Six Chinese Tea Chains Post 36.7B Yuan H1 Revenue, Mixue Leads

In the first half of 2026, the six listed new-style tea beverage companies achieved combined revenue of more than 36.7 billion yuan, up approximately 9% year on year. Their combined net profit exceeded 5.3 billion yuan, down more than 2.7% from the same period last year. Performance diverged markedly, with Mixue Group leading at 15.216 billion yuan in revenue, a scale at least twice that of Guming and Chagee, nearly six times that of Auntea Jenny and ChaBaiDao, and about eight times that of Naixue Tea. In terms of profit for the period, Mixue Group recorded about 2.319 billion yuan, Guming about 1.57 billion yuan, and Chagee about 912 million yuan.

On specific performance, Guming and Auntea Jenny saw revenue growth of over 30% and over 40% year on year, respectively. In profit, Auntea Jenny and Chagee grew by nearly 60% and over 20%, respectively. Mixue Group's profit for the period declined by more than 10% year on year, mainly due to investments in supply chain upgrades, store operations improvements, and brand IP building. Guming's profit fell 3.6% year on year, but adjusted profit reached 1.568 billion yuan, up 44.4%, mainly because the same period in 2025 recorded fair value gains on financial liabilities; the related preferred shares were converted to ordinary shares after listing. Naixue Tea's revenue decreased 13% year on year, and its net loss narrowed by 18%, mainly due to lower same-store sales at directly operated stores and reduced revenue from bottled beverages and bakery products.

As of the end of the first half of 2026, Mixue Group had nearly 64,000 stores, Guming and Auntea Jenny reached 14,300 and 13,000 stores, respectively, ChaBaiDao and Chagee had 8,863 and 7,639 stores, and Naixue Tea had 1,685 stores. In terms of store growth, Mixue Group grew 20.7% year on year, Guming 28.4%, Auntea Jenny nearly 40%, ChaBaiDao 4.7%, Chagee 8.5%, and Naixue Tea turned from contraction to a slight net increase. In the first half of 2026, Mixue Group and Guming slowed new franchise store openings and saw more closures, ChaBaiDao increased both openings and closures, and Auntea Jenny increased openings while reducing closures. Guming opened about 1,300 new stores, with a net increase of fewer than 800, prioritizing upgrades to sixth-generation stores and adopting stricter site selection criteria.

Supply chain upgrades became a key focus. Mixue Group plans to complete raw material upgrades in about three years, covering systems such as frozen and chilled logistics. In overseas markets, Mixue Group had 4,378 overseas stores, down 7.5% year on year, focusing on Southeast Asia while steadily expanding into Central Asia and the Americas. ChaBaiDao's overseas stores increased from 21 to 72, covering 13 countries and regions, with South Korea as its largest market. Auntea Jenny had 61 overseas stores, adding the United Kingdom, Australia, and Indonesia. Chagee had 399 overseas stores, an increase of 191 year on year, entering eight markets, with 10 stores in the United States. Naixue Tea regards the United States as an important market and plans to develop directly operated and franchise stores in the second half of 2026 and 2027.