Industry:Drink
Investment:20K-50K
Industry:Drink
Investment:20K-50K
Industry:Drink
Investment:30K-100K
Industry:Drink
Investment:15K-30K
Industry:Fish Hot pot
Investment:50K-100K
Industry:Mala Tang
Investment:20K-50K
Industry:Mala Tang
Investment:10K-20K
Industry:Drink
Investment:40K-100K
Industry:Drink
Investment:40K-200K
Industry:Drink
Investment:20K-100K
Industry:Drink
Investment:30K-100K
Industry:Drink
Investment:10K-20K
Investment Level:20-50
Investment Level:20-50
Investment Level:20-50
Investment Level:30-100
Investment Level:15-30
Investment Level:50-100
Investment Level:20-50
Investment Level:10-20
Investment Level:40-100
Investment Level:40-200
Investment Level:20-100
Investment Level:30-100
Investment Level:10-20
Investment Level:10-20
Investment Level:10-20
Investment Level:10-20
Investment Level:5-10
Investment Level:10-15
He lived in seclusion in the rainforest for 20 years, just for a good cup of tea
JO'S CHA :A Celestial Tea Experience at Queensbay Mall, Penang
With a 95% Franchise Survival Rate, How Did Auntie Shanghai Grow to Thousands of Stores? This Is No Coincidence. | A Brand Story
Chengyi X Cha Panda
MIXUE vs. Tianlala: Who is the reigning "Budget King" of the milk tea industry?
Changing the Game: Grand Opening of "Fish With You," the Suancai Fish Specialist!
Toronto Food Review: Trying the VIRAL ZhangLiang MalaTang for Takeout
King of Malatang Unpacked: 6,000 Stores, RMB 1.3 Billion Revenue—How Did YGF MalaTang Scale It
Meet the World’s #1 Sauerkraut Fish Brand: How ‘Fish with You’ is Building a Global EmpireA new wave of Chinese restaurant brands is rapidly expanding across the globe, tapping into a vast international market hungry for new culinary experiences. Leading this charge is Fish with You, a global sauerkraut fish brand that was recently named a “2025 Top 40 Global Chinese Restaurant Brand” by the prestigious China Chain Store & Franchise Association.This award recognizes the brand’s exceptional market performance, celebrates its contribution to sharing Chinese culinary culture, and signals its arrival as a major player on the world stage.A Proven Model with Explosive International ROISince its founding in 2017, Fish with You has redefined the traditional slow-cooked sauerkraut fish dish for a modern audience by creating a fast-casual model. In just eight years, this winning formula has fueled the opening of over 2,500 stores worldwide, earning it official certification from Frost & Sullivan as the #1 sauerkraut fish brand globally by store count.Building on its domestic success, Fish with You began its overseas expansion in 2022 and has since established a presence in over 10 countries, including the United States, Canada, Malaysia, Thailand, Singapore, and the UAE.The results have been phenomenal. New international stores are consistently outperforming domestic locations in both revenue and return on investment, leading to what can only be described as immediate, viral success upon opening.A Prime Growth Market: The restaurant market in six key Southeast Asian countries is projected to grow at a CAGR of 12.65% from 2024 to 2029.Case Study in Success: When the first Fish with You location opened in Thailand, it generated over 192,000 THB (over $5,200 USD) on its first day and achieved 12 full table turnovers, making it the busiest restaurant in the entire shopping center.A Global Brand Upgrade: Modern Design Meets Eastern CultureFish with You recently announced a major global brand upgrade to support its international vision. This initiative completely reimagines the customer experience through a new brand identity, visual system, and store design.The new design aesthetic thoughtfully blends traditional Eastern cultural elements with a modern, premium feel. This strategy elevates the dining experience, transforming each restaurant into a destination where guests can savor unique flavors while connecting with the charm of Eastern culture.A Universally Appealing Product, Intelligently LocalizedThe core flavor of Fish with You’s sauerkraut fish—a perfectly balanced sour and spicy profile—is already popular in many international markets, especially in Southeast Asia. This natural product-market fit is amplified by the brand’s highly standardized operating procedures, which ensure fast service, stable quality, and a consistent taste in every bowl, in every country.To further deepen its connection with local customers, the company is developing new menu items tailored to regional tastes, such as the upcoming Thai Coconut Curry Fish and Tom Yum Sauerkraut Fish. This shows a smart, flexible approach that goes beyond simply exporting a product—it’s about creating true cultural resonance.Leading a New Wave of Global Chinese BrandsBeing named a Top 40 brand is a major milestone in Fish with You’s global journey. With its newly upgraded store image, a universally appealing flavor profile, and a deep respect for cultural integration, the brand is perfectly positioned to accelerate its international expansion.Fish with You is not just selling food but building a global brand that serves as a rich cultural bridge, setting a new standard for modern Chinese restaurant chains worldwide.
