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This story is part of Forbes’ coverage of China’s Richest 2025. See the full list here.
Zhang Hongchao and Zhang Hongfu, the brothers behind Chinese bubble tea giant Mixue Group, debut on this year’s ranks with a net worth of $8.5 billion each. Mixue’s shares have doubled since its March IPO, which raised $444 million. Known for its $1 servings of ice creams, bubble teas and coffees, flagship brand Mixue Bingcheng is one of the world’s largest food and beverage chains with 47,000 stores.
In the first six months of 2025, the group added nearly 9,700 shops in mainland China and around 130 elsewhere, bringing the total to 53,000 mostly franchised stores, including 6,000 under coffee chain Lucky Cup.
Thanks to this fast-expanding store network, a strong supply chain and its low-price strategy, the company’s first-half revenue grew 39% to 14.9 billion yuan ($2.1 billion) while net profit rose 44% to 2.7 billion yuan. In September, Mixue inked a deal to add fresh beer to the mix, in which it will pay $42 million to acquire a 53% stake in craft beer chain Fulujia, controlled by Hongfu’s wife Tian Haixia.