Pop Mart and Mixue Beat! Which Company is a Safer Bet for 2025 Investment?
Today, two major Hong Kong Stocks release earnings: $POP MART(09992)$ and $MIXUE GROUP(02097)$ both reported significant growth, with year-to-date increases of 56% and 102%, respectively.
After Pop Mart's release of its H2 2024 earnings, both revenue and profits exceeded expectations, with the stock rising 10.87%, hitting a new all-time high.
Revenue: ¥13.04 billion (up 107% YoY), surpassing market expectations (market expected about +80%).
Gross Margin 68.3% in the second half, setting a new historical high. Sales & management expense ratios both decreased, and core operating profit far exceeded expectations.
Same-Store Revenue: Both domestic and international same-store sales saw a sequential acceleration, with international stores' revenue more than three times that of domestic stores.
IP Performance: The "Monsters" series surpassed Molly to become the top IP, accounting for nearly 30%. Plush toys saw a significant increase in their share, rising from less than 10% in the first half to 30%.
Overseas business continued its strong growth momentum from Q3, with a 438% increase in the second half.
Despite the sluggish domestic consumption environment, offline store performance exceeded expectations, with a sequential acceleration of 55%-60% in Q4 compared to Q3, and a 70% increase in the second half.
$MIXUE GROUP(02097)$ Releases 2024 Annual Earnings Report Post-Market
As the first earnings report since going public, Mixue Group not only saw positive growth in several financial indicators but also achieved new business milestones, delivering a standout "report card."
2024 Revenue: ¥24.83 billion, a 22.3% YoY increase.
Gross Profit: ¥8.06 billion, up 34.4% YoY.
Gross Margin: 32.5%; Net Profit: ¥4.45 billion, a significant 39.8% YoY increase, with a net profit margin of approximately 18%.
Global Store Count: 46,479 stores, an increase of 8,914 stores YoY, surpassing $Starbucks(SBUX)$ to become the largest global chain of ready-to-drink beverage stores. The increase in stores led to more sales channels and customer groups, driving revenue growth.
Overseas Market: The number of stores outside mainland China increased by 564 compared to the same period in 2023, showing progress in the company's overseas expansion and providing a broader space for future growth.
Which Company Do You Favor More? Key Financial Metrics Comparison:
Mixue as a ready-to-drink tea beverage manufacturer, has a higher net profit margin than its peers but is still lower than Pop Mart's margin.
The chart above compares the net profit margin of $MIXUE GROUP(02097)$ before its IPO.
Which company is your pick?
Leave your comments and also post to win tiger coins~
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🌟🌟🌟I am torn between choosing $POP MART(09992)$
Mixue's phenomenal success can be attributed to its low cost, high efficiency store models with modular design and digitalised operations. Mixue positions itself as an "infrastructure level" beverage chain focusing on affordability and scalability.
Affordability is the key word to Mixue's success! It is hard to resist Mixue if I can buy an ice cream or drink for under USD 1. That is why Mixue is such a popular chain.
Mixue raises more than USD 400 million in an IPO that sets a new record in the Hong Kong Stock Exchange. The stock closed at 43% above its IPO price to HKD 290, giving Mixue a valuation of more than USD 10 Billion.
Its humble beginnings was in Henan in 1997, where its Founder Zhang Hongchao opened a small store selling shaved ice.
Mixue also charges below average franchising fees. It generates most of its revenue by selling supplies to franchisees.
Low prices alone do not explain how Mixue became so popular. It has a cute mascot, the Snow King which has become a national icon on par with Ronald McDonald and Colonel Sanders.
Almost 90% of the stores are in China with the rest in 10 other Asian countries and Australia.
Mixue's menu is short and sweet. It includes the signature ice cream cone, variations on bubble tea and a lemonade that makes Mixue China's biggest purchaser of lemons.
Mixue has made its Founders Zhang Hongchao and Zhang Hongfu who are brothers, billionaires with a combined net worth of USD 8.1 billion, surpassing Starbucks' former CEO Howard Schultz. That is simply amazing!
@Tiger_SG @Tiger_comments @CaptainTiger @TigerStars @TigerClub
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ You know, when I stack Pop Mart up against Mixue Group, it’s like pitting a rocket ship against a trusty scooter, Pop Mart’s my pick, and it’s not even a contest. Their profit didn’t just climb last year, it vaulted 188% to 3.1 billion yuan, leaving analyst guesses in the dust, while sales doubled to 13 billion yuan. That’s no happy accident, it’s a tsunami, propelled by Labubu dolls that have morphed from plastic trinkets into totems of a global cult, all because Blackpink’s Lisa can’t stop cradling them like postmodern relics. Mixue’s brewing its tea in the shadows, but Pop Mart’s out here rewriting the cultural scripture.
