Core Insights - Bawang Chaji reported its first quarterly earnings post-IPO, with a total GMV of 8.23 billion yuan, a year-on-year increase of 38% [1] - The company achieved total net revenue of 3.39 billion yuan, up 35.4% year-on-year, and a net profit of 677 million yuan, reflecting a 13.8% increase [1] - The number of registered users on the mini-program surpassed 190 million, with 44.9 million active users in the quarter [1] Expansion and Market Strategy - Bawang Chaji opened its first store in Indonesia on April 11, achieving over 10,000 cups sold in the first three days and gaining more than 5,000 registered users in the first week [1] - The first store in North America opened in Los Angeles on May 11, selling over 5,000 cups on its opening day [1] - The company aims to reduce reliance on a single market through global expansion, creating new growth opportunities despite current overseas operations being in a loss phase [1] Financial Performance and Same-Store Sales - The same-store sales growth (SSSG) for Q1 2025 was negative 18.9%, attributed to the normalization of performance after rapid expansion [2] - Approximately 3,300 stores, or 50.6% of total stores, met the criteria for SSSG calculation, which includes stores open for at least 13 months with positive sales [2] - In mature markets like Yunnan and Guangxi, same-store sales growth remained healthy, with rates close to 20% [3] Strategic Transition - The company is transitioning from a rapid penetration growth strategy to a focus on same-store sales growth [3] - Emphasis is placed on new product development, expanding consumption scenarios, and creating engaging marketing activities [3] - Bawang Chaji aims to build brand value through collaboration with partners rather than relying solely on price promotions for sustainable growth [3]
霸王茶姬：正从快速渗透向同店销售增长转型，海外拓店并非单纯追求扩张速度
Cai Jing Wang·2025-05-30 13:14