Tims天好中国一季度营收3亿，同店销售下滑7.8%

Core Viewpoint - Tims China is facing significant operational challenges, with a decline in revenue and same-store sales, despite some improvements in cost management and expansion efforts [1][3][7]. Financial Performance - In Q1 2025, Tims China reported revenue of 300.7 million RMB, a year-on-year decrease of 9.5% [1]. - The operating loss narrowed to 85 million RMB from 121.3 million RMB in the same period last year [1]. - Adjusted EBITDA was -29.3 million RMB, an improvement from -52.3 million RMB year-on-year [1]. - Same-store sales fell by 7.8%, with self-operated store sales down 6.5% due to a 14.0% drop in order volume and a slight decrease of 1.9% in average transaction value [3]. Market Competition - The coffee industry in China is experiencing intensified competition, with major players like Luckin Coffee and Starbucks implementing aggressive pricing and marketing strategies [2][3]. - Tims China is competing against established brands that have a stronger market presence, which affects its attractiveness to potential franchisees [7]. Strategic Initiatives - Tims China has implemented cost-cutting measures, reducing costs and expenses by 19.0% compared to the previous year, with significant reductions in food and packaging costs by 24.6% [4]. - The company is expanding its franchise model, with 455 franchise stores as of March 31, 2025, up from 302 a year earlier [4]. - Tims China plans to open over 200 new stores this year, focusing on high-tier cities and special channel layouts [5]. Product and Service Innovation - Tims China is enhancing its product offerings by introducing lunch options, such as the "Light Bagel Lunch Box" series, to increase foot traffic during lunch hours [6]. - The company is also collaborating with brands like Oatly to launch health-oriented products, contributing to a 25.7% increase in registered members, reaching 25.15 million [6]. Challenges Ahead - Despite progress in franchise expansion and product innovation, Tims China faces ongoing challenges in establishing a strong brand presence and competing effectively in a crowded market [7].