{{Short description|Chinese multinational restaurant chain}} {{about|the Chinese dessert chain|the Chinese musical artist|Mi Xue}} {{Use mdy dates|date=March 2026}} {{Infobox company | name = Mixue Group | native_name = {{Infobox Chinese/Chinese | child = yes | hide = no | header = none | t = | s = | c = 蜜雪冰城股份有限公司 | p = | l = Honey Snow Ice City Joint Stock Limited Company }} | logo = Mixue Ice Cream & Tea logo.svg | company_slogan = | image = File:20250614 Mixue Headquarters 03.jpg | image_size = | image_caption = Headquarters of Mixue in Zhengzhou, China | founded = {{Start date and age|1997|06}} in Zhengzhou, China | founder = Zhang Hongchao | industry = Restaurant | genre = Ice cream parlor<br />Beverage | type = Public | traded_as = {{sehk|2097}} | area_served = Australia, Brazil, Cambodia, Hong Kong, Indonesia, Japan, Kazakhstan, Kenya, Laos, Macau, Mainland China, Malaysia, Mexico, Myanmar, Philippines, Singapore, South Korea, Thailand, Vietnam and United States | key_people = Zhang Hongchao (Chairman)<br />Zhang Hongfu (CEO) | num_locations = 59,823 (December 31, 2025) | products = Ice cream, bubble tea, and tea | revenue = {{increase}} RMB33.56 billion ($4.95 billion)<ref name="AP">{{Cite book |url=https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0423/2025042301970_c.pdf |title=2024 Annual Report |date=2025-04-23 |publisher=Hong Kong Exchanges and Clearing }}</ref> | revenue_year = 2025 | operating_income = {{increase}} RMB7.29 billion ($1.08 billion)<ref name="AP" /> | income_year = 2025 | net_income = {{increase}} RMB5.9 billion ($0.87 billion) <ref name="AP" /> | net_income_year = 2025 | website = {{url|mxbc.com}} }} '''Mixue Ice Cream & Tea''' ({{zh|c=蜜雪冰城|p=Mìxuě Bīngchéng|l=honey snow ice city}}, {{respell|ME|shweh}}<ref>{{cite news |url=https://www.washingtonpost.com/food/2026/02/23/mixue-fast-food-chain-new-york-review/ |title=The world’s biggest fast-food chain lands in the U.S. Here’s how it tastes. China’s Mixue tea and ice cream empire offers $1.19 soft-serve with a side of despair. |author=Ethan Beck |date=February 23, 2026 |newspaper=The Washington Post}}</ref>) is a Chinese multinational restaurant chain specializing in ice cream and tea-based drinks. It was founded in 1997 in Zhengzhou by Zhang Hongchao.<ref>{{Cite web|date=2023-01-26|script-title= |url=https://news.qq.com/rain/a/20230126A01IBG00 |access-date=2025-11-09 |website=QQ News|language=zh|title=成为中国最大连锁品牌：蜜雪冰城成长史｜年度回顾_腾讯新闻|trans-title=Becoming China's Largest Chain Brand: The Growth Story of Mixue Ice Cream {{!}} Annual Review_Tencent News}}</ref>
At the end of 2025, it operated almost 60,000 stores in China and overseas, making it the world's largest food-service chain by number of stores.<ref>{{Cite web|date=2025-02-15|script-title= |url=https://news.qq.com/rain/a/20250215A02HT800 |access-date=2025-11-09 |website=QQ News|language=zh|title=蜜雪冰城通过聆讯：门店数全球第一，2024年终端零售额约583亿_腾讯新闻|trans-title=Mixue Ice Cream passes listing hearing: Number one in global store count, with estimated retail sales of approximately 58.3 billion yuan in 2024}}</ref> Most locations are franchised and the company generates a large share of its revenue by supplying ingredients, equipment, and packaging to franchisees. Its menu emphasizes low-priced items such as soft-serve ice cream and milk tea.<ref>{{Cite web|date=2025-06-09|script-title= |url=https://finance.sina.com.cn/roll/2025-06-09/doc-inezmvxq1422031.shtml |access-date=2025-11-09|publisher=Sina Corporation|language=zh|title=4元柠檬水一年卖超10亿杯！蜜雪冰城是如何把价格打下来的？|trans-title=Mixue Ice Cream sells over 1 billion cups of lemonade priced at 4 yuan a year! How did they manage to drive down the price?}}</ref>
Mixue's parent company, Mixue Group, is listed on the Hong Kong Stock Exchange.<ref>{{Cite web |date=2025-02-21|script-title=zh:蜜雪冰城今起招股，红杉、博裕、高瓴、美团龙珠等为基石，预计3月3日挂牌上市 |url=https://finance.sina.com.cn/stock/hkstock/hkzmt/2025-02-21/doc-inemezhr8487055.shtml |access-date=2025-11-09|publisher=Sina Corporation|language=zh}}</ref> The initial public offering raised about HK$3.45 billion (approximately US$444 million at the time) and the shares rose by about 40–47% on the first day of trading.
