government aims to boost domestic demand amid moderate economic growth targets.</p>

- Major Chinese consumer stocks in Hong Kong surged after reporting strong full-year earnings, though analysts noted these results do not indicate a broad recovery in consumer markets.  
- Notable performers included Mixue Group, which experienced a 35.2% sales increase, and Laopu Gold, which saw a 221% revenue surge, attributed to strong market positions and new products.  
- Analysts highlighted a shift in consumer behavior towards emotional satisfaction, emphasizing the ongoing transformation within the sector while the government aims to boost domestic demand amid economic targets.

China consumer stocks jump on earnings, but analysts warn of limited recovery