蜜雪集团2024 年度报告

Contents 90INDEPENDENT AUDITOR’S REPORT 02CORPORATE INFORMATION 99CONSOLIDATED STATEMENT OFPROFIT OR LOSS 05FINANCIAL HIGHLIGHTS 06BUSINESS REVIEW AND OUTLOOK 100CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME 16MANAGEMENT DISCUSSION ANDANALYSIS 101CONSOLIDATED STATEMENT OFFINANCIAL POSITION 21DIRECTORS, SUPERVISORS ANDSENIOR MANAGEMENT 103CONSOLIDATED STATEMENT OFCHANGES IN EQUITY 30DIRECTORS’ REPORT 105CONSOLIDATED STATEMENT OF CASHFLOWS 59REPORT OF THE SUPERVISORYCOMMITTEE 110NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS 61CORPORATE GOVERNANCE REPORT CORPORATE INFORMATION BOARD OF DIRECTORS EXECUTIVE DIRECTORS Mr. Zhang Hongchao ()(Chairman of the Board)Mr. Zhang Hongfu ()Ms. Cai Weimiao ()Ms. Zhao Hongguo () INDEPENDENT NON-EXECUTIVE DIRECTORS Ms. Poon Philana Wai Yin ()Mr. Chu Gary Hsi ()Mr. Huang Sidney Xuande () AUDIT COMMITTEE Mr. Huang Sidney Xuande ()(Chairman)Ms. Poon Philana Wai Yin ()Mr. Chu Gary Hsi () REMUNERATION COMMITTEE Mr. Chu Gary Hsi ()(Chairman)Mr. Huang Sidney Xuande ()Mr. Zhang Hongfu () NOMINATION COMMITTEE Mr. Zhang Hongchao ()(Chairman)Ms. Poon Philana Wai Yin ()Mr. Chu Gary Hsi ()Mr. Huang Sidney Xuande () SUPERVISORY COMMITTEE Ms. Cui Haijing ()Ms. Yu Min ()Mr. Sun Jiantao () CORPORATE INFORMATION REGISTERED OFFICE 16004 Room 16004Hanhai Beijin Commerce CenterBeisanhuan South and Wenhua Road EastJinshui DistrictZhengzhou, Henan ProvincePRC HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC Room 16004Hanhai Beijin Commerce CenterBeisanhuan South and Wenhua Road EastJinshui DistrictZhengzhou, Henan ProvincePRC 16004 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 33191912 Room 1912, 19/FLee Garden One33 Hysan AvenueCauseway Bay, Hong Kong H SHARE REGISTRAR H 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong CORPORATE INFORMATION HONG KONG LEGAL ADVISER Davis Polk & WardwellA Davis Polk & Wardwell10/F, The Hong Kong Club Building3A Chater RoadHong Kong COMPLIANCE ADVISER 2920 Somerley Capital Limited20/F China Building29 Queen’s Road CentralHong Kong AUTHORIZED REPRESENTATIVES Mr. Zhang Hongfu ()Ms. Tang King Yin () JOINT COMPANY SECRETARIES Mr. Chen Yixin ()Ms. Tang King Yin () PRINCIPAL BANK 76 China Construction BankZhengzhou Wenhua Road BranchNo. 76, Wenhua RoadJinshui DistrictZhengzhou, Henan ProvincePRC STOCK CODE 2097 2097 COMPANY’S WEBSITE www.mxbc.com www.mxbc.com Note: The Company was listed on the Main Board of the StockExchange on March 3, 2025. The Company published financialinformation since 2021 in the Prospectus, and thereforethe above table sets out the financial highlights for the fouraccounting years since 2021. BUSINESS REVIEW AND OUTLOOK BUSINESS REVIEW 612024123146,00011 We are a global leading freshly-made drinks company. Weare committed to providing value-for-money products toconsumers, including freshly-made fruit drinks, tea drinks,ice cream and coffee, typically priced around one U.S. dollar(approximately RMB6) per item. We have two major brands– freshly-made tea drinks brand Mixue and freshly-madecoffee brand Lucky Cup. Through a franchise model, we havecultivated a network of over 46,000 stores spanning Chinaand 11 overseas countries as of December 31, 2024. Our Brands and Products Our Freshly-Made Tea Drinks Brand – Mixue 28 Mixue primarily offers freshly-made fruit drinks, tea drinksand ice cream to consumers both in China and overseasthrough an extensive store network. Our core Mixue productstypically have a price range of RMB2 to RMB8. Our Mixueproduct offerings include both classic drinks and seasonaland regional drinks. Our Freshly-Made Coffee Brand – Lucky Cup 2017510 Building on Mixue’s success, we launched our freshly-madecoffee brand Lucky Cup in 2017 to further expand our productcategories. At Lucky Cup, we offer value-for-money coffeemade with meticulously selected ingredients and equipment.Lucky Cup primarily offers freshly-made coffee drinks, rangingfrom classic products to trendy, innovative ones. Our coreLucky Cup products typically have a price range of RMB5 toRMB10. Our Store Network 46,0002024123131300202412314,900 Our store network spans over 46,000 stores servingconsumers both in and outside mainland China. As ofDecember 31, 2024, we have established a store presenceacross 31 provinces, autonomous regions and municipalities,including over 300 cities of all tiers. This extensive geographicreach and deep penetration set us apart from other freshly-made drinks brands in mainland China. We have alsoestablished a growing presence in markets outside mainlandChina, with approximately 4,900 stores as of December 31,2024. The following table sets forth the number of our stores in andoutside mainland China as of the dates