==History== [[File:20250204 Mixue at Zhengzhou BRT Huayuan Road Station.jpg|thumb|left|Mixue branch in Zhengzhou]] thumb|180px|Mixue's mascot, "Snow King" (雪王) In June 1997, Zhang Hongchao was studying at Henan University of Economics and Law when he opened a shaved‑ice stall in Zhengzhou using a {{CNY|link=yes|3,000}} loan from his grandmother.<ref>{{Cite magazine |last=Smith |first=Dave |date=June 2, 2025 |title=A 21-year-old asked his grandmother for money to open a street-food stall. Now, it's the world's largest fast-food chain, eclipsing McDonald's |url=https://fortune.com/2025/06/02/mixue-worlds-largest-fast-food-chain-zhang-hongchau-hongfu/ |access-date=2025-08-15 |magazine=Fortune |language=en}}</ref> The stall's early success convinced him to expand, and in 1999 he opened a second stand called Mixue Bingcheng.<ref>{{Cite magazine|last=Lee |first=Zinnia |date=March 3, 2025 |title=Billionaire Brothers' Chinese Bubble Tea Giant Mixue Surges In Hong Kong Debut |url=https://www.forbes.com/sites/zinnialee/2025/03/03/billionaire-brothers-chinese-bubble-tea-giant-mixue-surges-in-hong-kong-debut/ |access-date=2025-08-15 |magazine=Forbes|quote="Two years later, Hongchao opened another shaved ice stall called Mixue Bingcheng, meaning 'sweet snow palace.' He first tasted success in 2005, when Mixue launched soft-serve ice cream, which became a big hit thanks to its competitive pricing."}}</ref>
Due to a lack of experience, Hongchao had closed three stores in a little more than a year. Following the closure of his third store, he went to Hefei to sell tanghulu, which also failed. In spring 1999, Hongchao returned to Zhengzhou to start a new cold drink shop, though this would also be demolished; the failures of these street stalls were attributed to poor locations and ongoing urbanization.<ref name=":3">{{Cite web|script-title= |url=https://www.sohu.com/a/www.sohu.com/a/432975910_99922069 |access-date=2023-06-23 |website=Sohu|language=zh|title=蜜雪冰城23年血泪创业史: 关门3次, 被拆4次, 创始人被弟弟"怼"出局_张红超|trans-title=Mixue Ice Cream's 23-year blood and tears entrepreneurial history: Closing down 3 times, being demolished 4 times, founder "challenged" out by his brother - Zhang Hongchao}}</ref>
===Timeline=== Mixue Ice Cream & Tea began in 1997 when Zhang Hongchao opened the first location under the Mixue name.<ref name=":2">{{Cite web |last=商讯 |date=2020-06-24|script-title= |url=http://henan.sina.com.cn/toutiao/2020-06-24/detail-iircuyvk0249576.shtml |access-date=2023-06-07|publisher=Sina Corporation|location=Henan|language=zh|title=蜜雪冰城门店规模破万 河南品牌走向全球_新浪河南_新浪网|trans-title=Mixue Ice Cream stores surpass 10,000, Henan brand goes global}}</ref> After six relocations, the first successful Mixue Ice Cream & Tea store opened in 2003.<ref name=":1">{{Cite web|first=Yi|last=Xu|date=2020-10-13|script-title=zh:估值200亿、高瓴及美团系入股?蜜雪冰城紧急回应|url=https://www.dahecube.com/article.html?artid=77601 |access-date=2023-06-07 |website=dahecube.com|language=zh}}</ref><ref name=":3" /> Around 2005 or 2006,<ref name=":4">{{Cite web|first=Fei|last=Jiang|date=2021-01-25|script-title=zh:3元/支卖到爆, 茶饮店要不要学习蜜雪冰城上冰淇淋?