新茶饮半年报：行业分化态势加剧 外卖业务将回归常态

Core Insights - The new tea beverage industry is experiencing significant differentiation, with leading companies leveraging scale and supply chain advantages to maintain market leadership, while other brands face increasing competition [1] - Overseas expansion has become a crucial strategy for major brands amid intensified domestic competition [4] - The impact of the recent delivery service subsidy wars has been limited on overall performance, with expectations for the delivery business to normalize [5][6] Revenue Summary - Mixue Group reported revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, leading the industry [1] - Bawang Chaji achieved revenue of 6.725 billion yuan, ranking second, while Guming reported 5.663 billion yuan, with a growth rate of 41.2% [1] - Other brands like Cha Baidao and Hushang Ayi reported revenues of 2.5 billion yuan and 1.818 billion yuan, respectively, while Nayuki's Tea saw a decline in revenue to 2.178 billion yuan, down 14.4% [1] Profitability Overview - Mixue Group's profit increased by 44.1% to 2.718 billion yuan, maintaining its leading position [2] - Guming's profit surged by 121.5% to 1.625 billion yuan, driven by refined operations and supply chain optimization [2] - Other brands reported varying profit growth, with Cha Baidao at 333 million yuan (up 39.5%) and Hushang Ayi at 203 million yuan (up 20.9%), while Nayuki's Tea reduced its adjusted net loss to 117 million yuan, a 73.1% improvement [2] Store Expansion Insights - Mixue Group expanded its global store count to 53,014, with 9,796 new stores added in the first half of the year, 57.6% of which are in third-tier cities and below [2] - Guming became the second brand to exceed 10,000 stores, reaching 11,179 locations, with 1,570 new openings [2] - Nayuki's Tea reduced its store count to 1,638, closing 160 stores as part of its optimization strategy [2] Supply Chain Developments - Mixue Group has achieved 100% self-production of core beverage ingredients, establishing five production bases and over 70 smart production lines [3] - Guming has 98% of its stores implementing a "two-day delivery" cold chain, with an 85% direct sourcing rate [3] - Cha Baidao has increased its distribution centers to 26, ensuring next-day delivery for approximately 93.8% of its stores [3] Overseas Expansion Strategy - As of mid-year, Mixue Group has 4,733 stores outside mainland China, with a net increase of 128 stores, covering 12 overseas countries [4] - Bawang Chaji expanded its overseas store count to 208, with a GMV of 235.2 million yuan in Q2, a 77.4% year-on-year increase [4] Delivery Business Trends - The recent delivery service subsidy wars have had a limited impact on the new tea beverage industry, with brands like Mixue Group and Cha Baidao seeing increased order volumes [4] - Nayuki's Tea reported a 7.5 percentage point increase in revenue from delivery orders, indicating a growing reliance on this channel [4]