六家新茶饮公司上半年营收超300亿，蜜雪集团148亿领跑

Core Insights - The six new tea beverage companies reported a total revenue exceeding 30 billion yuan in the first half of 2025, with a combined net profit of over 5 billion yuan, indicating positive growth for most companies [1][2] Group 1: Company Performance - Mixue Group led the industry with revenue of over 14.875 billion yuan, significantly outperforming its competitors, with revenue 2.2 times that of Bawang Chaji and 6.8 times that of Nayuki [1] - Mixue Group also recorded the highest net profit among tea companies, earning nearly 2.693 billion yuan, a year-on-year increase of over 40% [1] - Other companies like Gu Ming and Cha Bai Dao also showed strong revenue growth, with Gu Ming's revenue increasing by 41.2% and Cha Bai Dao by 4.33% [2] Group 2: Impact of Delivery Services - Nayuki's financial report indicated that approximately 44.2% of its direct store revenue came from third-party delivery platforms, with a year-on-year increase of 7.5 percentage points in revenue from delivery orders [2] - The delivery service fees paid to third-party providers amounted to 200.7 million yuan, representing 9.2% of the total revenue, up from 6.7% in the previous year [2] - The ongoing "delivery war" has positioned new tea beverage companies as major beneficiaries of multiple rounds of subsidies, enhancing their sales performance [2] Group 3: Market Trends and Future Outlook - Goldman Sachs has raised profit forecasts for Gu Ming and Mixue due to the prolonged duration of delivery subsidies, although it warns of potential growth declines after the subsidies are withdrawn in 2026 [2] - The normalization of subsidies is expected to accelerate industry consolidation, benefiting leading companies with strong supply chain and brand advantages [2]