0330 GMT - Mixue Group's store sales are likely to remain under pressure in the near term, Jefferies analysts Lisa Liao and Anne Ling say in a note. The bubble-tea chain's 1H revenue per store declined 18% on year, weighed by factors including intensified competition within the industry. Management also expects operating pressures to continue or even intensify in 2H as these headwinds persist. Jefferies downgrades the stock to hold from buy and slashes the target price to 252.00 Hong Kong dollars from HK$403.70. Shares are down 6.8% at HK$212.40.
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