Annual reports highlight a widening divide in the country’s bubble tea industry, with Mixue and Guming pulling ahead and higher-cost rivals such as Nayuki and Chagee grappling with shrinking margins or losses
Mixue led China's six listed bubble tea chains with 33.6 billion yuan revenue (+35% YoY) and 60,000 stores, while higher-cost rivals faced shrinking margins or losses. Supply-chain efficiency and low-cost models separate winners from losers in crowded markets: consolidation inevitable for players unable to scale.
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Mixed 2025 earnings from China’s six major publicly listed tea chains revealed a widening divide, with companies built for scale pulling ahead while higher-cost rivals grappled with shrinking margins or even losses.
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