Core Viewpoint - Jianyin International maintains a "Outperform" rating for Mixue Group (02097) due to better-than-expected half-year performance, with a slight increase in 2026 earnings forecast by 1% [1] Financial Performance - Mixue Group's half-year results exceeded expectations despite the normalization of delivery subsidies, demonstrating resilient performance [1] - Revenue growth is expected to be 25.4% and net profit growth 17% in the second half of 2025 due to slower-than-anticipated subsidy reductions [1] Operational Strategy - The company is driving store traffic through brand/IP-led activities and enhancing user engagement and retention via upgrades to the "Mixue Ice City" app and membership system, offsetting the impact of reduced delivery traffic from price wars [1] - Adjustments to the point-of-sale (POS) strategy are aimed at achieving healthy and sustainable growth, with projected domestic store point growth rates of 11% in 2025 and 9% in 2026 [1] Expansion Plans - Operational strategy adjustments in overseas markets will continue until the first half of 2026, with net new store openings expected to increase in the second half of 2026 [1] - The company anticipates an increase in store points of 14% in 2025 and 10% in 2026 at the group level [1]
建银国际：维持蜜雪集团(02097)“跑赢大市”评级 料下半年净利润增17%