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半年报看板丨原料涨价、外卖补贴,新茶饮品牌上半年业绩分化背后
Xin Hua Cai Jing·2025-09-03 12:47

Core Insights - The new tea beverage industry is experiencing unprecedented differentiation due to the "takeaway war," with brands leveraging scale and supply chain advantages for expansion while some face growth bottlenecks [1][2] - The competition has shifted from "wild growth" to "refined management," emphasizing the importance of balancing scale and innovation, brand image, and supply chain barriers for future competition [1] Company Performance - Six listed new tea beverage companies have released their mid-year financial reports, with Mixue Group leading the industry with a revenue of 14.875 billion yuan, while Gu Ming achieved the fastest revenue growth at 41.2% [2][3] - Mixue Group's revenue growth of 39.3% and net profit of 2.693 billion yuan (up 42.9%) is attributed to its strong scale effect and expansion of product offerings [4] - Gu Ming's revenue reached 5.663 billion yuan with a net profit of approximately 1.625 billion yuan, marking a significant increase of 121.5% [4] - Other companies like Hu Shang Ayi and Cha Bai Dao showed steady revenue growth, while Ba Wang Cha Ji faced profit decline despite a revenue increase of 21.6% [5][6] Supply Chain and Market Dynamics - The takeaway war has positioned new tea beverages as major beneficiaries of ongoing subsidies, with companies like Mixue and Gu Ming seeing increased sales due to these incentives [7][8] - Mixue's supply chain efficiency, including direct procurement and vertical integration, has allowed it to maintain lower costs and higher profit margins [8][9] - Gu Ming's long-term investment in supply chain optimization has also contributed to its significant revenue growth [9][10] Product Innovation and Market Expansion - Companies are diversifying their product offerings to avoid over-reliance on single categories, which can lead to decreased customer loyalty [11] - Gu Ming has introduced 52 new products, including coffee, which has enhanced customer engagement and sales volume [11][12] - Mixue's "Lucky Coffee" brand is emerging as a significant growth driver, leveraging direct procurement advantages [12][13] Future Outlook - The industry is at a critical juncture, requiring brands to redefine their positioning and avoid homogenization while balancing capital and supply chain management [13]