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$176.7 billion cap that radiates momentum. Shareholders even get a cheeky 0.8146 yuan dividend nod.
For me, this isn’t just about backing a winner, it’s about hitching a ride on a wave that’s redefining play as power. Pop Mart’s not waiting for the future, it’s dragging it in, kicking and screaming, with a smirk and a doll in hand. I’m sold.
@Shyon Lah, Shyon, thanks sia, so good of you to tag me into this competition! Really appreciate it, you damn solid lah! Always tagging me in!
@Ah_Meng Oi, Ah_Meng, don’t just chill there like some kampong legend lah, I’m tagging you into this competition sia! Time to jump in and flex your skills, bro, don’t say I never pass you the baton to shine. Let’s see if you can own it or just end up blur lah [Facepalm] [LOL]
我更喜欢$泡泡玛特(09992)$
另一方面，$蜜雪集团(02097)$ 已经取得了令人印象深刻的规模，现在在全球门店数量上超过了星巴克。它的扩张，尤其是在海外的扩张，是稳健的，但该业务在一个竞争更加激烈、利润率更低的领域运营。虽然它是饮料行业的可靠参与者，但它缺乏泡泡玛特凭借其收藏品和IP驱动模式所拥有的优质定价能力和文化影响力。
对我来说，泡泡玛特是更令人兴奋的机会。其创新、培养粉丝忠诚度和全球扩张的能力使其比蜜雪更传统的增长路径更具优势。我倾向于泡泡玛特，因为它有更高的上涨空间，尽管对于寻求缓慢但稳定扩张的投资者来说，蜜雪仍然可能是一个稳定的表现者。
@Tiger_SG @Tiger_comments @TigerStars @TigerGPT @Daily_Discussion
🎎💰🎎$泡泡玛特(09992)$$蜜雪集团(02097)$你知道，当我把泡泡玛特和蜜雪集团放在一起时，就像把一艘火箭船和一辆可靠的滑板车放在一起，泡泡玛特是我的选择，这甚至不是一场比赛。去年，他们的利润不仅攀升，还飙升了188%，达到31亿元，让分析师的猜测望尘莫及，而销售额则翻了一番，达到130亿元。这不是一场令人高兴的意外，而是一场海啸，由Labubu娃娃推动，这些娃娃已经从塑料小饰品变成了全球崇拜的图腾，这一切都是因为Blackpink的Lisa无法停止像后现代文物一样拥抱它们。蜜雪在暗处泡茶，但泡泡玛特在这里改写文化经文。
让我着迷的是他们纯粹的胆量。他们正在北美和欧洲的脉动核心地区建立旗舰店，想想皮卡迪利广场，而不是郊区的事后想法，将零售业变成了一场品牌政变。然后，他们拉拢艺术家和品牌，精心制作一种流行文化炼金术，与其说是销售玩具，不如说是将时代精神提炼成可收藏的形式。拉布布不仅仅是一个洋娃娃，它是一个小小的哲学家，国王，统治着一个炒作的王国，在那里柏拉图的洞穴，居民用影子换黑胶唱片。Mixue的区域喧嚣感觉像一个脚注，认真，但不是这种招摇的对手。市场一致认为：泡泡玛特的股价在一年内飙升了360%，最近在香港飙升了12%，市值达到1767亿港元，势头强劲。股东们甚至厚颜无耻地获得了0.8146元的股息点头。
对我来说，这不仅仅是支持一个赢家，而是搭上一个将游戏重新定义为权力的浪潮的顺风车。泡泡玛特不是在等待未来，而是在拖着未来，又踢又叫，带着傻笑，手里拿着洋娃娃。我被说服了。
@Shyon啊，Shyon，谢谢sia，你能让我参加这个比赛真是太好了！真的很感激，你真他妈的可靠！总是给我贴标签！
@Ah_Meng喂，阿猛，别像个磅礴的传奇人物一样呆在那里，我要让你参加这场比赛，新航！是时候跳进去展示你的技能了，兄弟，别说我从来没有把接力棒传给你。让我们看看你是否能拥有它，或者最终会变得模糊[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]
🎎💰🎎 $POP MART(09992)$ $MIXUE GROUP(02097)$ 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。