Mixue Group IPO Preview

• Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong Kong IPO.

• The company has an excellent income statement with notable growth in sales and profits in the past four years.

• Net margin improved from 15.7% in 2023 and 18.7% in 1Q-3Q 2024, driven by higher sales base and lower major operating costs as a percentage of sales.