On August 27, Mixue Ice City (Mixue Group), a leading company in the current beverage industry in China, announced its first semi-annual report since its listing.

Data shows that under the joint promotion of the "high quality and parity" strategy, the rapid expansion of the store network, and the comprehensive upgrading of the supply chain system, the company achieved revenue of 14.875 billion yuan (RMB, the same below), a year-on-year increase of 39.3%; net profit reached 2.718 billion yuan, a year-on-year increase of 44.1%.Against the background of weak overall consumption growth, fluctuating raw material prices, and still uncertainty in the global market, this growth rate far exceeded market expectations.

As of June 30, 2025, the total number of global stores in Mixue Ice City exceeded 53,000, an increase of 22.7% from 43,000 in the same period last year, and a net increase of more than 6500 stores.Among them, the number of mainland stores in China is 48281, accounting for more than 90%, while the number of overseas stores is 4733, covering 12 countries.Although the structural optimization of some stores in Indonesia and Vietnam led to a decline in the number of stores in some markets, the company has successfully expanded into emerging markets including Kazakhstan, injecting new momentum into its internationalization process.At present, 99.97% of Mixue Ice City's stores are franchised stores, and the number of franchisees has increased from 19,300 to 23,400.

The rapid growth in the number of stores directly led to strong growth in sales of goods and equipment.In the first half of 2025, the company's sales revenue of goods and equipment reached 14.495 billion yuan, accounting for 97.4% of total revenue, a year-on-year increase of 39.6%.Corresponding to this, franchise and related service revenue increased by 29.8% year-on-year to 380 million yuan. Although the proportion is not high, the stable cash flow and high gross profit margin provided by the franchise system have become key components of the company's profit structure.Data shows that the gross profit margin of franchising and related services has increased from 81.7% in the same period last year to 82.7%, and the scale effect is constantly strengthening.

On the cost side, although the rise in raw material prices has put some pressure on the gross profit margin of goods and equipment sales, causing the gross profit margin to slightly drop from 30.5% to 30.3%, overall, the company can still maintain good profitability.In the first half of 2025, the company's total gross profit was 4.706 billion yuan, a year-on-year increase of 38.3%, basically in line with the growth in revenue.In addition, the company's investment in sales and distribution, administrative management, etc. has also increased significantly, with related expenses increasing by 40.2% and 56.6% respectively. The increase in expense ratio indicates that it is actively planning for long-term growth, especially in brand building and digital operations. Continued investment.

In terms of supply chain construction, Mixue Ice City still consolidates its leading position in the industry.As one of the earliest companies in China to achieve self-research and self-production of all categories of beverage ingredients, the company has deployed five production bases in Henan, Hainan, Guangxi, Chongqing and Anhui to realize sugar, milk, tea, coffee, fruits, grains and other beverage raw materials. Centralized production and standardized supply.Its logistics system consisting of 29 warehousing centers covers 33 provincial-level administrative regions and more than 300 prefecture-level cities across the country, greatly improving supply stability and cost control capabilities.This end-to-end supply chain integrated system provides a solid guarantee for the rapid expansion of stores, lays a foundation for the standardization of product quality, and ensures a brand image of "affordable but not low-quality".

It is noteworthy that the company has also made substantial progress in digitalization and automation.As of the first half of 2025, more than 5600 stores have introduced smart liquid dispensers, which not only improves production efficiency and consistency of beverage taste, but also significantly reduces stores 'reliance on manual operations.As the beverage industry is generally facing the general trend of rising labor costs, the large-scale application of this automated equipment will become an important advantage for Mixue Ice City in the future competition.

In terms of brand building, Mixue Ice City has also taken a more imaginative step.Its core IP "Snow King" continues to ferment and become an important traffic portal. As of now, the number of topics "#Mixue Ice City" on the Douyin platform has exceeded 54.2 billion times.In the first half of this year, the company opened an IP flagship store in Zhengzhou, Henan Province, opening up a link path between offline consumption scenarios and IP culture.In addition, the launch of the multi-language version of "Snow King" shows the brand's ambition to spread globally.At the same time, the emergence of new products is constantly refreshing consumers 'perceptions.Whether it is taro ice cream, Longjing tea drinks, or the various fruit coffee series launched by "Lucky Coffee", they all strive to find the best solution between taste and price, strengthening the core positioning of Mixue Ice City as "good to drink and not expensive".

From a cash flow perspective, the company's financial position also remained stable.As of June 30, 2025, the company's total cash, cash equivalents, time deposits, etc. reached 17.612 billion yuan, an increase of 58.5% from the end of 2024.This increase is mainly due to cash inflows from operating activities and listing financing income, indicating that the company not only has good profitability, but also has strong capital mobilization and risk resilience.Faced with external challenges such as fluctuating raw material prices and intensified competition in the international market, abundant cash reserves will undoubtedly become a strong support for Mixue Ice City to promote global expansion and technological upgrading.

Looking at the industry as a whole, as China's beverage market becomes saturated, leading companies are accelerating their penetration into overseas markets and sinking markets.Data from Mixue Ice City shows that its stores in third-tier cities and below account for 57.6%. This deep market layout not only conforms to the current situation of China's consumption structure, but also helps it avoid competition. High rent and high labor cost pressure in first-tier cities.In terms of the international market, the company is gradually shifting from primary expansion centered on the Chinese community to more localized and diversified operating ideas.The exploration of emerging markets such as Kazakhstan and the multilingual brand communication strategy are all manifestations of this strategic adjustment.