The analyst rating for MIXUE GROUP (02097.HK) was kept at "Outperform" by CLSA due to the potential for store network expansion, despite concerns about same-store sales growth and a reduction in net profit forecasts for 2025 and 2026. The broker expects profitability for franchisees to improve through price hikes and reduced franchise fees, which supports mid-teens store count growth. Additionally, CLSA raised its 2027 net profit forecast and predicted stabilization of the net profit margin after 2026, which contributed to the decision to maintain the positive rating. However, the target price was lowered from $505 to $406, reflecting adjustments in gross margin forecasts.
