Core Viewpoint - Huaxin Securities initiates coverage on Mixue Group (02097) with a "Buy" investment rating, projecting significant earnings growth through 2027 [1] Financial Performance - For the first half of 2025, Mixue Group reported total revenue of 14.875 billion yuan, a year-on-year increase of 39% [1] - The net profit for the same period reached 2.718 billion yuan, reflecting a 44% year-on-year growth, with attributable net profit of 2.693 billion yuan, up 43% [1] - The gross margin slightly decreased by 0.2 percentage points to 31.64% [1] Expense Analysis - Sales and distribution expenses as well as administrative expenses increased as a percentage of revenue, rising by 0.04 percentage points and 0.3 percentage points to 6.14% and 2.94%, respectively [1] - It is anticipated that these expense ratios will stabilize in the second half of the year [1] Profitability Metrics - 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 its supply chain, build brand IP, and optimize store operations while accelerating domestic expansion and exploring overseas markets, which is expected to further boost performance [1]
华鑫证券：首予蜜雪集团(02097)“买入”评级 上半年业绩表现亮眼