Core Insights - The company reported strong financial performance for the first half of 2025, with revenue of 14.875 billion and a year-on-year growth of 39.3%, and a net profit attributable to shareholders of 2.693 billion, reflecting a 42.9% increase [1][2] Financial Performance - Revenue exceeded expectations, driven by strong sales in the beverage segment, particularly benefiting from the takeout market, with raw material revenue growth supported by increased cup volume and accelerated store openings [1] - The company maintained good cost control, with a gross margin of 31.6%, a slight decrease of 0.2 percentage points year-on-year; the selling expense ratio remained stable at 6.1%, while the management expense ratio increased by 0.3 percentage points to 2.9% [1][2] Store Expansion - The company accelerated its store openings, surpassing 53,000 global stores, with a net increase of 6,535 stores in the first half of 2025, including 6,697 new stores domestically and a decrease of 162 overseas [1] - As of the end of the first half of 2025, the domestic and overseas store counts were 48,281 and 4,733, respectively [1][2] Market Distribution - The distribution of domestic stores as of the first half of 2025 was as follows: first-tier cities 4.9%, new first-tier cities 18.4%, second-tier cities 19.1%, and third-tier and below 57.6%, with slight year-on-year changes [2] - The company opened 7,721 new franchise stores and closed 1,187, with both opening and closing rates increasing compared to the first half of 2024 [2] Strategic Focus - The company is focusing on steady domestic growth while accelerating overseas market adjustments and expansions, particularly in Southeast Asia, with successful entry into the Central Asian market by opening its first store in Kazakhstan [2] - The company has adjusted its profit forecasts upward, expecting net profits of 5.953 billion, 6.436 billion, and 7.183 billion for FY2025, FY2026, and FY2027, respectively, with corresponding price-to-earnings ratios of 27, 25, and 22 [2]
蜜雪集团(02097.HK)：收入利润超预期 海外拓展新地区