Mixue's Sweet Growth: Revenue Jumps 39% to $14.87B as 53,000 Stores Fuel Dual Expansion

TradingKey - Mixue Group released its first half-year financial report since listing on Wednesday, demonstrating robust growth momentum. The report showed revenue of RMB 14.87 billion for the first half of the year, up 39.3% year-on-year, with net profit reaching RMB 2.718 billion, up 44.1% year-on-year.

Despite the strong performance, the capital market reaction showed volatility. Following the earnings release, Mixue Group's share price experienced a brief intraday surge before rapidly declining, closing down 5.27% at HK$460.4.

Source: Yahoo Finance

In terms of revenue structure, merchandise and equipment sales grew 39.6% year-on-year to RMB 14.495 billion, while franchise and related service revenue increased 29.8% to RMB 380 million. Growth in both core segments was primarily driven by the rapid expansion of the store network.

Data showed that as of June 30, 2025, Mixue Bingcheng's global store count reached 53,014—9,796 more than the previous year — covering mainland China and 12 overseas countries. Of these, 48,281 stores were located in mainland China, with overseas stores increasing to 4,733.

International expansion progressed steadily. In April, Mixue Group opened its first store in Kazakhstan, marking its formal entry into the Central Asian market. Its freshly brewed coffee brand "Lucky Coffee" also launched its overseas debut in Malaysia in August, initiating a new chapter of multi-brand globalization.

Supply chain remains Mixue Group's core competitive advantage. Having begun building its own central factories as early as 2012, the company has now established the largest end-to-end supply chain system in the ready-to-drink beverage industry, covering procurement, production, logistics, R&D, and quality control.

Its global procurement network now spans 38 countries across six continents. In May, the company signed a RMB 4 billion letter of intent with Brazil, further expanding global sourcing of premium raw materials to solidify product quality and cost control foundations.

The "Snow King" IP — serving as the brand's emblem and lifetime ambassador — has become a crucial emotional bond with consumers due to its broad fan base and strong affinity. Online discussions around this IP consistently generate heated engagement, effectively bridging the emotional gap between the brand and consumers — especially younger demographics — and continuously reinforcing Mixue Bingcheng's youthful, fun-loving brand image.

The brand's unique appeal and business model have also attracted attention from international authoritative media. The Wall Street Journal named Mixue Bingcheng alongside Pop Mart (the trendy toy manufacturer) and Lao Pu Gold as the "three golden flowers" in investors' eyes, recognizing its unique market advantage through high cost-effectiveness and emotional resonance capabilities.