CLSA has released a research report announcing a 4.4% increase in the target price for MIXUE GROUP (02097), raising it from HK$406 to HK$424, while maintaining an "Outperform" rating. In the second half of 2025, the number of MIXUE stores increased by 26% year-on-year, driving a 32% growth in revenue. Net profit rose by 25% to RMB 3.2 billion, exceeding the bank's expectations by 3%. While market concerns exist regarding MIXUE's same-store sales growth (SSSG) and its intrinsic growth potential, CLSA believes that even before the implementation of delivery subsidy policies, MIXUE's daily year-on-year sales volume remained high. This is considered sufficient to withstand cyclical fluctuations from declining per-store sales. The report also anticipates that MIXUE will increase its per-cup retail price to attract more franchisees.