What’s got me hooked is their sheer gall. They’re planting flagship stores in the pulsing cores of North America and Europe, think Piccadilly Circus, not a suburban afterthought, turning retail into a branding coup. Then they rope in artists and brands, crafting a pop culture alchemy that’s less about selling toys and more about distilling zeitgeist into collectable form. Labubu’s not just a doll, it’s a tiny philosopher, king, presiding over a kingdom of hype where Plato’s cave, dwellers trade shadows for vinyl. Mixue’s regional hustle feels like a footnote, earnest, but no match for this kind of swagger. The market agrees: Pop Mart’s stock rocketed 360% in a year, spiking 12% in Hong Kong recently, with a HK$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
I prefer $POP MART(09992)$
On the other hand, $MIXUE GROUP(02097)$ has achieved impressive scale, now surpassing Starbucks in global store count. Its expansion, especially overseas, is solid, but the business operates in a much more competitive space with tighter margins. While it's a reliable player in the beverage industry, it lacks the same premium pricing power and cultural buzz that Pop Mart commands with its collectibles and IP-driven model.
For me, Pop Mart is the more exciting opportunity. Its ability to innovate, cultivate fan loyalty, and scale globally gives it an edge over Mixue's more traditional growth path. I'd lean toward Pop Mart for higher upside, though Mixue could still be a steady performer for investors seeking slower but stable expansion.
@Tiger_SG @Tiger_comments @TigerStars @TigerGPT @Daily_Discussion
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ You know, when I stack Pop Mart up against Mixue Group, it’s like pitting a rocket ship against a trusty scooter, Pop Mart’s my pick, and it’s not even a contest. Their profit didn’t just climb last year, it vaulted 188% to 3.1 billion yuan, leaving analyst guesses in the dust, while sales doubled to 13 billion yuan. That’s no happy accident, it’s a tsunami, propelled by Labubu dolls that have morphed from plastic trinkets into totems of a global cult, all because Blackpink’s Lisa can’t stop cradling them like postmodern relics. Mixue’s brewing its tea in the shadows, but Pop Mart’s out here rewriting the cultural scripture.
What’s got me hooked is their sheer gall. They’re planting flagship stores in the pulsing cores of North America and Europe, think Piccadilly Circus, not a suburban afterthought, turning retail into a branding coup. Then they rope in artists and brands, crafting a pop culture alchemy that’s less about selling toys and more about distilling zeitgeist into collectable form. Labubu’s not just a doll, it’s a tiny philosopher, king, presiding over a kingdom of hype where Plato’s cave, dwellers trade shadows for vinyl. Mixue’s regional hustle feels like a footnote, earnest, but no match for this kind of swagger. The market agrees: Pop Mart’s stock rocketed 360% in a year, spiking 12% in Hong Kong recently, with a HK$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ You know, when I stack Pop Mart up against Mixue Group, it’s like pitting a rocket ship against a trusty scooter, Pop Mart’s my pick, and it’s not even a contest. Their profit didn’t just climb last year, it vaulted 188% to 3.1 billion yuan, leaving analyst guesses in the dust, while sales doubled to 13 billion yuan. That’s no happy accident, it’s a tsunami, propelled by Labubu dolls that have morphed from plastic trinkets into totems of a global cult, all because Blackpink’s Lisa can’t stop cradling them like postmodern relics. Mixue’s brewing its tea in the shadows, but Pop Mart’s out here rewriting the cultural scripture.
What’s got me hooked is their sheer gall. They’re planting flagship stores in the pulsing cores of North America and Europe, think Piccadilly Circus, not a suburban afterthought, turning retail into a branding coup. Then they rope in artists and brands, crafting a pop culture alchemy that’s less about selling toys and more about distilling zeitgeist into collectable form. Labubu’s not just a doll, it’s a tiny philosopher, king, presiding over a kingdom of hype where Plato’s cave, dwellers trade shadows for vinyl. Mixue’s regional hustle feels like a footnote, earnest, but no match for this kind of swagger. The market agrees: Pop Mart’s stock rocketed 360% in a year, spiking 12% in Hong Kong recently, with a HK$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
