海外GMV两季连增超75% 霸王茶姬引领中国茶饮出海结构性升级

Core Insights - The core viewpoint of the articles highlights the impressive performance of Bawang Chaji in the competitive new tea beverage industry, showcasing its continuous profitability and significant growth in overseas markets [1][3][11]. Financial Performance - As of September 30, Bawang Chaji reported a total of 7,338 global stores, achieving a total GMV of 7.93 billion yuan and net revenue of 3.208 billion yuan in Q3, with an adjusted net profit of 503 million yuan [1]. - The company has maintained profitability for 11 consecutive quarters, with a store closure rate stabilizing at an exceptionally low level of 0.3% for three consecutive quarters [1]. Overseas Business Growth - Bawang Chaji's overseas GMV exceeded 300 million yuan in Q3, marking a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7%, continuing a trend of over 75% growth for two consecutive quarters [3][4]. - The overseas segment has transitioned from a cultivation phase to a high-growth phase, becoming a key driver of overall company performance [4]. Market Expansion and Strategy - In Q3, Bawang Chaji added 54 overseas stores, bringing the total to 262, covering seven major markets including Malaysia, Singapore, Indonesia, Thailand, Vietnam, the Philippines, and the United States [4]. - Malaysia has emerged as a pivotal market, with store expansion accelerating and surpassing 200 locations in October [4]. - The company has adopted a localized operational strategy, forming joint ventures with local firms to leverage their resources and expertise, which has facilitated rapid market penetration [8][10]. Product and Brand Development - The introduction of the "Qingyu Xiangti" series of fresh milk tea in Malaysia achieved a remarkable 50% sales share on its launch day, setting a record for the brand [5]. - Bawang Chaji's products have received recognition, with the "Boya Jue Xuan" winning the Best Natural/Organic Beverage award at the 2025 World Beverage Innovation Awards [5]. Future Outlook - Bawang Chaji plans to enhance its product matrix and expand consumption scenarios, including breakfast and evening offerings, to improve store utilization efficiency [11]. - The company aims to maintain high-speed growth in its overseas business, contributing to the global influence of Chinese tea beverages [12].