Mixue Group posted a 35% jump in revenue for 2025, reaching 33.6 billion yuan, with net profit rising 33%. These results topped analyst predictions as the chain’s low-price strategy continued to appeal to budget-conscious consumers, even as China’s dining sector faced competitive and cost pressures.
Following the earnings release, Mixue’s shares advanced 7%. However, the company’s stock remains down nearly 50% from its June 2025 highs, reflecting persistent investor concerns. The recent price war forced Mixue to lower drink prices to two yuan in efforts to defend its market share.
Mixue’s extensive network provides an element of stability amid raging price war. By the close of 2025, the chain operated more than 55,300 locations across China and about 4,500 overseas, making it the world’s largest food-and-beverage operator by store count.
There are early indications that the price war may be subsiding, following a government antitrust investigation into delivery platform subsidies. While acknowledging the cooling of aggressive competition, Mixue management noted that consumer expectations for discount-driven value remain elevated, raising the stakes for maintaining competitiveness in the years ahead.
