智通财经APP获悉，建银国际发布研报称，维持蜜雪集团(02097)“跑赢大市”评级，主要考虑到半年业绩表现优于预期，该行小幅上调2026年盈测1%。由于补贴退坡速度略慢于该行此前预期，故预计2025年下半年收入增长25.4%，净利润增长17%。
蜜雪集团今年上半年业绩超预期，尽管外卖补贴常态化，集团仍交出韧性业绩。线下方面，公司透过品牌/IP主导的活动带动门店客流;线上则升级“蜜雪冰城”小程式及会员体系，提升用户参与度与留存率，两者共同抵销外卖价格战降温带来的流量拖累。
报告表示，集团调整门店销售点(POS)策略，实现健康可持续增长，预计今明两年国内门店销售点增长率分别为11%/9%；海外市场方面运营策略调整将持续至2026年上半年，海外净新增门店数量将于2026年下半年上涨。集团层面，预计2025-2026年门店销售点分别增加14%/10%。
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