- Tea chain joins China’s “10,000-store club” after aggressive network growth
- Coffee and supply-chain investment emerge as new growth drivers
Chinese tea chain Goodme (HK.1364) reported surging revenue and profit for 2025, underscoring how deep penetration into lower-tier cities and tighter operational control are helping fast-growing beverage brands withstand intensifying competition in the country’s crowded fresh-drinks market.
The Zhejiang-based company posted annual revenue of about 12.9 billion yuan ($1.87 billion), up 46.9% year on year, while non-GAAP adjusted profit climbed 66.9% to roughly 2.58 billion yuan, according to its earnings report released on March 25.
Store count surpassed 13,000 outlets after a net addition of 3,640 locations, officially placing the brand among China’s largest chain operators.
Rather than competing head-on in saturated top-tier cities, Goodme continued expanding into smaller urban markets, increasing store density to strengthen regional dominance.
Outlets in second-tier cities and below accounted for 82% of its network, while township locations rose to 44%, reflecting a deliberate push into China’s lower-tier markets.
Operational performance improved alongside expansion. Average daily gross merchandise value (GMV) per store reached about 7,800 yuan, driving total annual store GMV to 32.73 billion yuan, a 46.1% increase from a year earlier.
The company introduced 106 new products during the year, with coffee emerging as a second growth driver after the launch of 27 coffee beverages and deployment of coffee machines in more than 12,000 stores.
Cold-chain logistics
Founded in 2010 in Zhejiang’s Wenling City, Goodme is scaling its self-operated cold-chain logistics system to support its growing footprint.
By the end of 2025, the company managed 24 warehouses covering about 258,000 square meters, including more than 70,000 cubic meters of cold storage capacity designed to ensure ingredient freshness and distribution efficiency.
Looking ahead, the company plans to expand coffee offerings and experiment with desserts and snack categories to boost cross-selling.
Additionally, it has set sights on continuing nationwide expansion into the 17 provinces where it has yet to establish a presence.
The strong results come amid fierce industry rivalry, though. Market leader Mixue Bingcheng, which has nearly 60,000 stores worldwide, reported revenue growth of 35.2% in 2025 to 33.56 billion yuan.
In comparison, Shanghai-based Auntea Jenny’s store count reached 11,449 with a spike in both revenue and profit. It reported a profit of 501 million yuan, up 52.4%, on revenue of 4.47 billion yuan, an increase of 36% over the previous year.
Meanwhile, Nayuki Holdings, headquartered in southern China’s Shenzhen, posted a 12% decline in revenue to 4.33 billion yuan and remained loss-making, highlighting widening divergence among China’s fast-evolving tea beverage chains.
As of today’s close, Goodme shares fell about 3% to HK$25.42 ($3.25), giving the firm a market cap of HK$60.45 billion.
