【2097 Performance】Mixue Group Last Year Earned 32.7% More, No Dividend Payment; Global Stores Increased to Nearly 60,000; Zhang Hongfu Transitioned to Co-Chairman

Mixue Group (02097), which operates the “Mixue Bingcheng” fresh tea beverage brand, announced its 2025 financial results. The group’s full-year net profit was HKD 5.89 billion, up 32.7% year-on-year, with no dividend declared. Mixue Group also announced a series of management adjustments, including Zhang Hongfu transitioning from CEO to Co-Chairman.

Last year, Mixue Group’s revenue reached HKD 33.56 billion, an increase of 35.2% year-on-year, mainly due to higher income from product and equipment sales, as well as franchise and related services.

During the period, gross profit margin for product and equipment sales declined by 1.3 percentage points to 29.9%, due to changes in revenue structure and increased raw material procurement costs. The gross profit margin for franchise and related services rose by 2.2 percentage points to 82.6%, driven by the continued expansion of the franchise store network, which enhanced economies of scale.

Last year, Mixue Group net added 13,344 stores

As of the end of 2025, Mixue Group operated 59,823 stores worldwide, a net increase of 13,344 stores compared to 2024. Mainland China saw a net increase of 13,772 stores to 55,356, with 58% located in third-tier and below cities. The majority of stores are franchise outlets; as of the end of last year, the group operated 38 directly-managed stores, a net increase of 21 from 2024, mainly due to strategic acquisition of the “Xian Pi Fu Lu Jia” brand.

By year-end, the group had 4,467 stores overseas, a net decrease of 428 stores year-on-year. The group stated that it continues to deepen its presence in Southeast Asia and is also exploring new markets. In Indonesia and Vietnam, the company focused on operational adjustments and optimizations for existing stores to support sustainable long-term operations, which led to a reduction in store numbers in these markets. Meanwhile, the “Mixue Bingcheng” brand has entered Kazakhstan and the United States, and the “Lucky Coffee” brand has opened its first stores in Malaysia and Thailand.

Looking ahead, Mixue Group plans to continue strengthening store management quality for the “Mixue Bingcheng” brand, while further expanding into new markets and deepening existing ones to reach a broader consumer base and ensure the sustainable development of its extensive store network.

For the “Lucky Coffee” brand, the group will focus on consumer demand, continuously enhancing product quality to improve operational efficiency, while steadily expanding its nationwide store footprint. For the “Xian Pi Fu Lu Jia” brand, the group will prioritize capacity building to ensure higher quality and more stable product supply, leveraging the group’s strong operational capabilities to optimize store operations and gradually achieve nationwide store network expansion.

Zhang Hongfu appointed Co-Chairman; Zhang Yuan becomes CEO

Additionally, Mixue Group announced that Zhang Hongfu has been appointed Co-Chairman and will continue to serve as an Executive Director. To dedicate more time to the group’s long-term sustainable development strategy, Zhang Hongfu has stepped down from the CEO position.

Zhang Hongfu will continue to participate in major group decisions and play a key leadership role in strategic, cultural, public welfare, and innovation areas, providing ongoing support for the group’s long-term and steady growth.

Zhang Yuan has been appointed CEO and will no longer serve as Executive Vice President or CFO. Cui Haijing has resigned as Supervisor and Chairman of the Supervisory Committee and has been appointed as Financial Officer, responsible for the group’s financial affairs. These changes took effect on March 24.

The Board believes that these adjustments are part of the company’s strategic upgrade in the new stage of “multi-brand, globalization, and digital intelligence” development. They not only lay a solid strategic foundation for building a “respected century-old brand” and inject continuous growth momentum but also help optimize corporate governance, improve management efficiency, and strengthen leadership development.