MIXUE GROUP's stock plummeted 5.21% during intraday trading on Wednesday, as the market reacted to a significant management transition announced alongside the company's annual results.

The sharp decline comes despite the company reporting strong financial performance for 2025, with revenue rising 35.2% year-on-year to 33.56 billion yuan and net profit increasing 32.7% to 5.88 billion yuan. The market's negative response appears focused on the leadership change, where original CEO Zhang Hongfu stepped down to become Co-Chairman, focusing on long-term strategy, while former CFO Zhang Yuan succeeded him as the new CEO.

Such sudden changes in top management often create investor uncertainty about future strategic direction and execution continuity, potentially overshadowing positive earnings announcements in the short term.