蜜雪集团2025中期报告

Contents 35INTERIM CONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION 2CORPORATE INFORMATION 5FINANCIAL SUMMARY 37INTERIM CONDENSED CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY 6MANAGEMENT DISCUSSION ANDANALYSIS 39INTERIM CONDENSED CONSOLIDATEDSTATEMENT OF CASH FLOWS 22CORPORATE GOVERNANCE 44NOTES TO THE INTERIM CONDENSEDCONSOLIDATED FINANCIALINFORMATION 27OTHER INFORMATION 31INDEPENDENT REVIEW REPORT 33INTERIM CONDENSED CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS 34INTERIM CONDENSED CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOME 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 16004 Room 16004Hanhai Beijin Commerce CenterBeisanhuan South and Wenhua Road EastJinshui DistrictZhengzhou, Henan ProvincePRC 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 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW Revenue 202563014,874.8202463010,677.139.3% The Group recorded a revenue of RMB14,874.8 millionfor the six months ended June 30, 2025, representing anincrease of 39.3% as compared with RMB10,677.1 millionfor the six months ended June 30, 2024. Such increase wasprimarily attributed to higher revenue from sales of goodsand equipment, as well as increased revenue generated fromfranchise and related services. 202463010,384.239.6%2 0 2 563 014,494.72024630292.929.8%2025630380.1 Revenue from sales of goods and equipment increased by39.6% from RMB10,384.2 million for the six months endedJune 30, 2024 to RMB14,494.7 million for the six monthsended June 30, 2025. Revenue from franchise and relatedservices increased by 29.8% from RMB292.9 million for thesix months ended June 30, 2024 to RMB380.1 million for thesix months ended June 30, 2025. Such increase was primarilyattributed to the expansion of our store network. Cost of sales 20246307,274.439.8%202563010,168.4 Our cost of sales increased by 39.8% from RMB7,274.4million for the six months ended June 30, 2024 toRMB10,168.4 million for the six months ended June 30, 2025,primarily driven by an increase in sales. Gross profit 20256304,706.420246303,402.738.3% For the six months ended June 30, 2025, the gross profit ofthe Group was RMB4,706.4 million, representing an increaseof 38.3% as compared with RMB3,402.7 million for the sixmonths ended June 30, 2024. 202463030.5%202563030.3% In particular, the gross profit margin for sales of goodsand equipment decreased from 30.5% for the six monthsended June 30, 2024 to 30.3% for the six months endedJune 30, 2025, which was mainly due to the increases in theprocurement costs of certain raw materials and changes inthe income structure. MANAGEMENT DISCUSSION AND ANALYSIS 202463081.7%202563082.7% The gross profit margin of our franchise and related servicesimproved from 81.7% for the six months ended June 30, 2024to 82.7% for the six months ended June 30, 2025, primarilydue to the enhanced economies of scale resulting from thecontinuous expansion of our franchise store network. Other income and gains, net 202463080.996.0%2 0 2 563 0158.6 Our other income and gains, net increased by 96.0% fromRMB80.9 million for the six months ended June 30, 2024 toRMB158.6 million for the six months ende