|url=https://www.jiemian.com/article/5593433.html |access-date=2023-06-23 |website=jiemian.com|publisher=JMedia|language=zh}}</ref> the company introduced soft serve ice cream at the price of just {{CNY|1}}, this quickly became a best-seller and its first signature product.<ref>{{cite web |first1=Michelle|last1=Toh|first2=Hassan|last2=Tayir |date=2024-01-04 |title=Two of China's bubble tea giants are gearing up for IPOs |url=https://edition.cnn.com/2024/01/04/food/china-mixue-guming-bubble-tea-ipo-intl-hnk/index.html |publisher=CNN}}</ref> In 2007, Mixue began franchising after opening a new ice cream shop.<ref>{{cite web |last=Liu, Vivien |first=Vivien |title=Bubble Tea Chain Bigger Than Starbucks Yields $8 Billion Fortune |website=Bloomberg |date=27 February 2025 |url=https://www.bloomberg.com/news/articles/2025-02-27/bubble-tea-chain-bigger-than-starbucks-yields-8-billion-fortune |access-date=2025-11-09}}</ref> The following year, it established Mixue Ice Cream & Tea Trading Co., Ltd. to manage its growing network of franchises.<ref name=":8">{{Cite web|first=Ruiyi|last=Liu|date=2022-12-12|script-title=zh:透视蜜雪冰城IPO: 直营门店毛利率为负 百亿营收加盟商占绝对"优势"-新华网 |url=http://www.xinhuanet.com/money/20221212/7c1c0e48312a41e09b092d5136081feb/c.html |access-date=2023-06-23 |website=Xinhua News|language=zh}}</ref>
Mixue took its first step outside of China on September 5, 2018, with a store opening in Hanoi, Vietnam.<ref>{{Cite web|date=2021-07-23|script-title= |url=https://finance.sina.com.cn/jjxw/2021-07-23/doc-ikqciyzk7224870.shtml |access-date=2023-06-07|publisher=Sina Corporation|language=zh|title=卷入越南, 蜜雪冰城能延续甜蜜蜜吗?|trans-title=Now embroiled in Vietnam, can Mixue Ice Cream continue its sweet romance?}}</ref> Later that year, in November, it launched a new brand mascot, Snow King.<ref>{{Cite web|date=2021-10-13|script-title=zh:蜜雪冰城, 失去"雪王"?{{!}}蜜雪冰城{{!}}国家知识产权局_新浪科技_新浪网 |url=https://finance.sina.com.cn/tech/2021-10-13/doc-iktzscyx9473799.shtml|publisher=Sina Corporation|language=zh|archive-url=https://web.archive.org/web/20211013112118/https://finance.sina.com.cn/tech/2021-10-13/doc-iktzscyx9473799.shtml |archive-date=2021-10-13 |access-date=2023-06-23}}</ref><ref>{{Cite web|date=2022-11-18|script-title= |url=https://www.foodtalks.cn/news/39376 |access-date=2023-06-23 |website=Food Talks|language=zh|title=2022年全球排名100连锁餐饮品牌榜单揭晓|trans-title=The 2022 global top 100 restaurant chain brands list released}}</ref> Between May 24 and 26, 2019, the company hosted an "ice cream music festival" at Opalala Water Park in Zhengzhou,<ref>{{Cite web |last=王勇生 |date=2019-05-30 |title=蜜雪冰城冰淇淋音乐节罗志祥汪苏泷等20多位明星大咖精彩开唱, 现场挑战3000人同吃冰淇淋!_央广网 |url=http://hn.cnr.cn/hngbcj_1/20190530/t20190530_524632119.shtml |access-date=2023-06-07 |website=hn.cnr.cn}}</ref> drawing over 30,000 visitors. On June 24, 2020, Mixue celebrated the opening of its 10,000th store in Yuanyang County, Henan, Xinxiang.