BUSINESS

Mixue Profit Jumps as China Store Boom Offsets Overseas Pullback

Published: Mar. 24, 2026 9:51 p.m. GMT+8

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A Mixue Bingcheng store in Qingshan district, Wuhan. Photo: VCG

Chinese beverage chain Mixue Group reported sharply higher revenue and profit for 2025, fueled by rapid expansion in China’s lower-tier cities that more than offset a pullback in its overseas footprint.

The Hong Kong-listed company also said Tuesday that chief financial officer Zhang Yuan will be promoted to chief executive, in a management shake-up that hands day-to-day control to a finance executive as the company scales up at home and recalibrates abroad.

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Mixue's 2025 revenue rose 35.2% to 33.6 billion yuan ($4.9 billion), with net profit up 33.1% to 5.9 billion yuan, driven by expansion in China's lower-tier cities.
The company opened 13,772 net new stores in China but reduced its overseas outlets by 428; it had 55,356 stores in China and 4,467 abroad by year-end.
CFO Zhang Yuan was promoted to CEO; Mixue’s overseas strategy is shifting toward efficiency and selective market presence.

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Who’s Who

Mixue Group: Mixue Group, a Chinese beverage chain, reported significant growth in 2025, with revenue up 35.2% to 33.6 billion yuan and net profit increasing by 33.1% to 5.9 billion yuan. This was largely driven by rapid expansion in China's lower-tier cities, which offset a reduction in its overseas footprint. The company added 13,772 stores in mainland China, bringing its total to 55,356, while overseas stores decreased by 428 to 4,467, reflecting a strategic operational adjustment in markets like Indonesia and Vietnam.

Lucky Cup: Lucky Cup is Mixue Group's coffee brand. It expanded its international presence by opening its first outlets in Malaysia and Thailand.

BofA Securities: Zhang Yuan, the new CEO of Mixue Group, previously worked at BofA Securities (美银证券). He moved from there to Gaoling Investment before joining Mixue in February 2023.

Gaoling Investment: Gaoling Investment is a company where Zhang Yuan, the newly appointed CEO of Mixue, previously held a role. Zhang Yuan joined Mixue in February 2023, coming from positions at both BofA Securities and Gaoling Investment.

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