MIXUE, China's largest tea-drink chain, reported flat sales despite increasing its store count by 20% in the first half of 2026. The gap between store expansion and sales growth has once again come into sharp focus.
MIXUE Group announced its results for the first half of 2026. Revenue rose 2.3% year on year to RMB15.216 billion, while net profit attributable to owners of the parent fell 14.7% to RMB2.296 billion. Gross margin was 30.4%, down 1.2 percentage points.
The number of stores worldwide reached 63,987, an increase of approximately 20% from the same period a year earlier. Mainland China had 59,609 stores, more than half of them located in third-tier cities and lower-tier areas, while the number of overseas stores reached 4,378.
Although the store count increased by more than 20% in the first half, revenue growth was limited. Sales of products and equipment rose 2.1% to RMB14.798 billion, while franchise and related services revenue increased 10% to RMB418 million.
Against a backdrop of slowing profit growth, MIXUE shifted to an investment cycle and rapidly stepped up investment in food safety, supply-chain strengthening and product quality. It also paid its first special dividend since listing, at RMB2.65 per share.