MIXUE GROUP (02097) saw its stock price plummet by 5.04% during intraday trading on Thursday, following the release of its interim results and a subsequent analyst briefing. The sharp decline comes as investors digest news of expected changes in delivery platform subsidies and challenges in overseas markets.

According to a report by Goldman Sachs, MIXUE GROUP's management indicated that the high subsidy levels from delivery platforms, which boosted sales and store profits in the first half of 2025, are expected to gradually return to normal. This normalization is already evident in July's delivery sales growth, which has slowed compared to June. The company maintains a cautious attitude toward growth models dependent on delivery subsidies, viewing them as "unsustainable" in the medium term.

Adding to investor concerns, MIXUE GROUP reported a decline in its overseas store count during the first half of the year. This reduction is primarily attributed to "operational adjustments" in Vietnam and Indonesia markets. While management emphasized that these adjustments aim to enhance individual store quality and profitability, with data showing positive growth in sales per store after the adjustments, the news appears to have dampened investor sentiment. The company is also facing challenges in improving supply chain efficiency in overseas markets, which it plans to address over the next 1-2 years through measures such as localized procurement and potential factory establishments in distant markets.