**Bullish Points:**
1. Revenue for 2024 increased by 22.3% to RMB24,828.9 million.
2. Gross profit for 2024 increased by 34.4% to RMB8,060.2 million.
3. Net profit for 2024 increased by 39.8% to RMB4,454.2 million.
4. Finance costs decreased by 56.5% to RMB6.4 million due to repayment of bank borrowings.
5. Cash and bank balances increased by 63.8% to RMB11,109.5 million.
6. The company did not have any interest-bearing bank and other borrowings as of December 31, 2024.
7. The Company received net proceeds of approximately HK$3,799 million from the Global Offering on March 3, 2025.
8. The Company’s H Shares were listed on the Main Board of the Stock Exchange on March 3, 2025, with gross proceeds of approximately HK$3,455 million.
9. The Over-allotment Option was fully exercised on March 28, 2025, raising additional funds.
10. The Company’s financial position is sound, with standardized financial operations.
11. The Group's net cash flows generated from operating activities for the year ended December 31, 2024, were RMB 6,008,708,000.
12. The Group's debt-to-asset ratio as of 31 December 2024 was 23.9%, a decrease from 27.4% in 2023.
**Bearish Points:**
1. Selling and distribution expenses increased by 21.3% to RMB1,599.5 million.
2. Administrative expenses increased by 23.7% to RMB755.1 million.
3. Research and development expenses increased by 23.4% to RMB104.9 million.
4. Total liabilities increased to RMB4,722.5 million.
5. The company did not recommend the distribution of a final dividend for 2024.
6. The Group's net cash flows used in investing activities for the year ended December 31, 2024, were RMB 7,018,988,000.
7. The Group's net cash flows used in financing activities for the year ended December 31, 2024, were RMB 277,438,000.
8. Depreciation provided during the year was RMB 314,887,000, an increase from RMB 160,504,000 in 2023.
9. Income tax expense for the year ended 31 December 2024 was RMB 1,356,380,000, an increase from RMB 967,397,000 in 2023.
**Summary:**
The financial report of MIXUE GROUP (02097) for the year 2024 shows a strong performance with significant increases in revenue, gross profit, and net profit. The company has successfully reduced its finance costs and increased its cash and bank balances. The listing of H Shares and the exercise of the Over-allotment Option have further strengthened the company's financial position. However, there are some concerns regarding the increase in selling, administrative, and research and development expenses, as well as the rise in total liabilities. Additionally, the company did not recommend a final dividend for 2024, which might be a point of concern for some investors. Overall, the company's financial health appears robust, with a sound financial position and a decrease in the debt-to-asset ratio.
For more information, you can read the original text of MIXUE GROUP's financial report.
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