霸王茶姬掉队了吗

Core Viewpoint - The article discusses the competitive landscape of the milk tea industry, highlighting the significant growth of certain brands while pointing out the struggles of BaWang Tea Ji amidst a fierce price war in the delivery market [1][2]. Group 1: Industry Overview - The milk tea industry has seen a surge in sales due to the ongoing delivery wars, benefiting brands that operate on a franchise model [2][5]. - Major players like Mixue Ice City and Gu Ming have reported impressive financial results, with Mixue's revenue growing by 39% and profit by 44% year-on-year [3][4]. - The delivery war has led to increased consumer spending on milk tea, with franchise stores experiencing a significant rise in order volumes [8]. Group 2: BaWang Tea Ji's Performance - BaWang Tea Ji, once a leading brand, has faced challenges despite opening over a thousand new stores, with revenue growth of only 10% and nearly stagnant profit [11][12][13]. - The brand's same-store sales have declined by 23% over three consecutive quarters, indicating significant operational pressure [15][16]. - BaWang Tea Ji's refusal to participate in the price war has resulted in a drop in active consumer membership from 44.1 million to 38.6 million year-on-year [20]. Group 3: Pricing Strategy and Brand Positioning - BaWang Tea Ji maintains a high-end pricing strategy, with its signature drink priced at 16 yuan, and has resisted deep discounts, which has alienated some consumers [17][18]. - The brand's decision to avoid participating in the delivery price war is a strategic choice to protect its premium image, but it risks losing customers who are price-sensitive [22][25]. - The article draws parallels between BaWang Tea Ji's current situation and that of Heytea, which had to lower prices to adapt to market conditions [43][46]. Group 4: Global Expansion Opportunities - Despite domestic challenges, BaWang Tea Ji has seen a 70% year-on-year increase in overseas GMV, reaching 230 million yuan, indicating potential for international growth [49]. - The brand is expanding into Southeast Asia and the U.S., positioning itself as a premium tea brand with higher pricing than local competitors [51][53]. - The competitive landscape in overseas markets is less intense, allowing BaWang Tea Ji to maintain higher price points compared to the domestic market [55].