Financial Performance MIXUE Group reported 2025 revenue of RMB 33.56 billion, a 35.20% year-on-year increase. Net profit reached RMB 5.93 billion, up 33.10%, while basic EPS rose to RMB 15.65. Gross profit improved 29.70% to RMB 10.45 billion; group gross margin slipped to 31.12% as the sales-of-goods margin contracted to 29.9%, partially offset by an 82.6% margin on franchise services.

Segment Detail • Sales of goods and equipment contributed RMB 32.77 billion, up 35.30%. • Franchise and related services generated RMB 793.90 million, up 28.00% and representing 2.37% of total revenue.

Cost & Expense Dynamics Cost of sales increased 37.80% to RMB 23.11 billion. Selling and distribution expenses rose 27.30% to RMB 2.04 billion (6.1% of revenue). Administrative expenses grew 43.20% to RMB 1.08 billion (3.2% of revenue). R&D spending edged down 3.40% to RMB 101.30 million. Finance costs declined 23.40% to RMB 4.90 million.

Cash, Liquidity & Capital Structure Cash, time deposits, restricted cash and financial assets at FVTPL totaled RMB 19.99 billion, up 79.90%, reflecting robust operating cash flow and IPO proceeds. Interest-bearing bank borrowings stood at RMB 28.20 million. The gearing ratio improved to 19.6% from 23.9%.

Operational Highlights The global store network expanded to 59,823 outlets (up 28.6%), including 55,356 in mainland China and 4,467 overseas. During the year 14,496 new stores opened and 1,354 were added via the FULU Fresh Beer acquisition; closures totaled 2,527. Franchisees increased to 27,450. Self-operated stores rose to 38 following the FULU deal.

Brand & Supply Chain Developments • Core MIXUE brand continued to deepen lower-tier penetration and deployed smart drink dispensers in over 13,000 stores. • Lucky Cup introduced more than 20 fruit coffee and flavored milk coffee SKUs, priced mainly between RMB 6 and RMB 10. • FULU Fresh Beer, acquired on 1 December 2025, added fresh beer to the product lineup. • Supply chain footprint reached five production bases and 28 warehouses in China with logistics coverage across 300+ cities, supplemented by facilities in eight overseas markets.

Outlook Management intends to consolidate domestic leadership, accelerate Southeast Asia expansion, strengthen supply-chain capacity, advance digitalization, and further develop the Snow King IP in 2026.

Dividend The board did not recommend a dividend for 2025.

Governance & Other Matters The company remained in full compliance with Hong Kong’s Corporate Governance Code and reported no material litigation, contingent liabilities or major post-balance-sheet events. Ernst & Young audited the 2025 figures.