Investment Rating - The investment rating for the company is upgraded to "Buy" [7] Core Views - The company achieved significant revenue growth in the first half of 2025, with total revenue reaching 14.87 billion yuan, a year-on-year increase of 39.3%, and net profit of 2.72 billion yuan, up 44.1% [1][2] - The company's store network continues to expand, with a total of 53,014 stores as of mid-2025, representing a net increase of 6,535 stores compared to the end of 2024 [3][4] - The company is focusing on both domestic and overseas markets, with strategies tailored to different regions, including aggressive expansion in the domestic market and optimization of existing stores in Southeast Asia [3][4] Revenue Growth - The revenue growth in 25H1 was driven by the expansion of the store network and an increase in average store sales, with the average single-store contribution to sales reaching 278,000 yuan, a year-on-year increase of 13.2% [2] - The revenue structure remains stable, with product sales, equipment sales, and franchise-related services contributing 13.84 billion, 650 million, and 380 million yuan respectively, with year-on-year growth rates of 39.5%, 42.3%, and 29.8% [2] Operational Strategy - The company is accelerating store openings, particularly in lower-tier cities, while also expanding the "Lucky Coffee" brand, which has seen a significant increase in store numbers [3][4] - The operational strategy for the domestic market focuses on steady expansion and improving store operational quality, while the overseas strategy emphasizes deepening market presence in Southeast Asia [4] Profitability - The gross margin for 25H1 was 31.6%, with a slight decrease of 0.2 percentage points, while the net profit margin improved by 0.6 percentage points to 18.3% [5] - The company maintains a stable cost structure, with sales, management, and R&D expense ratios remaining relatively unchanged [5] Financial Forecasts - Revenue forecasts for 2025-2027 are projected at 32.81 billion, 37.40 billion, and 42.84 billion yuan, with year-on-year growth rates of 32.1%, 14.0%, and 14.5% respectively [11] - The forecasted net profit for the same period is expected to be 5.81 billion, 6.67 billion, and 7.69 billion yuan, with growth rates of 30.9%, 14.8%, and 15.3% [11]
蜜雪集团（02097）：25年中报点评：25H1业绩亮眼，看好长期成长