Chart of the Day: 2025 Earnings Show China’s Bigger Bubble Tea Brands in the Lead
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Mixed 2025 earnings from China’s six major publicly listed tea chains revealed a widening divide, with companies built for scale pulling ahead while higher-cost rivals grappled with shrinking margins or even losses.
The six companies — Hong Kong- or Nasdaq-listed Mixue Group, Guming Holdings Ltd., Chagee Holdings Ltd., Sichuan Baicha Baidao Industrial Co. Ltd., Auntea Jenny (Shanghai) Industrial Co. Ltd. and Nayuki Holdings Ltd. — had all released their annual results by the end of April, highlighting how lower-tier market expansion and supply-chain efficiency increasingly separate winners from losers in China’s crowded bubble tea sector.
Mixue remained the industry leader, reporting revenue of 33.6 billion yuan ($4.9 billion) in 2025, up 35% year-on-year, with net profit rising 33%. As of the end of last year, the low-cost chain operated nearly 60,000 stores worldwide, far ahead of rivals.
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- China's six major tea chains diverged in 2025: Mixue led with 33.6B yuan revenue (+35%), ~60,000 stores; Guming revenue +47%, >13,500 stores.
- Auntea Jenny revenue +36%, >11,000 stores; Chabaidao prioritized profitability over expansion.
- Chagee revenue +4%, profit -50%; Nayuki revenue -12%, losses; firms expand into coffee.
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- China's six major tea chains reported mixed 2025 earnings: Mixue led with 33.6B yuan revenue (+35%), Guming surged 47%, Auntea Jenny +36%. Chabaidao prioritized profits, Chagee grew 4% but profits halved, Nayuki lost money (-12% revenue). Scale, low-tier expansion, and supply chains drove winners. (58 words)
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