文 | FBIF食品饮料创新 Abby 编辑 | Panda "几乎行业内能叫得上名字的食品饮料企业，都在找我们做测试。"新食品原料生产商产品负责人刘琳告诉FBIF。 测试的产品，正是被行业视为"一种理想的蔗糖替代品"的D-阿洛酮糖（以下简称阿洛酮糖）。[1] 阿洛酮糖；图片来源：保龄宝 阿洛酮糖是一种天然存在于无花果、猕猴桃、小麦等植物中的六碳酮糖，甜度约为蔗糖的70%。与传统代糖不同的是，它不仅口感柔和、甜感曲线接近蔗 糖，还能够参与美拉德反应；同时，由于分子结构的细微差异，阿洛酮糖几乎不参与人体代谢，热量仅为蔗糖的约 10%。[2] 因此，阿洛酮糖被业内广泛视为颇具潜力的蔗糖替代品之一。[3] 2025年7月2日，国家卫生健康委发布《关于D-阿洛酮糖等20种"三新食品"的公告》，D-阿洛酮糖正式获批新食品原料。 消息公布当天，市场情绪迅速被点燃。微信平台上，当天阿洛酮糖微信指数环比暴涨4985%；代糖概念股集体飘红，三元生物一度涨超17%，保龄宝、百 龙创园涨停。 阿洛酮糖微信指数；图片来源：微信指数 这股热度很快传导至生产端。据刘琳形容，获批之后，生产端明显"忙了起来"——扩产、布局产能、抢生产资质、 ...

2025茶饮"围城"。当规模叙事终结之后，茶饮赛道又呈现出怎样的存量博弈局面？ "老炮都不一定赚得到钱，小白怎么可能赚到钱？"李强笑着说。 他是自媒体"强哥聊餐饮"的主理人。从2020年开始，他以财务合伙的方式跟投了多个茶饮项目，有的月营业额能稳定在30-40万元，有的店至今仍未收回 成本。 在他看来，茶饮这门生意早就过了踏实肯干就能赚大钱的阶段，选择远远大于努力。 回顾2025年，茶饮行业，可谓冰火两重天。 古茗、蜜雪冰城、霸王茶姬、沪上阿姨陆续上市，加上之前的奈雪的茶、茶百道，茶饮赛道上市公司扩至六家；蜜雪冰城的全球门店数达到了惊人的4.7 万家，古茗也在高速扩张后成为第二个万店茶饮品牌；而二季度开始的外卖大战将各家单量推向新高的同时，又不可避免地让利润承压…… 许多迹象表明，新茶饮的规模叙事似乎已经接近尾声，而在存量竞争之下，有的人还在砸钱开店，有人却可能熬不过这个冬天。 最热闹的地方都不一定能赚到钱了 广州天河南一路，这里曾是中国茶饮市场的微观缩影。 地处顶级商圈，人流如织，鼎盛时期半条街都被各色茶饮店占据，这里也被称为"茶饮一条街"。 詹阳（化名）在这里做了十几年中介，手握整条街50多个业主资源。他 ...

Group 1 - The acquisition of the yogurt brand "酸奶罐罐" by "茉酸奶" reflects the ongoing capital restructuring in the ready-to-drink tea and coffee industry, as the market transitions from high growth to a phase of stock competition [1] - In 2025, key events in the tea and coffee market included several brands going public and the rise of instant retail platforms, which significantly impacted sales but also created challenges for franchisees [1][3] - The market size of the new-style tea market reached 374.93 billion yuan in 2025, growing by 5.7% year-on-year, indicating a slowdown compared to previous years [7] Group 2 - The intense subsidy war initiated by instant retail platforms led to a significant increase in transaction volume but a decrease in average order value, with tea and coffee market consumption growing by 39.2% and 42.6% respectively, while average prices fell by 16.3% and 10.7% [3] - Franchisees are becoming more cautious in their investments, focusing on prime locations, cost control, and partnering with leading brands, as the market becomes increasingly competitive [7][8] - The trend of product homogenization continues, with fewer collaborations between brands and IPs, indicating a need for differentiation and stability in supply chains [8][10]

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12月31日 狀態: 新提交 本月底法定/註冊股本總額： USD 250,000 第 1 頁 共 10 頁 v 1.1.1 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: 2026年1月5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. ...

