编辑｜王秀清 文｜红餐网 陈宴 前不久，新茶饮行业的"期中考"成绩单陆续放榜。在消费低迷和竞争愈加激烈的市场环境中，各大龙头 的盈利能力如何？ 01.6家茶饮巨头半年"捞金"超55亿，外卖撑起"半边天"？ 在这轮业绩回升中，外卖成为推动新茶饮品牌业绩增长的重要引擎。 自4月起，外卖平台掀起新一轮流量争夺战，"0元购""限时秒杀"等促销手段频出，推动了茶饮品牌的业 绩增长。以京东为例，据其披露，京东外卖上线仅4个月，蜜雪冰城等品牌销量就突破了1亿单。 从品牌的角度看，外卖占茶饮品牌收入比重进一步提升。 2025年上半年，六大上市茶饮品牌总营收突破330亿元，合计净利润超55亿元。 其中，蜜雪冰城、古茗、茶百道和奈雪的茶的利润增速亮眼。 上半年，蜜雪冰城实现营收148.7亿元、净利润27.2亿元，同比增长39.3%和44.1%，展现出较强的盈利 水平。古茗营收56.63亿元，同比增长41.2%；净利润达16.25亿元，同比大增121.5%。 奈雪的茶仍处于转型关键时期。上半年收入同比下降14.4%至21.78亿元，但经调整净亏损由去年同期的 4.38亿元大幅收窄至1.18亿元，亏损缩减73.1%。 | 企业 | ...

证券研究报告 | 2025年09月15日 社会服务行业双周报（第 114 期） 优于大市 预制菜国标草案通过审查，港股高教板块行情强势 板块复盘：消费者服务板块报告期内上涨 0.69%，跑赢大盘 0.13pct。报告 期内（2025 年 9 月 1 日-2025 年 9 月 14 日），国信社服板块涨幅居前的股 票为宇华教育（43.14%）、新高教集团（23.85%）、中教控股（22.81%）、 长白山（14.77%）、岭南控股（14.77%）、凯撒旅业、海伦司、大连圣亚、 希教国际控股、张家界。国信社服板块跌幅居前的股票为东方甄选 （-16.65%）、奈雪的茶（-16.33%）、西藏旅游（-11.95%）、科德教育（-11.10%）、 全聚德（-9.93%）、科锐国际、中国东方教育、兰生股份、粉笔、同道猎聘。 行业与公司动态：预制菜国标草案通过审查，首次明确不添加防腐剂并强制 餐饮门店披露使用情况。高德地图推出"扫街榜"，基于真实用户行为动态 更新餐饮酒店景区榜单，上线首日用户突破 4000 万。哈啰出行发布 Robotaxi 战略及量产车型 HR1，计划两年内计划实现规模化无人驾驶运营。幸运咖门 店数突破 ...

2025年的夏天，新茶饮的联名大战依然没有"降温"。 从动漫游戏到影视综艺，从虚拟偶像到实体品牌，万物皆可联名的时代，茶饮杯套、包装和周边成了IP商业化的最强"广告位"。 例如，上半年"零联名"的喜茶，在暑期档推出了今年首次联名，与Chiikawa的联名周边上线秒罄；另一边，瑞幸与语言学习APP多邻国的跨界联动，沿袭 多邻国一贯的抽象营销风格，首周卖出900万杯。但并非所有联名都一帆风顺，奈雪与手游《如鸢》的联名遭遇口碑翻车，被吐槽"严重缺货、周边品控 差"，折射出联名狂热背后的疲态与风险。 高密度联名已成为茶饮行业的标配，但喧嚣之下，品牌方究竟是在打造长期用户资产，还是陷入"为联名而联名"的内耗？当消费者审美日趋疲劳，怎样的 联名才能真正跨越流量陷阱，实现品牌与IP的双向赋能？本期，我们将聚焦暑期档新茶饮联名生态，从案例得失中拆解行业未来路径。 57起联名，国产IP占38起，"国谷"崛起后，"国产联名"同样火爆！ 通过对相关品牌官微的搜索及参考网友整理的资料，雷报共统计了14个主流新茶饮品牌的57起IP联名事件（人工统计存在误差），具体情况如下： | 2025年上半年新茶饮品牌IP联名 | 整理:雷报 时间 ...