How a School Dropout Built a 6,000-Store Empire by Reinventing a Classic Dish: The Yangguofu Malatang StoryChina’s most popular malatang—a classic spicy street food—doesn’t come from its birthplace in Sichuan. It comes from Northeastern China and was created by a man named Yang Guofu.How did a recipe from China’s spicy heartland get reinvented by an outsider? By revolutionising the dish with a single innovative idea—a new soup base—Yang Guofu built a global empire of over 6,000 stores that sells 200 million bowls a year. This is the story of how he did it.The Humble Beginnings of a VisionaryYang Guofu was not a typical entrepreneur. Born in 1970 in a small county near Harbin, he grew up in a poor family with many siblings. He dropped out of school at 15 with no formal education or special skills.To survive, he took on any difficult job he could find, from farming to collecting scrap. But he refused to accept a life with no future and was determined to find a bigger opportunity.After years of working odd jobs and helping his relatives at a night market, Yang Guofu and his wife finally opened their own small food stall. It was a difficult life of long hours and little security. Every day, he looked for a chance—a single idea—that could change their lives.The Breakthrough: Identifying a Market GapIn 2000, Yang Guofu noticed something: local malatang shops were always busy. He saw it as a potential opportunity and immediately rented a small space to start his own.He quickly identified a critical problem. Most malatang on the market followed the traditional Sichuan recipe: overwhelmingly spicy and numbing. This flavour profile was too intense for many customers in Northeastern China who preferred richer, milder tastes.He realised the key to success was to create a better soup. This began a three-year obsession. Most difficult of all, Yang Guofu himself couldn’t handle spicy food well, but he forced himself to taste-test countless recipes day after day.As he later said, “I didn't have an education or a powerful background. This was my only way out.”Three Innovations That Changed EverythingFinally, his persistence paid off. Yang Guofu developed a revolutionary version of malatang based on three simple but groundbreaking innovations:The Broth reinvented: He abandoned the traditional spicy oil base and created a creamy, savoury broth using Northeastern beef bones, whole milk powder, and a touch of rock sugar. This created a rich, satisfying soup that was flavorful without being overpoweringly spicy.A New Way to Pay: Instead of selling a fixed bowl for a set price, he allowed customers to choose their own ingredients and pay by weight. This empowered diners and gave them complete control over their meal.Modern and Hygienic: He replaced the traditional, unsanitary communal cooking pot with an individual pot for each order. This simple change made the experience cleaner, more modern, and more appealing to a wider audience.This new style of malatang was an instant success.Building a Global Franchise EmpireIn 2003, the first official Yangguofu Malatang restaurant opened in Harbin. By 2007, Yang officially trademarked the name and began offering franchise opportunities. With its low investment cost and high potential profit, people eagerly signed up.However, as the brand exploded in popularity, Yang Guofu noticed that inconsistent quality among franchisees was damaging his brand’s reputation. He made a difficult but brilliant decision: he paused all new franchising to reorganise and build a stronger support system.This focus on quality over reckless growth paid off massively.By 2017, the brand was opening 2,500 new stores in just five years.As of 2023, Yangguofu Malatang has over 6,000 stores across China and in 10 other countries.The System: How to Successfully Manage 6,000 StoresThe secret to Yangguofu’s scalable success lies in its world-class management system for its franchisees, most of whom run their own stores. The company ensures every location is successful through:Comprehensive Training: Franchisees receive extensive training on operational excellence and can connect with other owners through an internal forum to solve problems together.Centralised Supply Chain: A sophisticated procurement system allows the central office to monitor each store’s performance indirectly. When issues arise, headquarters can immediately provide solutions.Direct Oversight and Support: The company uses a system of store audits and performance ratings to understand the detailed situation at each location. This allows headquarters to provide tailored advice and support to every franchisee.By ensuring its partners have the tools to succeed and make a profit, the Yangguofu Group created a stable and resilient business that continues to grow rapidly. His story is a powerful lesson in how innovating a timeless product can build a global legacy.
