“伯牙绝弦”过气了？霸王茶姬上市五个月股价腰斩

Core Viewpoint - Bawang Chaji's stock price has halved within five months of its listing, raising questions about its sudden decline after being a "internet celebrity" in the tea beverage industry [3][4] Financial Performance - In Q2, Bawang Chaji reported revenue of 3.332 billion yuan, a year-on-year increase of 10.2%, while net profit attributable to shareholders was 70 million yuan, down 88.82% year-on-year [3] - Adjusted net profit for Q2 was 630 million yuan, a slight increase of 0.13% year-on-year [3] - Revenue growth has significantly slowed compared to pre-listing levels, with projected revenue growth of 167.35% and net profit growth of 228.63% for 2024 [4] Store Expansion and Performance - As of the end of Q2, Bawang Chaji had 7,038 stores, an increase of 357 stores from the previous quarter, but this growth rate has slowed compared to the 913 stores added in the same period last year [4] - The average monthly GMV per store in Greater China was 403,500 yuan, down 25% from 538,000 yuan in the same period last year [5] Market Strategy and Challenges - Bawang Chaji's rapid store expansion has led to a decline in single-store GMV, with a continuous decline over three quarters starting from Q4 2024 [6] - The company relies heavily on a few key products for sales, with over 40% of sales coming from its popular product, Boya Juexian [6] - The company has chosen not to engage in price wars, which, combined with a reliance on high-priced products, has increased pressure amid declining consumer spending [7] Competition and Market Dynamics - Bawang Chaji has not participated in the recent "takeaway war," which has seen competitors like Mixue and Gu Ming achieve better performance by offering discounts [8] - The number of active members decreased by 14.03% to 38.6 million in Q2, down from over 42 million in the previous four quarters [8] International Expansion - Bawang Chaji is expanding into overseas markets, with 208 international stores as of Q2, a year-on-year increase of 93 stores [9] - The company has established a new management team for North America to support its expansion, including hiring experienced executives from Starbucks and other companies [9] - The overseas single-store GMV also saw a decline of 18.1% year-on-year in Q2, marking the second consecutive quarter of decline [10]