Investment Rating - The report maintains a "Buy" rating for Mixue Group [4][10][14] Core Insights - Mixue Group reported a revenue of RMB 33.6 billion for 2025, representing a year-on-year growth of 35%, and a net profit attributable to shareholders of RMB 5.9 billion, up 33% year-on-year, exceeding expectations due to higher-than-expected new store openings [10][11] - The company plans to slow down its store expansion in 2026, focusing on improving quality and efficiency, leading to a slight reduction in net profit forecasts for 2026 and 2027 [10][11] - The target price has been adjusted from HK$ 566 to HK$ 400 based on the DCF model [10][11] Financial Data and Profit Forecast - Revenue projections for Mixue Group are as follows: - 2024: RMB 24,829 million - 2025: RMB 33,560 million - 2026E: RMB 36,771 million - 2027E: RMB 41,128 million - 2028E: RMB 45,752 million - Net profit attributable to shareholders is projected as: - 2024: RMB 4,437 million - 2025: RMB 5,887 million - 2026E: RMB 6,170 million - 2027E: RMB 7,094 million - 2028E: RMB 8,070 million - The expected growth rates for revenue and net profit show a trend of high growth in the earlier years, with a gradual decline in growth rates in the later years [9][16]