Major Chinese consumer stocks listed in Hong Kong rose sharply following strong full-year earnings, though analysts said the results did not point to a broad recovery in the consumer market but rather highlighted 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 rose about 5 per cent on Wednesday morning after jumping 16.11 per cent to close at HK$648.50 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 nearly 5 per cent on Wednesday morning after rising 5.95 per cent and closing at HK$341.80 on Tuesday.
Other Hong Kong-listed consumer stocks also advanced. Pop Mart, which will release annual results on Wednesday, gained slightly on Wednesday morning, following a 7.42 per cent rise to HK$217.20 on Tuesday, while sportswear maker Li Ning also edged up on Wednesday after climbing 4.36 per cent to HK$22.00 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.”
