蜜雪集团：2025 年下半年营收超预期，净利润符合预期；宣布管理层人事变动；维持买入评级

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 24 March 2026 | 2:40PM HKT Equity Research Mixue Group (2097.HK): First Take: 2H25 topline beat/NP in line; management role changes announced; Buy MIXUE Group reported 2H25 results with revenue/net profit up 32%/25% to Rmb18,685mn/Rmb3,194mn respectively and was +4%/0% compared to GSe. The higher-than-expected sales were driven by both per store sales growth (6% yoy, 3% above GSe) and store count, with China store openings faster than our expectation (+5.7k in 2H25 in China excl ...