<ref>{{Cite web |last=彭华 |date=2020-06-24|script-title=zh:蜜雪冰城门店规模破万, 河南品牌走向全球_央广网 |url=http://hn.cnr.cn/cj/20200624/t20200624_525143418.shtml |access-date=2023-06-07 |website=hn.cnr.cn}}</ref> The same year, it expanded into Indonesia with a branch in Cihampelas Walk, Bandung.<ref name="thejakartapost.com">{{Cite web |title=Mixue on the march: ice cream serves soft power for China in Southeast Asia |url=https://www.thejakartapost.com/opinion/2023/07/18/mixue-on-the-march-ice-cream-serves-soft-power-for-china-in-southeast-asia.html |access-date=2023-07-20 |website=The Jakarta Post}}</ref>
In 2022, Mixue made significant purchases of over {{convert|9,000|t}} of tea, benefiting around 50,000 tea farmers, while also supporting over 11,000 franchisees and generating more than 500,000 jobs. It launched a {{CNY|6.5 million}} scholarship program across five universities in Henan<ref>{{Cite web|date=2023-04-13|script-title=zh:蜜雪冰城发布2022年社会责任报告 全产业链带动超50万人就业 |url=http://mp.weixin.qq.com/s?__biz=MjM5MjM1NDIwNg==&mid=2649838455&idx=2&sn=37a95c16248457fb3a236ccf47b3c237&chksm=bea2698689d5e090787db818256c8e92bc09b076bd933712b13976e89b9dbfd74bdb303ca304#rd |access-date=2023-06-07 |website=Weixin Official Accounts Platform|language=zh}}</ref> and expanded into additional Southeast Asian markets, opening stores in Singapore,<ref>{{Cite web |date=2022-03-07 |title=Famous Chinese Soft-Serve Chain Mixue, Opens Their First S'pore Outlet In Clementi With $1 Soft-Serve Cones! |url=https://singaporefoodie.com/famous-chinese-soft-serve-chain-mixue-opens-their-first-spore-outlet-in-clementi-with-1-soft-serve-cones/ |access-date=2022-12-29 |website=Singapore Foodie}}</ref> Thailand, Cambodia, Philippines, Laos, and Myanmar.<ref>{{Cite web |date=2022-11-16 |title=Chinese Tea Brands Including Mixue and HeyTea Eye Southeast Asia |url=https://pandaily.com/chinese-tea-brands-including-mixue-and-heytea-eye-southeast-asia/ |url-access=subscription |access-date=2022-12-29 |website=Pandaily}}</ref> By the end of 2022, Mixue had also entered South Korea and Japan.<ref>{{Cite web|script-title=zh:小红书|url=https://www.xiaohongshu.com/web-login/canvas?redirectPath=http%3A%2F%2Fwww.xiaohongshu.com%2Fdiscovery%2Fitem%2F63680e4a0000000006028289 |access-date=2022-12-29 |website=Xiao Hong Shu|language=zh}}</ref><ref>{{Cite web|date=2022-12-05 |title=Chinese Tea Chain Mixue Enters South Korea and Japan |url=https://pandaily.com/chinese-tea-chain-mixue-enters-south-korea-and-japan/ |access-date=2022-12-29 |website=Pandaily}}</ref> In February 2023, the company debuted in Australia with a store in Sydney,<ref name=":0">{{Cite web|date=2023-02-15 |title=Chinese Tea Chain Mixue Opens First Store in Australia |url=https://pandaily.com/chinese-tea-chain-mixue-opens-first-store-in-australia/ |access-date=2023-02-18 |website=Pandaily}}</ref><ref>{{Cite web |last=Dong |first=Irene |date=2023-02-17 |title=Chinese tea chain Mixue opens its first Australia location, in Sydney |url=https://insideretail.asia/2023/02/17/chinese-tea-chain-mixue-opens-its-first-australia-location-in-sydney/ |access-date=2023-02-18 |website=Inside Retail}}</ref> followed by additional openings in Melbourne and Brisbane.