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MIXUE Group Class H
(2097)
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Rating:75Outperform
Price Target:
HK$192.00
▼(-6.89% Downside)
Action:Reiterated
Date:10/31/26
The score is driven primarily by excellent financial performance (rapid growth, strong profitability, very low leverage, and robust free cash flow). This is partly offset by weaker technicals (price below key longer-term moving averages and negative MACD), while valuation (P/E ~12) is supportive.
Positive Factors
Accelerating Revenue Growth
The sharp acceleration in revenue growth indicates expanding demand and stronger network-level business activity. If sustained, this momentum can support continued store and supply-chain scaling, improve operating leverage, and strengthen MIXUE’s competitive position over the next several quarters.
Negative Factors
Margin Compression
Although current profitability remains strong, the decline from earlier peak margins suggests that expansion is accompanied by some cost pressure. Continued compression could reduce the earnings benefit of rapid revenue growth and limit operating leverage if the trend persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Revenue Growth
The sharp acceleration in revenue growth indicates expanding demand and stronger network-level business activity. If sustained, this momentum can support continued store and supply-chain scaling, improve operating leverage, and strengthen MIXUE’s competitive position over the next several quarters.
Read all positive factors
MIXUE Group Class H (2097) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$64.84B
Dividend Yield1.8%
Average Volume (3M)177.49K
Price to Earnings (P/E)12.0
Beta (1Y)0.14
Revenue GrowthN/A
EPS GrowthN/A
CountryHK
Employees10,374
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)9.74
Shares Outstanding150,883,060
10 Day Avg. Volume211,058
30 Day Avg. Volume177,486
Financial Highlights & Ratios
PEG Ratio0.82
Price to Book (P/B)5.66
Price to Sales (P/S)4.23
P/FCF Ratio25.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$275.27Price Target Upside33.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)13.44
Revenue Forecast (FY)HK$33.76B
MIXUE Group Class H Business Overview & Revenue Model
Company Description
Mixue Group operates as a prominent purveyor of refreshments and frozen treats, offering a diverse array of fruit beverages, tea-based drinks, ice cream, and coffee products. Its commercial activities extend across mainland China and a wide range ...
How the Company Makes Money
MIXUE Group primarily makes money through a franchise-led, vertically integrated supply-chain model rather than relying mainly on company-operated retail sales. Key revenue streams typically include: (1) Sales of goods and supplies to franchisees ...
MIXUE Group Class H Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.03B | 32.69B | 24.83B | 20.30B | 13.58B | 10.35B |
| Gross Profit | 9.36B | 10.19B | 8.06B | 6.00B | 3.85B | 3.24B |
| EBITDA | 7.26B | 7.90B | 6.24B | 4.44B | 2.85B | 2.67B |
| Net Income | 5.24B | 5.73B | 4.44B | 3.14B | 2.00B | 1.91B |
Balance Sheet | ||||||
| Total Assets | 27.29B | 30.81B | 19.78B | 14.59B | 9.95B | 7.32B |
| Cash, Cash Equivalents and Short-Term Investments | 14.87B | 17.33B | 9.13B | 6.38B | 4.63B | 3.58B |
| Total Debt | 111.11M | 187.34M | 92.55M | 386.17M | 281.64M | 142.76M |
| Total Liabilities | 5.91B | 6.03B | 4.72B | 4.00B | 2.47B | 1.77B |
| Stockholders Equity | 21.25B | 24.46B | 14.96B | 10.51B | 7.45B | 5.54B |
Cash Flow | ||||||
| Free Cash Flow | 5.45B | 5.35B | 4.56B | 2.10B | 1.17B | 740.02M |
| Operating Cash Flow | 6.45B | 6.04B | 6.01B | 3.79B | 2.43B | 1.69B |
| Investing Cash Flow | -6.74B | -6.36B | -7.02B | -825.34M | -2.20B | -1.83B |
| Financing Cash Flow | 3.49B | 3.51B | -277.44M | -111.32M | -139.26M | 726.65M |
MIXUE Group Class H Technical Analysis
Neutral
206.20
Price Trends
187.89
Negative
207.30
Negative
267.14
Negative
Market Momentum
-6.04
Negative
47.33
Neutral
45.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2097, the sentiment is Neutral. The current price of 206.2 is above the 20-day moving average (MA) of 168.23, above the 50-day MA of 187.89, and below the 200-day MA of 267.14, indicating a neutral trend. The MACD of -6.04 indicates Negative momentum. The RSI at 47.33 is Neutral, neither overbought nor oversold. The STOCH value of 45.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2097.
