拆解五家上市茶饮企业半年报 外卖补贴大战谁赢谁输？

Core Viewpoint - The ongoing "subsidy war" in the food delivery sector is leading to a phase where certain tea beverage companies are emerging as potential "winners," with significant revenue growth reported across major players despite varying net profit performances [1][2]. Group 1: Company Performance - Major tea beverage companies, including Mi Xue Bing Cheng, Gu Ming, Cha Bai Dao, and Hu Shang A Yi, all reported positive revenue growth in the first half of the year, with Mi Xue Bing Cheng achieving over 100 billion yuan in revenue, marking a 39.3% year-on-year increase [1][2]. - Gu Ming's revenue reached 56.63 billion yuan, a 41.2% increase, while Hu Shang A Yi, despite having the lowest revenue at 18.18 billion yuan, showed a growth rate of 9.7% [1][2]. - Cha Bai Dao was the only company to report a decline in net profit, with a year-on-year decrease of 13.81% [1][2]. Group 2: Market Dynamics - The "subsidy war" has led to a significant increase in order volumes for tea beverage companies, particularly benefiting those with a large number of stores, such as Gu Ming, which added 1,663 new stores, bringing its total to 11,179 [3][4]. - Mi Xue Bing Cheng also capitalized on this trend, increasing its global store count to 53,014, with a net profit of 27.18 billion yuan, reflecting a 44.1% increase [2][4]. - In contrast, Cha Bai Dao's slow expansion, with only 59 new stores added, limited its ability to leverage scale effects, leading to increased marketing expenditures to maintain market share [5][6]. Group 3: Competitive Strategies - Gu Ming's low delivery costs and effective supply chain management allowed it to maintain profitability despite the competitive landscape, with delivery costs being less than 1% of total GMV [3][4]. - Cha Bai Dao's increased marketing expenses, which rose by 42.7% to 150 million yuan, were aimed at countering market competition and launching new products [5][6]. - Bawang Chaji, which chose not to participate in the subsidy war, faced customer attrition, reporting a significant drop in same-store GMV by 23% [6][7]. Group 4: Long-term Outlook - The long-term sustainability of the current growth driven by subsidies remains uncertain, as companies must navigate the transition from subsidy dependence to value-based competition [7][8].