现制茶饮：供需共振、长坡厚雪的新消费赛道

Core Insights - The emergence of ready-to-drink tea has simplified the traditional tea preparation process, attracting younger consumers and leading to the popularity of products like bubble tea [1] - The ready-to-drink tea industry is experiencing structural upgrades, with high-quality ingredients and competitive pricing driving growth and attracting investor interest [1] Supply Side Analysis - The industry is shifting from powdered tea to fresh, healthy, and high-quality ready-to-drink options, with a significant increase in the use of premium raw materials [2] - The number of ready-to-drink tea stores in China has grown from 293,000 in 2019 to 448,000 in 2024, indicating increased accessibility [2] - Over 85% of new products in 2024 are priced below 20 yuan, with only 3.9% priced at 25 yuan or above, reflecting a trend towards affordability [2] Demand Side Analysis - Consumer preferences are evolving from basic thirst-quenching to higher-order needs such as emotional value, health, and social interaction [3] - Young consumers, particularly those under 30, represent a significant portion of the market, with 42% aged under 20 and 29% aged 20-30 [3] - The per capita annual consumption of ready-to-drink tea in China is 11 cups, compared to over 50 cups in Hong Kong and Taiwan, indicating substantial growth potential [3] Short-term Influences - The rise of delivery services has increased purchase frequency, with major platforms like JD, Meituan, and Taobao offering substantial subsidies to boost sales [3] - The impact of delivery subsidies on store profitability varies, with leading brands likely to benefit more than smaller brands, which may face challenges in profitability despite increased revenue [3] - Concerns exist regarding the sustainability of same-store sales growth post-subsidy, as consumer price sensitivity may increase [3]