MIXUE Group Class H Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$10.60B | 10.05 | 12.97% | 4.67% | 4.39% | 8.53% | |
75 Outperform | HK$64.84B | 12.05 | 18.75% | 1.80% | ― | ― | |
72 Outperform | HK$476.18B | 23.79 | 44.39% | 2.67% | 26.71% | 31.59% | |
71 Outperform | HK$33.84B | 13.30 | 16.17% | 7.02% | 3.65% | 4.00% | |
71 Outperform | HK$17.11B | 19.29 | 7.15% | 5.48% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | HK$170.55M | -9.41 | -7.25% | 2.11% | -1.25% | -6.69% |
* General Sector Average
HK:2097
MIXUE Group Class H
170.80
-235.46
-57.96%
HK:0220
Uni-President China Holdings
7.84
<0.01
0.04%
HK:9633
Nongfu Spring Co., Ltd. Class H
42.34
-7.91
-15.75%
HK:1446
Hung Fook Tong Group Holdings Ltd
0.26
-0.16
-38.10%
HK:0506
China Foods Limited
3.79
-0.15
-3.73%
HK:2460
China Resources Beverage (Holdings) Company Limited
7.14
-2.83
-28.39%
MIXUE Group Class H Corporate Events
MIXUE Group Announces Special Dividend and Clarifies Tax Treatment for H Shareholders
Sep 30, 2026
MIXUE Group has declared a special cash dividend of RMB 2.65 per share for the financial year ending 31 December 2026, with payment to Hong Kong shareholders set at HKD 3.08304 per share based on an exchange rate of RMB 1 to HKD 1.16341. The ex-di...
MIXUE Group Shareholders Approve RMB1 Billion Special Dividend at Extraordinary Meeting
Sep 30, 2026
MIXUE Group convened its first extraordinary general meeting of 2026 in Zhengzhou on September 30, where shareholders representing about 90.30% of voting rights attended in person or by proxy. The meeting complied with PRC Company Law and the comp...
MIXUE Group Grants 12 Million H Share Awards to Align Staff and Shareholder Interests
Sep 28, 2026
MIXUE Group has granted 12,023,300 awards under its H Share Award Scheme to 1,234 employees, representing about 3.167% of its issued share capital, at a purchase price of HK$18.470 per share compared with a market closing price of HK$184.700 on th...
MIXUE Group Sets EGM to Approve Special Dividend for H Shareholders
Sep 11, 2026
MIXUE Group has called its first extraordinary general meeting of 2026 for September 30 in Zhengzhou, where shareholders will vote on a proposed special dividend distribution. The meeting will be conducted by poll, and only shareholders recorded o...
MIXUE Group Updates Special Dividend Timetable and Withholding Tax Details
Sep 11, 2026
MIXUE Group has announced an updated special cash dividend of RMB 2.65 per share for its H shareholders, with key timetable changes covering shareholder approval on 30 September 2026 and an ex-dividend date set for 5 October 2026. The record date ...
MIXUE Group Posts Modest Revenue Growth but Profit Declines on Rising Costs
Aug 27, 2026
MIXUE Group reported unaudited interim results for the six months ended June 30, 2026, showing revenue of RMB15.22 billion, up 2.3% year-on-year. The growth was driven mainly by a 2.1% increase in sales of goods and equipment and a 10.0% rise in r...
MIXUE Group Announces RMB 2.65 Special Dividend for 2026
Aug 27, 2026
MIXUE Group has declared a special cash dividend of RMB 2.65 per share for the financial year ending 31 December 2026, with payment scheduled for 6 November 2026, subject to shareholder approval. Key administrative details such as the default paym...
MIXUE Group Sets Board Meeting to Approve 2026 Interim Results
Aug 17, 2026
MIXUE Group has scheduled a board meeting for Thursday, August 27, 2026, to review and approve the group’s interim results for the six months ended June 30, 2026 and to authorize their publication. The meeting will also address other unspeci...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.