🎎💰🎎$泡泡瑪特(09992)$$蜜雪集團(02097)$你知道，當我把泡泡瑪特和蜜雪集團放在一起時，就像把一艘火箭船和一輛可靠的滑板車放在一起，泡泡瑪特是我的選擇，這甚至不是一場比賽。去年，他們的利潤不僅攀升，還飆升了188%，達到31億元，讓分析師的猜測望塵莫及，而銷售額則翻了一番，達到130億元。這不是一場令人高興的意外，而是一場海嘯，由Labubu娃娃推動，這些娃娃已經從塑料小飾品變成了全球崇拜的圖騰，這一切都是因爲Blackpink的Lisa無法停止像後現代文物一樣擁抱它們。蜜雪在暗處泡茶，但泡泡瑪特在這裏改寫文化經文。
讓我着迷的是他們純粹的膽量。他們正在北美和歐洲的脈動核心地區建立旗艦店，想想皮卡迪利廣場，而不是郊區的事後想法，將零售業變成了一場品牌政變。然後，他們拉攏藝術家和品牌，精心製作一種流行文化鍊金術，與其說是銷售玩具，不如說是將時代精神提煉成可收藏的形式。拉布布不僅僅是一個洋娃娃，它是一個小小的哲學家，國王，統治着一個炒作的王國，在那裏柏拉圖的洞穴，居民用影子換黑膠唱片。Mixue的區域喧囂感覺像一個腳註，認真，但不是這種招搖的對手。市場一致認爲：泡泡瑪特的股價在一年內飆升了360%，最近在香港飆升了12%，市值達到1767億港元，勢頭強勁。股東們甚至厚顏無恥地獲得了0.8146元的股息點頭。
對我來說，這不僅僅是支持一個贏家，而是搭上一個將遊戲重新定義爲權力的浪潮的順風車。泡泡瑪特不是在等待未來，而是在拖着未來，又踢又叫，帶着傻笑，手裏拿着洋娃娃。我被說服了。
@Shyon啊，Shyon，謝謝sia，你能讓我參加這個比賽真是太好了！真的很感激，你真他媽的可靠！總是給我貼標籤！
@Ah_Meng喂，阿猛，別像個磅礴的傳奇人物一樣呆在那裏，我要讓你參加這場比賽，新航！是時候跳進去展示你的技能了，兄弟，別說我從來沒有把接力棒傳給你。讓我們看看你是否能擁有它，或者最終會變得模糊[Facepalm][LOL]
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ You know, when I stack Pop Mart up against Mixue Group, it’s like pitting a rocket ship against a trusty scooter, Pop Mart’s my pick, and it’s not even a contest. Their profit didn’t just climb last year, it vaulted 188% to 3.1 billion yuan, leaving analyst guesses in the dust, while sales doubled to 13 billion yuan. That’s no happy accident, it’s a tsunami, propelled by Labubu dolls that have morphed from plastic trinkets into totems of a global cult, all because Blackpink’s Lisa can’t stop cradling them like postmodern relics. Mixue’s brewing its tea in the shadows, but Pop Mart’s out here rewriting the cultural scripture.
What’s got me hooked is their sheer gall. They’re planting flagship stores in the pulsing cores of North America and Europe, think Piccadilly Circus, not a suburban afterthought, turning retail into a branding coup. Then they rope in artists and brands, crafting a pop culture alchemy that’s less about selling toys and more about distilling zeitgeist into collectable form. Labubu’s not just a doll, it’s a tiny philosopher, king, presiding over a kingdom of hype where Plato’s cave, dwellers trade shadows for vinyl. Mixue’s regional hustle feels like a footnote, earnest, but no match for this kind of swagger. The market agrees: Pop Mart’s stock rocketed 360% in a year, spiking 12% in Hong Kong recently, with a HK$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ You know, when I stack Pop Mart up against Mixue Group, it’s like pitting a rocket ship against a trusty scooter, Pop Mart’s my pick, and it’s not even a contest. Their profit didn’t just climb last year, it vaulted 188% to 3.1 billion yuan, leaving analyst guesses in the dust, while sales doubled to 13 billion yuan. That’s no happy accident, it’s a tsunami, propelled by Labubu dolls that have morphed from plastic trinkets into totems of a global cult, all because Blackpink’s Lisa can’t stop cradling them like postmodern relics. Mixue’s brewing its tea in the shadows, but Pop Mart’s out here rewriting the cultural scripture.
What’s got me hooked is their sheer gall. They’re planting flagship stores in the pulsing cores of North America and Europe, think Piccadilly Circus, not a suburban afterthought, turning retail into a branding coup. Then they rope in artists and brands, crafting a pop culture alchemy that’s less about selling toys and more about distilling zeitgeist into collectable form. Labubu’s not just a doll, it’s a tiny philosopher, king, presiding over a kingdom of hype where Plato’s cave, dwellers trade shadows for vinyl. Mixue’s regional hustle feels like a footnote, earnest, but no match for this kind of swagger. The market agrees: Pop Mart’s stock rocketed 360% in a year, spiking 12% in Hong Kong recently, with a HK$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
Today, two major Hong Kong Stocks release earnings: $POP MART(09992)$ and $MIXUE GROUP(02097)$ both reported significant growth, with year-to-date increases of 56% and 102%, respectively.
After Pop Mart's release of its H2 2024 earnings, both revenue and profits exceeded expectations, with the stock rising 10.87%, hitting a new all-time high.
Which company is your pick?
Leave your comments and also post to win tiger coins~
从盈利能力来看，蜜雪的净利润率虽然高于传统茶饮同行，但仍低于泡泡玛特。这是因为蜜雪依靠极致性价比和大规模加盟扩张，毛利率受限，而泡泡玛特则靠IP溢价，利润率自然更高。不过，高利润率也意味着更高的市场预期，泡泡玛特需要不断推出爆款IP来维持增长，而蜜雪的扩张模式相对稳定，只要单店模型健康，就能持续盈利。
从成长性来看，蜜雪的优势在于下沉市场和海外扩张，潜在市场空间巨大。而泡泡玛特虽然也在拓展国际市场，但潮玩行业容易受到消费者情绪波动，IP生命周期较短，业绩不确定性更大。
如果更看重稳健增长，我会偏向蜜雪冰城，但如果愿意承担更高波动，泡泡玛特的长期增长潜力也值得关注。