Group 1: Overall Market Performance - The consumer market experienced a "good start" during the 2026 New Year's holiday, with a significant increase in restaurant scene activity [1] - 58.1% of surveyed restaurants reported stable or increased customer traffic on New Year's Day, while 69.6% saw stable or increased takeaway orders [1] - Daily average consumption in dine-in restaurants during the holiday increased by 19% compared to the same period in 2025 [1] Group 2: Specific Company Performance - The group behind "Xiabuxiabu" reported over 20 million yuan in revenue from its "Coucou" stores during the holiday, with a customer flow of 140,000 and a peak daily revenue exceeding 8 million yuan [2] - "Xiabuxiabu" brand stores nationwide saw a total net sales exceeding 30 million yuan, with a year-on-year growth of over 30% and a peak daily revenue surpassing 10 million yuan [2] - "Xibei" restaurants attracted around 500,000 customers during the holiday, with no impact from subsidy cessation on overall customer flow [2] Group 3: New Tea Beverage Sector - "Nayuki" tea outlets experienced a sales increase of over 700% compared to pre-holiday levels, with some stores recording single orders exceeding 1,000 cups [3] - "Nayuki" tea's overseas locations, including in New York and Bangkok, became popular among local tourists, with the New York store generating nearly 40,000 USD (approximately 279,000 yuan) in sales over three days [3] - "Moli Naibai" brand sold nearly 1.9 million cups on New Year's Eve and continued strong sales with 1.53 million cups sold on New Year's Day, with some stores seeing sales growth close to 300% [3]

Industry Overview - In November, a total of 30 chain tea brands monitored by Yilan Commercial reported 134,300 stores, with a net increase of 498 stores after opening 3,190 and closing 2,692 [1] - Among these, brands like Hu Shang A Yi and Gu Ming showed significant growth, with net increases of 231 and 190 stores respectively [1] - Tims Coffee and Grid Coffee are also expanding, with new stores set to open by the end of the year [1] New Store Openings - New flagship stores are being launched, such as Mixue Ice City in Hangzhou, which invested nearly 8 million yuan and covers approximately 700 square meters [2] - Other brands like Nayuki and WILLchá are also expanding internationally, with new openings in Thailand and Japan [2] Product Launches - Various tea and coffee brands have introduced new products, including CoCo's new tapioca peach gum dessert and Nayuki's cherry series [3] - Sales performance has been strong, with one brand's yogurt drink series surpassing 200 million cups sold [3] Collaborations and Promotions - Collaborations between brands are yielding positive results, such as Heytea's partnership with Pop Mart leading to long queues and rapid sales [5] - Other brands are also engaging in promotional activities, with some facing consumer backlash over product sizes and caffeine content [5] Corporate Developments - Starbucks appointed Anand Varadarajan as the new CTO, bringing extensive experience from Amazon [6] - The company is also enhancing its marketing team with a new senior manager from Elf Cosmetics [6] Financial Insights - Hextar Industries Berhad is divesting from its fertilizer business to focus on expanding its food and beverage retail operations, particularly Luckin Coffee in Malaysia [7] - Starbucks anticipates a busy day for gift card sales on December 24, expecting over $60 million in new card reloads [7] - The company's unredeemed gift card balance reached $1.8 billion, an increase from the previous year [7]

Core Insights - The article highlights the significant presence of milk tea brands in lower-tier markets, with a notable absence of high-end tea brands like Nayuki and Heytea in these areas [2][3] - Nayuki has faced challenges in penetrating the lower-tier market and has decided to shut down its sub-brand Taigai due to lack of profitability [4][5] Group 1: Market Trends - The lower-tier market has seen a surge in milk tea brands such as Mixue, Gu Ming, and Cha Bai Dao, while high-end brands like Nayuki and Heytea are rarely mentioned [2][3] - Nayuki's attempts to enter the lower-tier market through sub-brands have not been successful, leading to a focus on its main brand [4][7] Group 2: Nayuki's Strategy - Nayuki announced the closure of its Taigai sub-brand, which had only 7 operational stores left, indicating a drastic decline from its peak of over 800 stores [5][19] - The company has previously closed another sub-brand, Pear Mountain, which targeted price-sensitive consumers, indicating a pattern of struggling with lower-tier market strategies [5][7] Group 3: Competitive Landscape - Nayuki's market presence is significantly lower than that of Heytea, which has 3,326 stores compared to Nayuki's 1,505 [9][11] - The differences in brand strategy and market approach between Nayuki and Heytea are evident, with Heytea focusing on product innovation and collaborations to maintain consumer interest [11][12] Group 4: Challenges in Lower-Tier Markets - High-end tea brands face challenges in lower-tier markets due to higher price points and complex supply chains, making it difficult to attract price-sensitive consumers [18][19] - Nayuki's high franchise fees and operational requirements create barriers for expansion into lower-tier markets, limiting its growth potential [19][20]

