中国奶茶冰淇淋连锁品牌蜜雪冰城，门店数量已跃居全球餐饮连锁第一。截至2024年9月30日，其全球门店总数达到45302家，超过了麦当劳和星巴克。蜜雪冰城在一年内从第四名跃升至榜首，增长迅速。尽管门店数量庞大，但在终端销售额方面，蜜雪冰城仍位居现制饮品类第四，落后于星巴克、Inspire Brands和Tim Hortons。不过，蜜雪冰城在东南亚地区的扩张势头强劲，其海外门店数量可观，且其商业模式独特，值得深入研究。

📈 蜜雪冰城门店数量全球领先：截至2024年9月30日，蜜雪冰城全球门店总数达到45302家，超越麦当劳和星巴克，成为全球门店数量最多的餐饮连锁品牌。

☕ 蜜雪冰城旗下品牌：蜜雪冰城在中国拥有约3700家门店，其咖啡子品牌幸运咖则有2900家门店。海外门店主要分布在印尼和越南等11个国家，总计4792家。

🌍 蜜雪冰城海外扩张：蜜雪冰城在东南亚地区的扩张尤为突出，贡献了中国餐饮连锁在东南亚开设的70%以上的门店数量，显示出其强大的海外扩张能力。

💰 销售额与门店数量的差异：尽管门店数量庞大，但蜜雪冰城的终端销售额仍落后于星巴克等品牌，位居现制饮品类第四，表明其商业模式的独特性。

🧐 商业模式值得关注：蜜雪冰城的商业模式和价值主张与其他中国餐饮品牌不同，未来将有报告更新，深入分析其商业模式的优势与挑战。

Mixue, China’s largest chain of milk tea and ice cream, has become the largest F&B chain globally by store count.

The company filed for a new IPO prospectus to the Hong Kong Stock Exchange on 1st of January. In the document, it revealed its total store count as 45,302 as of 30 September 2024. 

At the same time, McDonald’s and Starbucks had about 43,000 and 40,199 stores respectively. Within a year, Mixue had jumped from the 4th place to become the largest, globally. 

In comparison, Luckin Coffee has 21,343 stores as of 30 September 2024. 

While aggressively growing in store count, in terms of terminal sales, Mixue is still ranked number 4 in the freshly-made beverages category, behind Starbucks, Inspire Brands, and Tim Hortons. Starbucks leads with 55.5 billion USD, followed by Inspire Brands at 14.9 billion USD, and Tim Hortons at 7.5 billion USD.

Amongst the 45,302 stores, about 3,700 are of Mixue brand in China, and 2,900 are of its coffee sub-brand Lucky Cup.

Mixue (left) and Lucky Cup (right) in the same (Tier 4) city

The remaining 4792 stores are located across 11 countries outside China. Indonesia and Vietnam still lead the overseas store count: 2,667 and 1,304 respectively. 

Yes, indeed Mixue alone contributed more than 70% of the 6100+ stores Chinese F&B chains have opened in Southeast Asia, according to Momentum Works “Chinese F&B in Southeast Asia 2025” report released last week. 

 

However, Mixue’s business model and value proposition are unique compared to many other Chinese F&B brands, which we have discussed extensively in Momentum Works “Who is Mixue?” report released last year. 

We will issue an update of “Who is Mixue?” report in the coming weeks. Those who have purchased the report would get the update for free.

Ultimately, we will try to answer the question “Is Mixue a good business?” in the updated report. We think that business model wise it is definitely good, but there are more to lasting success of a business. 

Stay tuned!

The post Mixue overtakes Starbucks as world’s largest F&B chain by store count first appeared on The Low Down - Momentum Works.