近日，蜜雪冰城部分门店改24小时营业的话题冲上热搜，许多网友在热搜下面留言，半夜睡不着的时候可以点一杯柠檬水来助眠了。实际上，在奶茶赛 道，24小时营业的并不只有蜜雪冰城一家，霸王茶姬、茶百道、喜茶等多个头部品牌都开设了24小时营业门店。 以往大众对24小时营业的门店印象，主要停留在7-11、便利蜂、罗森等便利店上，或者是一些像海底捞这样的大型餐饮企业。但在最近几年，许多快餐、 甜品品牌都已涉足全时段经营，像巴奴火锅、老乡鸡等也都推出了24小时营业门店。 奶茶店们为何相继开启深夜茶堂？24小时营业能帮企业赚到更多钱吗？继开拓门店、出海、9.9一口价后，奶茶品牌又把战场卷向营业市场了吗？在竞争 白热化的当下，奶茶品牌还有哪些竞争手段可以在赛道杀出重围？ 20多家奶茶品牌都24小时营业 2023年9月，霸王茶姬官宣了两家位于广州的24小时营业门店，以及10家广东省延长营业时间的门店，引起行业极大关注。 同年12月，喜茶也宣布在北京、上海、深圳等地的24家门店上线24小时营业计划。业内的其他品牌紧跟其后，茶百道、古茗等一众茶饮品牌都宣布延长门 店营业时间，24小时营业的奶茶店在全国范围内越来越多。 据壹览商业报道， ...

Industry Overview - The ready-to-drink beverage industry in China is experiencing rapid expansion, driven by product characteristics and consumption upgrades, with market size growing from 187.8 billion yuan in 2018 to 627.9 billion yuan in 2024, and expected to reach 746.4 billion yuan by 2025 [1][12] - The proportion of ready-to-drink beverages in the overall beverage market has increased from 20.6% to 39.4% from 2018 to 2024, with projections indicating it will exceed 40% by 2025 [1][12] - The industry is characterized by fresh, customizable, and convenient products, including various types of tea, coffee, and fresh juices, sold through both offline and online channels [1][5] Market Dynamics - The competition in the ready-to-drink beverage sector has intensified, with brands engaging in price wars and rapid franchise expansions, leading to market saturation [9][14] - In 2024, a total of 2,681 new products were launched by 96 representative brands, with tea beverages accounting for 70.7% and coffee beverages 29.3% of new product launches [9][10] - The average monthly new product launches for tea brands (157.9) outpaced coffee brands (65.5), with seasonal trends influencing product introductions [10] Consumer Behavior - 72.6% of Generation Z consumers in China purchase ready-to-drink beverages weekly, with a notable increase in the frequency of coffee purchases compared to tea [7] - The per capita annual consumption of ready-to-drink beverages in China has risen from 8 cups in 2018 to 22 cups in 2023, but remains significantly lower than in developed markets [22] Competitive Landscape - The market is concentrated, with the top five brands (Mizuki Ice City, Luckin Coffee, Starbucks, Guming, and Chabaidao) holding a combined market share of 35%, indicating a strong head effect [14][16] - Mizuki Ice City leads the market with an 11.3% share, followed by Luckin Coffee (8.3%) and Starbucks (6.3%) [16] Future Trends - The ready-to-drink beverage market is expected to continue growing, with projections indicating that the market size could exceed 1 trillion yuan by 2028 [12] - The increasing consumer focus on product quality and experience is driving supply chain upgrades and innovation in product offerings [23][24] - The chain rate for ready-to-drink tea and coffee shops is anticipated to rise significantly, enhancing market growth potential [24]

Core Viewpoint - The domestic ready-to-drink tea industry is undergoing a significant reshuffle, with major brands reporting strong revenue growth while Nayuki Tea faces severe losses, highlighting a stark industry divide [1][2]. Company Performance - In 2024, five major tea brands achieved a total revenue exceeding 55.8 billion yuan, but Nayuki Tea reported a revenue decline of 4.7% year-on-year and a net loss of 918 million yuan, making it the only brand among the top five to transition from profit to loss [2][3]. - Nayuki Tea's management disclosed that the losses were primarily due to 160 million yuan from store closures and 320 million yuan from historical investment project losses [2][4]. Strategic Adjustments - Nayuki Tea is shifting towards a "light asset operation" model to ensure stable cash flow and improve store quality, halting new franchise additions starting May 2024 [5][6]. - The company is innovating with new store formats, such as "Nayuki Green," which focuses on low-calorie and healthy offerings, aiming to cater to urban white-collar consumers [5][6]. Industry Dynamics - The ready-to-drink tea industry is experiencing intense competition, with brands like Mixue Ice City leading with over 46,000 stores, while Nayuki Tea lags with only 1,798 stores [6][7]. - The industry is facing challenges from high store density and declining profitability per store, with brands like Bawang Tea and Gu Ming also reporting reduced same-store sales [6][7]. Market Trends - Consumer rationality is increasing, leading to price wars that pressure mid-to-high-end brands, making it difficult for Nayuki Tea to maintain high profit margins [6][7]. - The shift towards a more refined market approach is evident, with brands needing to adapt to changing consumer preferences and competitive pressures [7].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

