霸王茶姬第三季度海外GMV大涨75%，门店数量达7338家

Core Viewpoint - Bawang Chaji reported significant growth in overseas GMV, with a 75% increase, while facing challenges in the domestic market, leading to a mixed financial performance in Q3 2025 [1][31]. Financial Performance - As of September 30, 2025, Bawang Chaji's total GMV reached 79.30 billion yuan, with net revenue of 32.08 billion yuan and an adjusted net profit of 5.03 billion yuan [3][12]. - The company has achieved profitability for 11 consecutive quarters [5]. - Revenue increased from 4.92 billion yuan in 2022 to 46.4 billion yuan in 2023, and is projected to grow by 167% to 124.06 billion yuan in 2024 [6]. - Net profit turned positive in 2023, reaching 8 billion yuan, and is expected to rise to 25.15 billion yuan in 2024, a year-on-year increase of over 213% [7][8]. - For the first three quarters of 2025, total revenue reached 99.33 billion yuan, accounting for 80% of the projected full-year revenue for 2024, with net profit at 18.01 billion yuan, representing 71.6% of the expected annual figure [9][10]. Market Challenges - Despite the overall profitability, Q3 revenue declined by 9.4% year-on-year, and net profit fell by 22.3% [12][13]. - Domestic GMV decreased by 6.16% to 76.29 billion yuan, with franchise store revenue down 14.77% to 28.12 billion yuan [18][19]. - Active membership dropped by 21.26% to 35.2 million [19]. Competitive Landscape - The decline in domestic performance is attributed to intensified competition from food delivery platforms, leading to price wars in the market [21][22]. - Bawang Chaji maintained its pricing strategy, with core products priced starting at 16 yuan, which may have led to a temporary loss of price-sensitive customers [23][24]. Product Development - The slow pace of new product launches has further contributed to the decline in GMV, with fewer than 10 new products introduced this year compared to over 30 by competitors [26][28]. Overseas Expansion - In contrast to domestic challenges, Bawang Chaji's overseas GMV surged by 75.3% to over 3 billion yuan, marking a significant growth engine for the company [31][33]. - The company opened 54 new overseas stores in Q3, expanding into the Philippines and Vietnam, bringing the total overseas store count to 262 [34][35]. - The overseas market is becoming increasingly competitive, with other brands also expanding into the U.S. market, indicating a broader trend of Chinese tea brands seeking international growth [38][41].