“外卖大战”最大受益者，出现了？

Core Viewpoint - The performance of leading new tea beverage companies has diverged significantly due to the impact of the "takeaway war," with some companies showing strong growth while others face challenges [1][3]. Financial Performance - In the first half of 2025, six new tea beverage companies reported a total revenue exceeding 300 billion yuan and a net profit of over 50 billion yuan, with most companies achieving positive growth [1][2]. - Mixue Group led the industry with a revenue of 148.75 billion yuan, which is 2.2 times that of Bawang Chaji and 6.8 times that of Nayuki [2][3]. - Nayuki's revenue declined by 14.4%, while other companies like Mixue and Guming saw revenue increases of over 39% and 41.2%, respectively [2][3]. Profitability - Mixue Group was the most profitable tea company in the first half of the year, earning nearly 27 billion yuan, a year-on-year increase of over 40% [1][2]. - Guming achieved a net profit of 16.25 billion yuan, with a growth rate exceeding 121.5% [2][3]. - Bawang Chaji's net profit dropped by nearly 40%, while Nayuki continued to incur losses, although the loss was narrowed by over 70% [3][4]. Store Expansion - As of mid-2025, Mixue had over 50,000 stores, with a net increase of over 9,796 stores in the first half of the year [6][7]. - Nayuki's store count decreased by 160 to 1,638, primarily due to the closure of underperforming locations [4][5]. Market Positioning - Mixue operates in the low-price segment with an average price of about 6 yuan, while Nayuki and Bawang Chaji target the high-end market [3][5]. - The competitive landscape has intensified due to the "takeaway war," with many companies benefiting from external promotions and subsidies [11][12]. Strategic Outlook - Companies like Mixue and Guming are focusing on market penetration and further expansion, while Nayuki plans to adjust its store types to improve performance [15][16]. - Bawang Chaji is pursuing international market expansion, with significant growth in overseas store numbers and sales [6][7]. External Factors - The ongoing "takeaway war" has led to increased competition, with companies like Bawang Chaji opting not to participate in price wars, focusing instead on maintaining brand integrity [12][13]. - The impact of external promotions on revenue has been noted, with some companies experiencing a boost in sales from these activities [10][11].