Mixue revenue reaches 33.56 billion yuan driven by supply sales

Mixue, the beverage chain, reported significant financial growth in 2025, reaching a revenue of 33.56 billion yuan (approximately 128 trillion VND), a 35.2% increase. Net profit reached 5.9 billion yuan (approximately 22.5 trillion VND), up 33.1%.

Financial analysis reveals that the company's business model functions more as a production and distribution entity rather than a traditional beverage chain. Approximately 97.6% of its revenue—32.7 billion yuan—is derived from selling raw materials and equipment to franchisees. In contrast, franchise fees and services accounted for only 2.4% of revenue (793 million yuan).

By the end of 2025, the chain expanded to nearly 60,000 stores, including 55,356 locations in China and 4,467 locations across 14 other countries. During the year, the company opened over 13,000 new stores, averaging roughly 36 new locations per day.