Summary of Conference Call Company Overview - The conference call is for Nai Xue's Tea, discussing the performance for the fiscal year 2024 and future strategies [1] Industry Context - The overall consumer market in 2024 is described as weak, with changes in consumer habits affecting foot traffic in offline shopping centers, leading to a contraction in market demand [1] Key Financial Performance - As of the end of 2024, Nai Xue's total store count reached 1,798, with 1,453 direct-operated stores and 345 franchise stores, despite a challenging year [2] - The company recorded a net loss of 910 million yuan in 2024, with 160 million yuan attributed to store closures and 321 million yuan from past investments [4] - Operating cash flow decreased by 76% year-on-year to 200 million yuan due to pressure on store revenues [4] Membership and Customer Engagement - The registered membership surpassed 100 million by the end of the year, with an increase in active members and repurchase rates compared to 2022 [3] Marketing and Product Strategy - The company is focusing on health-oriented products and has implemented targeted marketing strategies to enhance brand visibility [2][3] - In 2024, the proportion of tea drinks was 69%, while baked goods accounted for 11% of total sales [5] Store Performance and Adjustments - Average daily revenue per store in major cities showed a significant decline, with Shenzhen maintaining an average of over 10,000 yuan [6] - The management plans to optimize existing stores and explore new store formats, such as the "Nai Xue Green" model, which offers healthier options [7][8] International Expansion - Nai Xue is expanding internationally, having entered markets in Thailand, Singapore, and Malaysia, with plans to open its first store in the United States soon [2][21] - The Thai market has shown strong acceptance, with stores performing well and gaining popularity [21][22] Future Outlook - For 2025, the company aims to focus on a green health strategy, offering high-quality, cost-effective health products [6][7] - Management expresses confidence in the adjustments made to cope with current challenges, anticipating positive outcomes from these strategies [8] Challenges and Strategic Adjustments - The company acknowledges the need to adapt its business model and product offerings in response to changing consumer preferences and market conditions [13][14] - There is a focus on reducing operational costs through improved efficiency and automation in stores [8] Conclusion - Nai Xue's Tea is navigating a challenging market environment by optimizing its store operations, expanding internationally, and focusing on health-oriented products to meet evolving consumer demands [1][6][21]

Group 1: Event Overview - The fifth China International Consumer Products Expo (CICPE) opened on April 13, attracting over 4,100 brands from 71 countries and regions, including 65 Fortune 500 companies, marking a new record in scale [1] - The theme of this year's expo is "Sharing Open Opportunities, Creating a Better Life" [1] Group 2: Industry Trends - The tea beverage industry has seen a surge in interest in "super plant tea," particularly kale, with over 30 new products launched this year containing kale [1] - The domestic market share of kale has increased dramatically from 5% to 55% due to rising demand [1] Group 3: Company Highlights - Heytea - Heytea's "Super Plant Tea" series, launched in July last year, sold over 3.5 million cups in its first month and has reached cumulative sales of over 37 million cups by the end of December 2024 [2] - Heytea is exploring an order agriculture model with two upstream bases to enhance quality control and reduce food safety risks, establishing over 10,000 acres of cooperative orchards across China [2] Group 4: Company Highlights - Naixue - Naixue, known as the "first stock of new tea drinks" in Hong Kong, showcased its signature "Baqi Fresh Fruit Tea" series and has nearly 2,000 stores globally with over 100 million members [2] - Since its establishment in 2015, Naixue has collaborated with various well-known international IPs, launching 14 co-branded projects and over 50 products in 2024 alone, with the Harry Potter collaboration selling 400,000 units on the first day [2]

