Mixue shows the other side of scale: 428 fewer overseas stores, profit up more than 33%
Mixue international network shrank by about 428 stores during 2025, concentrated in Vietnam and Indonesia, while revenue and net profit both rose more than 33%. Relocated stores averaged around 1.7 times higher revenue.
The numbers
VnExpress reported on 21 April 2026, citing the group annual report, that Mixue overseas network declined by approximately 428 stores during 2025, ending the year with 4,467 international locations. The reductions were concentrated in Vietnam and Indonesia, the brand two largest markets outside China.
Over the same period revenue reached roughly RMB33.56 billion and net profit RMB5.93 billion, with both measures up more than 33% year on year. In Vietnam the company moved from small traditional store formats to larger modern ones with expanded preparation areas and better customer flow; new stores in both markets averaged roughly 1.7 times higher revenue.
The brand also continues to invest upstream. At a meeting with Vietnam Deputy Minister of Industry and Trade Phan Thi Thang on 5 September 2026, reported by Bao Dau Tu, Mixue set out plans to expand investment in production, processing, cold logistics and retail in Vietnam, and to source coffee, tea, cocoa and tropical fruit locally. The group entered Vietnam in 2018 and now operates close to 1,000 stores there, against more than 60,000 locations across 17 countries globally.
How to read it
Most franchise systems report only openings. This is what the other column looks like. Closing 428 stores while profit rises more than 33% means the closed outlets were not carrying their weight, and that the system was healthier without them.
The 1.7 times figure is the one to remember. If a relocated or reformatted store earns nearly twice as much, then the constraint was never demand — it was site quality and store design. Adding outlets in poor locations dilutes the brand and the franchisee returns at the same time.
For anyone holding rights in Southeast Asia, the practical lesson is that a network plan needs a closure and relocation budget, not only an opening target. Deciding in advance what performance triggers a move is far cheaper than negotiating it with an unhappy franchisee later.
Figures to keep
- Overseas network: down about 428 stores in 2025, to 4,467 international locations
- 2025 revenue: about RMB33.56 billion; net profit RMB5.93 billion; both up more than 33%
- Reformatted stores: roughly 1.7 times higher average revenue
- Vietnam: entered 2018, close to 1,000 stores; globally 60,000+ locations in 17 countries
Compiled from public sources for information only, not investment advice.