Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 33.56 billion yuan in 2025, representing a year-on-year growth of 35.2%, and a net profit attributable to shareholders of 5.89 billion yuan, up 32.7%, aligning with previous expectations [2] - The company's revenue for the first half of 2025 was 14.88 billion yuan, growing by 39.3%, while the second half saw revenue of 18.69 billion yuan, increasing by 32.0% [2] - The company has expanded its store network significantly, with a total of approximately 60,000 stores globally by the end of 2025, including a net increase of 13,772 stores in mainland China, with 60% of new stores located in third-tier cities and below [4] Revenue Breakdown - In 2025, the company's revenue from product sales was 31.44 billion yuan, equipment sales contributed 1.33 billion yuan, and franchise and related services generated 794 million yuan, with respective year-on-year growth rates of 34.1%, 75.4%, and 28.0% [3] - The estimated single-store sales revenue was approximately 590,000 yuan, reflecting a growth of 6.0% [3] Cost and Profitability - The company's gross margin for 2025 was 31.1%, a decrease of 1.3 percentage points, primarily due to rising raw material costs and changes in revenue structure [5] - The gross margin for product and equipment sales was 29.9%, down 1.3 percentage points, while the gross margin for franchise and related services was 82.6%, up 2.2 percentage points due to enhanced economies of scale [5] Future Projections - Revenue projections for 2026 to 2028 are estimated at 38.60 billion yuan, 42.82 billion yuan, and 46.61 billion yuan, respectively, with net profits expected to be 6.38 billion yuan, 7.44 billion yuan, and 8.26 billion yuan [6] - The earnings per share (EPS) for the same period is projected to be 16.80 yuan, 19.61 yuan, and 21.76 yuan [6]
蜜雪集团（02097）：业绩符合预期，深化多品牌、全球化布局