On August 27, Mixue Bingcheng Co., Ltd. (蜜雪冰城股份有限公司) released its interim results, reporting revenue of CNY 14.875 billion in the first half of 2025, up 39.3% year-on-year, and net profit of CNY 2.718 billion, a surge of 44.1%.
The growth was driven primarily by network expansion. As of June 30, 2025, the company operated 53,014 stores worldwide, an increase of 22.7% from a year earlier, including 48,281 in mainland China and 4,733 overseas. In the first half, 7,721 new stores opened and 1,187 closed, for a net increase of 6,534. Franchises accounted for 99.97% of the network, with franchisees rising from 19,300 to 23,400.
Gross margins remained stable. Product and equipment sales margin dipped slightly from 30.5% to 30.3% due to rising raw material costs, while franchise and related services margin improved from 81.7% to 82.7%, reflecting stronger scale effects. Total sales costs reached CNY 10.168 billion, up 39.8%, while gross profit was CNY 4.706 billion, up 38.3%.
Cash flow also improved significantly, with cash and equivalents plus term deposits rising to CNY 17.612 billion, up 58.5% from end-2024, supported by operating inflows and proceeds from the Hong Kong listing.
By business line, product and equipment sales contributed CNY 14.495 billion (97.4% of revenue), while franchise and related services brought in CNY 380 million. Geographically, China remains dominant, with outlets across 31 provinces and 300+ cities, 57.6% of them in lower-tier markets. Overseas, Mixue is optimizing in Indonesia and Vietnam while expanding into new markets like Kazakhstan.
Mixue’s supply chain remains a key moat, with five production bases across Henan, Hainan, Guangxi, Chongqing, and Anhui, enabling 100% in-house production of beverage ingredients, supported by 29 warehouses nationwide.
The “Snow King” (雪王) brand continues to gain traction, with its hashtag viewed over 54.2 billion times on Douyin. The company opened a flagship store in Zhengzhou, launched multilingual versions of its “Snow King Arrives” campaign for overseas markets, and introduced new fruit-coffee products under Lucky Cup (幸运咖).