Core Insights - The tea beverage industry is experiencing significant revenue growth, with major brands like Mixue and Guming leading the way, while Nayuki is lagging behind [1][2] - The "takeaway war" has played a crucial role in driving sales, but its sustainability is in question as competition normalizes [2][7] Financial Performance - Mixue Group reported a revenue of 14.875 billion yuan and a net profit of 2.718 billion yuan, both achieving approximately 40% growth [1] - Guming's net profit surged by 119.8% to 1.626 billion yuan, with revenue increasing by 41.2% to 5.663 billion yuan [1] - Nayuki's revenue declined by 14.4% to 2.178 billion yuan, with an adjusted net loss reduced by 73.1% to 117 million yuan [1] Store Expansion - Guming opened 1,570 new stores in the first half of 2025, doubling the 765 stores opened in the same period last year, reaching a total of 11,179 stores [3] - Mixue Group also expanded its store count to 53,014, adding 9,796 stores in the same timeframe [3] - Nayuki closed 132 self-operated stores, attributing revenue decline to the closure of underperforming locations [4] Revenue Sources - A significant portion of revenue for leading tea brands comes from selling raw materials and equipment to franchisees, with Guming's sales from goods and equipment contributing 79.4% of its revenue [4] - Mixue's sales from goods and equipment reached 14.495 billion yuan, accounting for over 97% of total revenue [4] Cost and Profitability - The tea beverage companies have seen improvements in costs and profits, with Mixue aiming to maintain a long-term gross margin of around 30% [5] - Nayuki faces high cost pressures, with material costs making up 34.1% of revenue and employee costs at 29.8% [6] Market Dynamics - The competitive landscape in the takeaway market has led to increased sales but raises concerns about long-term growth sustainability [7] - The "takeaway war" has temporarily boosted sales, but as competition stabilizes, brands may face challenges in maintaining growth [7][8] Strategic Initiatives - Brands are exploring coffee as a growth avenue, with Mixue's coffee brand Lucky Coffee seeing a 164% increase in new store openings [8][9] - Guming has introduced coffee products in over 8,000 stores, with coffee sales accounting for about 15% of some franchisees' revenue [9]
新茶饮半年业绩分化显著，“外卖大战”后急需寻找新增量