Mixue Group H1 Profit Falls 14.73% to RMB2.296 Billion, Revenue Up 2.29%
Mixue Group reported 2026 first-half revenue of RMB15.216 billion, up 2.29% year on year, while net profit attributable to shareholders fell 14.73% to RMB2.296 billion. Gross margin narrowed to 30.4%. The company declared a special dividend of RMB2.65 per share. Global store count reached about 64,000 across 17 countries, with mainland China adding 11,300 stores. Shares fell as much as 12% on August 27.
Mixue Group released its 2026 interim results. For the first half of 2026, the company achieved revenue of RMB15.216 billion, up 2.3% year on year. Net profit was RMB2.319 billion, down 14.7% from a year earlier. Gross margin stood at 30.4%, a decrease of 1.2 percentage points. Basic earnings per share were RMB6.05, down 16.3% year on year. The company proposed a special dividend of RMB2.65 per share. Other income and gains, net, fell 19.6% to RMB127.5 million, mainly due to increased exchange losses on foreign currency deposits, partially offset by government grants and changes in fair value of financial assets.
As of June 30, 2026, Mixue Group operated approximately 64,000 stores across 17 countries globally, a net increase of more than 10,000 stores from a year earlier. In mainland China, the store count reached 59,600, a net addition of 11,300 stores, up 23.5% year on year. Stores in third-tier and lower-tier cities accounted for 58% of the total, a further increase. Outside mainland China, the store count was 4,347, a net decrease of 355 stores, down 7.5% year on year. During the first half, 1,289 franchised stores were closed, compared with 1,187 in the same period last year. The number of franchisees rose more than 27% year on year to 29,775.
The company has established six production bases and 31 warehouses nationwide, with a distribution network covering 33 provincial-level regions and more than 300 prefecture-level cities. It has also built localized warehousing and distribution networks in nine overseas countries. Some stores in Malaysia and Vietnam now have cold-chain logistics coverage. Since October 2024, the smart dispensing machine has been rolled out to more than 18,000 Mixue Bingcheng stores, improving operational efficiency and product standardization.
In the first half of 2026, other income and gains, net, decreased 19.6% to RMB127.5 million, mainly due to increased exchange losses on foreign currency deposits. The company plans to enhance store operating quality and steadily expand its network in China, while overseas it will continue to deepen its presence in Southeast Asia and explore new markets in Central Asia and the Americas. On the afternoon of August 27, Mixue Group (02097. HK) shares fell more than 12% at one point, and were trading at HK$225.4 as of 1:06 p. m. , down 9.3%.