When people think of the world’s largest food chains, a few familiar names spring to mind: McDonald’s golden arches, Starbucks’ green siren, maybe even Subway’s footlong empire. But as of 2025, none of these giants wear the crown. That title now belongs to Mixue Bingcheng — a budget-friendly Chinese beverage and dessert brand with a smiling snowman mascot and more than 46,000 outlets worldwide.
From a 1-Yuan Ice Cream Stall to a Global Giant
Mixue’s story begins in 1997 in Zhengzhou, the capital of Henan province, when founder Zhang Hongchao opened a small stall selling shaved ice desserts. Facing stiff competition, Zhang experimented with a new product: soft-serve ice cream cones priced at just 1 yuan (about 15 cents). The combination of sweetness, quality, and an almost symbolic price tag turned out to be a masterstroke.
In 1999, Zhang officially registered the brand name “Mixue Bingcheng” — literally “Honey Snow Ice City.” Over the following decade, the chain began to franchise, gradually expanding its menu to include milk teas, fruit teas, lemonades, and eventually coffee under its Lucky Cup sub-brand.
The Numbers: Bigger Than McDonald’s and Starbucks
By late 2024, Mixue had over 46,400 outlets — surpassing McDonald’s (~41,800 stores) and Starbucks (~38,000 stores) in global store count. Nearly 99% of these are franchised locations, a model that fuels rapid expansion without heavy corporate overhead.
In early 2025, Mixue went public in Hong Kong, raising $444 million in an IPO that valued the company at nearly $10 billion. Shares surged more than 40% on the first trading day. In 2024, the brand reported revenues of Mixue made about 24.8 billion yuan in 2024 — roughly $3.4 billion — and cleared a profit of 4.45 billion yuan (around $610 million)
What’s on the Menu?
Mixue’s menu is simple but broad enough to appeal to different tastes:
- Soft-serve ice cream (the legendary 1 yuan cone still exists in many locations)
- Bubble milk tea in classic and trendy flavors
- Fruit teas like mango oolong and lemon jasmine
- Lemonades and seasonal drinks
- Coffee under the Lucky Cup brand
Prices are strikingly low — often between RMB 2 and RMB 8 ($0.30–$1.20) — making Mixue far cheaper than many competitors, domestic or international.
How Mixue Pulled Ahead
- Aggressive Franchising — The company’s low entry costs and operational support make it easy for small entrepreneurs to open a store, even in small towns.
- Vertical Integration — Mixue controls much of its supply chain, from dairy production to packaging. This ensures consistent quality and keeps costs low.
- Focus on Underserved Markets — Instead of competing head-on with global brands in wealthy city centers, Mixue first targeted China’s lower-tier cities and rural areas — then took the same model abroad.
- Playful Branding — The snowman mascot “Snow King” and catchy jingles have become cultural memes in China, helping the brand gain free viral publicity.
Conquering New Markets
Mixue’s overseas growth has been particularly explosive in Southeast Asia. It now has:
- Over 2,600 stores in Indonesia
- Hundreds more in Vietnam, Malaysia, Thailand, and Singapore
- Expanding footprints in South Korea, Japan, Australia, and Kazakhstan
- Its first presence in Brazil, marking a push beyond Asia
Industry watchers speculate that the company may eventually enter the U.S. and European markets, though this would mean adjusting pricing, branding, and flavors to suit local tastes.
A Case Study in Chinese Food Innovation
Mixue’s rise isn’t just about big numbers — it’s a case study in how Chinese food and beverage companies innovate:
- Hyper-efficient supply chains allow rock-bottom pricing without sacrificing margins.
- Data-driven product development helps adapt drinks quickly to local tastes.
- Pop culture marketing blends mascot charm with social media virality.
- Franchise empowerment makes store owners partners rather than just operators.
What the Future Might Hold
Mixue’s combination of affordability, scalability, and brand personality makes it a formidable global player. While it remains to be seen whether the brand can replicate its success in high-income Western markets, one thing is clear: The age of global fast food dominance being an American monopoly is over.
If McDonald’s brought the world the Big Mac, Mixue is bringing the 15-cent ice cream cone — and it’s doing it on a scale the world has never seen.