From Farm to Cup: How Cha Panda Empowers Rural Communities Across ChinaCha Panda carefully selects the finest local ingredients from across China, turning them into the delicious drinks its customers love. But beyond serving city consumers, Cha Panda’s mission has a more profound impact: its sourcìng model directly supports rural farmers and contributes to community development.By partnering with local agriculture, Cha Panda helps bring prosperity to the countryside. Year-round, the brand’s sourcìng team travels to different regions to find the best seasonal ingredients, building a powerful link between the farm and the cup. Caption: Cha Panda’s fresh “Juicy Orange Blast,” made with seasonally-sourced fruit.A Journey Through the Four Seasons of SourcìngSpring: A New Future for an Ancient GrainIn spring, we find Cha Panda in Guangdong province, home to a rare, wild grain called ‘Hemi' rice. The brand discovered its unique, natural aroma was perfect for its new rice mochi drinks.This grain is harvested only once a year and yields much less than common rice, so it was traditionally used only for making wine. By creating a new use for it in their drinks, Cha Panda opened up a new market for the farmers and helped increase their income.Summer: Building “Jasmine Houses" in GuangxiHengzhou, Guangxi, is the jasmine capital of the world, producing 60% of the world's supply. This is where Cha Panda sources the jasmine for its signature tea bases. The brand partners with a master tea producer, "Zhang Yiyuan," whose traditional techniques are recognised as a national intangible cultural heritage.The tea leaves must go through a delicate scenting process five times to achieve their rich, unique fragrance. This demand for quality has led to the creation of a nearly 1,000-acre jasmine tea park and factory, creating jobs and encouraging organic farming. Last year, Cha Panda's orders boosted the local economy significantly. "A few years ago, we sold jasmine for 7-8 RMB per pound. Now, we get more than double that," said a local official. "Many families have built new homes with their income. We call them the ‘Jasmine Houses.’" Caption: The jasmine fields in Hengzhou, where Cha Panda sources a key ingredient for its tea base.Fall: Removing Barriers for Apple FarmersIn the fall, Cha Panda sources apples from the high mountains of Sichuan and Yunnan. Farmers here are often small growers who once had to walk for a full day just to reach a town to sell their fruit.Cha Panda changed that. By setting up a direct purchasing point in the region, the company provides a reliable market, saves farmers valuable time, and helps standardise production for a higher-quality final product.Winter: Saving the Strawberry HarvestWinter brings sweet, fragrant strawberries from Sichuan. But these delicious berries are delicate and must be sold fast. Cha Panda works with local cooperatives to purchase strawberries that meet strict standards for size and sweetness. The fruit is quickly transported to its regional warehouse and delivered to stores, helping farmers sell their harvest without worrying about spoilage.A Partnership for Quality and GrowthIn 2021 alone, Cha Panda purchased over 80,000 tons of agricultural products directly from farms. It plans to nearly double its sourcìng of fruit and tea this year.This consistent demand gives farmers stability and encourages them to grow higher-quality produce. Through its work, Cha Panda brings once-hidden local treasures from the mountains and fields of China into the hands of customers, creating a win-win partnership that empowers farmers and enriches rural communities.
