MIXUE Group (2097) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2025, rose 39.3% year-over-year to RMB14,874.8 million, with net profit up 44.1% to RMB2,718.2 million and basic earnings per share at RMB7.23.

• Store network expanded to over 53,000 globally, including 48,281 in mainland China and 4,733 overseas as of June 30, 2025.

• The franchise model remains the primary growth driver, with franchisees accounting for nearly all stores and only 2.6% of revenue from franchise and related services.

• Focused on supply chain enhancement, brand IP building, and digitalization to drive operational efficiency and consumer engagement.

Financial highlights

• Gross profit increased 38.3% year-over-year to RMB4,706.4 million; gross margin for goods and equipment slightly decreased to 30.3%, while franchise services margin improved to 82.7%.

• Basic and diluted earnings per share rose to RMB7.23, up from RMB5.23 year-over-year.

• Cash and equivalents, time deposits, and financial assets totaled RMB17,611.8 million, up 58.5% from December 31, 2024.

• Net cash from operating activities was RMB3,275.4 million for the period.

• Other income and gains nearly doubled to RMB158.6 million, mainly from higher interest income and government subsidies.

Outlook and guidance

• Plans to further expand the store network in China and Southeast Asia, leveraging supply chain and digitalization.

• Continued investment in R&D, logistics, and brand IP, with a focus on long-term sustainability and global brand building.

• No interim dividend declared for the period.