---
title: "Last year, the five major tea beverage brands made a net profit of 10 billion yuan: Guming led the growth rate, and rapid expansion remains the mainstream"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280864119.md"
description: "The new tea beverage industry performed strongly in 2022, with total revenue of the five major listed companies exceeding 60 billion yuan and net profit surpassing 10 billion yuan. MIXUE GROUP, GUMING, CHABAIDAO, AUNTEA JENNY, and NAYUKI show significant differentiation in the market, with varying brand positioning. MIXUE GROUP focuses on affordable tea beverages, GUMING and CHABAIDAO target the mid-tier market, while NAYUKI adopts a mid-to-high-end approach. In terms of market capitalization, MIXUE GROUP and GUMING are in the first tier, while NAYUKI's market value is significantly lower than that of other brands"
datetime: "2026-03-28T04:40:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280864119.md)
  - [en](https://longbridge.com/en/news/280864119.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280864119.md)
---

# Last year, the five major tea beverage brands made a net profit of 10 billion yuan: Guming led the growth rate, and rapid expansion remains the mainstream

The annual report of the new tea beverage industry has been revealed, showing a "surge" in performance last year, but further differentiation within the ranks.

As of March 27, the five new tea beverage companies listed on the Hong Kong Stock Exchange—MIXUE GROUP (2097.HK), GUMING (1364.HK), CHABAIDAO (2555.HK), AUNTEA JENNY (2589.HK), and NAYUKI (2150.HK)—have successively disclosed their annual performance for 2025.

According to calculations by The Paper, the total revenue of the five new tea beverage groups exceeded 60 billion yuan last year, with a total net profit attributable to the parent company exceeding 10 billion yuan. However, the differentiation among brands continues to intensify, with companies in different price segments and with different layout strategies showing starkly different development trends in terms of scale, profitability, capital market performance, and expansion pace.

From the perspective of brand positioning, the five companies have clearly defined their market segments: MIXUE GROUP targets affordable tea beverages, with an average transaction price of around 6-11 yuan, occupying the sinking market with extreme cost performance; GUMING, CHABAIDAO, and AUNTEA JENNY focus on mid-range price segments, primarily targeting street-side scenarios and occupying the mass market. Unlike the aforementioned tea beverage groups that mainly rely on the franchise model, NAYUKI, which follows a mid-to-high-end route, primarily operates through direct sales and began franchising in July 2023, with its main store layout in first-tier and new first-tier cities.

**Leading market capitalization and stock prices, significant tier differentiation**

NAYUKI, as an "old player," was listed on the Hong Kong Stock Exchange in June 2021, while CHABAIDAO is set to be listed in April 2024. Last year was once referred to as the "year of new tea beverages," with GUMING, MIXUE GROUP, and AUNTEA JENNY all entering the Hong Kong Stock Exchange in February, March, and May respectively. Bawang Chaji landed on the US stock market in April last year.

The performance in the capital market directly reflects the differences in industry structure, with the valuation gap between leading brands and other brands continuing to widen. As of the market close on March 27, 2026, MIXUE GROUP maintained its industry-leading position with a market capitalization of HKD 108.6 billion, followed closely by GUMING at HKD 63 billion, forming the first tier; CHABAIDAO and AUNTEA JENNY had market capitalizations of HKD 8.7 billion and HKD 8.1 billion, respectively, placing them in the second tier; while NAYUKI, as the "first stock of new tea beverages," saw its market capitalization drop to HKD 1.5 billion, creating a significant gap with leading brands.

Since their listing, the fluctuations in stock prices have also shown significant differentiation. According to the reporter's analysis, GUMING's stock price has increased nearly 1.8 times, while MIXUE GROUP's has risen over 40%; AUNTEA JENNY's stock price has fallen over 30%, CHABAIDAO's has dropped over 60%, and NAYUKI's stock price has nearly halved, indicating pressure in the capital market.