出品丨搜狐财经 作者丨闫思羽 编辑丨李文贤 一年关闭近350家门店，2024年巨亏9.17亿元，近日公布业绩的奈雪的茶深陷多重危机。 四年间，这家以"中国星巴克"为愿景的企业市值蒸发90%，资本方太盟、天图接连减持套现，核心成员离职。 香颂资本董事长沈萌表示，资方减持和董事退出确实与企业的业绩有关，但不是唯一相关性。 2024年财报显示，奈雪的茶再度陷入巨额亏损。 公司全年营收49.21亿元，同比下滑4.7%；净利润亏损达9.17亿元。从2021年上市至今，奈雪的茶仅在2023年短暂恢复盈利1300万元。 奈雪在财报中表示，2024年度消费市场表现疲弱，而现制茶饮行业竞争加剧，导致直营门店的收益及门店经营利润率产生波动。另外，闭店损失也进一步侵 蚀了公司的利润。 经营数据显示，奈雪直营门店数量从2023年的1574家缩减至1453家，净减少121家。 曾经的"新式茶饮明星"如今面临严峻挑战，其大店模式与直营策略的弊端逐渐暴露。 中国食品产业分析师朱丹蓬表示，奈雪亏钱的根本原因就是奈雪品牌力不足以支撑其大店模式，奈雪的整个产品矩阵、团队，都无法支撑它做大店。 当大店模式遭遇消费降级，当直营策略碰上加盟狂潮，这个 ...

Core Viewpoint - The new tea beverage industry in China is experiencing significant growth, with several brands reporting impressive revenue figures for 2024, while others face challenges due to differing business models and market strategies [1][3]. Group 1: Company Performance - Mixue Ice Cream and Tea is the only tea company to surpass 20 billion yuan in revenue, achieving 20.30 billion yuan in 2023, with a projected revenue of 24.83 billion yuan for 2024 [1][2]. - Bawang Chaji follows with a revenue of 12.41 billion yuan in 2023, marking a substantial increase from 4.92 billion yuan in 2022, with a projected revenue of 12.41 billion yuan for 2024 [2][3]. - Gu Ming reported a revenue of 8.79 billion yuan in 2023, with expectations to reach 8.79 billion yuan in 2024 [2][3]. - Nayuki Tea, primarily operating under a direct sales model, reported a revenue of 4.92 billion yuan in 2024, down 4.7% from the previous year, and a net loss of 919 million yuan [4][5]. Group 2: Business Models - The top five tea brands in China, including Mixue, Gu Ming, and Cha Baidao, primarily operate on a franchise model, which allows for rapid expansion and lower operational costs [1][4]. - Nayuki Tea's direct sales model results in higher operational costs and challenges in profitability, as it relies on larger store sizes and a higher number of employees [4][5]. - Bawang Chaji's revenue growth is attributed to an increase in store count from 3,511 to 6,440, and a significant rise in average monthly sales per store [3][4]. Group 3: Market Trends - The new tea beverage market is showing signs of slowing growth domestically, with international expansion becoming a key focus for brands like Mixue, which has opened 4,895 stores outside of China [5]. - The per capita consumption of ready-to-drink beverages in China and Southeast Asia is expected to double by 2028, indicating substantial growth potential in these markets [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a decline in profit due to store closures and investment losses, with a focus on developing new store formats [1] - In 2024, the company reported a revenue of 4.92 billion yuan, a year-on-year decrease of 4.7%, and a net profit loss of 917 million yuan, marking a shift from profit to loss [5][6] - The company is exploring "green" store formats and aims to reduce costs and improve efficiency to achieve profitability [9] Revenue Performance - The company's revenue from direct stores, bottled beverages, and other businesses in 2024 was 4.16 billion, 293 million, and 469 million yuan respectively, with year-on-year changes of -11.4%, +10.0%, and +128.0% [6] - The revenue breakdown by product shows that ready-to-drink tea, baked goods, bottled beverages, and other products generated 3.39 billion, 528 million, 293 million, and 711 million yuan respectively, with year-on-year changes of -10.3%, -25.3%, +10.0%, and +72.2% [6] Store Count and Adjustments - As of the end of 2024, the company had 1,453 direct stores, a decrease of 121 stores year-on-year [7] - The company opened its franchise model in July 2023, resulting in a net increase of 264 franchise stores to a total of 345 by the end of 2024 [7] Cost Structure - In 2024, the adjusted net profit margin was -18.7%, a decrease of 19.1 percentage points year-on-year [8] - The cost of raw materials accounted for 36.8% of revenue, an increase of 3.9 percentage points year-on-year [8] - Employee costs represented 29.2% of revenue, up 2.0 percentage points year-on-year [8] Future Outlook - The company plans to transform 200-300 stores in first-tier and new first-tier cities by 2025 to meet consumer demand and enhance profitability [9] - The company has achieved profitability in the Thai market and plans to open over 20 stores in 2025, while expanding cautiously in the U.S. market [9] Financial Forecasts - The company's projected net profit for 2025 is -165 million yuan, with a subsequent recovery expected in 2026 and 2027 [11] - Revenue is expected to grow at a rate of 0.7% in 2025, followed by 6.2% in 2026 and 7.2% in 2027 [11]