Leveraging the large-scale expansion of its store network and an efficient supply chain system, MIXUE has continuously strengthened its cost leadership advantage in the increasingly competitive ready-to-drink beverage sector, delivering an annual performance in 2025 with record-high revenue and profit.
MIXUE announced its annual results for the year ended December 31, 2025, on Tuesday. Revenue in 2025 increased by 35.2% year-on-year to RMB 33.56 billion, slightly exceeding analysts' average expectation of RMB 32.94 billion; net profit increased by 33.1% to RMB 5.93 billion, surpassing the market consensus expectation of a 31% increase. Basic earnings per share were RMB 15.65.
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During the reporting period, the company's total global store count expanded from 46,479 at the end of 2024 to 59,823, with over 13,700 new stores in mainland China and an increase in the number of franchisees to 27,450. Concurrently, the company completed the strategic acquisition of the draft beer brand &#34;Xian Pi Fu Lu Jia,&#34; and the &#34;MIXUE&#34; brand successively entered the markets of Kazakhstan and the United States, accelerating its globalization strategy.
MIXUE announced senior management changes: Zhang Hongfu has been appointed Co-Chairman and will continue to serve as an Executive Director, having stepped down as Chief Executive Officer. Meanwhile, Zhang Yuan has been appointed Chief Executive Officer and will no longer serve as Executive Vice President and Chief Financial Officer. The board stated that this adjustment is a forward-looking strategic upgrade for the new phase of its development strategy of &#34;multi-brand, globalization, and digital intelligence,&#34; aiming to optimize the corporate governance structure, enhance management efficiency, and strengthen the leadership team. Zhang Hongfu will continue to participate in the group's major decision-making, playing a core leadership role in key areas such as strategy, culture, public welfare, and innovation. Following the earnings announcement, MIXUE GROUP's Hong Kong stock surged over 8% in the afternoon, trading at HK$349.00.
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<h2>Revenue and Profit Reach New Highs, Gross Margin Faces Pressure, Analysts Cautious About 2026 Outlook</h2>
MIXUE's 2025 revenue primarily comes from sales of goods and equipment to franchisees. This revenue increased by 35.3% year-on-year to RMB 32.77 billion. The increase was mainly driven by the expanded procurement scale of franchisees due to the expansion of the store network. Revenue from franchising and related services increased by 28.0% to RMB 790 million, accounting for approximately 2.4% of total revenue, indicating the stability of the company's business model, which relies mainly on its supply chain system rather than franchise fees for revenue generation.
Despite better-than-expected net profit growth, the structural pressure on gross margin cannot be ignored. The gross profit margin for sales of goods and equipment decreased from 31.2% in 2024 to 29.9% in 2025, attributed by the company to changes in the revenue structure and an increase in procurement costs for certain core raw materials; the growth rate of cost of sales (37.8%) also outpaced the revenue growth rate (35.2%), indicating that scale expansion is accompanied by certain cost pressures.
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In a January report, UBS analysts including Christine Peng pointed out that rising raw material costs, an increasing proportion of takeaway orders, and intensifying competition are the core negative catalysts constraining MIXUE's short-term performance. They expect gross margins to narrow further in 2026 compared to 2025. The company also admitted in its annual report that subsidies from third-party online platforms have raised consumer expectations for value for money, posing higher demands on the product competitiveness of all its brands.
Looking ahead to 2026, MIXUE stated that it will consolidate its leading position in the Chinese ready-to-drink beverage market, steadily advance the expansion of its domestic store network, while continuing to deepen its presence in Southeast Asia and explore emerging markets at appropriate times. The company will also continue to strengthen its supply chain, promote intelligent store operations, and further expand the global influence of its &#34;Snow King&#34; brand IP.
<h2>Significant Expansion of Stores in Mainland China, Continued Penetration of Lower-Tier Markets</h2>
As of December 31, 2025, the number of MIXUE stores in mainland China increased to 55,356, covering 31 provinces, over 300 prefecture-level cities, and all levels of cities. By city tier, stores in third-tier and below cities accounted for approximately 58%, remaining flat compared to the previous year, indicating a stable depth of penetration in lower-tier markets.
Throughout 2025, the company opened 14,496 new franchised stores and closed 2,527, resulting in a net increase of approximately 12,000 stores for the year. Combined with the 1,354 stores acquired through the acquisition of &#34;Xian Pi Fu Lu Jia,&#34; the total number of franchised stores reached 59,785.
