- It may surprise you to learn that the world’s largest fast food network is not an American product like McDonald’s or Starbucks. This is actually Mixue, an ice cream and a Boba store, founded in 1997, which exploded in China and across Asia. Zhang Hanchao was a university student when he created the first Mixue stall; He is now a billionaire.
McDonald’s was founded 85 years ago in San Bernardine, California. This is the second largest in the world private employer-just WalmartNo. 1 on Fortune 500 again this year – and has more than 40,000 seats worldwide.
However, McDonald’s is still behind one company in terms of traces: Mixue ice cream and tea.
As of March Mixue, the world’s largest fast -food shopping network, with more than 46,000 sites across Asia, Australia, the Middle East and South America. Approximately 40,000 of their total places exist in mainland China, that is, the company has even more opportunities to work in the world. And the company has passed well since its March debut on Hong Kong’s Stock Exchange, increasing from the opening price of $ 290 HKD per share to $ 584.50 HKD as of Monday morning.
Zhang Gonchao probably did not hope that he would become the founder of such a hippo when he opened his first stall 28 years ago.
Modest beginnings
Zhang visited the University of Economics and Henon’s right when he had the idea to open food, mostly sell drinks such as cold drinks and shaved ice. He asked his grandmother to borrow 3000 yuan – today $ 362, or $ 417 – to open a small rack on the streets of Zhengzhou, the capital of China Henan and a major international transport center.
The stall was successful, even early. According to A a AR Prolonged profile about Mixue in Chinese State Issues Sina News. Zhang was able to sell products up to 1.5 yuan for more than 100 yuan; In other words, it can drink a drink that costs about 21 cents and sell it more than $ 14.
Unfortunately, Zhanna’s inexperience and rapid modernization of Zhengzhou became obstacles. According to Sina News, the villages of Zhengzhou were constantly being subjected to demolition, since the territory became more urban, causing the Zhang store to be demolished three times in one year. And he learned how difficult it was to sell cold treats in the winter season, which made him sell tangerine oranges for extra money.
Getting the formula is correct
Despite the failures, Zhang kept it on it. He bought more cars, added to his menu more sweet drinks and, in particular, presented a cone with a mild passion of ice cream in just 1 yuan, or approximately 14 cents that secured the brand among budget consumers.
The company also received stronger operative chops when Zhang brought her younger brother Honf to help manage the company in 2007. Since many Franchisees Mixue ruled friends or family, few rules and rules of Zhang; This changed when the Hanf, which now acts as the CEO of the company, took the reins. (Brother Gonchao Zhang, the founder, performs the duties of the chairman.) One of the most important things that the Gonf did, was the performance of store executives, which eventually helped two brothers avoid controversy with family members who managed some of their franchise.
Because Mixue has added hundreds of stores over the years, the company has clutched with quality and sequence problems, as well as the diet of food when the fruit or milk powder was deficient. But the sales bounced when Zhang pushed to new products such as Boba Tea, and the supply problems were improved when Zhang decided to create a storage base in 2014, which would collect raw materials from farmers, and produced her own materials such as powders and snacks, essentially consolidating.
In 2022, Mixue reported that in 22 different provinces, there were warehouses and logistics bases, and the company intensified the quality control efforts to avoid closing the store. Mixue Controls Selection Site, Store Decoration, Personnel Training, Raw Food Supplies and Food Safety to ensure the success of his franchisee.
Current success
In 2024, Reported about Mixue 4.4 billion yuan ($ 615 million) profits, 22% a year before, 24.8 billion yuan (about $ 3.43 billion), which was almost 40% jump per year. His income for the rally, 12.3 yuan ($ 1.71), also increased by 41% compared to 2023. The vertically integrated company supply chain and its own logistics network helped keep low cost of 30% of sales revenues compared to the average in 45%, according to A, according to A, according to A, according to A, according to A. according to A. Last study Published in Fintech and Business Analysis.
The main thing is that the company continues to expand. In 2024, in 2024, 4,192 new Franchisees were added and more than 10,000 new shops were opened with only 3.5%.
While more than 99% of 45,000 franchise stores, the franchise fee is only a small percentage of its income. According to the companyThe bulk of its income comes from the sale of goods and the equipment to the franchise, which should buy these items directly in Mixue.
Earlier this year, Mixue noted the successful original public proposal, one of Hong Kong’s largest IPO stock exchange, raising $ 3.45 billion, or $ 444 million.
As for the Zhang, Gonchao and Hanf brothers support relatively low profiles, but there are reports Combined Clean Cost 8.1 billion dollars.
Originally this story was presented on Fortune.com
