MIXUE Group (2097) H2 2025 earnings summary

Executive summary

• Revenue rose 35.2% year-over-year to RMB33.56 billion, driven by strong sales of goods, equipment, and franchise services.

• Net profit increased 33.1% to RMB5.93 billion, with basic EPS up 27% to RMB15.65.

• Store network expanded to nearly 60,000 globally, including 4,500 overseas, with strategic acquisition of FULU Fresh Beer.

• Focused on supply chain, brand IP, and digitalization to enhance competitiveness and consumer experience.

Financial highlights

• Gross profit grew 29.7% to RMB10.45 billion; gross margin for goods and equipment declined to 29.9%, while franchise services margin improved to 82.6%.

• Other income and gains rose 58.4% to RMB347.6 million, mainly from higher interest and investment income.

• Selling and distribution expenses increased 27.3% to RMB2.04 billion; administrative expenses up 43.2% to RMB1.08 billion.

• R&D expenses slightly decreased to RMB101.3 million.

• Finance costs fell 23.4% to RMB4.9 million.

Outlook and guidance

• Plans to solidify leadership in China and expand overseas, especially in Southeast Asia and new markets.

• Will enhance supply chain, digitalization, and brand IP, aiming for sustainable global growth.

• No dividend recommended for 2025.