MIXUE Group Class H

MIXUE Group Class H

166.70
HKD
+5.10
(+3.16%)
155.57BMarket Cap
Mar 31Next Earn
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
27.45
36
53.84
65.85
89.24
- -
Basic EPS, GAAP
5.07
5.3
8.32
11.77
15.65
- -
Free Cash Flow per Basic Share
1.96
3.1
5.58
12.09
14.22
- -
Dividend per Share
1.07
0.28
0.27
- -
- -
- -
Book Value per Share
14.69
19.77
27.87
39.66
64.4
64.4
Tangible Book Value per Share
14.54
18.93
27.03
38.78
62.95
62.95
Basic Weighted Avg Shares
377
377
377
377
376
376
Sales/Revenue/Turnover
10,351
13,576
20,302
24,829
33,560
- -
Operating Margin (%)
24.4
19.08
20.2
22.69
21.74
- -
Depreciation Expense
101
184
268
419
544
- -
Net Income, GAAP
1,910
1,997
3,137
4,437
5,887
- -
Effective Tax Rate (%)
25.28
24.26
23.29
23.34
21.5
- -
Profit Margin (%)
18.46
14.71
15.45
17.87
17.54
- -
Working Capital
3,368
4,217
5,414
7,379
15,919
15,919
LT Debt
62
63
54
41
84
84
Total Equity
5,543
7,479
10,595
15,061
24,769
24,769
Return on Invested Capital (%)
- -
28.44
32.24
32.15
27.85
- -
Return on Capital (%)
- -
29.56
33.07
33.85
29.17
- -
Return on Common Equity (%)
- -
30.74
34.93
34.85
29.88
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
52
64
103
LT Borrowings
- -
- -
- -
LT Finance Leases
41
47
84
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
377
380
380
Market Capitalization
- -
178,072
139,787

Working Capital

CNY

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
11,896
18,381
21,540
Cash, Cash Equivalents & STI
9,132
14,869
17,281
Accounts Receivable, Net
26
35
30
Inventories
2,215
2,992
3,673
Total Current Liabilities
4,517
5,691
5,621
Payables & Accruals
- -
- -
- -
ST Debt
52
64
103
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
64.46%
Free Cash Flow
- -
- -
17.3%
Net Income, GAAP
- -
- -
32.69%
Sales/Revenue/Turnover
- -
- -
35.16%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
4,909
20,302
2024
- -
- -
24,829
2025
- -
- -
33,560

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
1.95
8.32
2024
- -
- -
11.77
2025
- -
- -
15.65

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.27
2024
- -
- -
- -
2025
- -
- -
- -

Company Description

CEO
Yuan Zhang
Full Time Employees
9,102
Sector
Retail trade
Industry
Food retail
Address
Hanhai Beijin Commerce Center Zhengzhou HN China
IPO Date
Mar 3, 2025
Website
mxbc.com
Business
MIXUE Group (2097.HK) operates as a leading China-based chain specializing in the development, production, sales, and franchise management of ready-made beverages and ice cream products; it supplies core ingredients, packaging materials, store equipment, and IT services to its extensive network of primarily franchised outlets under the Mixue Ice Cream & Tea and Lucky Cup brand names, encompassing fruit teas such as passion fruit bubble tea and lemon jasmine tea, milk teas including classical milk tea and o-coco milk tea, soft-serve ice creams, milk shakes like strawberry peach mi shake, sundaes such as super mango sundae, and coffee offerings. Founded in 1997 and headquartered in Zhengzhou, Henan Province, the company serves value-conscious consumers through over 45,000 stores, making it the world's largest food-service chain by outlet count, with operations spanning Mainland China, Hong Kong, and international markets including Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Cambodia, Laos, Singapore, Australia, South Korea, Japan, and planned expansion into the United States. In March 2025, MIXUE Group completed its initial public offering on the Hong Kong Stock Exchange, raising approximately HK$3.45 billion in the city's largest IPO of the year; in October 2025, it acquired a 53% stake in Xianpi Fuluji (Fulujia) for RMB 297 million via capital increase and equity transfer, establishing the fresh beer brand as a non-wholly-owned subsidiary to diversify into on-tap fresh beer and leverage synergies in supply chain, R&D, logistics, and marketing resources.