Despite the economic adversity facing consumers in China, including a property crisis and low confidence levels, Mixue's affordable offerings have contributed to its stellar debut. Founded in 1997, the brand has rapidly expanded to over 45,000 stores, surpassing not only local competition but also global fast-food giants like McDonald's and Starbucks. Mixue primarily operates on a franchise model, distinguishing itself from Starbucks by heavily relying on independent operators. The company’s success stands in stark contrast to smaller bubble tea producers struggling in the stock market, raising questions about the sustainability of the bubble tea phenomenon in China.