This is an English adaptation of a FoodBud historical article originally published on February 21, 2025.
This piece is a deep operator-level read on Mixue's unit economics as it pushes past 46,000 stores into township markets — and the saturation math that comes with density.
Mixue's openings slowed to ~6,000 in 2024 (from a faster post-pandemic pace), with 50%+ (3,000+) in townships to defend against rivals and replicate proven formats. Approval pass rates rose from 40% to 50–60%, and existing franchisees (holding ~2.5 stores each) became the main engine (60–70% of openings). For 2025, the target is 7,000 net adds; after Mixue loosened multi-store rules in mid-December 2024, daily site applications spiked to ~8,000 (from ~400), pre-locking ~2,000 stores. Key 2025 increments: townships, denser East/South China county coverage, and the under-penetrated Northwest (where climate barriers deter rivals — 1,000+ stores possible).
Township stores sell ~RMB 90,000/month at a 20%+ margin; high-tier-city stores sell ~RMB 140,000/month at a 10–15% margin — so the lower-cost township unit can approach the same absolute profit. But network-wide, average monthly sales slipped from RMB 143,000 (2023) to RMB 134,000 (2024), and payback lengthened from 14 to 16 months. Competitors felt the township push more acutely: Tianlala fell to ~RMB 100,000/month; Guming saw thin incremental gains in newer markets like Shandong. Mixue's low-price positioning made it relatively resilient to soft consumption.
Mixue nudged prices up selectively — new SKUs drifting from RMB 5–6 to 7–9, plus localized increases in first-tier and high-cost sites — while cushioning sensitivity with promotions (buy-one-get-one) and its public-welfare brand image (a 2017 Chengdu/Chongqing price hike had to be reversed after backlash; this time acceptance was higher). Online share reached ~45% of sales, with Meituan/Ele.me delivery at 28% (up from 18%) and a still-exploratory JD.com tie-up. New-product cadence accelerated to monthly (to counter Guming), though hit-retention is low and classics (fruit tea, ice cream) carry the menu.
Domestically, five production bases plus 40+ warehouses give nationwide coverage at ~70% utilization, with township delivery via SF Express and individual couriers at cost parity to dense areas. Overseas expansion hit culture and pricing frictions; in 2024 Mixue adjusted Southeast Asia — localizing the Indonesian supply chain and management and easing its low-price insistence (pricing moved from a domestic ~95% to ~85–90%).
For 2025 Mixue is waiving franchise fees on renewing expiring stores and offering raw materials at up to 50% off. But past 50,000 stores, densification pushes payback toward the ~2-year line against 4-year contracts. Future growth hinges on township habit-formation and rival exits; if closure rates climb, sustained concessions may be needed — a real test of supply-chain marginal economics and franchisee loyalty.
As of December 31, 2024 Mixue had 46,479 stores (already the world's largest freshly made drinks company on the September count of 45,302). End-retail sales rose from RMB 22.8 billion (2021) to RMB 58.3 billion (2024); revenue was RMB 13.6/20.3 billion (2022/2023) and RMB 18.7 billion (9M 2024); net profit RMB 2.0/3.2 billion and RMB 3.5 billion respectively.
