Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by strong performance in merchandise sales and store expansion [1][2]. Financial Performance - The company achieved a revenue of 14.87 billion yuan, representing a year-on-year growth of 39.3% [1] - The net profit attributable to shareholders reached 2.69 billion yuan, with a growth of 42.9% [1] - Gross margin stood at 31.6%, slightly down by 0.2 percentage points [2] - The net profit margin improved to 18.1%, up by 0.5 percentage points [2] Business Segmentation - Merchandise sales accounted for 93.1% of total revenue, with a growth of 39.5% to 13.84 billion yuan [1] - Equipment sales contributed 4.4% of revenue, growing by 42.3% to 650 million yuan [1] - Franchise service revenue was 3.8 billion yuan, with a growth of 29.8%, making up 2.6% of total revenue [1] Store Expansion - The total number of stores reached 53,014, with 52,996 being franchise stores and 18 direct-operated stores [1] - The company added 7,721 franchise stores and closed 1,187, resulting in a net increase of 6,534 franchise stores [1] - The company is focusing on improving operational quality in Southeast Asia while continuing to expand in domestic markets [1] Geographic Distribution - The number of stores in mainland China and outside mainland China was 48,281 and 4,733, respectively, with net increases of 6,697 and a closure of 162 stores [1] - The company is exploring entry into Central Asia and the Americas while maintaining steady growth in Malaysia and Thailand [1] Market Dynamics - The company anticipates double-digit growth in same-store GMV, with new store openings contributing approximately 23.2% to revenue growth [2] - The company has launched 32 new products under the sub-brand Lucky Coffee, which has seen significant sales growth [3]
蜜雪集团(02097.HK)：蜜雪冰城下沉能力再验证 咖啡副牌进入放量期