霸王茶姬上半年净收入延续同比双位数增长 海外市场成绩亮眼

Core Insights - Bawang Chaji Holdings Limited reported a total GMV of 8.1031 billion yuan for Q2 2025, representing a year-on-year growth of 15.5%, with net revenue reaching 3.3319 billion yuan, up 10.2% year-on-year [2] - The adjusted net profit for the quarter was 629.8 million yuan, corresponding to an adjusted net profit margin of 18.9% [2] - The company emphasizes brand value and product innovation as core strategies, maintaining double-digit revenue growth and stable profitability [2] Financial Performance - The overseas GMV for Bawang Chaji reached 235.2 million yuan in Q2, showing a significant year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [2] - As of June 30, the company operated a total of 7,038 stores globally, including 208 overseas locations [2] - The net increase of overseas stores in the first half of the year was 52 [2] Market Expansion - Bawang Chaji successfully entered the Indonesian market, opening 8 stores, and has also expanded into Vietnam and the Philippines [3] - The first store in Jakarta achieved over 10,000 cups sold in the first three days, attracting more than 35,000 registered users during the opening period [3] - The first North American store in Los Angeles sold over 5,000 cups on its opening day [3] Strategic Positioning - The company has chosen not to engage in the ongoing "takeout war" among internet platforms, yet it has maintained stable growth in GMV and net revenue [4][5] - Bawang Chaji's strategy focuses on high-value branding and operational efficiency through technological innovation, avoiding price wars that could harm long-term sustainability [5] - The company reported a monthly average GMV of 404,350 yuan per store in Greater China, with a year-on-year decrease of 23% due to a strong comparative base and competitive pressures [5] Membership and Customer Engagement - The company has seen a significant increase in registered members, surpassing 206.9 million, with a net increase of 14.55 million in the quarter, reflecting a year-on-year growth of 42.7% [5] - 73.9% of orders are from repeat customers, indicating a strong consumer willingness to pay for quality [5] Future Outlook - Bawang Chaji plans to initiate a comprehensive upgrade of core raw materials in the second half of the year, covering all key categories such as tea leaves, milk sources, and syrups [6]