蜜雪集团(02097) - 2025 - 中期财报

Corporate Information This section outlines the company's board structure, key committees, and essential contact details Board and Committees The company's board, comprising executive and independent non-executive directors, is supported by audit, remuneration, and nomination committees - Board members include Mr. Zhang Hongchao (Chairman), Mr. Zhang Hongfu, Ms. Cai Weimiao, Ms. Zhao Hongguo as executive directors, and Ms. Pan Huiyan, Mr. Zhu Xi, Mr. Huang Xuande as independent non-executive directors[4] - The Audit Committee is chaired by Mr. Huang Xuande, the Remuneration Committee by Mr. Zhu Xi, and the Nomination Committee by Mr. Zhang Hongchao[4][5] Company Details and Contacts The company maintains its registered office and principal place of business in Zhengzhou, Henan, China, with a key operational presence in Hong Kong, alongside essential contact information - The registered office and China headquarters are located at Room 16004, Hanhai Beijin Commercial Center, Jinshui District, Zhengzhou, Henan Province, China[7] - The principal place of business in Hong Kong is Room 1912, 19th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[8] - The auditor is Ernst & Young, stock code is 2097, and the company website is **www.mxbc.com**[8](index=8&type=chunk)[10] Financial Summary This section provides a concise overview of the company's financial performance and position, highlighting significant growth in revenue, profit, assets, and equity for the reporting period Financial Performance Highlights For the six months ended June 30, 2025, the company achieved significant growth in both revenue and profit, with a corresponding increase in basic earnings per share Financial Performance Highlights (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,874,809 | 10,677,054 | 39.3% | | Gross Profit | 4,706,373 | 3,402,695 | 38.3% | | Profit for the Period | 2,718,214 | 1,886,899 | 44.1% | | Basic Earnings Per Share (RMB) | 7.23 | 5.23 | 38.2% | Financial Position Highlights As of June 30, 2025, the company's total assets, total equity, and cash balances all significantly increased, with a notable improvement in net current assets Financial Position Highlights (As of June 30) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 27,292,904 | 19,783,322 | | Total Liabilities | 5,911,440 | 4,722,502 | | Total Equity | 21,381,464 | 15,060,820 | | Cash and Bank Balances | 12,498,290 | 7,617,853 | | Financial Assets at Fair Value Through Profit or Loss | 5,113,517 | 3,491,643 | | Net Current Assets | 12,690,577 | 7,379,213 | Management Discussion and Analysis This section provides an in-depth review of the company's financial performance, business operations, and future outlook, highlighting key drivers of growth and strategic initiatives Financial Review The Group achieved strong financial growth in the first half of 2025, with significant increases in both revenue and profit, primarily driven by sales of goods and equipment and growth in franchise services, while maintaining a robust liquidity position and a low gearing ratio Financial Performance in H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,874.8 | 10,677.1 | 39.3% | | Gross Profit | 4,706.4 | 3,402.7 | 38.3% | | Profit for the Period | 2,718.2 | 1,886.9 | 44.1% | - Revenue growth was primarily attributed to sales of goods and equipment (up 39.6% to RMB14,494.7 million) and franchise and related services (up 29.8% to RMB380.1 million), with the latter benefiting from store network expansion[16][20] - Gross profit margin for goods and equipment sales decreased from 30.5% to 30.3%, mainly due to rising raw material costs and changes in revenue mix; franchise and related services gross profit margin increased from 81.7% to 82.7%, driven by economies of scale[18][23][25][30] - Net other income and gains increased by 96.0% to RMB158.6 million, primarily from higher interest income and government grants[26][31] - Sales and distribution expenses increased by 40.2% to RMB913.7 million, maintaining a 6.1% share of total revenue. Administrative expenses rose by 56.6% to RMB437.7 million, with its share of total revenue slightly increasing by 0.3 percentage points to 2.9%. R&D expenses grew by 1.7% to RMB41.0 million, with its share of total revenue remaining largely stable[27][28][29][32][33][34] - Finance costs decreased by 52.3% to RMB2.1 million, mainly due to repayment of bank borrowings. Income tax expense increased by 22.0% to RMB750.1 million, primarily due to higher profit before tax[35][36][40][41] - As of June 30, 2025, total cash and cash equivalents, time deposits and restricted cash, and financial assets at fair value through profit or loss amounted to RMB17,611.8 million, representing a 58.5% increase from the end of 2024, primarily driven by net cash from operating activities and proceeds from the Hong Kong public offering[38][43] - As of June 30, 2025, the Group had no interest-bearing bank and other borrowings, and the gearing ratio decreased from 23.9% at the end of 2024 to 21.7%[39][44][50][56] - As of June 30, 2025, capital commitments amounted to RMB74.9 million, primarily for the construction of production plants and acquisition of production equipment, a significant decrease from RMB398.6 million at the end of 2024[59][62] - As of June 30, 2025, the total number of employees was 8,117 (end of 2024: 7,025), with total employee compensation expenses of RMB897.8 million (H1 2024: RMB600.7 million)[60][63] Business Review As a leading global freshly-made beverage company, the Group achieved robust performance in H1 2025, expanding its global store network to over 53,000 outlets, while continuously strengthening its supply chain, brand IP, and store operations, and successfully entering the Central Asian market - The Group is a leading global freshly-made beverage company, offering high-quality, affordable fruit teas, milk teas, ice creams, and coffee, with an average unit price of approximately RMB6 (about US$1)[67][69] - It operates two major brands, "Mixue Bingcheng" and "Lucky Cup", ranking 72nd globally in the food and beverage industry by 2024 annual terminal retail sales[67][69] - As of June 30, 2025, the global store network exceeded 53,000 outlets, covering China and 12 overseas countries[72][7