MIXUE Group (2097) H2 2024 earnings summary

Executive summary

• Revenue grew 22.3% year-over-year to RMB24.83 billion, driven by sales of goods, equipment, and franchise services.

• Net profit increased 39.8% to RMB4.45 billion, with EPS up 41.4% to RMB12.32.

• Store network expanded to 46,479 locations, including 4,895 overseas, with franchisees rising to 20,976.

• No interest-bearing debt as of year-end; cash and equivalents rose 63.8% to RMB11.1 billion.

Financial highlights

• Gross profit rose 34.4% to RMB8.06 billion, with gross margin for goods up from 28.8% to 31.6%.

• Franchise and related services revenue increased 52.8% to RMB620.1 million.

• Selling and distribution expenses up 21.3%, administrative expenses up 23.7%, both stable as a percentage of revenue.

• Finance costs fell 56.5% due to repayment of borrowings.

• Income tax expense increased to RMB1.36 billion, reflecting higher pre-tax profit.

Outlook and guidance

• Plans to further expand store network in China and Southeast Asia, focusing on both Mixue and Lucky Cup brands.

• Continued investment in supply chain, digitalization, and R&D to support global growth and operational efficiency.

• Commitment to long-term sustainability and social responsibility, including innovation and rural revitalization.