Mixue's Updated Prospectus: RMB 44.9B 9M-2024 GMV, 45,000+ Stores, and an In-House Supply Chain

This is an English adaptation of a FoodBud historical article originally published on January 1, 2025.

Mixue's updated prospectus (filed to start 2025) is the data counterpart to its founder memoir: it quantifies the supply chain, franchise terms and category dominance behind a 45,000-store network.

Network and financials (as of/through Sep 30, 2024)

• 45,302 stores globally (+20.7% YoY): 40,510 in mainland China (~89%), 4,792 overseas across 11 countries (mostly Southeast Asia, where Mixue is the largest freshly made tea brand). 9,064 stores opened in 9M 2024; closure rate just 1.6% (about half company-initiated). Store mix: 78.1% standard sit-in, 19.8% kiosk, ~2% other.
• 9M 2024 revenue RMB 18.7 billion (+21.2%); net profit RMB 3.5 billion (+42.3%); net margin 18.7%; gross margin up to 32.4% (from 29.5%); operating cash flow RMB 5.1 billion. Goods + equipment sales are 97.6% of revenue, franchise/related services 2.4%. Overseas revenue rose from 0.5% (2021) to 5.1%.
• 9M 2024 cups sold 7.1 billion; end-retail (GMV) RMB 44.9 billion. "Evergreen" products are 41.2% of cups: fresh-iced lemonade (RMB 4; 1.1 billion cups, 80%+ of China's fresh-lemonade market), fresh ice cream (RMB 2; 1.4 billion units), pearl milk tea (RMB 6; 385 million cups). Online ordering is ~47%; own app/mini-program retail RMB 8.3 billion.

The franchise model in numbers

Franchised stores grew from 19,954 (2021) to 45,282 (9M 2024), a ~39.5% CAGR; franchisees 9,784→19,780, with multi-store operators 3,585→8,292 (40%+ of franchisees). Retention 96.9% (98–99% excluding HQ-initiated terminations). China terms: 3–4 year agreements; franchise fee RMB 7,000–11,000 (by city tier); annual management fee ~RMB 4,800; training ~RMB 2,000; deposit RMB 20,000. Overseas terms are disclosed for Indonesia and Vietnam (3-year, with management/training fees and deposits; Indonesia charges no separate franchise fee).

The supply-chain moat

• Five production bases (Henan, Hainan, Guangxi, Chongqing, Anhui), ~790,000 sqm, combined annual capacity ~1.65 million tons; 60 smart lines; 100% in-house production of core drink ingredients and 60%+ of all drink ingredients — the highest in-house ratio in the industry. Henan is largest at 1.21M tons.
• Global sourcing across 38 countries; Mixue is China's largest lemon buyer (115,000 tons in 2023). Largest self-built warehousing in the industry (350,000 sqm; seven SE Asia warehouses), reaching 4,900 townships with 90% of counties within 12 hours and 97% of stores on cold-chain. R&D team of 124 (31% master's+), 105 new products in 9M 2024.

Competitive position

By 2023 cups, Mixue was #2 globally (7.4 billion, 7.4% share) behind Starbucks (10 billion). In China it led freshly made drinks on both retail sales (RMB 44.7 billion, 11.3% share) and cups (6.9 billion, 32.7% share), ahead of Luckin, Starbucks China, Guming and ChaPanda — at a RMB 2–8 price band. In Southeast Asia it led with ~4,300 stores and 19.5% share. IPO/prospectus figures are pre-listing (early 2025) and historical.