Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to see significant growth in its main brand's overseas market expansion, which is anticipated to exceed expectations [3] - The rapid opening of new stores by the subsidiary "Lucky Coffee" is expected to release scale advantages [3] - The company is recognized for its strong supply chain and store operation capabilities, alongside continuous product upgrades [3] Financial Performance - In 2025, the company's revenue and net profit attributable to the parent company are projected to be 33.6 billion and 5.9 billion yuan, respectively, representing year-on-year growth of 35% and 33% [6] - For the second half of 2025, revenue and net profit attributable to the parent company are expected to be 18.7 billion and 3.2 billion yuan, with year-on-year growth of 32% and 25% [6] - The gross profit margin for 2025 and the second half of 2025 is projected to be 31.14% and 30.75%, showing a decline of 2.16 and 1.32 percentage points year-on-year [6] - The net profit margin for 2025 and the second half of 2025 is expected to be 17.54% and 17.09%, reflecting a decrease of 0.33 and 0.94 percentage points year-on-year [6] Store Expansion - As of the end of 2025, the total number of global stores reached 59,823, marking a year-on-year increase of 26% [2] - The company added a net of 13,344 stores throughout the year, with domestic and international contributions of 13,772 and -428 stores, respectively [2] - In the second half of 2025, the company added 7,075 new stores domestically, with a focus on lower-tier markets [2] Supply Chain and Management - The company has established a supply chain network with 28 warehouses, covering 33 provinces and 300 cities in China, and has set up localized warehousing and distribution networks in 8 countries overseas [2] - The management team has been strengthened, with the founder taking on the role of co-chairman and the former CFO becoming the new CEO [2]
蜜雪集团（02097）：深耕平台化布局，看好长期壁垒持续强化