On March 24, Mixue Group (02097.HK) released its full-year 2025 annual results announcement. The financial report shows that the revenue of Mixue Group in 2025 was approximately CNY 33.56 billion, a year-on-year increase of 35.2%; gross profit was approximately CNY 10.452 billion, a year-on-year increase of 29.7%; and net profit was CNY 5.927 billion, a year-on-year increase of 27.0%.
In 2025, Mixue Group (蜜雪集团) continued its expansion. By the end of 2025, the group's total global stores reached approximately 60,000, of which Mixue had about 44,000 domestic stores, while its overseas presence covered 13 countries, firmly securing the top spot in the global freshly-made beverage store scale.
Behind the performance growth is the continuous effect of Mixue's consistent "store + supply chain" path. By the end of 2025, the total number of Mixue Group stores reached 59,823, a year-on-year increase of 28.71%. Among them, there were 55,356 stores in mainland China, covering all county-level cities; and 4,467 overseas stores distributed across 14 countries including those in Southeast Asia, Kazakhstan, and the United States.
In 2025, Mixue Group saw a net increase of over 13,000 stores globally, equivalent to opening 37 new stores every day. In comparison, the number of new stores added by the group in 2024 was about 4,900. This indicates that the scale expansion of Mixue Group (蜜雪集团) is accelerating, and the demographic dividend of growth is still present.
In 2025, the group's sales and distribution expenses were CNY 2.037 billion, a year-on-year increase of 27.35%. At the same time, through self-built production bases and a nationwide warehousing and logistics network, Mixue Group achieved 100% independent production of core beverage ingredients, compressing costs across all links of the supply chain to the lowest level in the industry.
The secret of the group lies not only in scale expansion but also in the deep cultivation of its brand IP and the construction of a multi-brand matrix. As the "lifelong spokesperson" for the Mixue brand, the Snow King IP has become a core driving force for sustainable business growth. In 2025, Mixue Group continued to focus on brand IP construction, relying on the "Snow King" IP to launch online and offline marketing campaigns. These included co-branded collaborations with "Journey to the West" and intangible cultural heritage Tang Sancai, as well as holding immersive events like the "Snow King Parade" and the "Snow King Themed Painted Airplane Maiden Flight," continuously enhancing brand influence. Through years of content creation and IP operations, the "Snow King" has become the only super IP in China's freshly-made beverage industry, which not only deepens the emotional connection between Mixue Bingcheng and consumers but also distinguishes it from other brands.