Leading consumer companies report impressive earnings, igniting the market; Hong Kong stocks' new consumption concepts collectively strengthen.

On March 24, Hong Kong stocks related to new consumption concepts strengthened in the afternoon, with Lao Pu Gold (06181.HK) up nearly 10%, Mixue Group (02097.HK) up over 8%, Guoquan (02517.HK) up nearly 5%, Mingming is Busy (01768.HK) up over 4%, and Pop Mart (09992.HK) and Guming (01364.HK) both rising.

In terms of news, at noon that day, Mixue Group announced that the company’s revenue for 2025 is expected to be 33.56 billion yuan, a year-on-year increase of 35.2%; gross profit of 10.452 billion yuan, a year-on-year increase of 29.7%; and annual profit of 5.927 billion yuan, a year-on-year increase of 33.1%.

On March 23, Lao Pu Gold also released its full-year performance for 2025 on the Hong Kong Stock Exchange, achieving sales of 31.37 billion yuan, a year-on-year increase of 220.3%; net profit of 5.03 billion yuan, a year-on-year increase of 234.9%. Achieving triple-digit growth against the backdrop of an adjustment cycle in the luxury goods industry is remarkable. More notably, according to Lao Pu Gold’s announcement, sales for the first quarter of 2026 are expected to reach 19 billion to 20 billion yuan, with net profit reaching 3.6 billion to 3.8 billion yuan, which is more than 70% of the net profit for the entire year of 2025.

Recently, Guoquan released its annual performance announcement for 2025, showing that the company achieved revenue of 7.81 billion yuan, a year-on-year increase of 20.7%; net profit of 454 million yuan, a year-on-year increase of 88.2%; and core operating profit of 461 million yuan, a year-on-year increase of 48.2%.

In recent times, the policy support for the consumption sector has been continuously strengthened, and service consumption has shown a rapid growth trend. Data from the National Bureau of Statistics shows that in January and February, retail sales of services increased by 5.6% year-on-year, with catering revenue increasing by 4.8% year-on-year, and retail sales of sports and entertainment products increasing by 4.1% year-on-year; the growth rate of clothing, shoes, and hats, as well as gold and silver jewelry categories above the quota has also rebounded significantly. Many regions are accelerating the implementation of spring and autumn breaks for primary and secondary schools and paid staggered leave for employees, while the “3+2” holiday combination model effectively brings forward family travel and parent-child travel demand, further releasing vitality in cultural and tourism consumption.

Analysts believe that within the consumption sector, the focus will be on mid- to long-term themes such as youth-oriented, self-indulgent consumption, the rise of domestic brands, and improvements in cost-performance ratios, mainly covering directions like food, gold jewelry, beauty, and small home appliances, while moderately increasing allocation to the gaming sector. These areas generally have higher gross margins and performance elasticity, making it easier to achieve both volume and price increases amid the trend of consumption upgrading.