"奈雪暂未披露2023年加盟店的数据。" 作者：杨雪 编辑：tuya 1月18日，奈雪的茶(02150.HK)披露2023年第四季度的运营情况。 对比喜茶刚发布的《2023年度报告》，2023年底总门店数突破3200家，其中事业合伙门店超2300家，门 店规模同比增长280%。2022年底，喜茶的门店数还比奈雪少200家左右，经过2023年一年，喜茶门店数 已接近奈雪的两倍，多出了1500多家门店。 此外，奈雪的茶正在逐步关停子品牌台盖的门店。 截至2023年12月31日，奈雪的茶合计运营7家台盖门店，将在2024年陆续关停。2023年上半年，台盖录 得门店经营亏损为469万元，门店经营利润率为亏损14.1%。关停台盖门店乃主要考虑到台盖品牌于过 往并未给集团创造可观盈利，且公司希望将业务聚焦于主营品牌奈雪的茶。 2023年第四季度，奈雪的茶录得净新增214家直营门店，关停14家直营门店。2023年全年共计净新增506 家直营门店。截至2023年12月31日，公司共经营1574家奈雪的茶直营门店。 根据地理位置划分，公司第一类茶饮店数目方面，在一线城市有398家门店，新一线城市有421家，二线 城市有278家 ...

Core Viewpoint - The new tea beverage industry in China is experiencing two main paths of breakthrough in 2025: expanding internationally towards stronger consumer markets in Europe and America, and innovating product forms by solidifying and sweetening beverages to broaden consumption scenarios [3][5]. Group 1: Market Expansion and Capital Trends - 2025 is marked as the "capital year" for Chinese tea beverages, with four companies going public, including popular brands like Mixue Ice City and Bawang Tea [5]. - The domestic new tea beverage market is expected to exceed 200 billion yuan in 2025, indicating significant growth in consumer demand [5]. - The market is shifting from incremental competition to stock competition, with a saturation of tea shops in urban areas, leading brands to seek differentiation [6]. Group 2: Product Innovation and Consumer Trends - Brands are increasingly introducing differentiated products such as Thai milk tea and solid desserts, responding to the saturated market and changing consumer preferences [6]. - The popularity of solid desserts like "solid mango sago" has surged, with sales exceeding 8 million cups since its launch, indicating a shift towards more visually appealing and substantial products [7]. - The trend of "light health" among younger consumers is driving the popularity of sugar water products, which are perceived as healthier alternatives compared to traditional milk teas [7]. Group 3: International Expansion Strategies - New tea brands are increasingly targeting North America for expansion, moving away from the highly competitive Southeast Asian market [10][11]. - The establishment of a robust overseas supply chain is identified as a significant challenge for brands looking to expand internationally [11]. - Successful internationalization requires understanding and catering to local consumer preferences, with a focus on creating a genuine global brand presence [12].

运营商财经网讯 近日，由运营商财经网独家打造的"2025年度茶饮咖啡十大杰出董事长"榜单正式揭晓，奈雪的茶董事长 兼首席执行官赵林成功入选！ 运营商财经网副总编刘平认为，近年来，奈雪的茶在赵林的领导下，不断探索新店型，积极打造多元化 健康产品矩阵，用健康战略为公司"造血"，实现了品牌形象的塑造和业绩盈利的恢复提升。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 奈雪的茶由赵林、彭心夫妇二人于2015年共同创立，并在2021年6月成功在港交所上市，是新茶饮行业 中第一家成功上市的公司。与大部分茶饮公司不同的是，奈雪的茶门店扩张模式以直营店为主，其今年 上半年共有1638家门店，包括1321家直营门店和317家加盟店。 此外，奈雪的茶今年上半年整体营业收入为21.78亿元，其中直营门店上半年实现收入21.04亿元，营收 占比进一步提升至87.8%。 ...