On June 15, Mixue Group (02097.HK) fell 3.04% in regular trading, trading at HKD 268.2/share, with turnover of HKD 27.19 million, extending recent weakness.

Multiple headwinds continue to pressure the stock. The retreat of delivery subsidies from major platforms has slowed store-level revenue growth, while domestic store expansion is approaching its physical ceiling with diminishing marginal returns. Meanwhile, procurement costs for lemons — a core ingredient — have surged over 60%, yet the company's ultra-low average spend of RMB 7.3 per customer severely constrains any pricing power, squeezing margins from both sides. Core business gross margin has already slipped from 31.2% to 29.9%.

Adding to uncertainty, the company's recent leadership transition to new CEO Zhang Yuan has unsettled markets. Zhang acknowledged in an earnings call that store profitability will face pressure following the subsidy pullback. Since the CEO change was announced, the stock has seen consecutive declines, with shares now down roughly 54% from their peak a year ago.

Within the Restaurants sector, peers also traded lower: Guming down 1.67% and Auntea Jenny down 3.42%, while Meituan-W slipped 0.32%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)