Group 1 - HSBC has initiated coverage on Mixue Group (02097.HK) with a target price of HKD 544.1 and a "Hold" rating [1] - HSBC expects a compound annual growth rate (CAGR) for Mixue's revenue and net profit of 17.5% and 17.4% respectively from 2024 to 2027 [1] - The number of Mixue stores is projected to reach 69,239 by 2027 [1] Group 2 - Mixue's end-to-end supply chain supports its leading position in the low-price product segment [1] - Overseas expansion remains an option for Mixue, with 5.1% of its revenue and 10.6% of its total stores coming from international markets in the first nine months of 2024 [1] - 99% of Mixue's overseas stores are located in Southeast Asia, primarily in Indonesia and Vietnam [1]