Early Life
Zhang Hongfu, born in China, is the co-founder and CEO of Mixue Group. His entrepreneurial journey began when his elder brother, Zhang Hongchao, started a shaved ice shop in 1997. Hongfu joined the business in 2007, playing a key role in its development.
Rise to Success
Mixue Bingcheng, the brand's flagship, became known for its affordable offerings, including bubble tea, ice cream, and coffee. The company's growth strategy centered on a franchise model, with nearly all stores operated by franchisees. This approach fueled rapid expansion, with over 50,000 stores globally by 2025. Mixue's low-price strategy, exemplified by its $1 ice cream, and its strong supply chain have contributed significantly to its success.
Key Business Strategies
Mixue's business model is based on a franchise model. Mixue's revenue grew 39% to $2.1 billion in the first half of 2025, and net profit rose 44% to $479 million. In March 2025, Mixue Group went public, raising $444 million. In September, Mixue invested $42 million to add fresh beer to their product range. This strategy has allowed Mixue to maintain its strong market position.
Philanthropy
Specific philanthropy amounts are unavailable.
