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泰国拓店受挫 “东方星巴克”霸王茶姬难逃高开低走“命运”
Xi Niu Cai Jing·2025-07-21 06:42

Core Insights - The company BaWang Tea Ji, dubbed the "Eastern Starbucks," experienced a significant stock price increase of 15.86% on its NASDAQ debut, reaching a market valuation of $7.7 billion, but has since faced a decline, losing nearly $1 billion in market value within three months [2] - The rapid expansion of BaWang Tea Ji, which grew to 6,681 stores since its founding in 2017, is now showing signs of strain, with same-store sales declining and some franchisees facing closure [2][3] - The company's heavy reliance on a single product, "Bo Ya Jue Xian," which contributed 35% of its GMV in 2024, is proving risky as competition increases and consumer interest wanes [2] Financial Performance - In Q1 2025, the average monthly GMV for BaWang Tea Ji's stores in Greater China fell by 21%, with the East China market experiencing a decline of over 27% [3] - The continuous negative growth over two quarters indicates that store expansion has not translated into improved performance, leading to customer traffic dilution [3] - Currently, 66 stores have suspended operations, with some franchisees reporting significant drops in sales and extended payback periods [3] Franchise Model Challenges - The franchise model, which has been crucial for BaWang Tea Ji's rapid growth, is now revealing its weaknesses as declining same-store revenues squeeze franchisee profit margins [3] - Fixed costs such as rent and labor remain unchanged, while the brand's reliance on discounts and marketing to boost sales further erodes profits [3] International Expansion - BaWang Tea Ji's international ventures in Southeast Asia and North America have not yet yielded profitability, with challenges in supply chain management and market penetration [4] - The company has ceded control of its subsidiary in Thailand to local firms to address supply chain issues, and its U.S. stores are primarily located in Chinese communities, lacking mainstream market presence [4] Market Sentiment - Following the release of disappointing financial results, BaWang Tea Ji's stock plummeted by 9.59%, with a price-to-earnings ratio of only 14, significantly lower than its peers [4] - Analysts suggest that the new tea beverage industry is shifting focus from customer acquisition to supply chain efficiency and product innovation, areas where BaWang Tea Ji may struggle due to its asset-light model [4] - The company's experience reflects a broader trend in the industry, where other listed tea brands like Nayuki and Cha Bai Dao have also faced stock volatility, indicating cautious market sentiment regarding sustainable growth [4]