霸王茶姬发布第三季度财报 海外市场GMV增长超75%

Core Insights - The company reported a total GMV of 7.93 billion yuan for Q3 2025, a decrease from 8.3 billion yuan in the same period of 2024 [1] - Net revenue for Q3 2025 was 3.208 billion yuan, down from 3.54 billion yuan year-on-year [1] - Adjusted net profit for Q3 2025 was 503 million yuan, compared to 646 million yuan in the previous year [1] Financial Performance - The company had a total cash and cash equivalents of 9.142 billion yuan as of September 30, 2025, with no interest-bearing debt, indicating healthy cash flow [1] - A special cash dividend of approximately 177 million USD will be distributed, equating to 0.92 USD per share for eligible shareholders [1] Business Segments - Franchise tea houses generated net revenue of 2.812 billion yuan in Q3 2025, down from 3.299 billion yuan in the same period of 2024, primarily due to a decrease in cup sales [1] - Franchise tea shops accounted for 87.6% of the company's total net revenue in Q3 2025 [1] International Expansion - The overseas business saw a GMV exceeding 300 million yuan, with a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7% [2] - The company entered the Philippines and Vietnam markets in Q3 2025, with overseas store count reaching 262 [2] - The company opened three new stores in the Philippines on August 29, 2025, marking its official entry into the market [2] Market Strategy - The company refrained from participating in aggressive price competition during the intensified delivery battle initiated by e-commerce platforms, while membership numbers grew to 222 million, a 36.7% increase year-on-year [2] - The company launched a "super tea warehouse" in Hong Kong and opened several themed stores in mainland China during Q3 2025 [2] - Product innovation included the nationwide launch of "Dian Olive" vitality light fruit tea and regional limited-time offerings [2]