Core Insights - Bawang Chaji (CHA.US) reported a decline in both revenue and net profit for Q3, with revenue at 3.208 billion yuan, down 9.4% year-on-year, and net profit at 394 million yuan, down 35.77% year-on-year [2] - The company's GMV (Gross Merchandise Volume) also decreased, reaching 7.93 billion yuan, a decline of 4.48% year-on-year [2] Domestic Market Performance - The domestic market showed weak performance, with GMV in China at 7.629 billion yuan, down 6.16% year-on-year [2] - Franchise store revenue fell to 2.812 billion yuan, a decrease of 14.77% year-on-year [2] - The number of active members dropped to 35.2 million, down 21.26% year-on-year [2] International Market Performance - The international business was a highlight, with GMV reaching 300 million yuan, a growth of 75.28% year-on-year [2] - The company added 54 new overseas stores, bringing the total to 262, with operations in seven countries including Malaysia, Singapore, and the USA [2] - However, international operations only accounted for 3.79% of total GMV [2] Competitive Landscape - Bawang Chaji attributed the domestic performance decline to intensified subsidy competition among food delivery platforms [3] - The company has refrained from participating in the "takeout war," maintaining a single product price around 20 yuan, while competitors have reduced prices significantly [3] - The company has slowed its product launch pace, introducing fewer than 10 new products since 2025, which is atypical in the fast-paced beverage industry [3] Future Strategy - The CEO emphasized a commitment to not engage in price wars and to focus on high-value brand strategies, technological innovation, and operational efficiency [3] - Plans to enrich the product matrix and launch a 4.0 menu to explore new consumption scenarios and enhance specialty stores were announced [3] Financial Actions - Bawang Chaji will issue its first cash dividend, distributing approximately 177 million USD [3] - As of November 28, the stock price was 14.99 USD per share, reflecting a 6.09% increase [3]
外卖大战影响下 霸王茶姬三季报营收、净利双降 董事长曾表示不打“价格战”