Core Insights - The recent subsidy war among food delivery platforms has significantly impacted the ready-to-drink beverage market, leading to a temporary surge in sales but raising questions about the sustainability of this growth [1][6][9] Industry Overview - The ready-to-drink tea and coffee sector has seen a dramatic price drop, with many brands offering products below 10 yuan due to aggressive subsidies [2][7] - Major brands like Luckin Coffee, Gu Ming, and Mi Xue Bing Cheng reported substantial revenue increases in the first half of 2025, with total revenue reaching 550 billion yuan, a year-on-year increase of 135 billion yuan [1][3][4] Financial Performance - Luckin Coffee reported a net income of 212.24 billion yuan, a 44.6% increase year-on-year, while Gu Ming achieved 56.63 billion yuan in revenue, up 41.2% [3][4] - Other brands also showed growth, with Mi Xue Bing Cheng at 148.75 billion yuan (39.3% increase) and Ba Wang Cha Ji at 67.25 billion yuan (21.6% increase) [4] Market Dynamics - The rapid expansion of store numbers has been a key driver of revenue growth, with Mi Xue Bing Cheng adding over 5,700 stores in the first half of the year [5][8] - The reliance on subsidies has raised concerns about the long-term viability of sales growth, as many brands may struggle to maintain performance without these incentives [5][7] Regulatory Environment - The State Administration for Market Regulation has indicated a focus on monitoring the competitive landscape of the food delivery industry, emphasizing the need for quality service and fair pricing [1][6] - The regulatory body has urged platforms to control subsidies to avoid disrupting the normal pricing structure, which could lead to a decline in consumer demand once subsidies are removed [6][7] Strategic Shifts - Brands are beginning to shift focus towards in-store sales and improving operational efficiency to mitigate the impact of fluctuating delivery orders [8] - There is a growing consensus among leading brands to enhance digital operations and supply chain management to better meet consumer demands and improve profitability [8][9]

Core Viewpoint - The recent subsidy war among food delivery platforms has significantly impacted the ready-to-drink beverage market, leading to a surge in sales for various brands, but the sustainability of this growth is in question as regulatory scrutiny increases [1][5][9]. Industry Overview - The competition in the ready-to-drink beverage sector intensified during the summer, with major platforms like Meituan, Alibaba, and JD.com engaging in aggressive subsidy strategies, resulting in a chaotic pricing environment where many drinks were sold for as low as a few yuan or even for free [1][5]. - The market regulator has expressed concerns over the impact of these subsidies on the normal pricing system and has called for improved service quality and food safety [1][9]. Financial Performance - In the first half of 2025, seven listed beverage brands reported a combined revenue of 55 billion yuan, an increase of 13.5 billion yuan year-on-year [1]. - Luckin Coffee reported a net income of 21.22 billion yuan, a 44.6% increase year-on-year, while other brands like Gu Ming and Mi Xue Ice City also saw significant revenue growth [6][7]. Growth Drivers - The revenue growth for these brands is attributed not only to subsidies but also to factors such as store expansion and improved single-store efficiency [8]. - Mi Xue Ice City added over 5,700 new stores in the first half of the year, with a significant portion located in lower-tier cities [8][12]. Challenges Ahead - Analysts express skepticism about the sustainability of the sales growth driven by subsidies, suggesting that a return to normal pricing could lead to a sharp decline in order volumes [10][12]. - The heavy reliance on delivery subsidies has raised concerns about the long-term health of franchise operations, as many orders have shifted from dine-in to delivery, impacting profitability [10][12]. Strategic Shifts - In response to the changing landscape, brands are focusing on enhancing in-store dining experiences and optimizing operational efficiency to mitigate the impact of fluctuating delivery volumes [12]. - Companies are also exploring international markets and enhancing digital operations to better understand consumer needs and improve supply chain efficiency [12][13].

Core Insights - The company reported a significant reduction in adjusted net loss by 73.1%, from 438 million to 118 million yuan year-on-year [1] - Operating cash flow increased by 33.1% to 138 million yuan, maintaining positive inflow for three consecutive reporting periods [1] - Revenue decreased by 14.4% to 2.178 billion yuan, primarily due to the closure of 132 underperforming stores [1][2] Financial Performance: Loss Reduction and Cash Flow Improvement - The company showed improvements in various financial metrics, with a notable reduction in loss and stable cash flow [2] - Revenue structure adjusted with a 14.4% year-on-year decline, resulting from proactive optimization of the store network [2] - As of June 30, cash reserves stood at 2.79 billion yuan, supporting business operations and development [2] Operational Data: Store Efficiency and Membership Growth - Average daily sales per store increased by 4.1%, from 7,300 yuan to 7,600 yuan, while average daily order volume rose by 11.4% [3] - Performance varied across city tiers, with new first-tier cities seeing over 9% growth in daily sales per store [3] - Membership continued to expand, reaching 111 million, with an increase of 8.3 million members, and a higher proportion of young consumers [3] Product Strategy: Health Positioning and Market Feedback - The company established a health-focused product strategy, launching the "No Sugar Natural Nutrition+" initiative [4] - The "Little Purple Bottle" series achieved sales of 500,000 cups within three days of launch, becoming a top-selling item [4] - Testing of new store formats, such as "Nai Xue Green," aimed at covering various consumption scenarios, showed promising early sales [4] Development Strategy: Store Optimization and Product Innovation - The company plans to advance business development through three main directions in the second half of 2025 [5] - Continued adjustment and optimization of store models, with an expansion of the "Nai Xue Green" format [5] - Ongoing product development will focus on health, with plans to introduce more products using natural ingredients [5] Membership Operations and International Market - The company aims to deepen precise marketing through its existing membership system while cautiously advancing international expansion [6] Industry Environment and Future Outlook - The ready-to-drink tea industry remains competitive, with the market size projected to reach 374.93 billion yuan by 2025 [7] - The company faces challenges such as homogenization, cost control, and changing consumer preferences [8] - Plans for the second half of 2025 include further optimization of the store network and exploration of new store models [8] - The shift in the tea industry from scale expansion to quality improvement is evident, with the company attempting to establish a differentiated competitive advantage [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奈雪的茶控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02150 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00005 USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00005 USD | | 250,000 | 本月底法定/註冊股本總額： USD 250,00 ...

