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“从快速渗透增长策略转向同店销售增长策略” 霸王茶姬披露上市后首份季报
Mei Ri Jing Ji Xin Wen·2025-05-30 20:57

Core Viewpoint - Bawang Chaji's first quarterly report post-IPO shows solid growth in revenue and profit, indicating a stable performance amidst increasing competition in the new tea beverage industry [1][2]. Financial Performance - In Q1, Bawang Chaji achieved a net revenue of 3.393 billion yuan, a year-on-year increase of 35.4%, and a net profit of 677 million yuan, up 13.8% [1][2]. - The company's GMV (Gross Merchandise Volume) reached 8.227 billion yuan, reflecting a year-on-year growth of 38% [2]. - The net profit margin for Q1 was 20%, down from 23.7% in the same period last year, attributed to increased investment in brand building and marketing [5]. Global Expansion - As of the end of Q1, Bawang Chaji had 6,681 stores globally, including 169 overseas locations, with 157 in Malaysia, 10 in Singapore, and 2 in Thailand [1][2]. - The company plans to open its first stores in Indonesia and North America in Q2, and has a strategic partnership with Magma Group to open 300 new stores in Malaysia over the next three years [2][3]. Market Strategy - The company is shifting from a rapid expansion strategy to focusing on same-store sales growth, with Q1 same-store GMV in the Greater China region down 19.1% and overseas down 8.4% [4][5]. - Bawang Chaji's management emphasized the importance of quality and key performance indicators in overseas expansion rather than merely pursuing speed [3][5]. Operational Insights - In Q1, Bawang Chaji opened 228 new stores domestically, but the pace of expansion has slowed compared to previous periods [4]. - The average monthly GMV per store in the domestic market was 432,000 yuan, showing a significant decline compared to the previous year [4].