HSBC Analysts Predict Slowdown in Mixue's Profit Growth in 2026

HSBC analysts Lina Yan and Yimin Wang expect Mixue's profit growth to slow in 2026 due to margin pressure and slower expansion. Management is prioritizing store-level productivity over network expansion this year and plans to introduce co-marketing efforts to offset delivery subsidies. This shift is expected to impact Mixue's profit growth.