Mixue's first performance report after going public: revenue of 33.56 billion, net profit of 5.88 billion, both with double-digit growth

Ask AI · How does MiXue Group’s new CEO Zhang Yuan’s financial background support the group’s transformation?

Text | Bai Xue

Editor | Liu Peng

On March 24, MiXue Group (02097.HK) released its 2025 annual results announcement.

In 2025, MiXue Group achieved revenue of 33.56 billion yuan, up 35.2%; gross profit of 10.45 billion yuan, up 29.7%; and net profit attributable to shareholders of 5.88 billion yuan, up 32.7%. Amid industry-wide pressure in the made-to-order beverage sector, MiXue Group’s core financial indicators saw double-digit growth.

Meanwhile, on the same day, the group announced management changes: Zhang Yuan, the former Group Executive Vice President and Chief Financial Officer, was appointed as the Group’s Chief Executive Officer, signaling a strategic shift.

According to information, Zhang Yuan graduated from Tsinghua University. He joined MiXue Group in February 2023 as Chief Financial Officer, and in June 2025, he was promoted to Group Executive Vice President. He is mainly responsible for the group’s overall financial management and capital operations, and also serves as Chairman of the Xue Wang Public Welfare Foundation. Before joining MiXue Group, Zhang Yuan worked at several financial institutions, including BofA Securities and Hillhouse Investments.

MiXue Group stated that this personnel appointment and adjustment essentially represent a further division and upgrade of existing management responsibilities, which will help optimize the company’s corporate governance structure, improve management efficiency, and strengthen leadership development.

Publicly available information shows that MiXue Group’s brands include MiXue BingCheng, Lucky Coffee, and Fresh Beer FuLu Jia.

Based on 2025 year-end retail sales, MiXue Group ranked 62nd globally in the food and beverage industry. By the end of 2025, the group had approximately 60,000 stores worldwide, with about 44,000 of those in China under MiXue BingCheng.

However, behind these impressive growth figures, industry competition remains intense. In 2025, the made-to-order beverage segment experienced significant adjustments, with price wars and homogenization issues continuing to challenge market players.

MiXue Group chose to continue its “high quality at affordable prices” strategy. On the brand side, the group has continued to expand its investment around the “Xue Wang” IP. In January 2025, it launched a flagship store combining “specialty drinks + Xue Wang cultural and creative products,” with the first store opening in Zhengzhou. By the end of the year, this model had been rolled out in 23 cities nationwide, including Chongqing and Hangzhou. Notably, MiXue BingCheng recently also launched the country’s first “Xue Wang Paradise” project.

In terms of products, MiXue BingCheng released over 50 new items in 2025; Lucky Coffee also introduced about 50 new products, such as fruit coffee and flavored milk coffee. The group revealed that in 2026, it will promote a “genuine fresh and pure” upgrade of store offerings and increase the use of fresh ingredients like frozen fruits.

Regarding globalization, in 2025, MiXue BingCheng entered the Kazakhstan and U.S. markets successively. In February this year, the first MiXue BingCheng store opened in Mexico. To date, the brand has entered 14 countries. In April 2025, the first store in Kazakhstan opened, marking its official entry into Central Asia. In December, three stores opened simultaneously in Los Angeles and New York. In February 2026, the first store in Mexico opened.

It is also reported that MiXue BingCheng’s first store in Brazil is currently being prepared and will debut soon.

However, overseas expansion has not been entirely smooth. The announcement shows that in 2025, MiXue BingCheng proactively adjusted and optimized existing stores in Indonesia and Vietnam, reflecting the operational adjustments needed after rapid early expansion.

At the same time, Lucky Coffee, another brand under MiXue Group, entered the Malaysian and Thai markets in 2025, opening its first overseas stores.