研究报告 Research Report 13 Jul 2025 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | 股票名称 | 评级 | 股票名称 | | 评级 | | 泡泡玛特 | Outperform 现代牧业 | | | Outperform | | 安踏体育 | Outperform 九毛九 | | | Outperform | | 百威亚太 | Neutral | 澳优 | | Outperform | | 华润啤酒 | Outperform | | | | | 华住酒店集团有限 | Outperform | | | | | 公司 | | | | | | 海底捞 | Outperform | | | | | 康师傅 | Outperform | | | | | 名创优品 | Outperform | | | | | ...

以下文章来源于时代周报 ，作者刘婷 时代周报 . 记录大时代，深读全商业。互联网新闻信息服务许可证编号：44120230006 来源|时代周报 记者丨刘婷编辑丨杨春霞 霸王茶姬（CHA.US）出海又有新动作。 近日，泰国总统食品有限公司发布公告称，其子公司泰国总统饮料有限公司已对Chagee (Thailand) Co., Ltd.（即霸王茶姬泰国公司）进行投资，以超1.42亿泰铢（约合人民币3119万元）拿下后者 51%股权。 根据泰国总统食品有限公司披露的信息，完成本轮增资后，霸王茶姬泰国公司股东结构随之发生变 化：霸王茶姬继续持有49%股权，泰国总统饮料有限公司持股比例则为51%。 此次投资的背后，均为泰国当地的明星公司。泰国总统饮料有限公司由三大股东共同设立：泰国总 统食品有限公司持股55%，泰国物流独角兽Flash Express创始人Komsan Saelee出资25%，泰国知 名地产企业Ananda Development创始人兼CEO Chanond Ruangkritya出资20%。 这三家股东分别来自食品生产与销售、物流、地产开发等领域，正好对应餐饮品牌出海扩张时所迫 切需要的核心资源，包 ...

2025.07. 11 本文字数：635，阅读时长大约2分钟 作者 | 第一财经 揭书宜 值得一提的是，这种合资模式并非霸王茶姬在东南亚的首次试水。今年5月，霸王茶姬与马来西亚联 大集团旗下全资子公司Magma Chain Management设立合资企业——Chagee Magma私人有限公 司，霸王茶姬持股60%，Magma持股40%。 对于霸王茶姬本次的交易，广东省食品安全保障促进会副会长朱丹蓬对第一财经记者分析称，东南亚 已经成为了国内茶饮竞争的第二个战场，所以，加大对于东南亚市场的投入是对的。这一次，霸王茶 姬更多的是借用泰方在当地的资金资源、人脉、供应链优势，对于泰国市场的跑马圈地有好处。 但朱丹蓬认为，从长期来说并不一定是一件好事，作为茶饮企业，供应链最好是要靠自己打造，这才 是未来可持续发展的核心竞争力。泰方控股51%，而霸王茶姬作为有非常深厚的中国文化的一个品 牌，在战略决策制定方面如果与泰方发生分歧，可能会面临一些不可控的因素。所以，本次的交易是 一把双刃剑，可以加速市占率的提升，但是在某种程度来说也加大了企业经营的风险。 近日，"新茶饮美股第一股"霸王茶姬(CHA.US)泰国公司获泰国总 ...

Group 1 - Bawang Chaji (CHA.US), known as the "first new tea drink stock in the US," has received an investment of over 142 million Thai Baht from Thai President Beverage Co., increasing its registered capital from 5 million to 279 million Thai Baht, with the local investor acquiring 51% equity in the Thai subsidiary [1] - The investment firm behind Thai President Beverage Co. includes major local players in food, e-commerce, and real estate, such as Thai President Foods, Flash Express, and Ananda [1] - This joint venture is not Bawang Chaji's first attempt in Southeast Asia, as it previously established a joint venture with Malaysia's Magma Chain Management, holding 60% and 40% stakes respectively [1] Group 2 - The Vice President of Guangdong Food Safety Promotion Association, Zhu Danpeng, stated that Southeast Asia has become the second battleground for domestic tea drink competition, making increased investment in this market a strategic move [3] - Zhu emphasized that leveraging Thai resources, connections, and supply chain advantages will benefit Bawang Chaji in establishing a market presence in Thailand [3] - However, Zhu cautioned that having a 51% stake held by the Thai partner could lead to potential conflicts in strategic decision-making, posing risks to the company's operations despite the potential for increased market share [3]

Core Viewpoint - The tea beverage industry experienced a significant surge in sales over the weekend of July 5-6, driven by increased subsidies from delivery platforms, leading to record-breaking order volumes and revenue for many brands [1][12][21]. Group 1: Sales Performance - A tea beverage brand reported total sales exceeding 63 million yuan over the weekend, with individual store daily sales reaching a record of 54,000 yuan [12][14]. - Several brands achieved over 1 million orders within the same two-day period, indicating a substantial increase in consumer demand [12][17]. - The average sales volume for a tea shop increased by approximately 30% to 50% compared to the previous month, with some stores experiencing a staggering 499% increase in sales [8][20]. Group 2: Market Dynamics - The surge in online orders has led to a noticeable decline in in-store customer traffic, as consumers prefer the convenience and lower prices offered by delivery platforms [6][11]. - Major delivery platforms reported a total of over 200 million orders in a single day, reflecting the heightened activity in the food and beverage sector [21][23]. - The competitive landscape intensified with platforms like Taobao launching a substantial subsidy program, resulting in a 190% increase in orders for restaurant brands [21]. Group 3: Stock Market Reaction - Following the sales boom, stock prices for several publicly listed tea companies rose sharply on July 7, although this upward trend was not sustained in the following days [4][21]. - Specific stock price increases included a 5.74% rise for Mixue Ice City and an 11.04% increase for Tea Baidao, although many stocks later experienced declines [24]. Group 4: Operational Challenges - The rapid increase in order volume has put significant pressure on staff and operational capacity, with some stores needing to increase staff numbers to manage the workload [8][11]. - Despite the revenue growth, the reliance on discounts and promotions raises concerns about long-term sustainability and brand loyalty within the industry [25].

