Core Insights - Bawang Chaji (CHA.US), known as the "first stock of new tea drinks in the US," released its first quarterly report after going public, showing a revenue of 6.725 billion yuan for the first half of the year, a year-on-year increase of 21.61%, but a net profit of only 755 million yuan, down 38.22% year-on-year [1][10] Financial Performance - In Q2, Bawang Chaji reported revenue of 3.332 billion yuan, a year-on-year growth of 10.2%, while net profit fell by 87.72% to 77.238 million yuan, with adjusted net profit slightly increasing by 0.1% to 630 million yuan [1][8] - The average monthly GMV per store in Greater China decreased by 23% year-on-year to 404,000 yuan in Q2, continuing a downward trend for six consecutive quarters [7][8] - Marketing expenses surged by 89.27% to 684 million yuan in the first half of the year, while management expenses increased by 186.31% to 1.297 billion yuan [8][9] Market Strategy - The company aims to avoid participating in the ongoing price wars in the delivery market, focusing instead on building a high-value brand [8][10] - Bawang Chaji's global store count reached 7,038, a year-on-year increase of 40.9%, with 208 stores located overseas [10][12] Overseas Expansion - The overseas GMV for Bawang Chaji reached 235.2 million yuan in Q2, reflecting a significant year-on-year growth of 77.4% and a quarter-on-quarter increase of 31.8% [12] - A new North American management team has been appointed to enhance the company's presence in international markets [12] Industry Context - The new tea drink market is becoming increasingly competitive, with brands like Heytea and Mixue Ice City also expanding overseas, leading to intensified competition [13]
“坚决不打价格战”的霸王茶姬，二季度净利润下滑87.72%