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Franchisor of China's largest low-price ice-cream and bubble-tea chain, supplying ingredients and equipment to franchisees.
Franchisor of China's largest low-price ice-cream and bubble-tea chain, supplying ingredients and equipment to franchisees.
Most revenue comes from selling ingredients, packaging and equipment to franchisees, not from fees, so it earns as its franchised stores sell more cups. It runs its own factories and warehousing to keep prices low for franchisees, who operate almost all the stores. Listed in Hong Kong in 2025.
In one line: A vertically-integrated Dairy Queen for tea and soft-serve.
Moat: narrow (scale, distribution, brand). Self-owned supply chain and huge store count let it undercut rivals on price.
Headquarters: Wuhan, China · Founded: 1997 · Employees: 9,102
Size MIXUE (2097.HK) is a Hong Kong Consumer Staples company (Food Retail) with a market value of $8.80B, the 176th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$181.80 on 6 Nov 2026.
Performance Over six months the shares fell 37.3%, against +11.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 35.2% over the last twelve months (peer median +2.9%); the operating margin is 19.9% (peer median 4.2%).
Valuation It trades at 11.5× forward earnings against a peer median of 20.0× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -51 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 65.1 points above its cost of capital (5.7% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.8B | HK$36.4B | HK$26.9B | HK$22.4B | HK$15.8B |
| Revenue growth | — | +35% | +20% | +42% | — |
| Gross profit | HK$11.6B | HK$11.3B | HK$8.74B | HK$6.40B | HK$4.30B |
| EBITDA | HK$8.21B | HK$8.54B | HK$6.57B | HK$4.73B | HK$3.17B |
| Net income | HK$6.11B | HK$6.38B | HK$4.81B | HK$3.47B | HK$2.32B |
| Free cash flow | HK$4.63B | HK$5.80B | HK$4.93B | HK$2.34B | HK$1.30B |
| Capital expenditure | HK$805M | HK$750M | HK$1.57B | HK$1.87B | HK$1.47B |
| Total debt | n/a | HK$209M | HK$98.5M | HK$425M | HK$316M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MIXUE 2097.HK | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% |
| Guming 1364.HK | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% |
| Starbucks SBUX | $120B | +1% | +2% | 11% | 32.6× | 18.5% |
| Sichuan Baicha Baidao Industrial 2555.HK | n/a | -28% | n/a | n/a | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2097.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | +5.5% | 10th lowest of 21 |
| 6-month return | -37.3% | +11.1% | 2nd lowest of 21 |
| Distance from 52-week high | -60.8% | -8.1% | lowest of 21 |
| Revenue growth (TTM) | +35.2% | +2.9% | 3rd highest of 21 |
| Operating margin | 19.9% | 4.2% | 2nd highest of 21 |
| Forward P/E | 11.5× | 20.0× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -18.5% | 3.3% | least demanding of 20 |
| Growth delivered (Del g) | +32.1% | +6.3% | 2nd highest of 20 |
| Hurdle (Req g minus delivered) | -50.6 pp | -5.2 pp | least demanding of 20 |
| ROIC minus cost of capital | +65.1 pp | +3.5 pp | highest of 20 |
| EV / EBITDA | 5.7× | 8.7× | 2nd cheapest of 19 |
| Net debt / EBITDA | -2.8× | 2.0× | least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MIXUE 2097.HK | Hong Kong | $8.80B | -37% | +35% | 20% | 11.5× | -18.5% | +32.1% |
| Dino Polska DNP.WA | Poland | $9.36B | +31% | +14% | 6% | 22.2× | 17.9% | +27.1% |
| Zabka ZAB.WA | Poland | $8.11B | +41% | +14% | 8% | 25.3× | 6.3% | +19.3% |
| Empire EMP-A.TO | Canada | $7.85B | +7% | +2% | 4% | 13.6× | -2.7% | +2.5% |
| J Sainsbury SBRY.L | United Kingdom | $10.4B | +16% | -3% | 3% | 14.9× | 7.8% | +3.0% |
| BBB Foods TBBB | United States | $10.8B | +72% | +52% | 1% | n/a | 49.9% | +37.1% |
| Guming 1364.HK | Hong Kong | $7.08B | -4% | +47% | 25% | 14.8× | -4.1% | +29.4% |
| Kesko KESKOA.HE | Finland | $11.3B | +23% | +6% | 5% | 20.6× | 4.8% | +3.2% |
| President Chain Store 2912.TW | Taiwan | $6.62B | -6% | +5% | 4% | 17.0× | 3.3% | +6.3% |
| Axfood AXFO.ST | Sweden | $6.26B | +4% | +2% | 3% | 24.3× | 3.2% | +10.7% |
| Albertsons Companies ACI | United States | $6.02B | -20% | +2% | 2% | 7.0× | -3.0% | +3.6% |
| Uni-president Enterprises 1216.TW | Taiwan | $13.2B | +11% | +1% | 5% | 17.6× | 0.6% | +8.5% |
| Metro MRU.TO | Canada | $14.6B | +11% | +3% | 6% | 19.4× | -0.7% | +4.1% |
| DFI Retail D01.SI | Singapore | $5.06B | -11% | -3% | 4% | 13.2× | -0.4% | -2.9% |
| Sprouts Farmers Market SFM | United States | $4.53B | -41% | +5% | 7% | 11.3× | -4.0% | +6.4% |
| Kobe Bussan 3038.T | Japan | $4.33B | +15% | +6% | 7% | 21.9× | -4.8% | +10.1% |
| Yonghui Superstores 601933.SS | China | $3.76B | -23% | -16% | -3% | 273.4× | n/a | n/a |
| Ocado OCDO.L | United Kingdom | $3.73B | +77% | -42% | 3% | n/a | 39.1% | -9.9% |
| Coles COL.AX | Australia | $21.0B | +7% | +3% | 4% | 24.4× | 5.5% | +3.3% |
| Distribuidora Internacional de Alimentacion DIA.MC | Spain | $3.15B | +25% | +2% | 3% | 32.6× | 4.9% | -3.6% |
| Kusuri No Aoki 3549.T | Japan | $2.88B | +26% | +13% | 5% | 21.2× | 4.1% | +13.1% |