上 市 公 司 公 司 研 究 / 公 司 深 度 茶饮 2025 年 07 月 09 日 霸王茶姬 (CHA) ——高端现制茶饮第一，打造全球化的现代东方茶品牌 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 7 月 8 日 | | --- | --- | | 收盘价（美元） | 28.01 | | 纳斯达克 100 指数 | 22702.25 | | 52 周最高/最低（港币） | 41.80/25.26 | | 美股市值（亿美元） | 53 | | 流通股数（百万股） | 118 | | 汇率（美元/人民币） | 7.17 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《蜜雪集团（02097）深度：现制茶饮第一， 平价锚定，供应链为基》 2025/05/07 《古茗（01364）深度：大众现制茶饮第一， 最大规模冷链赋能》 2025/04/09 证券分析师 贾梦迪 A0230520010002 jiamd@swsresearch.com 联系人 贾梦迪 (8621)23297818× jiamd@swsresearch.com 投资要点： 财务数据及 ...

Core Insights - Chinese tea brands like Mixue Ice City and Bawang Chaji are gaining popularity overseas, marking a shift from merely replicating Western brands to establishing their own identity [1][4] - The rise of these brands reflects China's consumption and industrial upgrades, with tea drinks serving as a significant vehicle for brand export [4][5] Industry Overview - The Chinese tea beverage industry has achieved global leadership in supply chain integration, product innovation, and digital operations [4][5] - As of the end of 2024, Mixue Ice City plans to have 4,895 overseas stores, accounting for over 10% of its total global outlets [4] - Bawang Chaji aims to list on NASDAQ or the New York Stock Exchange, with nearly 170 stores opened in Malaysia, Thailand, and Singapore, totaling 6,681 global outlets [4][5] Market Strategy - Chinese tea brands are focusing on Southeast Asia, with Mixue Ice City having over 1,300 stores in Vietnam and over 2,600 in Indonesia [6] - In contrast, brands entering the European and American markets adopt a mid-to-high-end strategy, with prices reflecting local market conditions [6] - The market landscape is diversifying, with Mixue Ice City leveraging cost-effectiveness and rapid replication, while Heytea focuses on premium positioning and local innovation [6] Cultural Integration - Chinese tea brands are incorporating Eastern cultural elements into Western contexts, enhancing brand identity and consumer engagement [9][10] - Bawang Chaji's collaboration with the British Library for a themed tea series exemplifies the blending of cultural narratives [9][10] - The emphasis on cultural storytelling and local adaptation is crucial for successful market penetration [10]

Core Insights - Chagee Holdings (NASDAQ: CHA) is expected to report impressive Q1 earnings, typical for newly IPO'd companies in their early growth stage [1] Company Overview - Chagee Holdings is in the early growth stage and is expanding its operations [1] Analyst Background - The analysis is informed by extensive experience in the banking industry, including financial modeling and revenue forecasting for publicly traded companies [1]

Group 1 - The article emphasizes the importance of deepening the integration of the digital economy with the real economy to create a strong driving force for high-quality development [1] - Guangzhou is implementing the "Guangzhou Smart Innovation Plan" to promote digital industrialization and industrial digitalization, aiming to build a modern industrial system [3] - The collaboration between Guangzhou and major telecommunications companies like China Telecom and China Unicom is highlighted as a foundation for advancing information and digitalization efforts [3] Group 2 - The leaders of the telecommunications companies express gratitude for Guangzhou's support and recognize the city as a key area for strategic development within the Guangdong-Hong Kong-Macao Greater Bay Area [4] - The companies plan to accelerate the integration of digital technologies and enhance cooperation in areas such as new infrastructure, quantum communication, and smart cities to support Guangzhou's high-quality economic development [4] - The article mentions the commitment of local government to provide quality services to enterprises, supporting their growth and innovation [3][4]

霸王茶姬 20250610 摘要 霸王茶姬单店模型稳健，年化营收超 500 万元，电效显著。公司计划通 过国内外稳健扩张，预计未来业绩增速可达 10%-20%。 霸王茶姬一季度单店月销售额约 43 万元，同比略有下滑，但 5 月已见 好转，新品夏梦梅龙初期表现亮眼，有望带动 GMV 环比改善。6 月计划 推出新品并与孙燕姿联名，或成股价催化剂。 霸王茶姬通过品牌建设占据市场心智，百度搜索指数领先同行。高复购 率验证其成功，精选 SKU 策略凸显品牌价值感，但产品创新边界受限， 需警惕竞争对手缩小差距。 霸王茶姬定义 2025 年为新成长阶段，放缓国内开店速度，侧重精细化 管理和加盟商盈利。老区如云南、广西仍实现同店增长，显示出较强的 市场韧性。 海外业务是霸王茶姬长期增长动力，新加坡门店运营利润率超 20%。计 划进入东南亚多国及美国加州，并考虑进军日韩市场，前期投入或致短 期亏损，但长期潜力可期。 Q&A 霸王茶姬在茶饮市场中的竞争优势是什么？ 霸王茶姬在茶饮市场中展现出强大的品牌价值感，通过过去几年的品牌塑造， 成功提升了品牌的价值感。尽管去年四季度和今年一季度出现了约 10%至 20%的下滑，但其单店月 ...