In terms of improving operational quality, the company has continued to promote intelligent beverage dispensers, which covered over 13,000 &#34;MIXUE&#34; stores by the end of 2025. This aims to enhance product standardization, reduce food safety risks, and optimize the consumer experience. The company stated that in 2026, it will continue to steadily expand its domestic store network while focusing on improving the operational quality of stores across all brands.
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<h2>Slight Contraction in Overseas Stores, Accelerated Expansion into New Markets</h2>
In overseas markets, the number of MIXUE stores outside mainland China was 4,467 at the end of 2025, a decrease from 4,895 at the end of 2024. This was mainly due to operational adjustments and optimizations of existing stores in Indonesia and Vietnam, leading to a decrease in store count during the period. The company stated that these measures are intended to support the long-term sustainable and stable operation of stores in these markets.
Meanwhile, the company has accelerated its expansion into emerging markets. During the reporting period, the &#34;MIXUE&#34; brand successively entered Kazakhstan and the United States; the coffee brand &#34;Xingyun Ka&#34; also opened its first stores in Malaysia and Thailand. As of the end of 2025, the company's overseas market presence covered 13 countries, and localized warehousing and distribution networks have been established in 8 overseas countries.
The company stated that in 2026, it will continue to deeply cultivate the Southeast Asian market and dynamically adjust its market expansion strategies based on factors such as the business environment, store performance, population size, and consumer preferences in various countries, while appropriately exploring other markets.
<h2>Acquisition Expands Product Categories, &#34;Xian Pi Fu Lu Jia&#34; Joins the Group's Portfolio</h2>
In October 2025, MIXUE announced the strategic acquisition of the draft beer brand &#34;Xian Pi Fu Lu Jia.&#34; The acquisition was completed on December 1, 2025, extending its product categories from freshly made fruit drinks, teas, ice cream, and coffee to the draft beer sector. &#34;Xian Pi Fu Lu Jia&#34; focuses on draft beer priced at approximately RMB 6 to 10 per 500ml. At the time of acquisition, it had 1,354 franchised stores and 20 directly operated stores.
As of the end of 2025, the company had a total of 38 directly operated stores, an increase from 17 at the end of 2024. The increase was primarily due to this acquisition.
The company stated that in 2026, it will focus on strengthening the production capacity of &#34;Xian Pi Fu Lu Jia&#34; and leverage the group's robust supply chain system and operational capabilities to optimize the brand's store operations and steadily advance its nationwide expansion.
<h2>Zhang Hongfu Steps Down as MIXUE CEO to Become Co-Chairman, Zhang Yuan Succeeds as Chief Executive Officer</h2>
MIXUE announced senior management changes: Zhang Hongfu has been appointed Co-Chairman and will continue to serve as an Executive Director, having stepped down as Chief Executive Officer. Meanwhile, Zhang Yuan has been appointed Chief Executive Officer and will no longer serve as Executive Vice President and Chief Financial Officer.
Information shows that Cui Haijing has resigned as Supervisor and Chairman of the Supervisory Board and has been appointed as the Financial Controller, responsible for the group's financial operations. Zhu Jiaping has been appointed as the Employee Representative Supervisor following election by the company's employee representative congress.
The board stated that this adjustment is a forward-looking strategic upgrade for the new phase of its development strategy of &#34;multi-brand, globalization, and digital intelligence,&#34; aiming to optimize the corporate governance structure, enhance management efficiency, and strengthen the leadership team. Zhang Hongfu will continue to participate in the group's major decision-making, playing a core leadership role in key areas such as strategy, culture, public welfare, and innovation.

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MIXUE 2025 revenue increased by 35.2% year-on-year to RMB 33.56 billion, slightly higher than analysts' average expectation of RMB 32.94 billion; net profit increased by 33.1% to RMB 5.93 billion, exceeding the market consensus expectation of a 31% increase. Zhang Hongfu stepped down as MIXUE CEO to become Co-Chairman, and Zhang Yuan took over as Chief Executive Officer. The total number of global stores expanded from 46,000 at the end of 2024 to nearly 60,000. MIXUE GROUP's Hong Kong stock surged over 8% in the afternoon

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MIXUE 2025 Net Profit Surges 33% YoY to RMB 5.93 Billion, Revenue Up 35.2% to RMB 33.56 Billion, Global Stores Expand to Nearly 60,000 | Earnings Watch