MIXUE Group (2097) H1 2026 earnings summary

Executive summary

• Revenue grew 2.3% year-over-year to RMB15.22 billion for the six months ended June 30, 2026, driven by higher sales of goods, equipment, and franchise services.

• Gross profit declined 1.6% to RMB4.63 billion, with gross margin down 1.2 percentage points to 30.4% due to cost increases outpacing revenue growth.

• Net profit fell 14.7% year-over-year to RMB2.32 billion, with basic EPS down 16.3% to RMB6.05.

• Store network expanded to approximately 64,000 stores across 17 countries, with strong franchise growth and continued international expansion.

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

Financial highlights

• Revenue: RMB15.22 billion (+2.3% YoY); sales of goods and equipment up 2.1%, franchise services up 10%.

• Gross profit: RMB4.63 billion (-1.6% YoY); gross margin 30.4% (-1.2pp YoY).

• Net profit: RMB2.32 billion (-14.7% YoY); basic EPS RMB6.05 (-16.3% YoY).

• Other income and gains, net: RMB127.5 million (-19.6% YoY), mainly due to higher FX losses.

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

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

Outlook and guidance

• Focus on multi-brand, globalization, and digital intelligence strategies to drive sustainable growth.

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

• Continued investment in supply chain, store operations, and brand IP to reinforce competitive advantages.

• Ongoing digitalization to enhance consumer experience and operational efficiency.