appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Zhu Wenqian

Major Chinese consumer stocks listed in Hong Kong rose immediately after reporting strong full-year earnings, but retreated on Wednesday. Analysts said the results did not point to a broad recovery in the consumer market but instead underscored structural divergence and new growth drivers in mainland China consumption.
Jeweller Laopu Gold posted stronger-than-expected results for 2025, with revenues of 27.3 billion yuan (US$4 billion) last year, a 221 per cent surge year on year, while net profit jumped 234.9 per cent to 5.03 billion yuan, its Monday results showed. Laopu Gold dipped 0.23 per cent on Wednesday to close at HK$647 after jumping 16.11 per cent on Tuesday.
Bubble tea chain Mixue Group posted better-than-expected annual results, with sales reaching 33.56 billion yuan, up 35.2 per cent year on year, while net profit rose 32.7 per cent to 5.88 billion yuan, its earnings showed on Tuesday. Mixue shares dropped 5.79 per cent on Wednesday to close at HK$322 after rising 5.95 per cent on Tuesday.
Some other Hong Kong-listed consumer stocks also fell. Pop Mart, which released annual results on Wednesday noon, fell 22.51 per cent on Wednesday to close at HK$168.30, following a 7.42 per cent gain on Tuesday, while sportswear maker Li Ning edged down 0.18 per cent on Wednesday to close at HK$21.96 after climbing 4.36 per cent on Tuesday.
“Against a moderate recovery in macro retail sales, this gap between strong individual stocks and a lukewarm overall market reflects the profound transformation under way in the consumer sector,” said Fu Yifu, a special researcher at Su Merchants Bank in Nanjing, Jiangsu province.

“Consumption has shifted profoundly from functional satisfaction to emotional resonance, which is the core driver of today’s consumer resilience.”
Fu added that whether it was the sense of security from gold or the instant gratification from tea beverages, brands delivering consistent emotional value could navigate cycles amid ongoing uncertainty.
Mixue operated stores in China and 13 overseas markets by the end of last year, with three brands under its umbrella: milk tea chain Mixue Ice Cream & Tea, coffee chain Lucky Coffee, and draft beer brand Fulujia.
“Mixue’s business model as a supplier of raw materials and equipment to its franchisees will naturally benefit from domestic volume and overseas expansion,” said Manqi Xie, an associate director at S&P Global Ratings.
“We see a worsening outlook for food and beverage margins compared with last month, largely due to higher input cost and, to a smaller extent, rising freight cost,” Xie said. “Specifically for companies that use PET [polyethylene terephthalate] in food packaging, the materially higher crude oil prices will soon be translated into higher packaging cost.”
In February, S&P Global Ratings projected that China’s food and beverage sector sales would rise by 5 to 6 per cent this year.
Beijing-based Laopu said its revenue growth last year was mainly driven by a strong market position built through expanded brand influence and new product launches that lifted sales both online and offline.
“Laopu targets a niche segment that fits well into the broader theme of increasing micro segmentation of consumer markets in China,” Xie said. “While Laopu could enjoy some momentum into 2026, it is also starting from a much smaller base than its established peers.”
Hotpot chain Haidilao reported revenues of 43.23 billion yuan last year, up 1.1 per cent year on year, while net profit declined 14 per cent to 4.04 billion yuan, its earnings showed on Tuesday.
The company said changes in table turnover rate and adjustments to innovative models such as products and scenarios had affected key figures compared with the previous year. Diversified operations became an important source of growth, with delivery business revenue reaching 2.66 billion yuan last year, surging 111.9 per cent year on year.
Nongfu Spring, China’s largest bottled water supplier by market share, posted sales of 52.55 billion yuan last year, up 22.51 per cent year on year, while net profit grew 30.89 per cent to 15.87 billion yuan, lower than market expectations, its annual earnings showed on Tuesday.
Shares of Haidilao dropped 11.07 per cent on Wednesday to close at HK$14.22, after gaining 5.41 per cent on Tuesday, while Nongfu Spring jumped 9.38 per cent to close at HK$46.42, after rising 3.36 per cent on Tuesday.
Boosting domestic demand remained a priority for China. The “two sessions” meetings held in early March set the target for economic growth at 4.5 to 5 per cent and consumer price index growth at about 2 per cent in 2026, with the government work report proposing to continuously boost domestic demand.


Perfect Diary owner Yatsen doubles down on skincare, R&D after business overhaul

Pets and personal touches: how China’s luxury hotel market is changing

‘New normal’: China to see slower loan growth amid sluggish consumption, investment

China’s economy under further pressure in August, as analysts expect rebound next quarter

China consumption

China consumer firms post strong results but analysts warn recovery may lag

People queue to enter a shop in Liuzhou city, Guangxi Zhuang Autonomous Region, on March 10. Photo: Xinhua

People cross a road near a shopping centre in Beijing on March 7. Photo: AFP

China’s consumer prices keep rising after holiday spending surge

Shoppers stand near a Chinese New Year display in central Beijing. Photo: AP

Shoppers walk past the Ralph Lauren flagship store in Beijing. Photo: AP

Beijing vows to expand imports amid ‘China shock’ fears

Commerce Minister Wang Wentao speaks at the 14th National People’s Congress in Beijing on March 6. Photo: AFP

Chinese smartphone makers Vivo, Oppo raise prices as memory costs surge

Smartphone prices are rising amid higher memory-chip costs. Photo: Xinhua

Vivo is raising smartphone prices from Wednesday. Photo: Coco Feng

Hong Kong watchdog warns 24-hour gym users of hidden costs, data privacy risks

A Consumer Council survey of 11 round-the-clock gym operators, has found that nearly half impose  extra non-refundable charges that significantly increase costs for short-term users. Photo: Handout

Anytime Fitness recorded the widest fee gap, with short-term plans costing more than double long-term ones. Photo: Jelly Tse

Business

Banking & Finance

China Business

Companies

Markets

News

China

Hong Kong

Hong Kong-listed consumer firms report strong results but analysts say the gains reflect structural shifts rather than broad recovery


Hong Kong-listed consumer firms report strong results but analysts say the gains reflect structural shifts rather than broad recovery.


China consumer firms post strong results but analysts warn recovery may lag

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong-listed consumer firms report strong results but analysts say the gains reflect structural shifts rather than broad recovery

Hong Kong-listed consumer firms report strong results but analysts say the gains reflect structural shifts rather than broad recovery