BRIEF: Mixue posts strong profit, revenue gains in first post-IPO report

Leading bubble tea chain Mixue Group (2097.HK) on Wednesday said its revenue reached 24.83 billion yuan ($3.42 billion) last year, up 22.3% from 2023, according to its first financial report since its IPO earlier this month. Its annual net profit jumped 41.4% to 4.44 billion yuan during the period.

The company attributed the improved profit to a more efficient supply chain and lower costs for some raw materials, which boosted its gross margin for merchandise and equipment sales from 28.8% in 2023 to 31.6% last year.

The company operated 46,479 stores globally at the end of last year, up by 8,914 from the start of the year. That included 41,584 stores in China and 4,895 overseas. The company plans to continue expanding its domestic network while focusing on Southeast Asia for its global business, with potential entry into other regions when conditions permit.

Mixue’s shares opened up 1.1% at HK$415 on Thursday. The stock has more than doubled since its trading debut earlier this month.

By Lau Chi Hang

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