Hong Kong Tea Stocks Rise; Mixue Group Up 6.49%
On July 29, 2026, Hong Kong-listed tea and beverage stocks mostly advanced, with Mixue Group gaining 6.49%. The 2023 China freshly made beverage market reached RMB 517.5 billion, growing at a 22.5% CAGR from 2018 to 2023. Freshly made tea accounted for RMB 258.5 billion, with a 15.3% CAGR. The industry is shifting toward refined operations, with concentration rising among leaders. Mixue's first-half 2026 profit exceeded 60% of its full-year 2025 net profit of RMB 501 million.
In 2023, China's freshly made beverage market reached a total of RMB 517.5 billion, with a compound annual growth rate of 22.5% from 2018 to 2023. Among this, the freshly made tea market reached RMB 258.5 billion, with a CAGR of 15.3% over the same period. Penetration of freshly made tea in residents' water intake has continued to rise.
The freshly made tea industry is shifting toward a phase of refined operations, with market concentration moving toward the top players. "Channel-based brands" focus on high-frequency, consistent output and cost-effectiveness, aligning with the rational consumption trend and a highly online-delivery-penetrated environment. Categories such as tea, coffee, and ice cream are converging at the store level, and "tea-coffee fusion" has entered a phase of scaled deployment, with RMB 10-15 becoming the core competitive price band. Coffee brands extending into tea have a relatively high success rate, and some leading tea brands have achieved breakthroughs in cross-over coffee, while categories such as ice cream and breakfast are also being tested and advanced.
Based on a full-year 2025 net profit of RMB 501 million, the first six months of 2026 have already completed over 60% of the 2025 full-year profit.