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].
【财经分析】“新茶饮”分化加剧：蜜雪冰城霸王茶姬古茗领跑 奈雪的茶陷入巨亏