MIXUE Group (2097) investor relations material

Executive summary

• Revenue for H1 2026 rose 2.3% year-over-year to RMB15.22 billion, driven by growth in goods/equipment sales and franchise services.

• Net profit declined 14.7% year-over-year to RMB2.32 billion, mainly due to higher costs and increased operating expenses.

• Gross margin fell to 30.4% from 31.6% as cost increases outpaced revenue growth; gross profit declined 1.6% to RMB4.63 billion.

• The store network expanded to approximately 64,000 globally, with 59,609 in mainland China and 4,378 overseas as of June 30, 2026.

• Special dividend of RMB2.65 per share proposed, totaling about RMB1.01 billion, subject to shareholder approval.

Financial highlights

• Revenue: RMB15,215.8 million (+2.3% YoY); sales of goods and equipment up 2.1%, franchise services up 10%.

• Gross profit: RMB4,629.7 million (-1.6% YoY); gross margin: 30.4% (-1.2pp YoY).

• Net profit: RMB2,319.3 million (-14.7% YoY); basic EPS: RMB6.05 (-16.3% YoY).

• Cash and equivalents: RMB21.64 billion as of June 30, 2026 (+8.3% from Dec 2025).

• Selling and distribution expenses: RMB1.12 billion (+22.9% YoY); administrative expenses: RMB610 million (+39.4% YoY).

Outlook and guidance

• Focus on strengthening supply chain, digitalization, and brand IP to drive sustainable growth.

• Plans to further expand in China and overseas, especially Southeast Asia, Central Asia, and the Americas.

• Continued investment in product quality, consumer experience, and digital infrastructure.

• Ongoing digitalization to enhance consumer experience and operational efficiency.