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Mixue Group, the parent company of the budget beverage chain Mixue, reported its first decline in the number of stores outside mainland China. As of December 31, 2025, Mixue owned 4,467 stores outside Mainland China, down from 4,895 a year earlier—an overall reduction of more than 400 stores over 12 months.
The company said the number of stores decreased in Vietnam and Indonesia during the reporting period, with an emphasis on optimizing the operation of existing stores. The decline occurred even as Mixue continued expanding into new markets.
In 2025, the brand entered Kazakhstan and the United States. Separately, its subsidiary Lucky Cup opened its first store in Malaysia and Thailand. The reported drop in Vietnam and Indonesia therefore appears to be localized rather than reflecting a broad global contraction.
Despite the overseas decline, Mixue’s overall store base grew. The total number of stores worldwide reached 59,823 by the end of 2025, up by about 13,400 from 2024.
In mainland China, stores increased from 41,584 to 55,356, remaining the dominant market.
Mixue’s 2025 revenue reached nearly 33.56 billion yuan (equivalent to over USD 4.9 billion), up more than 35% from 2024. Net profit rose more than 33% to 5.93 billion yuan.
Revenue from selling ingredients and equipment to franchisees amounted to 32.7 billion yuan, up 35% year-on-year. Income from franchising services increased 28% to nearly 794 million yuan.
Beyond store counts, the financial report highlighted operational changes. By the end of 2025, Mixue had deployed more than 13,000 smart beverage machines in stores to standardize processes and improve efficiency.
The company also indicated it was strengthening food safety controls and improving customer experience through a new operating system.
In Vietnam, Mixue began appearing around 2018 through franchising. After rapid expansion—particularly in major cities such as Hanoi and Ho Chi Minh City—the brand spread to many provinces. Driven by low prices and a simple operating model, store density increased, and by 2023–2024 the number of Mixue stores in Vietnam had reached thousands, making it one of the largest budget-segment beverage chains.
Indonesia was another early market for Mixue, with rapid growth in recent years. Along with Vietnam, it is described as one of the two Southeast Asian countries with the largest number of Mixue stores.
The reported decline in store numbers in Vietnam and Indonesia during 2025 therefore marks a notable change after years of growth. However, because the company did not disclose store data by country, the exact scale of reductions in Vietnam and Indonesia remains unclear.
Source: Nhịp sống thị trường, 04/21/2026 15:09 (GMT+7).
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