Mixue Group opens nearly 14,000 new stores worldwide in one year; domestic market continues to deepen, while overseas operations adjust and contract.

WealthCoffee · 2026-03-25T11:06:58+00:00

Mixue Group's 2025 financial report shows an annual revenue of 33.56 billion yuan, a year-on-year increase of 35.2%, and a net profit of 5.927 billion yuan, a year-on-year increase of 33.1%. As food delivery subsidies decline, the growth rate of revenue in the fourth quarter has slowed, and the proportion of delivery orders has decreased.

WealthCoffee

2026-03-25 11:06:58

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Caixin March 24 — China’s largest chain fresh beverage company, Mixue Group (02097.HK), released its 2025 financial report, recording an annual revenue of 33.56 billion yuan, a year-on-year increase of 35.2%; during the same period, the company achieved a net profit of 5.927 billion yuan, up 33.1% year-on-year.

In mid-2025, a subsidy war for takeout services erupted within the industry, with various e-commerce platforms continuously subsidizing coffee and milk tea, leading to a temporary increase in store order volumes. However, following strong signals from the government against “internal competition,” the takeout subsidies significantly declined in the fourth quarter of 2025. Mixue Group stated at the earnings conference that as subsidies waned in the fourth quarter, overall store revenue growth slowed and was lower than in the third quarter; meanwhile, the proportion of takeout orders compared to the peak subsidy period decreased but remained high.

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