一大批奶茶店，正陷入倒闭风波

Core Viewpoint - The recent wave of closures among both established and emerging bubble tea brands indicates a significant market reshaping, transitioning from quantity-driven expansion to a focus on quality and operational efficiency [1][18][31]. Group 1: Brand Closures - Numerous bubble tea brands, including the newly popular PinkShake and the long-standing 813 Baishan, have recently closed stores, with PinkShake shutting down all locations just over a year after opening [2][3][4]. - Seven Bus, once a leading brand in Xiamen, has seen its store count plummet from over 400 to fewer than 20, highlighting the rapid decline of even previously successful brands [9]. - OONE CCUP also announced the closure of its Ningbo store just a year after opening, reflecting a broader trend of closures across the industry [10]. Group 2: Market Trends - The bubble tea industry is experiencing a significant contraction, with 15.7 million stores disappearing in the past year, marking the highest closure rate in the sector [17]. - As of mid-2025, the total number of bubble tea stores across 26 major brands has only increased by 858, indicating a stagnation in growth [16]. - The market is shifting from a growth phase to a consolidation phase, with many mid-tier brands facing closure while top brands continue to expand [11][15]. Group 3: Financial Performance - Nayuki Tea reported a revenue of 2.178 billion yuan in the first half of 2025, a 14.4% decrease year-on-year, primarily due to the closure of underperforming stores [13]. - The company closed 160 stores in the first half of 2025, including 132 direct-operated and 28 franchise locations, as part of its restructuring efforts [14]. Group 4: Competitive Landscape - The competitive landscape is increasingly defined by quality and operational efficiency rather than mere expansion, with brands needing to focus on supply chain management and product differentiation to survive [31][32]. - The market is witnessing a shift towards "survival of the fittest," where only brands that can adapt to changing consumer preferences and maintain quality will thrive [18][21].