Core Viewpoint - Huaxin Securities initiates coverage on Mixue Group (02097) with a "Buy" investment rating, projecting EPS for 2025-2027 to be 15.11, 17.87, and 20.32 CNY respectively [1] Financial Performance - For the first half of 2025, Mixue Group reported total revenue of 14.875 billion CNY, a year-on-year increase of 39% [1] - The net profit for the same period was 2.718 billion CNY, reflecting a 44% year-on-year growth [1] - The attributable net profit reached 2.693 billion CNY, marking a 43% increase compared to the previous year [1] Profitability Metrics - The gross margin for the first half of 2025 decreased by 0.2 percentage points to 31.64% [1] - The sales and distribution expenses as a percentage of revenue increased by 0.04 percentage points to 6.14%, while administrative expenses rose by 0.3 percentage points to 2.94% [1] - The net profit margin and attributable net profit margin increased by 1 percentage point and 0.5 percentage points to 18.27% and 18.10% respectively, showing slight year-on-year growth [1] Strategic Focus - The company aims to enhance supply chain capabilities, build brand IP, and optimize store operations, while accelerating expansion in domestic and overseas markets [1]
华鑫证券：首予蜜雪集团“买入”评级 上半年业绩表现亮眼