Mixue

Overview

Mixue is a Chinese ice cream and drinks chain known for soft-serve cones, fruit drinks, lemonade and tea-based beverages at relatively low prices. Its name is closely associated with its Snow King mascot, which appears on shopfronts, packaging and promotional material. Although commonly grouped with fast-food franchises, its business is more specifically focused on freshly prepared drinks and frozen desserts.

The distinction matters when assessing the opportunity. Mixue stores generally offer a narrower production task than a full-service burger or chicken restaurant, but they still require consistent preparation, food-safety controls and efficient service. The business relies on frequent, relatively small purchases rather than high average transaction values. Its parent, MIXUE Group, also operates the separate Lucky Cup coffee brand.

History and growth

Mixue traces its origins to 1997, when founder Zhang Hongchao started a shaved-ice business in Zhengzhou, in China’s Henan province. The operation developed into a chain selling ice cream and drinks, with franchising becoming the main vehicle for expansion. Its low-price positioning helped it reach customers beyond the premium shopping districts associated with more expensive beverage brands.

Growth was supported by investment in manufacturing, procurement, warehousing and distribution. Rather than simply licensing a name and menu, the group developed an infrastructure for supplying a large network of independently operated shops. That supply-chain role remains fundamental to its economics.

Mixue began its overseas expansion in Vietnam in 2018 and subsequently entered additional Asian markets. MIXUE Group listed on the Hong Kong Stock Exchange in March 2025, bringing greater public visibility to its ownership structure, franchise arrangements and financial reporting.

Global footprint

As of September 2024, MIXUE Group reported around 45,000 stores across 11 countries, including China. This is a group-wide figure covering both Mixue and Lucky Cup, rather than a standalone count for the Mixue brand. China accounted for the large majority of locations, while the overseas network comprised around 4,800 stores at that date.

International development has been concentrated in Asia, with Indonesia and Vietnam among the important overseas markets. Mixue’s affordable products and relatively compact shop format have supported expansion in high-footfall urban areas. However, its presence across several countries should not be interpreted as universal availability of franchise rights.

Network figures require particular care because rapid openings can make older totals misleading. Prospective operators should distinguish between group and brand counts, domestic and overseas locations, and the date of each reported figure.

How the franchise model works

Mixue is overwhelmingly a franchised business. Franchisees invest in and operate stores under the brand’s operating requirements, while the group supplies ingredients, packaging, equipment and related materials. Public listing disclosures show that selling goods and equipment to franchisees, rather than collecting franchise service fees alone, is the principal source of group revenue.

This structure connects the franchisor’s commercial performance closely to the purchasing activity of its network. Centralised production and procurement can support consistency and lower sourcing costs across large volumes. For an individual operator, however, approved purchasing arrangements also limit the freedom to substitute suppliers or alter the product offer.

Franchisees remain responsible for local execution, including staffing, service, hygiene and day-to-day cost control. The applicable contract determines their precise obligations. Overseas arrangements and support infrastructure can differ by territory, so terms published for China should not automatically be treated as applicable elsewhere.

Investment and requirements

There is no single, globally applicable Mixue franchise investment figure. Charges and opening costs depend on the country, premises, shop format and prevailing local requirements. A current, universally applicable franchise fee and total investment range are not publicly disclosed. Prospective franchisees should request the relevant franchise disclosure documents, where available, and an itemised quotation from the authorised local franchise team.

An opening budget needs to distinguish brand-related charges from property deposits, fit-out, equipment, opening inventory, licences and working capital. Rent and labour costs can differ substantially even between neighbourhoods in the same city. A quoted franchise fee therefore cannot be treated as the full cost of establishing a store.

Applicants should also establish the brand’s current requirements for site approval, training and operational involvement. Equipment specifications and approved supply arrangements are particularly relevant to a business dependent on consistent frozen-dessert production and drink preparation. Requirements should be confirmed for the intended market rather than inferred from third-party franchise advertisements.

What franchisees should consider

The central operating question is whether a low-price offer can generate enough transactions to cover local occupancy, staffing, utilities and product costs. High footfall is helpful, but the quality of that traffic, trading hours and nearby competition also matter. A busy location is not necessarily an economical location if rent absorbs too much of the store’s sales.

Supply reliability deserves close attention. Imported ingredients, customs processes, refrigeration and local distribution capacity can influence overseas operations. Franchisees should understand delivery schedules, storage needs, product shelf lives and how shortages are handled. Delivery-platform commissions and promotional discounts can also affect the economics of a small-ticket purchase.

Dense networks introduce another consideration: competition between outlets of the same brand. Territory provisions, proposed nearby openings and renewal conditions warrant careful review. Published group growth or revenue figures do not establish the profitability of an individual franchise.

Competitive landscape

Mixue competes with ice cream retailers, bubble-tea chains, coffee shops and inexpensive drinks sold by convenience stores and fast-food restaurants. Baskin-Robbins is a relevant comparison for frozen desserts, while McDonald’s competes for some of the same low-priced ice cream and beverage occasions. Neither is an exact match for Mixue’s combined menu and supply-led franchise structure.

Within the specialist drinks market, chains such as Gong cha and CoCo Fresh Tea & Juice provide closer product comparisons. Competition is shaped by local pricing, brand recognition, convenience and new-product demand. Mixue’s scale is significant, but national reach alone does not determine customer preference in a particular catchment.

Outlook

Mixue’s development will depend on maintaining its value proposition while supporting a very large franchise network. Overseas growth adds opportunities, but also exposes the business to different consumer preferences, currencies, import rules and labour markets. Replicating its Chinese supply-chain advantages abroad requires more than opening additional shops.

For prospective operators, the most useful assessment is therefore local and contract-specific: the strength of supply support, realistic trading assumptions and the obligations attached to the brand. Mixue’s history demonstrates the reach of an affordable, standardised offer; it does not remove the commercial risks of running an individual store.