From the perspective of performance fundamentals, the gap in scale and profitability may be the core reason for the differentiation in market capitalization. MIXUE GROUP achieved a revenue of 33.56 billion yuan and a net profit of 5.88 billion yuan in 2025, retaining its industry top position. According to the reporter's calculations, its revenue scale far exceeds its peers, being approximately 7 times that of NAYUKI and AUNTEA JENNY, 6 times that of CHABAIDAO, and 2.6 times that of GUMING. Its net profit is about 11 times that of AUNTEA JENNY, 7 times that of CHABAIDAO, and 1.9 times that of GUMING Guming ranked second with a revenue of 12.914 billion yuan and a net profit of 3.109 billion yuan, leading the industry in profit growth; Chabaidao and AUNTEA JENNY had revenues of 5.395 billion yuan and 4.466 billion yuan, with net profits of 805 million yuan and 501 million yuan, respectively, placing them in the mid-tier in terms of scale and profitability; NAYUKI's revenue last year was 4.341 billion yuan, down more than 10%, still in a loss state, but the loss narrowed by more than 70% year-on-year, indicating an improvement in operational quality.

**Top growth accelerates, high-end brands under pressure to adjust**

In a horizontal comparison of performance growth rates for 2025, the new tea beverage industry shows characteristics of "accelerated growth at the top, stable growth in the middle, and adjustments at the high end." Guming's revenue increased nearly 47% year-on-year, reaching a new high in growth rate in recent years, while net profit growth soared to 110.30%, leading the industry.

MIXUE GROUP and AUNTEA JENNY both saw revenue growth rates exceeding 35%, with net profits increasing by 73.94% and 52.40%, respectively, with scale and profitability improving simultaneously; Chabaidao's revenue growth rate slowed to 9.7%, but net profit increased by more than 70% against the trend. NAYUKI was the only brand among the five to see a decline in revenue due to store optimization and contraction in other business areas.

Vertically, according to Wind data, MIXUE GROUP, Guming, and AUNTEA JENNY all achieved historical highs in revenue and net profit last year. Among them, Guming, AUNTEA JENNY, and Chabaidao further accelerated their performance growth compared to 2024. Although MIXUE GROUP maintained high-speed growth, its profitability slightly slowed compared to the peak in 2023.

Source: Wind

However, NAYUKI has seen a decline in revenue over the past two years, with losses fluctuating year by year, and it still did not turn a profit last year, although the loss was significantly narrowed. Regarding the 12% year-on-year decrease in revenue, NAYUKI pointed out in its financial report that this was mainly due to the closure of some poorly performing stores and a decrease in revenue from other businesses such as bottled beverages.

Source: Wind

Nevertheless, under a series of adjustment measures, NAYUKI's key financial indicators and operational key indicators recorded significant improvements. The financial report indicated that last year, the net cash generated from operating activities increased by 35.7% year-on-year to 273.6 million yuan; the average daily sales per store in direct-operated stores increased by 5.2% year-on-year; the average daily order volume per tea shop grew by 15.7% to 313 orders; and same-store sales in direct-operated stores increased by 6.3% year-on-year to 3.551 billion yuan In terms of capital safety, NAYUKI's financial report pointed out that as of the end of last year, the group held cash and deposits totaling 2.658 billion yuan. "We have sufficient cash and cash flow to cope with the steady development of the business and timely adjustments. The board of directors is also confident that a series of adjustment measures will bring ideal benefits to the group."

**Store Expansion: Rapid Expansion in Lower-tier Markets, High-end Quality Reduction**

In the face of market skepticism about "store saturation," leading new tea brands broke the speculation with expansion data last year. The year 2025 will be a key year for industry store expansion, with brands in lower-tier markets accelerating their land grab, while NAYUKI has shifted towards quality improvement and quantity reduction.

In terms of store opening speed, according to the reporter's calculations, MIXUE GROUP, GUMING, and AUNTEA JENNY are still rapidly expanding, with the number of new stores last year reaching a five-year high.

Specifically, as of the end of last year, MIXUE GROUP's stores approached 60,000, with a net increase of nearly 10,000 stores, a year-on-year increase of nearly 30%, leading the expansion scale by a wide margin.

GUMING and AUNTEA JENNY have both entered the "ten thousand" store count. Last year, GUMING had 13,554 stores, a net increase of 3,640 stores, with a growth rate of 36.7%, achieving the highest opening speed in recent years; AUNTEA JENNY had 8,621 stores, a net increase of 2,273 stores, a year-on-year growth of 24.80%, accelerating store expansion in the second half of the year.