<ref>{{Cite web |last=Reid |first=Suki |title=How a beloved bubble tea franchise grew bigger than any other fast food chain |url=https://kitchen.nine.com.au/latest/mixue-in-australia-what-is-it-menu-everything-to-know-china-largest-bubble-tea-chain-explainer/cef672c3-c8c2-4d58-b9b7-0fb73e5f7619 |access-date=2025-10-09 |website=Honey Kitchen}}</ref> By the first nine months of 2023, Mixue had sold approximately 442 million ice cream cones in China.<ref name="cd">{{Cite news|first=Yiran|last=Zheng|date=2024-03-27 |title=Mixue's rags-to-riches tale inspirational for peer firms |url=https://www.chinadaily.com.cn/a/202403/27/WS66038f67a31082fc043bef17.html|newspaper=China Daily}}</ref>
On March 3, 2025, Mixue Group went public through an initial public offering on the Hong Kong Stock Exchange in what was then the city's largest initial public offering of the year. The company sold 17 million shares at HK$202.5 each, raising about HK$3.45 billion (US$444 million).<ref>{{Cite news|last1=Murdoch |first1=Scott |last2=Yu |first2=Sophie |last3=Li |first3=Jiaxing |date=March 3, 2025 |title=China bubble tea chain Mixue pops 47% on debut as Hong Kong IPO volumes rebound |url=https://www.reuters.com/markets/deals/china-tea-drinks-mixue-shares-rise-nearly-30-hong-kong-trading-debut-2025-03-03/ |access-date=3 March 2025 |agency=Reuters}}</ref> In September 2025, Mixue began plans to open a store in the United States in New York City.<ref>{{cite web |last1=Abrams |first1=Sean |title=The World's Largest Fast-Food Chain Is Opening In The U.S.—Find Out Where |url=https://www.delish.com/food-news/a66086281/mixue-first-us-location-nyc-tribeca/ |website=Delish |access-date=October 4, 2025 |date=September 14, 2025}}</ref><ref>{{cite web |last=Provini |first=Celine |title=World's largest fast-food chain coming to U.S. take on McDonald's |url=https://www.thestreet.com/restaurants/mcdonalds-faces-a-huge-new-rival |website=The Street |access-date=October 4, 2025 |date=September 19, 2025}}</ref> On December 20, 2025, Mixue opened their first American store in Hollywood, Los Angeles,<ref>{{cite news |title=Mixue Group opens 1st US store in Hollywood |url=https://www.chinadaily.com.cn/a/202512/20/WS694632bea310d6866eb2fa66.html |access-date=December 20, 2025 |work=www.chinadaily.com.cn}}</ref> and two stores opened four days later in New York City, in Herald Square and the Hell's Kitchen neighborhood. Reviewers prominently noted the chain's low prices and that items were constantly sold out.<ref>{{Cite web |title=Mixue, the World's Largest Restaurant Chain, Opens in NYC |url=https://www.grubstreet.com/article/mixue-nyc-review.html |website=Grub Street |date=2026-01-15 |access-date=2026-01-23 |first=Tammie |last=Teclemariam}}</ref><ref>{{Cite web |title=The world's biggest fast-food chain just landed in NYC. We tried Mixue — and the hype is real. |url=https://www.businessinsider.com/mixue-nyc-review-store-visit-worlds-biggest-fast-food-chain-2026-1 |website=Business Insider |access-date=2026-01-23 |first=Aditi |last=Chandonnet |date=19 January 2026 |last2=Bharade |first2=Henry}}</ref>
