36Kr has exclusively learned from multiple independent sources that Nowwa Coffee’s 2025 revenue reached RMB 700–800 million (USD 102.8–117.4 million), with profit of about RMB 60 million (USD 8.8 million).
It was a year of rapid expansion for Nowwa. From more than 1,200 stores at the end of 2024, it surpassed 10,000 stores by the end of 2025, making it the fourth coffee brand in China to cross that threshold.
Unlike its rivals, most Nowwa stores use a shop-in-shop model. Nowwa partner Li Lixu recently said publicly that about 80% of Nowwa outlets are shop-in-shops, while around 20% are standalone stores. A shop-in-shop refers to a model that embeds coffee operations inside convenience stores, internet cafes, gas stations, and other locations. Partner stores provide the space and staff, while Nowwa provides materials and equipment. The former earns incremental revenue from the coffee business, while Nowwa profits from ingredient margins.
“For convenience stores, first, they do not need to purchase heavy assets. Second, they can use Nowwa’s online traffic to sell coffee. Third, for some convenience store chains that already had coffee operations but poor sales, it also allows them to reuse idle assets such as coffee machines,” one industry insider told 36Kr.
