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Mixue Group, which owns the chain, said in its latest financial report that while the number of stores in those two countries declined, “store operational quality improved significantly, supporting more sustainable, long-term growth.” It did not disclose the number of closures in each market.

It reported a 2.3% increase in revenues to 15.2 billion yuan (US$2.26 billion) in the first half even as net profits fell to 2.32 billion yuan due to increases in cost of sales and selling and distribution expenses.

As of June 30, it had 63,987 outlets worldwide, including 59,609 in mainland China.

Indonesia and Vietnam are its two largest overseas markets. It had 1,304 stores in Vietnam as of September 2024, according to the prospectus filed in early 2025 for its Hong Kong IPO.

Mixue entered Vietnam in 2018, initially focused on Hanoi and northern provinces but expanding nationwide since then. Its key products include lemonade, ice cream, milk tea, and fruit tea.

It has been shifting its focus from small outlets to modern, larger-format stores at prime locations.

Mixue said in the report that it plans to keep expanding in Southeast Asia, enter new markets in Central Asia and the Americas, and deepen localized operations in overseas markets.