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Mixue sells cheap, sweet drinks and ice cream to millions of people through a giant franchise network across China and beyond.
Mixue is a Chinese chain of small shops selling bubble tea, fruit drinks, and soft-serve ice cream for very little money — often a few yuan per cup. It is the kind of business you find on almost every busy street corner in Chinese cities, and it has spread fast across Southeast Asia and other markets. The core idea is simple: make a tasty cold treat that regular people, especially students and young workers, can afford every day.
The important thing to understand is that Mixue mostly doesn't earn money by running its own stores. Instead, it sells the ingredients, supplies, packaging, and equipment that franchisees need to open and operate a Mixue shop, and it collects franchise-related fees. Almost all the storefronts are owned and run by independent franchisees. This model lets Mixue grow very quickly using other people's money and effort, while the company itself stays asset-light and collects revenue from the steady stream of supplies every store needs. Its edge comes from two things: extremely low prices and a supply chain built for cost. Mixue makes and sources many of its own ingredients through its central supply system, which keeps costs down and gives franchisees consistent products. That low-cost engine means a Mixue cup can undercut fancy bubble tea brands, and the brand stays focused on volume — selling massive numbers of cheap drinks rather than a few expensive ones. The company listed on the Hong Kong Stock Exchange in early 2025 and became a striking market debut because of how large and profitable the franchise network is. It now operates tens of thousands of stores, making it one of the biggest drink chains in the world by store count. The risks are real, though: it depends heavily on franchisees succeeding, it faces fierce competition from other low-cost tea brands, and food safety problems at any single store can damage the whole brand. Growth has been slowing in China's crowded tea market, which is why expansion abroad has become a bigger part of the story.
Saved answer · last researched 21 Oct 2026
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