Who is Mixue?

China’s freshly-made drinks industry is entering a new global phase — hyper-scaled expansion, supply-chain–driven economics, and tightly aligned franchise incentives.

Mixue Group: Understanding the World’s Fastest-Growing F&B Chain is a decision-support report designed to help leaders understand how Mixue scaled to become the 4th largest food & beverage chain globally, what differentiates its business model from traditional franchising, and why its expansion strategy matters for Southeast Asia and beyond.

Built on analysis of Mixue’s IPO prospectus alongside Momentum Works’ operator-level research, the report examines Mixue’s interest-aligned franchise model, upstream supply chain economics, and global expansion playbook, with a particular focus on Southeast Asia.

What’s new in this report:

• Breakdown of Mixue’s scale and growth trajectory, with over 36,000 stores globally
• Analysis of Mixue’s “interest-aligned franchise model” and revenue mechanics
• Insights from Mixue’s IPO filings, including cost structure and margin drivers
• Southeast Asia expansion dynamics, with nearly 4,000 stores in the region
• Implications for F&B chains, retail operators, and investors

This report is designed for decision-makers including:

• F&B and consumer brand executives
• Retail and franchise operators
• Investors and capital allocators
• Business builders and innovation leaders in new retail

How leaders use this report:

• To understand scalable franchise economics beyond traditional royalty models
• To assess the sustainability of supply-chain–driven F&B expansion
• To benchmark global and Southeast Asia growth strategies in mass-market consumer brands