On March 24, following the release of its financial results, Mixue Group (02097.HK) shares surged. In early trading, the stock briefly pulled back to around HK$324, then gradually rebounded, and surged further in the afternoon following the earnings release, reaching an intraday high of HK$350, up nearly 8.5%. As of the indicated time, the stock closed at HK$345.8, up 7.19%.

(Image source: uSMART HK app)

Comprehensive Growth, Profitability Continues to Strengthen

According to core financial figures, the company achieved revenue of RMB 33.56 billion in 2025, up 35.2% year-on-year; gross profit was RMB 10.452 billion, up 29.7%; annual net profit reached RMB 5.927 billion, up 33.1%; and basic earnings per share were RMB 15.65, up 27% year-on-year.Despite fluctuations in raw material prices and intensified industry competition, the company’s gross margin remained relatively stable, reflecting strong bargaining power in upstream procurement and cost control. Meanwhile, the economies of scale have helped dilute expenses, maintaining resilient net profit margins. Overall, Mixue Group has transitioned from a growth model solely relying on store expansion to a dual-driven development model of “scale + efficiency.”

Scale Advantage Prominent, Store Network Forms Core Barrier

By the end of 2025, the company had nearly 60,000 stores globally, covering all city tiers in mainland China and reaching over 300 prefecture-level cities. This scale positions Mixue Group as a clear leader in the ready-to-drink beverage sector and establishes a high entry barrier at the channel level.From a business model perspective, a large store network not only boosts brand exposure but also strengthens user loyalty through high-frequency consumption scenarios. Dense store coverage improves supply chain efficiency, shortens delivery distances, and reduces logistics costs while enhancing operational efficiency. Additionally, a robust franchise system enables rapid store replication with standardized operations while maintaining low capital expenditure.

Crucially, this “scale–supply chain–cost” virtuous cycle gives Mixue Group a clear cost leadership in the industry, allowing the company to exercise stronger pricing power.

Low-Price Strategy and Penetration into Lower-Tier Markets Remain Core Drivers

Mixue Group has long adhered to a high-value, low-price strategy. Amid increasingly rational consumption trends, this approach has become more advantageous. Compared to brands emphasizing premium or “trendy” positioning, the company targets a broader mass consumer base through stable low pricing, particularly in price-sensitive third- and fourth-tier cities and county-level markets.Moreover, with narrowing urban-rural consumption gaps and the popularization of cold beverage and tea-drinking habits, lower-tier markets still hold significant growth potential. Leveraging first-mover advantage and mature operational models, Mixue Group is well-positioned to benefit from this structural opportunity. From a capital market perspective, this long-term, predictable growth path underpins the company’s valuation rationale.

How to Buy Mixue Group via on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code(02097.HK), and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

(Image Source: uSMART HK app)