Financial Report Watch | Meixa Group 2025 Financial Report: Core Indicators Exceed Expectations, Global Expansion Accelerates

Ask AI · How Will New CEO Zhang Yuan’s Financial Background Influence Strategic Planning?

After assembling the three major brand matrices and anchoring multiple development tracks, the leading new tea beverage company Mixue Bingcheng Co., Ltd. (referred to as “Mixue Group”) has officially presented its 2025 performance report. On March 24, Mixue Group announced that in 2025, the company achieved revenue of 33.56 billion yuan, up 35.2%; gross profit of 10.45 billion yuan, up 29.7%; and net profit attributable to shareholders of 5.88 billion yuan, up 32.7%. All key financial indicators exceeded market expectations.

Mixue Group owns the freshly brewed tea brand Mixue Bingcheng, the freshly ground coffee brand Lucky Coffee, and the draft craft beer brand Fresh Beer Deer House. By the end of 2025, Mixue Group’s retail sales ranked 62nd globally in the food and beverage industry, climbing 10 spots from 2024. Through accelerated IP innovation, store operation improvements, and strengthened supply chain management, Mixue Group has entered a new stage of development characterized by “multi-brand, globalization, and digital intelligence.” In 2025, the group maintained its high-quality, affordable value proposition, focusing on building and strengthening the overall cost leadership through “supply chain + brand IP + store operations,” continuously meeting consumer demand for quality and affordability.

Accelerated Brand IP Innovation

Snow King IP Breaks Boundaries, Enabling Theme Park Experiments

As the soul of Mixue Bingcheng and its “lifetime spokesperson,” Snow King IP remains vividly rooted in consumers’ minds, serving as the core link connecting the company to the market. In 2025, Mixue Group continued to invest in brand IP development, using Snow King as the central carrier to coordinate online and offline marketing activities across all channels. Leveraging its extensive offline store network and deep user base, the company built an emotional connection bridge that is warm and memorable, turning IP value into market competitiveness.

During the reporting period, Mixue Group explored new consumption models through cultural and creative ecosystems and flagship store scene innovations, validating the commercial cycle. Notable collaborations included joint projects with “Journey to the West” and intangible cultural heritage Tang Sancai, immersive activities like “Snow King Parade” and “Snow King-themed painted aircraft maiden voyage,” as well as new flagship store formats. These scene innovations injected vitality into offline consumption scenarios and enhanced consumer experience.

In January 2025, Mixue Bingcheng’s flagship store officially opened in Zhengzhou, Henan, the company’s hometown. Using an innovative combination of “specialty drinks + Snow King cultural IP,” it created a new consumption scene blending commercial and cultural attributes, quickly becoming a regional new landmark and check-in hotspot. By the end of 2025, flagship stores had opened in 23 key cities across China, including Chongqing and Hangzhou, further expanding brand influence and Snow King’s reach. Over the past year, Mixue Group deepened its focus on Snow King IP, enriching its content matrix and product system, transforming Snow King from a simple brand symbol into a core driver of business growth and a differentiator in branding.

Looking ahead, Mixue Group will continue to deepen IP development, leveraging Snow King’s cultural attributes beyond beverages to integrate into daily life. The company plans to expand its cultural connotations through animated series, feature films, and co-branded products, making Snow King a distinctive cultural icon.

Notably, Mixue Bingcheng recently launched the country’s first “Snow King Park” project. Located at the Zhengzhou headquarters, this small indoor theme park features multiple themed experience zones, marking an initial exploration into theme park scenarios.

Store Operation Enhancement

Product Upgrades and Deepening Global Expansion

As a leader in China’s new tea beverage industry, Mixue Bingcheng continues to optimize store network layout and operational quality. By the end of 2025, the group operated approximately 60,000 stores worldwide, including about 44,000 in China, forming a dense, extensive store network that supports sustained growth.

In 2026, Mixue Bingcheng will further strengthen domestic store management, expand into new markets, and deepen existing ones to reach more consumers and ensure healthy, sustainable development. Lucky Coffee will focus on consumer needs, continuously improving product quality to enhance operational efficiency and gradually expand nationwide. Deer House will prioritize capacity building to ensure higher quality and more stable supply, leveraging the group’s operational strength to optimize store management and steadily achieve nationwide coverage.

