Mixue Group reports 33% profit growth in 2025
Mixue Group expands to nearly 60,000 stores globally in 2025, posting strong revenue and profit growth while facing margin pressure from rising costs and competitive dynamics.
CHINA – Mixue Group reported strong financial performance for 2025, driven by rapid store expansion and its supply chain-focused business model, even as rising costs and intensifying competition put pressure on margins.
The company said revenue rose 35.2 percent to 33.56 billion yuan ($4.91 billion), while net profit increased 33.1 percent to 5.93 billion yuan (US$868.18M). Its global store network expanded significantly, reaching nearly 60,000 outlets by the end of the year, compared to 46,000 in 2024.
This growth was underpinned by a franchise-heavy strategy supported by centralized procurement, which has strengthened the company’s cost leadership in China’s highly competitive freshly made beverage market.
As of December 31, Mixue operated 55,356 stores across the Chinese mainland, covering 31 provincial regions and more than 300 cities. Lower-tier markets continued to drive expansion, with approximately 58 percent of its outlets located in tier-three cities and below.
During the year, Mixue opened 14,496 new franchise stores while closing 2,527, resulting in a net increase of about 12,000 locations. The company also expanded its product portfolio beyond tea drinks, ice cream and coffee through the acquisition of fresh draft beer brand Fresh Beer Fulujia, completed in December.
The brand operates more than 1,300 franchise outlets and offers draft beer priced between 6 and 10 yuan per 500 millilitres.
In international markets, Mixue reported 4,467 stores at the end of 2025, down from 4,895 a year earlier. The company entered new markets including Kazakhstan and the United States, while its coffee brand Lucky Cup debuted in Malaysia and Thailand.
By year-end, Mixue had established operations in 13 countries, supported by localized warehousing and logistics networks in eight markets.
The company stated, “It will continue to prioritize Southeast Asia while taking a more flexible approach to global expansion, based on local demand, store performance and broader economic conditions.”
According to the 2026 “Global 50 Chinese Catering Brands” ranking released by the China Chain Store and Franchise Association, Mixue leads all peers in overseas store count, with more outlets than the next nine brands combined.
Mixue also announced leadership changes, with co-founder Zhang Hongfu stepping down as chief executive officer to become co-chairman. Zhang Yuan has been appointed as the new CEO.
The company’s revenue continues to rely heavily on supplying ingredients and equipment to franchisees, which generated 32.77 billion yuan, up 35.3 percent year-on-year. Franchise service income rose 28 percent to 790 million yuan.
Despite the strong growth, profitability margins declined, with gross margin for goods and equipment sales falling to 29.9 percent from 31.2 percent in 2024, reflecting higher raw material costs and changes in revenue mix.
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