佳禾食品：轻乳茶对传统奶茶冲击已逐步消化，粉末油脂在传统奶茶应用端开始企稳

Core Insights - The takeaway from the news is that Jiahe Foods has experienced significant growth in its coffee business due to the recent "takeout war," with a notable increase in orders during May and June, followed by steady growth in July and August, indicating a positive outlook for the brand's growth in the latter half of the year and into next year [1][2] Group 1: Coffee Business Performance - The "takeout war" led to a substantial increase in order volume for both tea and coffee clients, with significant year-on-year growth observed in the coffee segment during May and June [1] - Although growth slowed in July and August as the industry became more rational, the overall trend remains positive, providing support for the company's growth in the second half of the year and into 2024 [1] Group 2: C-end Business Development - The C-end business is currently in an exploratory phase, focusing on coffee e-commerce and oat milk beverage e-commerce, with product categories including coffee, milk tea, and oat milk [1] - C-end revenue is nearing 100 million, indicating rapid growth, and the company places high importance on the development of this segment [1] - Online channels include platforms like Douyin, Tmall, JD, and WeChat stores, while offline efforts involve expanding distributors to CVS, supermarkets, KA, O2O, and snack channels, with revenue structure being evenly split [1] Group 3: Powdered Oil Business Insights - The powdered oil business is expected to be influenced by light milk tea in 2024, with both traditional and light milk tea being key products on menus [2] - By 2025, the impact of light milk tea on traditional milk tea is anticipated to be gradually absorbed, stabilizing the application of powdered oil in traditional milk tea [2] - The takeout war has led to an increase in overall order volume in the tea beverage industry, but it has also significantly impacted the product pricing structure, creating a low-price expectation among consumers, which may lead to a period of adjustment [2]