Restaurants

MIXUE GROUP

Guming

Financial Analysis

01364

02097

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

SNOW

CHCO

小红书

BYTED

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?'---

Snowflake

Coffee

City

Intercontinental Exchange

ByteDance

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

LKNCY

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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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'

$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 &#34;Snow King&#34; 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...

Mixue: Frenzied Expansion in Lower-tier Markets, Luckin Coffee's Comeback, The Reason Behind High Valuation

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 Q3 earnings on March 24, 2026 (BJT) with actual revenue of HKD 10.21 B and EPS of HKD 4.5976

MIXUE GROUP released FY2025 Annual Earnings on March 24 (BJT), actual revenue HKD 36.68 B (forecast HKD 36.63 B), actual EPS HKD 8.554 (forecast HKD 17.0567)

MIXUE GROUP released FY2025 9 Months Earnings on March 24 (BJT), actual revenue HKD 26.32 B, actual EPS HKD 12.4256

MIXUE GROUP released FY2025 Q4 earnings on March 24 (BJT), actual revenue HKD 10.39 B, actual EPS HKD 4.677

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

MIXUE GROUP to release FY2025 earnings report on March 24 during market hours (BJT), forecast revenue HKD 37.48 B, EPS HKD 17.3604

Milk Tea Group's Wholly Owned Subsidiary Sichuan Xianpi Fulu Jia Brewery Established

Citisecal Cuts Meixue Group Target Price to 406 HKD

BofA Securities Downgrades Meixue's Earnings Forecast and Target Price

Milk Snow Ice City's First Indoor Snow King Theme Park Project Progressing Steadily

MIXUE GROUP(02097.HK)

MIXUE GROUP Stock Performance Chart