Mixue Bingcheng: A Behemoth With Billions in Revenue and 53,000 Stores Faces Its Toughest Challenges YetFollowing strong earnings reports from sector peers, Chinese beverage giant Mixue Bingcheng has delivered impressive results.On August 27, the company released its first semi-annual report since its IPO, revealing powerful growth. For the first half of 2025, Mixue reported:Revenue: ¥14.88 billion (approx. $2.05B USD), a 39.3% year-over-year increase.Profit: ¥2.72 billion (approx. $375M USD), a 44.1% year-over-year increase.This explosive growth is driven by relentless store expansion. As of June 30, Mixue operates over 53,000 stores globally—an increase of nearly 10,000 locations in just one year. This translates to an average of 27 new stores opening every single day.However, while the company's performance proves its scale model is far from C, “Snow King"—as the brand's mascot is known—is not without its problems. Beneath the surface, Mixue faces declining profitability per store and a rising tide of food safety crises. Can its low-cost empire continue to thrive?1. How Sustainable Is Mixue's Profit Machine?When Mixue went public on the Hong Kong Stock Exchange, its massive 45,000-store footprint raised a key question for investors: had the company already hit its growth ceiling?The latest report suggests the profit engine is still running strong. Gross profit for the first half of 2025 grew 38.3% to ¥4.71 billion. Interestingly, the gross margin on selling goods and equipment to franchisees dipped slightly from 30.5% to 30.3% due to higher raw material costs. However, the margin on franchise fees and services rose from 81.7% to 82.7%, a direct benefit of its massive scale.Having already surpassed Starbucks in store count to become the world’s largest beverage chain by locations, Mixue continues to push its domestic advantage. A staggering 57.6% of its nearly 50,000 mainland China stores are in third-tier cities and below, establishing a dominant presence in every corner of the country’s sinking market. Meanwhile, only 4.9% of its stores are in first-tier cities, signalling major room for growth in urban centres.A key to Mixue's profitability is its remarkably low marketing spend. The brand's mascot, "Snow King," has become a cultural icon in China, achieving a viral IP status that drives enormous organic traffic. The character is so recognizable that it significantly shortens the customer's decision-making process. The "Mixue Bingcheng" topic on Douyin (China's TikTok) has accumulated over 54 billion views. This brand power reduces the need for expensive advertising campaigns.2. The Race for 10,000 Stores: Can Lucky Cup Challenge the Coffee Kings?While Mixue's overall store count grew, its international footprint quietly shrank from 4,895 to 4,733 stores in the year's first half. The company stated this was a strategic "optimization" of existing stores in key markets like Indonesia and Vietnam. Expansion remains on the agenda, with a new store opening in Kazakhstan signalling a push into Central Asia.Beyond its main brand, Mixue is betting on its coffee subsidiary, Lucky Cup, to create a second engine for growth.Originally an independent brand that struggled, Lucky Cup was fully acquired by Mixue and rebranded to mirror its parent company’s strategy: rock-bottom prices. Targeting the same low-cost market as coffee giants Luckin and Cotti, Lucky Cup has aggressively expanded. Building on its strength in lower-tier cities, the brand is now pushing into major urban centres.To fuel this expansion and hit an ambitious internal target of 10,000 stores by year-end, Lucky Cup is offering significant incentives to new franchisees in top cities like Beijing and Shanghai, including waiving two years of franchise and management fees—a discount worth ¥34,000 (approx. $4,700 USD) per store.As of late July, Lucky Cup had reached 7,000 locations, meaning it needs to open another 3,000 stores—or 600 stores per month—to hit its year-end goal.3. The Cracks in the Empire: Declining Store Revenue and Food Safety ScandalsDespite its scale, concerning trends are appearing at the franchisee level.The number of Mixue store closures is rising significantly. In the first half of 2025, 1,187 stores shut down, a 48.6% increase from the 799 closures during the same period last year. This trend points to a critical underlying issue: declining single-store profitability.While the latest report omitted this data, Mixue’s IPO filings show that the average daily retail sales per store have been falling. This suggests that while top-performing franchisees with multiple stores may still be profitable, smaller owner-operators are feeling the financial squeeze of market saturation.Since Mixue’s primary revenue comes from selling supplies to its franchisees, a rising number of closures directly threatens its business model.In response, Mixue is taking action. It has significantly increased the “protection zone” between stores from as little as 200 meters to a uniform 1,000 meters, a move designed to prevent new locations from cannibalizing sales from existing ones.Furthermore, the brand is plagued by frequent food safety incidents. In the last three months alone, Mixue has been cited for:Flies were found in a drink.A cockroach was found in a sealed beverage.Excessive bacteria levels at a Hong Kong location.Remarkably, these scandals have not dented Mixue’s soaring profits. The brand’s ultra-low prices have given it a level of public tolerance that other brands would not enjoy. However, this goodwill is not unlimited and erodes consumer trust over time.Mixue’s strong cash flow and world-class supply chain give it a powerful foundation for continued growth. However, the company’s future success will depend on its ability to solve two critical problems: ensuring its franchisees can remain profitable and fixing its systemic food safety issues. After all, even the largest giant can’t afford to ignore the base it stands on.
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