Product innovation remains a core growth driver. In 2025, Mixue’s core products maintained steady performance while accelerating new product launches, including taro ice cream, blueberry, green grape, and apple series drinks, totaling over 50 new items throughout the year to meet diverse and personalized consumer demands. Lucky Coffee also launched around 50 new coffee products, such as fruit coffee and flavored milk coffee, enriching its product matrix. In 2026, the group will upgrade store offerings with a focus on “fresh and pure” ingredients, increasing the use of fresh frozen fruits and raw materials to uphold quality. Lucky Coffee will introduce specialty and pour-over coffee, adhering to the “three fresh and one instant” principle—using fresh milk, fresh beans, fresh fruits, and on-site preparation—to meet consumer expectations for professional, high-value coffee.

Additionally, Mixue is piloting fully automatic coffee machines in domestic stores, upgrading drip coffee to freshly ground coffee to satisfy coffee drinkers’ demands. Although Lucky Coffee is positioned as a boutique, affordable, professional coffee brand, the two brands will collaborate efficiently within the coffee supply chain to offer consumers more high-quality, affordable options.

Digital and intelligent upgrades are key to high-quality development in the new tea industry. Since October 2024, Mixue has promoted intelligent beverage dispensing machines across stores. These devices, with precise temperature control, portioning, and smart network connectivity, reduce manual errors, enhance food safety, and improve operational efficiency. By the end of 2025, over 13,000 stores had adopted these machines, demonstrating significant digital empowerment. On the digital front, the group has built a comprehensive infrastructure covering online ordering, store operations, supply chain management, and corporate administration, enabling efficient full-chain collaboration and injecting digital momentum into growth.

Overseas markets are becoming vital growth engines for the new tea industry, and international expansion is an inevitable trend. As one of the earliest brands to go abroad, Mixue has been actively exploring overseas markets while deepening its Southeast Asian presence. In 2025, it entered markets in Kazakhstan and the United States. In February 2026, the first store in Mexico opened. To date, Mixue has expanded into 14 countries, with plans for a Brazil flagship store soon. Meanwhile, Lucky Coffee is also advancing its global strategy, entering markets like Malaysia and Thailand with initial stores, leveraging supply chain advantages to further expand its international footprint.

Supply Chain System Optimization

Core Strengths and Leadership Upgrades

A robust supply chain is the foundation of Mixue Group’s commitment to “high quality and affordability.” As one of China’s earliest companies to establish a central factory for freshly made drinks, in 2025, the group continued to develop a large-scale, highly digitalized end-to-end supply chain covering procurement, production, logistics, and R&D, with 100% of core ingredients produced in-house. Relying on digital supply chain management systems, the company continuously improves its “farm to table” quality control.

The announcement shows that by the end of 2025, Mixue Group had established 28 warehouses domestically, covering 33 provinces and over 300 prefecture-level cities; internationally, it built local warehousing and distribution networks in eight countries to support global store operations efficiently.

Looking forward, the group will deepen its domestic supply chain, creating more agile and efficient cold chain logistics, and further enhance R&D for “authentic, fresh, pure” products. Globally, it will tailor its supply chain platform to local needs, strengthening the “global sourcing, manufacturing, and selling” advantages of its end-to-end supply chain, supporting the brand’s international growth.

On the same day as the earnings release, Mixue Group announced leadership changes. The company stated that it is entering a new stage of “multi-brand, globalization, and digital intelligence” development. To better coordinate resource allocation at a higher level, former CEO Zhang Hongfu has been appointed Co-Chairman of the Group and will continue as an Executive Director. To focus more on long-term strategic development, Zhang Hongfu has stepped down as CEO but will remain involved in major decisions, playing a key leadership role in long-term strategy, cultural IP development, social responsibility, and digital transformation, ensuring steady and sustainable growth.

Zhang Yuan, former Executive Vice President and CFO, has officially taken over as CEO. He graduated from Tsinghua University and joined Mixue in February 2023, serving as CFO and EVP, responsible for overall financial management and capital operations, as well as serving as Chairman of the Snow King Public Welfare Foundation. Before joining Mixue, Zhang worked at Bank of America Securities and Hillhouse Capital, gaining deep industry insights and management experience. This management adjustment is essentially a further division and upgrade of responsibilities, aimed at optimizing governance, improving management efficiency, and strengthening leadership development, laying a solid strategic foundation for building a “respected century-old brand” and injecting continuous growth momentum.

Text by Wang Ziyang

Edited by Tang Zheng

Proofread by Chen Diyan