ab 27 January 2026 Global Research MIXUE Group Current valuation appears fair with likely near- term negative catalysts; downgrade to Neutral [Erratum] Downgrade to Neutral due to near-term risks We cut MIXUE's 2026-27E NP by 7% (11-13% below consensus), mainly reflecting near-term GPM pressure, driven by store-level deleveraging due to rising raw material costs, a higher delivery mix, and intensifying competition. We now expect MIXUE's 2026 GPM to compress to 29.7%, 1-2ppts lower than 2025 and 2.1ppts belo ...