==Controversies== {{Controversy section|date=June 2026}} ===Food safety=== In December 2022, journalists from ''The Beijing News'' applied for jobs at two stores in Nanjing, where they were not required to sign labor contracts and discovered that "discarded" ingredients and "corner-cutting measures" were being used.<ref>{{Cite web|script-title=zh:蜜雪冰城又又又翻车，承认错误有这么难吗？_舆情聚焦_中国甘肃网 |url=https://yqpd.gscn.com.cn/system/2023/05/09/012955313.shtml |access-date=2025-11-09 |website=GSCN|language=zh}}</ref> The story was reported in March 2023, and as of March 14, 2023, the number of complaints on the Black Cat Complaint Platform reached 4,435, most of which were food safety issues.<ref>{{Cite web|first=Daohua|last=Chi|date=2023-03-15 |title=蜜雪冰城不要在食品安全问题上屡屡翻车 {{!}} 新京报快评 |url=https://www.bjnews.com.cn/detail/1678888867169823.html |access-date=2023-06-23 |website=BJ News|language=zh}}</ref>
In March 2025, Hubei Economic Television’s “3·15” program reported on poor hygiene conditions in a Yichang restaurant’s kitchen: the use of unrefrigerated, sliced fruit from the previous day, improper storage of ingredients, and even insects swarming around the lids of milk tea cups on the work surface.<ref>{{Cite web |date=2025-03-15 |title=蜜雪冰城｜分店涉用隔夜切片水果 宜昌市監局立案調查 |url=https://www.stheadline.com/realtime-china/3437835/%E8%9C%9C%E9%9B%AA%E5%86%B0%E5%9F%8E%E5%88%86%E5%BA%97%E6%B6%89%E7%94%A8%E9%9A%94%E5%A4%9C%E5%88%87%E7%89%87%E6%B0%B4%E6%9E%9C-%E5%AE%9C%E6%98%8C%E5%B8%82%E7%9B%A3%E5%B1%80%E7%AB%8B%E6%A1%88%E8%AA%BF%E6%9F%A5 |access-date=2026-03-20 |website=星島頭條 |language=zh-HK|trans-title=Mixue Ice Cream&Tea {{!}} Branch Accused of Using Day-Old Sliced Fruit; Yichang Market Supervision Bureau Launches Investigation|quote=“湖北經視「3·15特別報道」曝光了蜜雪冰城宜昌凝聚新天地門店使用隔夜檸檬和橙切片製作招牌飲品，門店衛生狀況亦令人堪憂，報道畫面顯示，店內有蒼蠅飛蟲，飛蟲甚至出現在奶茶杯蓋中。當地市監局目前已立案调查。”|trans-quote=“Hubei Economic Television’s “March 15 Special Report” exposed that the Mixue Ice City branch at Ningju Xin Tian Di in Yichang was using leftover lemon and orange slices from the previous day to prepare its signature drinks. The store’s sanitary conditions were also alarming; footage from the report showed flies and other insects inside the store, with insects even appearing inside the lids of milk tea cups. The local Market Supervision Bureau has launched an investigation into the matter.”}}</ref>
==See also== *Chagee
==References== <references />
==External links== * {{Official website|https://www.mxbc.com/}}
{{Food chains in the Philippines}}
Category:Food and drink companies established in 1997 Category:Restaurants established in 1997 Category:Chinese companies established in 1997 Category:Companies based in Zhengzhou Category:Restaurants in China Category:Restaurants in Indonesia Category:Ice cream parlors Category:Ice cream brands Category:Bubble tea brands Category:Companies listed on the Hong Kong Stock Exchange Category:2025 initial public offerings