Mixue Just Topped McDonald's in Store Count — But It's Quietly Closing Shops Overseas
The global fast-food landscape shifted on paper in 2025 when Chinese bubble tea group Mixue (蜜雪冰城) reported 59,823 total locations across its three brands, surpassing McDonald's 45,356 stores and staking a claim to the title of the world's largest fast-food chain by outlet count. Revenue reached CNY 33.56 billion with net profit of CNY 5.927 billion, growing 35.2% and 33.1% year-over-year respectively, while the company opened 14,496 new stores — averaging 37 new locations every single day. Yet in the very year this title was claimed, overseas stores declined from 4,895 to 4,467, a net loss of 428 locations or 8.7%, while franchise closures surged 57% from 1,609 to 2,527 — numbers that quietly undercut the "global conquest" narrative running across financial headlines. With 92.5% of all stores concentrated in mainland China and operations spanning just 13 overseas markets, the "world's largest" label demands serious scrutiny: four stores in Japan after three years of market entry, and a third of Hong Kong locations shuttered in the first half of 2026, expose the geographic limits of an ultra-low-price strategy that was engineered for Chinese market conditions and struggles to travel. The structural gap between Mixue's headline store count and its actual international reach reveals both the business model's inherent geographic constraints and the broader challenge facing Chinese consumer brands that seek physical-store footholds in markets where their core pricing advantage simply doesn't translate.