Mixue's 2025 revenue reaches 33.6 billion yuan: net profit of 5.9 billion yuan, 59,823 stores, Zhang Hongfu steps down as CEO

Ask AI · How will the company’s strategy evolve after Zhang Hongfu steps down as CEO?

Leidi Network, Lei Jianping, March 24

Mixue Ice Cream Co., Ltd. (stock code: “2097”, Mixue Group) today released its financial report for the period ending December 31, 2025. The report shows that Mixue Group’s revenue in 2025 is 33.56 billion yuan, an increase of 35.2% compared to 24.829 billion yuan in the same period last year.

Mixue Group’s revenue from the sale of goods and equipment in 2025 is 32.766 billion yuan, a 35.3% increase from 24.2 billion yuan in the same period last year; franchise and related service revenue is 794 million yuan, an increase of 28% from 620 million yuan in the same period last year.

59,823 Stores

As of December 31, 2025, Mixue Group has a total of 59,823 stores, with 55,356 stores located in mainland China.

As of December 31, 2025, Mixue Group has opened approximately 4,500 stores outside mainland China, promoting its global expansion by deeply cultivating the Southeast Asian market and exploring new markets such as Kazakhstan and the United States.

Zhang Hongfu Steps Down as CEO

Mixue Group today announced management adjustments, in which the company’s founder Zhang Hongfu has been appointed as co-chairman and continues to serve as an executive director; at the same time, to dedicate more time to focus on the group’s long-term sustainable development strategy, Zhang Hongfu has stepped down as CEO.

Mixue Group stated that Zhang Hongfu continues to participate in major decision-making for the group and plays a core leadership role in key areas such as strategy, culture, public welfare, and innovation, providing continuous support for the group’s long-term and stable development.

Zhang Yuan has been appointed as CEO and will no longer serve as executive vice president and chief financial officer.

Ms. Cui Haijing has resigned as supervisor and chairperson of the supervisory board and has been appointed as the financial head, responsible for the group’s financial work. After an election by the Mixue Group Employee Representative Assembly, Ms. Zhu Jiaping has been appointed as the employee representative supervisor.

According to the information, Zhang Yuan, 35 years old, joined the group in February 2023 as chief financial officer and was appointed executive vice president in June 2025, mainly responsible for the group’s overall financial management and capital operations. Mr. Zhang Yuan also serves as the chairman of the Snow King Public Welfare Foundation. Prior to joining the group, Zhang Yuan worked at several financial institutions, including Bank of America Securities and Hillhouse Capital.

Zhang Yuan obtained a master’s degree in finance from Tsinghua University in July 2015. He also obtained an honors bachelor’s degree in economics from the University of International Business and Economics in June 2013.

Zhang Yuan will sign a service agreement with the company in his new role as CEO, with no fixed term, but must comply with the terms of the service agreement and terminate the term according to the company’s policies and procedures.

Ms. Cui Haijing, 39 years old, served as an accounting clerk at Zhengzhou Dennis Department Store Co., Ltd. and Henan Fenghe Trading Co., Ltd. from 2007 to 2009. Ms. Cui joined the group in 2009 and gradually grew from a grassroots financial staff member to a financial manager, holding several important positions including financial team leader, financial supervisor, head of the “Mixue Ice Cream” business group’s finance department, and head of the “Mixue Ice Cream” business group’s finance BP (Business Partner) department, among others, and served as a supervisor of the company from December 2023 to March 2026. Ms. Cui Haijing also currently serves as a supervisor or financial head in several subsidiaries of the group.

Cui Haijing has an associate degree and obtained a bachelor’s degree in financial management from the National Open University in January 2025, and an associate degree in accounting computerization from Henan University of Animal Husbandry and Economics (formerly Henan Commercial College) in July 2007.

Acquisition of Fresh Beer Fulu Family, Controlled by Zhang Hongfu’s Wife

In 2025, Mixue Group completed the strategic acquisition of the “Fresh Beer Fulu Family” brand, which mainly provides consumers with freshly brewed beer products priced between 6 to 10 yuan per 500mL.

As of August 31, 2025, Fresh Beer Fulu Family has a network of approximately 1,200 stores developed through the franchise model, covering 28 provinces, autonomous regions, and municipalities in China.

Fresh Beer Fulu Family reported a tax-adjusted loss of 1.527 million yuan in 2023, and a tax-adjusted profit of 1.07 million yuan in 2024.

Before the transaction, Ms. Tian Haixia, Mai Langtongzhou, Zhao Jie, and Ms. Jia Rongrong held 60.05%, 20.41%, 15.01%, and 4.53% equity in Fresh Beer Fulu Family, respectively.

Ms. Tian Haixia is the wife of Zhang Hongfu, the executive director and former CEO of Mixue Ice Cream.

After this transaction, Mixue Ice Cream holds 53% equity, Ms. Tian Haixia holds 29.43%, Mai Langtongzhou holds 10%, Zhao Jie holds 5.36%, and Ms. Jia Rongrong holds 2.22%.

Annual Profit of 5.9 Billion

Mixue Group’s cost of sales in 2025 is 23.1 billion yuan, a 37.8% increase from 16.769 billion yuan in the same period last year, mainly due to increased sales.

Mixue Group’s gross profit in 2025 is 10.45 billion yuan, a 29.7% increase from 8.06 billion yuan in the same period last year.

Mixue Group’s selling and distribution expenses in 2025 are 2.037 billion yuan, a 27.3% increase from 1.6 billion yuan in the same period last year; administrative expenses are 1.082 billion yuan, a 43.2% increase from 755 million yuan in the same period last year; R&D expenses are 100 million yuan, a 3.4% decrease from 105 million yuan in the same period last year.

Mixue Group’s profit for the year in 2025 is 5.927 billion yuan, a 33.1% increase from 4.454 billion yuan in the same period last year.

As of December 31, 2025, Mixue Group has cash and cash equivalents, time deposits, and restricted cash totaling 20 billion yuan, with the increase mainly attributed to net cash generated from operating activities and the proceeds from the public offering in Hong Kong and the exercise of the over-allotment option during the reporting period.

As of December 31, 2025, Mixue Group has a total of 9,102 employees (as of December 31, 2024: 7,025).

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