Mixue Group’s latest coverage highlights a business model that is scaling more rapidly — and more efficiently — than most beverage peers.
The company now operates 53,000+ stores worldwide, including nearly 4,800 overseas, making it the world’s largest freshly-made beverage chain. Its core advantage comes from an integrated cost structure:
End-to-end supply chain with self-produced ingredients
Highly standardized operations
A widely recognized brand IP (“Snow King”)
Extremely low marketing spending relative to industry norms
Deferred demand in lower-tier Chinese cities and accelerating growth in Southeast Asia provide meaningful visibility for store expansion. Mixue already holds 19.5% market share in Southeast Asia and is extending into Central Asia and the Americas.
Beyond tea drinks, Mixue is building a second growth curve through Lucky Cup (5–10 RMB coffee) and Fulu Fresh Beer, both benefiting from the group’s procurement and distribution system.
Haitong expects Mixue to maintain strong revenue growth through 2026–2027, supported by its cost leadership and multi-brand strategy. The target price is HK$482, based on 25× 2026E PE.
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