Among them, GUMING pointed out in its financial report that the opening speed of new stores last year was faster than in 2024, mainly due to the recovery of the ready-to-drink tea market; GUMING maintained its store expansion strategy to achieve a leading market position through deepening store coverage.

In contrast, CHABAIDAO's expansion pace has significantly slowed, with only a net increase of 226 stores throughout the year, bringing the total to 8,621 stores, a growth rate of 2.7%; NAYUKI experienced its first net store closure, with a net decrease of 152 stores, reducing the total to 1,646 stores.

NAYUKI's financial report indicated that most underperforming stores have taken corresponding optimization measures, such as proactive closures, renovations, or adjustments to store types. The company plans to complete the optimization of remaining stores by 2026. Additionally, it continues to explore new market opportunities in advantageous cities, complementing different store types to improve network layout and meet the diverse needs of more franchisees, promoting the continuous expansion of the franchise business to consolidate and ensure market share.

The number of stores for tea brands and the scale of franchisees achieved double growth. As of the end of last year, MIXUE GROUP had 27,450 franchisees, an increase of 6,474 year-on-year, with a calculated growth of 30.86%; GUMING had 6,675 franchisees, an increase of 1,807 year-on-year, with a calculated growth of 37%; AUNTEA JENNY had 6,974 franchisees, an increase of 1,519 year-on-year, with a calculated growth of 27.8%; and CHABAIDAO had 5,923 franchisees, an increase of 181 year-on-year, with a calculated growth of 3.15%.

From the perspective of store layout, lower-tier markets have become the core engine of industry growth. Last year, nearly 60% of MIXUE GROUP's stores were located in third-tier cities and below, over 80% of GUMING's stores were located in second-tier cities and below, and over 50% of AUNTEA JENNY's stores were in third-tier cities and below, with the penetration rate in lower-tier cities continuously improving; CHABAIDAO's store distribution is relatively balanced, with new first-tier and fourth-tier cities and below being the main layout scenarios, accounting for over 20% NAYUKI still focuses on first-tier and new first-tier cities, with store proportions exceeding 30% in both.

Many tea beverage groups mentioned in their financial reports that there is huge growth potential in third-tier cities and below, which have advantages in store coverage and supply chain networks.

**What are the goals for this year?**

After rapid expansion, the new tea beverage industry has shifted from "scale first" to "emphasizing both scale and quality." In the financial report outlook, major brands' future strategies focus on orderly expansion, product innovation, supply chain upgrades, and improving single-store profitability, with high-quality development becoming the industry's main theme.

Among them, AUNTEA JENNY pointed out that it will expand stores in an orderly manner, enhance single-store profitability, and shorten the investment recovery period for franchisees. GUMING stated that it will expand its store network and continue to increase store density in the 17 provinces where it has already established a presence. As of the end of last year, GUMING had not established a presence in 17 provinces nationwide, leaving ample room for development. It will strategically enter provinces adjacent to those where it has already established a presence and will continue to evaluate opportunities to enter overseas markets.

In terms of product development, GUMING indicated that it will optimize and expand its product matrix. While focusing on the freshly brewed tea beverage market, it also plans to continue enriching product categories and expanding new categories. Last year, it made significant progress in enriching coffee beverage products and plans to further expand its coffee product line, as well as explore other new categories (such as dessert bowls and snacks) to seize more cross-selling opportunities. AUNTEA JENNY also pointed out the need to accelerate the pace of coffee category layout, innovate consumption scenarios and sales models, and promote the integration and innovation of coffee and tea beverages.

Looking ahead, NAYUKI also indicated that it will continue to promote the expansion of its store network, further densifying the tea beverage store network through continuously optimized and highly competitive store types that adapt to different consumption scenarios. It will implement differentiated operational strategies to strengthen the profitability of individual stores, as well as deepen the store evaluation mechanism, regularly conducting dynamic evaluations of all stores and making necessary adjustments to underperforming stores in a timely manner to optimize resource allocation.

MIXUE GROUP will also slow down its store expansion pace. According to media reports, during this annual performance briefing, management stated that MIXUE BINGCHENG will adhere to a quality-first development strategy and actively slow down the pace of new store openings. Lucky Coffee will also slow down its store opening speed compared to 2025, planning to invest more resources into store quality management to enhance single-store revenue and lay a solid foundation for healthy development in the next phase

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