MIXUE GROUP (02097.HK)  -6.600 (-2.279%)    Short selling $17.21M; Ratio 52.604%   faced potential downward valuation reassessment, affected by the slowdown in future earnings growth, while its second growth engine (overseas market/Lucky Cup) has yet to be validated, Daiwa published a research report saying.

Therefore, the broker downgraded MIXUE GROUP from Outperform to Hold, and lowered its valuation basis from a projected 2026 PE ratio of 28x to 22x, with its target price slashed from $535 to $427.

Related News Guming (01364.HK) Full-Year Net Profit RMB3.109 Billion, Up 110.3%; Final Dividend HKD0.50
After the subsidy wave, MIXUE GROUP's same-store sales growth remained resilient, and network expansion may provide some support, Daiwa stated. However, the broker believed that the market may have overly high expectations for the second growth engine.

Daiwa thought MIXUE GROUP's mass market positioning limits product innovation and pricing flexibility compared to mid-tier enterprises like GUMING (01364.HK)  +0.260 (+0.914%)    Short selling $30.00M; Ratio 117.885%   and Luckin Coffee.

In terms of business model and long-term moat, MIXUE GROUP is more like TINGYI (00322.HK)  +0.200 (+1.520%)    Short selling $54.46M; Ratio 318.513%   than NONGFU SPRING (09633.HK)  -0.260 (-0.544%)    Short selling $103.61M; Ratio 144.758%   , Daiwa added. MIXUE GROUP has a strong franchisee network, penetration in lower-tier cities and supply chain advantages, resembling TINGYI's extensive distribution channels.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

Related NewsHaitong Int'l: NONGFU SPRING (09633.HK) Shows Resilience Amid Competition; TP Added to HKD59.8

AASTOCKS Financial News