霸王茶姬的全球化博弈：合资模式是制胜王牌还是高风险险棋？

Core Viewpoint - The beverage industry is witnessing intense competition in the new tea drink sector, with BaWang Tea Ji adopting a "joint venture overseas" model to accelerate its global expansion, raising discussions about the balance between market penetration and potential risks associated with cultural conflicts and diluted control [1] Group 1: Joint Venture Model - The joint venture model allows BaWang Tea Ji to integrate local resources effectively, partnering with local giants in Thailand for supply chain and store location support, which has proven successful in Malaysia [4] - After the joint venture in Thailand, the number of BaWang Tea Ji stores increased from 2 to 3, with a single store in Singapore achieving a monthly GMV of 1.8 million yuan, significantly surpassing domestic levels [4] - By relinquishing 51% of its equity, BaWang Tea Ji transfers capital pressure to local partners, reducing financial leverage and cultural adaptation costs through local team operations [4] Group 2: Strategic Synergy Effects - The joint venture model facilitates a "1+1+9+N" gradient expansion strategy in Southeast Asia, where BaWang Tea Ji first establishes wholly-owned subsidiaries to validate markets, then runs direct stores to optimize single-store models, and finally scales through joint ventures [7] - The overseas store GMV has increased by 85.3% year-on-year, becoming a new growth driver for the company's performance [7] Group 3: Hidden Risks - The dilution of control poses a risk, as BaWang Tea Ji holds only 49% in the Thai joint venture, requiring consensus with local shareholders for decision-making, which could lead to management coordination risks [7] - The high-end market positioning in Thailand, with prices ranging from 100 to 175 THB (approximately 20 to 35 yuan), is significantly higher than local brands, leading to high consumer education costs and potential pressure on profit margins [7] Group 4: Geopolitical and Compliance Risks - The delay of the first store in the U.S. to Q1 2025 highlights the challenges posed by geopolitical uncertainties on supply chains and compliance during global expansion [8] - Changes in joint venture policies in Thailand could impact the strategic pace in Southeast Asia [8] Group 5: Industry Perspective - Experts suggest that BaWang Tea Ji's "Oriental Tea Latte" positioning and automated equipment (8 seconds per cup) create a technological barrier, but continuous innovation is necessary to maintain global competitiveness [9] - Compared to competitors like Mixue Ice City, which has nearly 5,000 overseas stores validating its scaling advantages, BaWang Tea Ji must balance local resources with supply chain control in its joint ventures [9] Summary - BaWang Tea Ji's joint venture strategy is seen as a short-term resource integration advantage, leveraging local giants for rapid market entry, while long-term success hinges on managing control dilution and sustaining high-end positioning [9] - The company's ability to maintain strategic flexibility within the joint venture framework, deepen local operations, and innovate products will be crucial in navigating competitive pressures [9] - Additionally, Chinese companies expanding overseas must pay special attention to protecting trademarks, patents, and copyrights, particularly for popular products, to safeguard economic interests [9]