（责任编辑：徐自立） 第一财经8月30日报道《新茶饮企业上半年冷热不均：蜜雪赚了26.9亿，奈雪仍处关店调整期》显 示，近日，新茶饮公司纷纷披露了上半年的成绩单。奈雪的茶（2150.HK）是今年上半年唯一亏损的茶 饮上市公司，但亏损同比收窄。 公司财报显示，报告期间公司关闭了部分经营不善的门店，亏损已大幅缩窄。2025年下半年，公 司将为提振门店收入表现与优化成本结构继续努力，将持续优化存量门店，并主要以调整门店店型为 主。 中国经济网北京9月2日讯 奈雪的茶（02150.HK）港股今日收报1.410港元，跌幅4.08%。 ...

Investment Rating - The food and beverage industry is rated as "stronger than the market" [1] Core Views - The food and beverage industry index increased by 2.13% in the week of August 25-29, outperforming the Shanghai Composite Index, which rose by 0.84% [9] - The industry is currently at a historical low valuation, with a PE-TTM of 22.51x, corresponding to the 17th percentile over the past 15 years [16] - The liquor sector is expected to see a weak recovery in demand as policy pressures ease, with leading companies like Kweichow Moutai and Wuliangye showing strong dividend potential [6] Summary by Sections Weekly Performance - The food and beverage industry outperformed the market with a 2.13% increase, ranking 7th among 31 sub-industries [9] - The snack sector saw the highest increase at 10.20%, followed by dairy products at 2.67% and liquor at 2.14% [12] Liquor Sector - Wuliangye launched a new 29° product aimed at attracting younger consumers, reflecting a trend towards modernizing the liquor market [26] - The price of Feitian Moutai has decreased, with current prices at 1820 RMB for original and 1795 RMB for scattered [25] Tea Beverage Sector - Mixue Group reported a revenue of 14.88 billion RMB in the first half of 2025, a 39.3% year-on-year increase, with a net profit of 2.72 billion RMB, up 44.1% [32] - The number of Mixue stores reached 53,014, a 22.7% increase year-on-year, with a significant expansion in mainland China [33] New Consumption - Pop Mart's new mini LABUBU product saw over 1 million units sold within minutes of its launch, indicating strong consumer demand and improved production capacity [38] - The company has significantly increased its production capacity to 30 million units in August, ten times that of the previous year [38] Cost Indicators - Prices for sugar and glass have slightly decreased, which may positively impact the cost structure of the food and beverage industry [39]

Core Insights - The new-style tea beverage industry is undergoing rapid differentiation and reshuffling, shifting from "scale expansion" to "quality competition" [1] - The industry is experiencing a Matthew effect, where strong players dominate while weaker ones struggle [1] Company Performance - Mixue Ice City reported revenue of 14.875 billion and net profit of 2.718 billion, with both revenue and net profit growth exceeding 39% [1] - Gu Ming demonstrated impressive growth with revenue of 5.663 billion, a year-on-year increase of 41.2%, and net profit soaring by 121.5% to 1.625 billion [1][3] - Hu Shang A Yi achieved revenue of 1.818 billion, up 9.7%, and net profit of 203 million, an increase of 20.9% [3] - Cha Bai Dao's total revenue was 2.5 billion, a slight increase of 4%, but net profit rose significantly by 40% to 333 million [3] - Nai Xue's Tea faced challenges with revenue of 2.178 billion, a year-on-year decline of 14.4%, and a net loss of 118 million [3] Market Dynamics - The number of stores and supply chain capabilities have become critical competitive advantages for tea beverage giants [4] - Mixue Ice City has over 53,000 stores globally, adding nearly 10,000 in the first half of 2025, while Gu Ming has 11,179 stores [4] - Supply chain management is increasingly viewed as a key differentiator in the industry, with companies like Mixue and Gu Ming focusing on self-sourcing and efficient logistics [4][13] Consumer Trends - There is a growing consumer preference for low-sugar, low-calorie, and functional tea beverages, while many brands remain focused on traditional offerings [6] - The industry faces cost pressures, with significant portions of revenue consumed by material, labor, and rental costs [6] Strategic Directions - Major tea beverage companies are targeting lower-tier markets as a new growth area, with Mixue and Gu Ming establishing a strong presence in these regions [8] - The coffee segment is emerging as a secondary battleground, with companies like Mixue and Gu Ming expanding their coffee offerings significantly [9][10] Investment Landscape - The tea beverage industry is seeing a wave of IPOs, emphasizing the importance of profitability over mere expansion [12][15] - Companies that can effectively manage their supply chains and demonstrate profitability are more likely to attract investor interest [13][15]