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霸王茶姬上市首季营收增35%，门店数达6681家
Nan Fang Nong Cun Bao·2025-06-04 02:32

Core Insights - The company, BaWang ChaJi, reported a total net revenue of 3.39 billion RMB for Q1 2025, reflecting a year-on-year growth of 35.4% [2][3] - The net profit for the same period reached 677 million RMB, which is a 13.8% increase compared to the previous year [3] - The total Gross Merchandise Volume (GMV) for Q1 2025 was 8.23 billion RMB, showing a significant year-on-year increase of 38% [4][5] Financial Performance - The company's total net revenues from franchised teahouses increased from 2.39 billion RMB to 3.15 billion RMB, while revenues from company-owned teahouses rose from 116.89 million RMB to 242.79 million RMB [8] - Operating expenses increased significantly, with costs of materials, storage, and logistics rising by 20.8% to 1.59 billion RMB, and sales and marketing expenses growing by 166% to 299 million RMB [12][13] - The net profit margin for Q1 2025 was 20%, slightly down from 20.3% in 2024 [11] Store Expansion - As of the end of Q1 2025, BaWang ChaJi had a total of 6,681 stores globally, with an addition of 241 new stores in the quarter [15][16] - The company has been actively expanding its store network, with a total increase of 2,598 stores compared to the same period last year [17] International Market Performance - The overseas market GMV reached 178 million RMB in Q1 2025, marking an impressive year-on-year growth of 85.3% [20] - The company has 169 overseas stores, with the majority located in Malaysia, followed by Singapore and Thailand [21] - BaWang ChaJi plans to open 300 new stores in Malaysia over the next three years as part of its strategic partnership with a major hotel group [24] Strategic Direction - The company is transitioning from a rapid penetration growth strategy to a same-store sales growth strategy, focusing on creating high brand value rather than relying solely on price promotions [28][30] - The three strategic pillars for future development include continuous global expansion, product innovation, and fostering a healthy user ecosystem [27][28]