Restaurants

MIXUE GROUP

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0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

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Guming

Financial Analysis

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On the evening of Mar 25 Beijing time, $GUMING(01364.HK) reported its 2025 H2 results. The second-half print was solid overall.Against BBG estimates, most core operating metrics were beats, with the only overrun in marketing spend due to the strategic rollout of its coffee category. Key takeaways include: 1) contributions from both new and legacy stores, keeping revenue on a rapid growth trajectory...Despite that, the stock opened higher and then faded intraday the next day. Dolphin Research understands the move was driven by profit-taking after the company had pre-briefed some institutions in small-group meetings.

GUMING

Gu Ming: Subsidies Fade, Tea's 'Costco' Stays Solid!

MIXUE Ice Cream & Tea

Conference Minutes

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The following is Dolphin Research's earnings call Trans for Mixue Group 2H25. For our take on the results, please see 'Mixue Group: Lucky Cup's comeback — has Snow King bottomed?'---

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Mixue Group (Trans): GPM and NPM expected to decline in 2026---

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Lucky Cup to surpass 10,000 stores in 2H

Luckin Coffee

Mixue Group: Lucky Cup Rebounds, Has Snow King Bottomed?---

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 &#34;鲜啤福鹿家&#34;.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)

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0128 ｜Dolphin Research Focus: 🐬 Stock Watch 1: SpaceX plans to launch an IPO in Jun, targeting a valuation of up to $1.5tn. Proceeds will fund Starship R&amp;D, space data centers, and related projects.Its core biz Starlink is projected to deliver $15bn revenue in 2025, underpinning cash flow. However, setbacks in Starship V3 testing and a delayed maiden flight could affect the listing timeline.If executed, the IPO would be the largest globally and a major milestone for commercial space industrialization. Valuation, however, remains highly controversial...

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Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap

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Is it just a 'snack transporter,' or is there more to it?

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Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

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1015 | Dolphin Research Focus: 🐬 Macro/Industry 1. Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank may end its balance sheet reduction (QT) in the coming months to prevent liquidity tightness in the short-term funding markets. The dollar index fell in response, providing strong upward momentum for gold priced in dollars, pushing gold prices to new highs. 2. This year's Double 11 promotion started on October 9, with JD.com and Douyin taking the lead, followed by platforms like Taobao, starting 5 days earlier than last year, further extending the event period...

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ASML Rises Post-Earnings; Mixue Blends into Beer Market | Today's Important News Recap

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1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

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Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

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 Bingcheng (Minutes): Food delivery subsidies are unsustainable, adhere to 'high quality and affordable price'

Hong Kong Consumer Sector Active, Mxima Ice Cream's First Brazilian Store Opens

Lucky Coffee Announces Dilireba and Tony Leung as Brand Ambassadors

Milk Snow Group Opens First Store in Sao Paulo, Brazil

Milktea Group Opens First Store in Brazil with Local Limited Products

CITIC Securities Projects Steady Revenue and Net Profit Growth for Mixue Group Over the Next Three Years

Snow Group to Accelerate Investment in Luckin Coffee in 2026

JPMorgan Downgrades Meixue Group's Stock Rating to 'Reduce'

DBS downgrades Mxima Group's H-shares to hold

Milk Snow Group's stock falls 4.9% after earnings report, Nomura and Jefferies lower target prices

CITIC CLSA raises Meixue Group's target price to HKD 424

MIXUE GROUP released FY2025 Q4 earnings on March 24, 2026 (BJT) with actual revenue of HKD 10.39 B and EPS of HKD 1.5689

MIXUE GROUP released FY2025 9 Months Earnings on March 24, 2026 (BJT) with actual revenue of HKD 26.32 B and EPS of HKD 9.3702

MIXUE GROUP released FY2025 Q3 earnings on March 24, 2026 (BJT) with actual revenue of HKD 10.21 B and actual EPS of HKD 1.5423

MIXUE GROUP released FY2025 Annual Earnings on March 24, 2026 (BJT): Actual Revenue HKD 36.68 B (Forecast HKD 36.63 B), Actual EPS HKD 8.554 (Forecast HKD 17.0567)

Misty Snow Group Announces 2H2026 Earnings Call Summary

Milk Snow Group Conducts Management Adjustments and Announces 2026 Performance Guidance

Mixon Group Announces Last Year's Performance and Management Appointments

MilkSnow Group Announces 2022 Full Year Results and Global Store Network Expansion

Milk Snow Group Advances Global Layout

Milk Snow Group Reports Revenue and Profit Growth in 2025

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MOST KWAI CHUNG

CONTINENTAL H

SILKWAVE INC

MIXUE Group has announced its application to convert 22,823,988 domestic unlisted shares, about 6.01% of its issued capital, into H shares for trading on the Hong Kong Stock Exchange. This plan aims to enhance share availability for international investors and is subject to regulatory approvals. The company has not yet completed necessary filings and cautions that execution depends on regulatory processes. The latest analyst rating for MIXUE Group Class H (HK:2097) is a Hold with a price target of HK$359.00.

Tip Ranks

MIXUE Group Seeks Full Circulation of Unlisted Shares as H Shares in Hong Kong

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China’s Mixue, the world’s largest beverage chain, closed 428 overseas stores last year, primarily in Vietnam and Indonesia, to enhance operational efficiency. Despite the closures, Mixue expanded in the U.S. and Kazakhstan and opened new stores in Malaysia and Thailand under the Lucky Cup brand. The company aims to optimize existing operations and transition to larger store formats in Vietnam, where it has 1,304 stores. Mixue reported a 35% revenue increase to RMB33.56 billion and a 33% rise in net profits to RMB5.93 billion last year.

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World’s largest beverage chain Mixue shuts 428 overseas stores, many in Vietnam, Indonesia

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MIXUE GROUP(02097) rose 5.6%, with a trading turnover 385.2 Million HKD, and a year-to-date fell 24.5%. MUYUAN(02714) rose 5.44%, with a trading turnover 155.3 Million HKD, and a year-to-date rose 9.3%. SIGENERGY(06656) fell 9.37%, with a trading turnover 587.7 Million HKD, and a year-to-date rose 67%. KNOWLEDGE ATLAS(02513) fell 2.56%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 717.6%.

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Top 5 HK Stock Gainers/Losers (>100B) (4.21)

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The Hang Seng TECH Index fell 0.08%. New consumption stocks led the gains, with AUNTEA JENNY rising approximately 15%, BLOKS up about 11%, and MIXUE GROUP climbing roughly 6%. Battery stocks also rose, with CATL gaining around 5%

Hang Seng Index Closes Up 0.48%, New Consumption Stocks Lead Gains

MIXUE GROUP(02097.HK)

MIXUE Group Seeks Full Circulation of Unlisted Shares as H Shares in Hong Kong

World’s largest beverage chain Mixue shuts 428 overseas stores, many in Vietnam, Indonesia

Top 5 HK Stock Gainers/Losers (>100B) (4.21)

Hang Seng Index Closes Up 0.48%, New Consumption Stocks Lead Gains

Which is the biggest tea chain operating in Southeast Asia?

MIXUE GROUP (2097) opens its first store in Brazil

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Chinese milk tea brands expand in US, South Korea as Southeast Asia grows crowded