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Mixue’s overseas store network shrank by more than 400 outlets in 2025, with the reductions concentrated in Vietnam and Indonesia as the company optimized its store system to support long-term, stable performance.
In its recently released annual report, Mixue Group—the operator of the affordable tea beverage and ice cream chain—said it is focusing on optimizing the operation of existing stores in Indonesia and Vietnam. In 2025, the number of stores in these two markets declined.
Mixue did not provide a market-by-market breakdown. However, it reported that its overseas store network ended last year at 4,467 stores, down about 428 from the end of 2024. The company also said it has continued expanding in other countries and has penetrated Kazakhstan and the United States, implying that closures in Indonesia and Vietnam could be higher than the overall net decline of 428.
Indonesia and Vietnam are Mixue’s two largest overseas markets. A white paper submitted for a Hong Kong IPO earlier this year stated that Mixue had 1,304 stores in Vietnam as of the end of September 2024.
Management previously described a “high-quality growth” strategy in fast-growing markets, particularly Indonesia and Vietnam. Mixue said the adjustments in these countries are aimed at optimizing the system, relocating some older stores, upgrading locations, and refining the network structure.
In Vietnam, the company accelerated the shift from a traditional small-store model to a larger, modern store format. New outlets feature expanded beverage counters, clearer customer flows, modern urban storefronts, and larger floor space than the previous model. Mixue also said it prioritizes prime locations with high potential.
Mixue said the restructuring produced positive early results. In the second half of 2025, new stores in both Indonesia and Vietnam recorded average revenues about 1.7 times higher. The average revenue of the existing store network rose by nearly 18% year over year.
Despite aggressive store reductions in the region, Mixue reported positive business results in 2025. Revenue reached nearly 33.56 billion yuan (about $4.9 billion), up more than 35% from 2024. Net profit rose more than 33% to 5.93 billion yuan.
Mixue also continues to generate substantial revenue from selling raw materials and equipment to franchise partners. That segment totaled 32.7 billion yuan, up 35% year over year. Income from franchise services rose 28% to nearly 794 million yuan.
Mixue entered Vietnam in 2018, initially focusing on Hanoi and northern provinces before expanding to many provinces. The company said the brand is now among the largest F&B chains nationwide.
Notable products include lemon beverages, ice cream, bubble tea, and fruit tea, priced around 10,000–30,000 dong in Vietnam. Mixue said it can keep prices low by controlling the entire supply chain, from ingredients and logistics to R&D and quality control.
In 2024, iPOS—a platform providing management solutions for more than 100,000 restaurant and cafe businesses—said Mixue has helped shape Vietnam’s bubble-tea market in recent years, including expanding the affordable beverage segment and supporting nationwide franchising.
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