MIXUE GROUP (02097) is projected to achieve revenues of 38.26 billion, 42.32 billion, and 46.01 billion yuan for the years 2026 to 2028, representing year-on-year growth rates of +14.0%, +10.6%, and +8.7%, respectively. This growth is attributed to the company's rapid store network expansion. Net profit attributable to shareholders for the same period is forecasted to be 6.47 billion, 7.30 billion, and 7.98 billion yuan, increasing by 9.9%, 12.8%, and 9.2% year-on-year.

MIXUE possesses significant supply chain advantages and a strong value-for-money positioning, which provides substantial room for expansion in lower-tier cities and international markets. As the contribution from food delivery services is expected to gradually diminish after 2026, the company's price competitiveness is anticipated to become more prominent. Furthermore, the introduction of freshly ground coffee under its main brand is likely to effectively support same-store sales performance. Investors are advised to monitor the company's progress.

In 2025, MIXUE reported robust revenue and profit growth, benefiting from food delivery tailwinds and rapid store openings. Revenue reached 33.56 billion yuan, a 35.2% increase year-on-year, driven by a 26% expansion in store count and a 7% rise in average store revenue to 616,000 yuan. Second-half revenue was 18.69 billion yuan, up 32.0% year-on-year, indicating stable operations.

The company opened 14,496 new stores in 2025, acquired 1,354 stores through the FULUJIA acquisition, and closed 2,527 stores, resulting in a net addition of 13,323 stores—a significant increase compared to 2024, largely due to the rapid scaling of the LUCKIN COFFEE brand. The total store count reached 59,785 by year-end, with average store revenue increasing by 7% to 630,000 yuan.

Profitability metrics remained strong, with an overall gross margin of 31.6%. Net profit attributable to shareholders was 5.89 billion yuan, up 32.7% year-on-year, yielding a net profit margin of 17.5%. The company also demonstrated improved control over operating expenses.

MIXUE's integrated supply chain represents a key long-term competitive barrier, with over 60% of core ingredients produced in-house. Large-scale procurement, production, and logistics operations reduce material costs by 10%-30% compared to industry peers, supporting its high value-for-money proposition. The company's multi-brand strategy—encompassing MIXUE ICE CREAM & TEA, LUCKIN COFFEE, and FULUJIA—enables it to target diverse consumer segments, occasions, and scenarios, leveraging shared channels and operational capabilities to unlock further growth potential.

Internationally, MIXUE has expanded into 13 countries with 4,467 stores. Although net store closures occurred in Southeast Asia in 2025 due to market adjustments, the company's standardized products, robust supply chain, cost-effectiveness, and universally appealing flavors position it well for long-term overseas growth.

Potential risks include a downturn in the macroeconomy, slower-than-expected store expansion, and intensifying market competition.